REPSOL: VIENTOS DE COLA EN MARGEN DE REFINO Y NEGOCIO RETAIL (ANÁLISIS BANCO SABADELL)
Con mejor margen de refino y negocio comercial. Nuevo P.O. 18,15 euros/acc. SOBREPONDERARRevisamos nuestras estimaciones de BDI ajustado 25-27e al alza c. +5% (vs anterior) por mejora del margen de refino 2025e y 2026e y por el negocio comercial. Esto implicaría una TACC 24-27e en BDI Ajustado de -3,9% vs -5,4% antes. Creemos que el próximo Plan Estratégico 2026-28 (1T’26e) será continuista en retribución al accionista, fortaleza del balance y gestión del capex. Con todo, revisamos P.O. al alza hasta 18,15 euros/acc (c.+9% anterior). A pesar del buen comportamiento en 2025 (+48% vs +47% IBEX y +36% Sector OIL europeo) mantenemos SOBREPONDERAR por potencial (+12%) y retribución al accionista (c. 10,4% yield en efectivo y recompras). Un liquidity event en upstream, generando valor, incrementaría el P.O. c. +7% adicional.
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.