Repsol's Upstream Saves the Day as Refining and Chemicals Drag on Mixed Results in 1Q
No-moat Repsol reported a mixed first-quarter 2018 as improving upstream results were nearly offset by a weaker downstream performance. As we have not seen anything particularly new this quarter to alter our view on Repsol, we maintain our EUR 16 fair value estimate and our no-moat rating while awaiting the strategy update that Repsol plans to release in June. We view the shares as fairly valued.Excluding inventory effects and special items, total adjusted net income grew to EUR 616 million fro...
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