Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
  • TickerREP
  • ISINES0173516115
  • ExchangeMadrid Stock Exchange
  • SectorOil & Gas Producers
  • CountrySpain
Ahmed Ben Salem

ODDO : IEA report – over the worst but still uncertainties over a second wave

>Improving demand after a poor Q2 - The IEA has again revised its demand estimates upwards, by +400 kb/d for 2020, with Q2 demand proving better than expected. It now expects a decline in 2020 of -7.9 Mb/d on average vs -9.3 Mb/d forecast initially in April at 92.1 Mb/d. With the decline set to ease gradually to -6.5 Mb/d in Q3 and to -3.7 Mb/d in Q4, the worst now looks to be over. For 2021, demand is expected to recover by +5.3 Mb/j to 97.4 Mb/d, while still remain...

Ahmed Ben Salem

ODDO : Rapport AIE – Le pire est passé mais les incertitudes d’une deuxième vague planent

>Une demande qui s’améliore après un mauvais T2 - L’AIE a une nouvelle fois revu en hausse ses estimations de la demande de +400 kb/j pour 2020 avec un T2 meilleur que prévu. Elle prévoit désormais une baisse en 2020 en moyenne de -7.9 Mb/j vs -9.3 Mb/j prévu initialement en avril à 92.1 Mb/j. Cette baisse s’atténue progressivement à -6.5 Mb/j au T3 et à -3.7 Mb/j au T4, le pire semble donc derrière nous. Pour 2021 la demande devrait rebondir de +5.3 Mb/j à 97.4 Mb...

Increased risk weighs on REPSOL YPF SA, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of REPSOL YPF SA (ES), active in the Integrated Oil & Gas industry. As regards its fundamental valuation, the title still shows 2 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date July 10, 2020, the closing price was EUR 7.62 and its target price was estimated at EUR 6.24.

Research Department

IBERIAN DAILY 09 JULY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACS, BANKINTER, COLONIAL, REPSOL. MARKETS YESTERDAY AND TODAY Profit taking continues The main European stock markets posted losses of around -1% in view of the rising number of global coronavirus cases. Asia, led by China, continues the rally from the past few days, spurred by the macro recovery and the lack of significant consequences from the national security law being applied in Hong Kong. In the Euro STOXX, all the sectors except Utilities closed in the red, with Banks and Construction showing the worst relative performance. On the macro side, the President of the World B...

Research Department

INFORME DIARIO 09 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, BANKINTER, COLONIAL, REPSOL. EUROPA: AIRBUS, DAIMLER, SAP Continúa la toma de beneficios Caídas en las principales bolsas europeas de alrededor del -1% ante el incremento del número de contagios de Covid-19 en el mundo. Asia, liderada por China, sigue con el rebote de los últimos días alentada por la recuperación macro y la ausencia de consecuencias notables a la aplicación de la ley de seguridad nacional en Hong Kong. En el Euro STOXX, todos los sectores menos Utilities cerraron en negativo, con Bancos y Construcción mostrando el peor compo...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 23 TO 30 OCTOBER 2019 (ANÁLISIS BANCO SABADELL)

European Portfolio We lower Volkswagen’s weight and raise that of Airbus. European High Yield Portfolio Air Liquide, Allianz, Daimler, SAP & Vivendi No changes this week. Spanish Recommended Portfolio No changes this week. 5-Stock Recommended Portfolio ACS, Caixabank, Cellnex, Ferrovial & Telefónica No changes this week. 5 High-Yield Stock Portfolio Iberdrola, Merlin, Repsol, Santander & Telefónica No changes this week. Mid&Small Recommended Portfolio Applus, CAF, Dominion, Enagás, Ence, Indra, Logista, Másmóvil, Sacyr & Unicaja No changes this week.

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

The Pause that Refreshes? We continue to believe the weight of the evidence points to a new leg higher for global equities, a viewpoint that is supported by the several international markets that are breaking out to new highs or making bullish inflections since our previous Int'l Compass (10/31/19). While developments continue to lean bullish, global equities have rallied substantially since the start of October, making it perfectly reasonable to expect some consolidation of recent gains which would allow for a more meaningful move higher. • New Highs or Bullish Inflections. The number of in...

Matthieu DRIOL

Analyse court terme - REPSOL SA : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 14,779 €. La tendance baissière serait remise en cause au-dessus de 17,510 €.

Matthieu DRIOL

Short term view - REPSOL SA : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €14.779. The bearish trend would be challenged above €17.510.

Matthieu DRIOL

Analyse court terme - REPSOL SA : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 14,779 €, puis 13,705 €. Le franchissement de 17,510 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - REPSOL SA : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €14.779, then €13.705. Passing €17.510 would question the continuation of the fall.

Ahmed Ben Salem

ODDO : IEA report – over the worst but still uncertainties over a second wave

>Improving demand after a poor Q2 - The IEA has again revised its demand estimates upwards, by +400 kb/d for 2020, with Q2 demand proving better than expected. It now expects a decline in 2020 of -7.9 Mb/d on average vs -9.3 Mb/d forecast initially in April at 92.1 Mb/d. With the decline set to ease gradually to -6.5 Mb/d in Q3 and to -3.7 Mb/d in Q4, the worst now looks to be over. For 2021, demand is expected to recover by +5.3 Mb/j to 97.4 Mb/d, while still remain...

Ahmed Ben Salem

ODDO : Rapport AIE – Le pire est passé mais les incertitudes d’une deuxième vague planent

>Une demande qui s’améliore après un mauvais T2 - L’AIE a une nouvelle fois revu en hausse ses estimations de la demande de +400 kb/j pour 2020 avec un T2 meilleur que prévu. Elle prévoit désormais une baisse en 2020 en moyenne de -7.9 Mb/j vs -9.3 Mb/j prévu initialement en avril à 92.1 Mb/j. Cette baisse s’atténue progressivement à -6.5 Mb/j au T3 et à -3.7 Mb/j au T4, le pire semble donc derrière nous. Pour 2021 la demande devrait rebondir de +5.3 Mb/j à 97.4 Mb...

Research Department

IBERIAN DAILY 09 JULY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACS, BANKINTER, COLONIAL, REPSOL. MARKETS YESTERDAY AND TODAY Profit taking continues The main European stock markets posted losses of around -1% in view of the rising number of global coronavirus cases. Asia, led by China, continues the rally from the past few days, spurred by the macro recovery and the lack of significant consequences from the national security law being applied in Hong Kong. In the Euro STOXX, all the sectors except Utilities closed in the red, with Banks and Construction showing the worst relative performance. On the macro side, the President of the World B...

Research Department

INFORME DIARIO 09 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, BANKINTER, COLONIAL, REPSOL. EUROPA: AIRBUS, DAIMLER, SAP Continúa la toma de beneficios Caídas en las principales bolsas europeas de alrededor del -1% ante el incremento del número de contagios de Covid-19 en el mundo. Asia, liderada por China, sigue con el rebote de los últimos días alentada por la recuperación macro y la ausencia de consecuencias notables a la aplicación de la ley de seguridad nacional en Hong Kong. En el Euro STOXX, todos los sectores menos Utilities cerraron en negativo, con Bancos y Construcción mostrando el peor compo...

Javier Esteban

REPSOL: 2Q’20 TRADING STATEMENT (ANÁLISIS BANCO SABADELL)

With the trading statement, poor 2Q’20 results that are already priced in. 2H’20 guidance is key. BUY. The 2Q’20 trading statement (results to be released on 23/07) should not be a surprise in crude prices (-41% vs. 1Q’20 to US$ 29.60 vs. US$ 29 BS(e) in 2020), in production (-10% to 640 kboe vs. 650 kboe BS(e) in 2020) or in refining margin (-36% to US$ 3/barrel vs. US$ 4 BS(e) in 2020 and US$ 3.90 average in 1H’20). We estimate € -311 M of Net Profit in 2Q’20, leaving the 1H’20 figure at € 136 M vs. € 757 M BS(e) in 2020 and € 695 M consensus). We do not expect a reaction to the results, but...

Giuseppe Fresta ...
  • Ravikanth Rai

DBRS Morningstar Confirms Issuer Rating of Repsol S.A. at BBB and Assigns a Negative Trend; Removes Under Review with Negative Implications Status

Please refer to PDF document for more detail about our research: DBRS Morningstar Confirms Issuer Rating of Repsol S.A. at BBB and Assigns a Negative Trend; Removes Under Review with Negative Implications Status

Repsol S.A.: The issuance of hybrids strengthens Repsol's liquidity

The issuance of hybrids strengthen the liquidity but also ratios on net debt basis, because we consider the 50% to be equity-like

Repsol S.A. - December 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Repsol S.A.: Update following the downgrade to Baa2 with a negative outlook

Our credit view of Repsol S.A., reflecting its improved operating profitability since 2016 and its strengthened financials,

Giuseppe Fresta ...
  • Rana Toukan

DBRS Morningstar Places BP p.l.c. and Repsol, S.A. Under Review with Negative Implications

Please refer to PDF document for more detail about our research: DBRS Morningstar Places BP p.l.c. and Repsol, S.A. Under Review with Negative Implications

Ahmed Ben Salem

ODDO BHF Small & MIDCAP MORNING NEWS - 06/17/2020

This cross-sector report from ODDO BHF equity research aims to identify the sectors and stocks positively affected by or at risk from an acceleration in the digitisation of society and the economy post COVID-19. We arrive at a list of 16 attractive stocks and 12 stocks that we see as being at risk. Cf. report published last evening. - ...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Laurence Hofmann
  • Martial Descoutures
  • Sebastien Malafosse

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/17/2020

This cross-sector report from ODDO BHF equity research aims to identify the sectors and stocks positively affected by or at risk from an acceleration in the digitisation of society and the economy post COVID-19. We arrive at a list of 16 attractive stocks and 12 stocks that we see as being at risk. Cf; report ppublished last evening. - ...

Ahmed Ben Salem

ODDO BHF Small & MIDCAP MORNING NEWS - 17/06/2020

Cette note transversale du bureau d’étude ODDO BHF a pour but d’identifier les secteurs et valeurs positivement impactés ou en risque face à une accélération de la digitalisation de la société et de l’économie post COVID-19. Nous ressortons avec 16 valeurs attractives et 12 valeurs en risque. Cf. étude publiée hier soir. - ...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Laurence Hofmann
  • Martial Descoutures
  • Sebastien Malafosse

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/06/2020

Cette note transversale du bureau d’étude ODDO BHF a pour but d’identifier les secteurs et valeurs positivement impactés ou en risque face à une accélération de la digitalisation de la société et de l’économie post COVID-19. Nous ressortons avec 16 valeurs attractives et 12 valeurs en risque. Cf. étude publiée hier soir. - ...

Ahmed Ben Salem ...
  • Alain William
  • Charles Lepetitpas
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 05/15/2020

...

Increased risk weighs on REPSOL YPF SA, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of REPSOL YPF SA (ES), active in the Integrated Oil & Gas industry. As regards its fundamental valuation, the title still shows 2 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date July 10, 2020, the closing price was EUR 7.62 and its target price was estimated at EUR 6.24.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Repsol – AGM 7 May 2020

In item 10, the Board of Directors proposes to approve a long-term incentive plan for the 2020-2025 period (three cycles of a 3-year vesting period each): 50% of the CEO's incentive shall be paid in cash and 50% in shares (30% in shares for other beneficiaries). The CEO's 2020-2023 incentive is capped at 144% of the base salary and will depend on reduction of energy intensity (40%), relative TSR (30%) and financial and operational indicators in line with the new Strategic Plan, to be approved in the coming months (30%). The Board will have the power to increase or decrease the final incentive ...

Expert Corporate Governance Service (ECGS)

Repsol - AGM 30 May 2019

The Annual General Meeting will be held foreseeable on the second call on May 31st, 2019, at 12 p.m.  The re-election of the Chairman is proposed in item 10.  Mr. Antonio Brufau Niub has served on the Board since 1996 and has been Chairman for fifteen years. Prior to serving as Chairman, he served as CEO of the Company and Executive Chairman. There are concerns that his fixed fees of EUR 2.5 million per year imply that he continues to perform some executive functions.  Furthermore, ECGS guidelines do not support the appointment of a former CEO as Chairman.  This can undermine the Boardns supe...

Repsol – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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