REPSOL: 1Q’22 TRADING STATEMENT - ESTIMATES AND T.P. RAISED (ANÁLISIS BANCO SABADELL)
Following the 1Q’22 trading statement, we raise both our estimates and our T.P. to € 14.30/sh. BUY.In the Company’s 1Q’22 trading statement released yesterday there were no surprises in crude oil prices (+28% vs. 4Q’21 to US$ 102.20/barrel), with production falling by -1% vs. 4Q’21 to 558 kboe. The refining margin climbed to US$ 6.80 in 1Q’22 (vs. US$ 4.40 in 4Q’21), beating expectations. The Company will release its earnings on 28 Apr, and following this trading statement, we place our Net Profit estimate for 1Q’22e at € 960 M (vs. € 982 M consensus). We take this opportunity to raise our estimates for 2022-25, mainly to include the rise in the crude oil price, which yields a CAGR of 9.1% in EBIT’22-23e, in line with the consensus (8.7%), and increase our T.P. to € 14.30/sh. (+7.9% vs. previously and +16.25% 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.