REPSOL: TRADING STATEMENT Y PREVIO DE RDOS. 3T’22 (ANÁLISIS BANCO SABADELL)
El trading statement 3T’22 modera el margen de refino vs 2T’22. COMPRAR (P.O 18,38 euros/acc, +47,63% potencial)El trading statement del 3T'22 no dejó sorpresas en el precio del crudo (-11% vs 2T’22 hasta 100,8 d/b) con la producción en +2% vs 2T’22 hasta 549 kboe, quedando la media anual en 549 kboe, por debajo del guidance’22 (570 kboe) y nuestra estimación (585 kboe). El margen de refino cayó en 3T’22 hasta 12,7 dólares (vs 23,3 dólares de 2T’22) pero sigue por encima de nuestra estimación anual de 10,5 dólares. A pesar de la moderación del margen de refino vs 2T’22, era algo esperado y sigue alto. Publica Rdos. 3T’22 el 27/10 y tras este trading statement mantenemos el BDI 3T’22e en 1.485 M euros (-30% vs 2T’22) lo que supone estar ligeramente por debajo de consenso (1.569 M euros). Seguimos viendo mejora operativa y su atractiva yield (2022e c.10,4%).
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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