Report
Sabadell
Javier Esteban
EUR 200.00 For Business Accounts Only

REPSOL: TRADING STATEMENT Y PREVIO DE RDOS. 4T’20 (ANÁLISIS BANCO SABADELL)

Trading statement Rdos. 4T’20 sin novedades. Publica Rdos. completos el 18/02. COMPRAR
El trading statement ha ofrecido variables operativas en línea con el guidance previo y lo esperado, con +2% de producción hasta 628x kboe y 1 dólar de margen de refino (vs -0,1 a 3T’20) que anulan riesgo de sorpresas en Rdos. 4T’20 el 18/02. Esperamos un BDI’20 de 329 M euros (vs 300 de guidance REP y 317 consenso). La clave será la deuda, donde esperamos 4.190 M euros (4.214 el consenso) vs ~3.300 de objetivo de REP. Aquí le exigimos que el dato sea sostenible y que la mejora no se deba exclusivamente a movimientos puntuales de circulante que reviertan el 1T’21. Tras un performance de +4%/ +30% vs IBEX en el último mes/últimos tres meses (en línea con sector) seguimos viendo potencial en el valor (+10%) al descontar un precio del crudo a largo plazo por debajo de ~50 dólares vs nuestra estimación de 55.
20/01/2021 5 ES
Underlying
Repsol SA
Repsol SA

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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ES0173516115 Madrid Stock Exchange Spain
Provider
Sabadell
Sabadell

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Analysts
Javier Esteban

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