Report
Sabadell
Antonio Martos
EUR 200.00 For Business Accounts Only

REPSOL: TRADING STATEMENT Y PREVIO DE RDOS. 4T’21 (ANÁLISIS BANCO SABADELL)

Con el trading statement esperamos buenos Rdos 4T’21. COMPRAR
El trading statement del 4T'21 no muestra sorpresas en el precio del crudo (+8,6% vs 3T’21 hasta 79,8 dólares/barril) mientras que la producción sube +5,8% vs 3T’21 hasta 561 kboe quedando la media anual en 572 kboe (-1% vs guidance’21 y -2% vs nuestra estimación). El margen de refino repuntó hasta 4,4 dólares (vs 3,2 dólares de 3T’21) quedando la media anual en 2,4 dólares (vs 2 dólares de guidance’21 y nosotros). Publica Rdos. 4T’21 el 17/02 y tras este trading statement revisamos al alza nuestro BDI 4T’21e +62% hasta 769 M euros (en línea vs consenso), dejando el BDI’21e en c.2.351 M euros (c.+18% vs anterior estimación, +145% vs 2020 y en línea vs consenso). Mantenemos P.O que en 13,25 euros/acc (potencial +19%).
19/01/2022 1 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.

See profile
ES0173516115 Madrid Stock Exchange Spain
Provider
Sabadell
Sabadell

See profile
Analysts
Antonio Martos

Other Reports on these Companies
Other Reports from Sabadell
Read more reports

ResearchPool Subscriptions

Get the most out of your insights

Get in touch