REPSOL: TRADING STATEMENT 1T’20 (ANÃLISIS BANCO SABADELL)
Trading statement 1T’20 sin sorpresas pero aún queda recorrido al alza vs sector. COMPRAREl trading statement del 1T’20 (publica Rdos. el 05/05) no deberÃa sorprender a nadie (-21% vs 4T’19 en precio del crudo, -3% en producción y -16% en margen refino hasta 4,7 dólares). En este contexto esperamos una caÃda del BDI en el 1T’20 de -49% vs 1T’19 (vs nuestra estimación anual del -37% y -42% el consenso). Tras una caÃda de -31% desde máximos de febrero’20 (en lÃnea con el IBEX y -4% vs sector) el precio de la acción descuenta niveles de precio del crudo a largo plazo muy en lÃnea con el break even en caja de REP (44 dólares). Desde aquà REP deberÃa hacerlo mejor que su sector al haberse quedado atrás en la recuperación: el crudo ha recuperado un 25% de lo perdido vs mÃnimos (hasta 32 dólares), el sector un 46% y REP un 37%.
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.
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