REPSOL: TRADING STATEMENT AND 3Q’21 PREVIEW (ANÁLISIS BANCO SABADELL)
With the Trading statement we expect solid 3Q’21 results. BUYThe 3Q’21 trading statement brought no surprises in crude prices (+6.5% vs. 2Q’21 to US$ 73.50/barrel), but there was a surprise in production, which fell -5.5% vs. 2Q’21 to 530 kboe (below REP’s guidance’21 of 590 kboe). The refining margin rose, as expected, to US$ 3.20 (vs. US$ 1.50 in 2Q’21) and above REP’s guidance of US$ 2 and our estimate of US$ 1.50. The 3Q’21 results will be released on 28/10, and following this trading statement we raise our 3Q’21e Net Profit estimate to € 550 M (+37.5% vs. previous estimate and -14% vs. consensus, € 643 M). Against this backdrop of rising gas and oil prices, as well as the solid performance in the chemical business and the increased refining margin, we will raise our annual estimates, bearing in mind that the consensus has raised its estimates by +23% in EBIT’21 over the past 3 months. Raising our estimates would mean improving our T.P. by around +5/+10% to € 13.25/sh.
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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