REPSOL: TRADING STATEMENT AND 4Q'21 PREVIEW (ANÁLISIS BANCO SABADELL)
With the trading statement we expect solid 4Q’21 results. BUYThe 4Q’21 trading statement does not show any surprises in crude oil prices (+8.6% vs. 3Q’21 to US$ 79.80/barrel), while production rose +5.8% vs. 3Q’21 to 561 kboe, with the annual average standing at 572 kboe (-1% vs. guidance’21 and -2% below our estimate). The refining margin rose to US$ 4.40 (vs. US$ 3.20 in 3Q’21), with the annual average coming in at US$ 2.40 (vs. guidance and our estimate of US$ 2). The company will release its 4Q’21 results on 17/02, and following this trading statement we raise our 4Q’21e Net Profit estimate +62% to € 769 M (in line with the consensus), leaving our Net Profit’21e estimate at €~2.35 Bn (around +18% above the previous estimate, +145% vs. 2020 and in line with the consensus). This rise would not mean a significant impact on our T.P., which would remain at € 13.25/sh. (+19% upside).
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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