Total's Earnings Slip in 1Q, but Underlying Performance is Strong
Total reported a slight dip in earnings during the first quarter from the year before but reported continued strong growth in cash flow and production volumes that demonstrate our thesis remains on track. Our fair value estimate and moat rating remain unchanged, leaving Total one of the most undervalued integrated names in our view.Adjusted net income slipped slightly to $2.8 billion from $2.9 billion last year largely on higher net cost of debt due to higher U.S. dollar interest rates. Adjuste...
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