Report
Ahmed Ben Salem

Total : De bonnes (hausse du cash-flow et des dividendes) et de moins bonnes nouvelles (hausse des Capex mais pas de rachat d'actions)

>La croissance de la production et du cash-flow se poursuit comme prévu - Total a tenu son Investor Day hier à New York. Le groupe a profité de cette occasion pour annoncer sa nouvelle guidance de croissance de production avec un TMVA de 2.6% en 2019-2025 comme attendu. Toutefois, il note qu’elle évoluera en dents de scie, d’abord de 5% en 2019-2021 mais avec un creux en 2022-2023 où la croissance sera nulle à cause de la baisse des capex en 2015-2017. D’ailleurs, le...
Underlying
Total SE

Total is an international integrated oil and gas company also active in solar and biomass energy sources. Co. engages all aspects of the petroleum industry, including Upstream operations (oil and gas exploration, development and production, and LNG (Liquefied Natural Gas)) and Downstream operations (refining, petrochemicals, specialty chemicals, marketing and marketing and trading and shipping of crude oil and petroleum products). In addition, Co. is engaged in the coal mining and power generation sectors. Co.'s worldwide operations are conducted through three business segments: Upstream, Refining & Chemicals, and Marketing & Services.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Ahmed Ben Salem

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