Total S.A.

Total is an international integrated oil and gas company also active in solar and biomass energy sources. Co. engages all aspects of the petroleum industry, including Upstream operations (oil and gas exploration, development and production, and LNG (Liquefied Natural Gas)) and Downstream operations (refining, petrochemicals, specialty chemicals, marketing and marketing and trading and shipping of crude oil and petroleum products). In addition, Co. is engaged in the coal mining and power generation sectors. Co.'s worldwide operations are conducted through three business segments: Upstream, Refining & Chemicals, and Marketing & Services.
  • TickerFP
  • ISINFR0000120271
  • ExchangeEuronext Paris
  • SectorOil & Gas Producers
  • CountryFrance

Analysts

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Charles Lepetitpas
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/14/2019

...

Ahmed Ben Salem ...
  • Yassine Batini

ODDO : IEA report: concerns about demand mask the geopolitical risk

>Demand growth forecasts revised down by 100 Mb/d for 2019-2020 - The IEA lowered its demand growth forecast once again by 65 kb/d in 2019 to 100 kb/d in 2020 to +1 Mb/d and +1.2 Mb/d respectively, a level that remains solid. This revision factors in i/ the deceleration in global growth forecast by the OECD from 3.2% to 2.9% in 2019 and from 3.4% to 3% in 2020, ii/ the slowdown in G20 investment from 5% to 1% in 2019 and iii/ the slowdown in world trade to 1.2% in 201...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Charles Lepetitpas
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/10/2019

...

Ahmed Ben Salem ...
  • Yassine Batini

ODDO : Rapport AIE : les craintes sur la demande occultent le risque géopolitique

>La croissance de la demande revue en baisse de 100 kb/j en 2019/20 - L’AIE a revu en baisse la croissance de la demande une nouvelle fois de 65 kb/j en 2019 à 100 kb/j en 2020 à respectivement +1 Mb/j et +1.2 Mb/j, un niveau qui reste solide. Cette révision prend en compte i/ le ralentissement de la croissance mondiale prévu par l’OCDE de 3.2% à 2.9% en 2019 et de 3.4% à 3% en 2020, ii/ le ralentissement des investissements du G20 de 5% à 1% en 2019 et iii/ le ralent...

Total S.A. - March 2017 (LTM): Peer Snapshot

Peer Snapshot:  Total S.A. - March 2017 (LTM) 26 May 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Mar-17 FYE Dec-14 FYE Dec-15 LTM Dec-16 FYE Dec-14 FYE Dec-15 LTM Dec-16

Total S.A. - December 2016 (LTM): Peer Snapshot

Peer Snapshot:  Total S.A. - December 2016 (LTM) 15 May 2017 (in US millions) FYE Dec-14 FYE Dec-15 LTM Dec-16 FYE Dec-14 FYE Dec-15 LTM Dec-16 FYE Dec-14 FYE Dec-15 LTM Dec-16

Total S.A.: Higher oil price will add flexibility to return to cash dividends

CORPORATES CREDIT OPINION 11 May 2017 Update RATINGS Total S.A. Domicile Paris, France Long Term Rating Aa3 Type Senior Unsecured - Fgn Curr Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Elena Nadtotchi 44-20-7772-5380 VP-Sr Credit Officer [email protected]

Delphine Chauvin

Total : Recent developments in the world of corporate hybrid bonds

Monday 20 February 2017 - - - In this note, we shall review the latest developments in the corporate hybrid bond segment, most notably the impact of S&P's decision to remove the equity content from all of RWE's hybrid bonds after the issuer said it would call and not replace one of its hybrid bonds. - - >

Delphine Chauvin

Total : Quoi de neuf dans l’univers des obligations hybrides ?

Dans cette note, nous revenons sur les dernières évolutions concernant le segment des obligations hybrides Corporate, et en particulier, l’impact de la décision de S&P de retirer l’Equity Content de l’ensemble des souches hybrides de RWE après que l’émetteur ait décidé de rembourser l’une d’elle en première date de call, sans refinancement préalable. - - >

Ahmed Ben Salem ...
  • Yassine Batini

ODDO : IEA report: concerns about demand mask the geopolitical risk

>Demand growth forecasts revised down by 100 Mb/d for 2019-2020 - The IEA lowered its demand growth forecast once again by 65 kb/d in 2019 to 100 kb/d in 2020 to +1 Mb/d and +1.2 Mb/d respectively, a level that remains solid. This revision factors in i/ the deceleration in global growth forecast by the OECD from 3.2% to 2.9% in 2019 and from 3.4% to 3% in 2020, ii/ the slowdown in G20 investment from 5% to 1% in 2019 and iii/ the slowdown in world trade to 1.2% in 201...

Ahmed Ben Salem ...
  • Yassine Batini

ODDO : Rapport AIE : les craintes sur la demande occultent le risque géopolitique

>La croissance de la demande revue en baisse de 100 kb/j en 2019/20 - L’AIE a revu en baisse la croissance de la demande une nouvelle fois de 65 kb/j en 2019 à 100 kb/j en 2020 à respectivement +1 Mb/j et +1.2 Mb/j, un niveau qui reste solide. Cette révision prend en compte i/ le ralentissement de la croissance mondiale prévu par l’OCDE de 3.2% à 2.9% en 2019 et de 3.4% à 3% en 2020, ii/ le ralentissement des investissements du G20 de 5% à 1% en 2019 et iii/ le ralent...

Research Department

EUROSTOXX50: INFORME ANUAL OCTUBRE 2019 (ANÁLISIS BANCO SABADELL)

Informe Anual Euro Stoxx 50 Publicamos nuestro informe anual del EuroStoxx50, donde revisamos estimaciones y P.O. de todas las compañías de nuestro universo de cobertura. Hemos realizado 2 cambios de recomendación en este informe pasando a VENDER: Safran y a COMPRAR: ING. Además, iniciamos cobertura de Philips, con recomendación de COMPRAR y P.O. 48,50 euros/acc. (potencial +21%). Del total de los valores cubiertos (43) hay un 74% en COMPRAR (vs 79% en nuestro anterior informe) y 26% en VENDER (vs 21% anterior). Desde el punto de vista Top down, nuestro P.O. del ES50 es 3.130 puntos para dicie...

Ahmed Ben Salem ...
  • Baptiste Lebacq
  • Jean-François Granjon

ODDO : Catch the liquefied natural gas wave with Total and GTT

Strong growth in liquefied natural gas (LNG) is being fuelled by energy demand and coal substitution. A record number of final investment decisions (FID) is expected in 2019, followed by another wave in 2020. Several projects are in competition and only the most competitive will succeed. This boom will benefit global producers. Shell (Buy) is the leading player in the LNG market and Total (Buy, Top pick), no. 2, boasts the biggest project pipeline. Service companies are expected ...

Ahmed Ben Salem

Total : Some good news (increase in cash flow and dividends) and some less good news (rise in capex but no share buybacks)

>Growth in production and cash flow continuing as expected - Total held an Investor Day in New York yesterday. The group took the opportunity to announce its new guidance for production growth with a CAGR of 2.6% over 2019-2025 as expected However, the management noted that production growth will see-saw, first rising by 5% in 2019-2021 but dipping in 2022-2023 when growth will be zero because of the reduction in capex in 2015-2017. The management believes moreover t...

1 director bought

A director at Total S.A. bought 10,000 shares at 47.000EUR and the significance rating of the trade was 99/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board m...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Charles Lepetitpas
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/14/2019

...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Charles Lepetitpas
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Matthias Desmarais
  • Nicolas David
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/10/2019

...

Ahmed Ben Salem ...
  • Christophe-Raphaël Ganet
  • Jean Sassus
  • Michael Foundoukidis
  • Steven Gould
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/25/2019

The key to a “healthy” progression lies in EPS growth. Yet forecasts for 2020e (+9.2% vs +2.0% at 12m for our Stoxx 600 model) are too high relative to the cycle. Downward revisions are inevitable, limiting scope for an easing of the risk premium. So it is difficult to see a lasting rebound for value and cyclicals apart from sudden surges driven by rumours of an easing of the trade war, fading prospects of a no-deal Brexit or even a fiscal stimulus. None of these factors looks capabl...

Ahmed Ben Salem ...
  • Christophe-Raphaël Ganet
  • Jean Sassus
  • Michael Foundoukidis
  • Steven Gould
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/09/2019

La clef d’une progression « saine » réside dans celle des BPA. Or les attentes 2020e (9.2% vs 2.0% à 12 mois pour notre modèle Stoxx 600) sont trop élevées au regard du cycle. Les révisions en baisse sont inéluctables, restreignant le potentiel de détente de la prime de risque. Difficile alors d’entrevoir un rebond durable de la value et des cycliques en dehors de mouvements haussiers brutaux sur fonds de rumeur d’apaisement de la guerre commerciale, d’éloignement du no-deal Brexit vo...

Ahmed Ben Salem ...
  • Alain William
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard
  • Manuel Martin
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/07/2019

...

With a more favourable environment, TOTAL SA improves to Slightly Positive

TOTAL SA (FR), a company active in the Integrated Oil & Gas industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date September 17, 2019, the closing price was EUR 47.85 and its potential was estimated at EUR 50.62.

Total SA

Total SA

Total SA

Total SA

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Summary Marketline's China Petroleum & Chemical Corp Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by China Petroleum & Chemical Corp since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its...

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Summary Marketline's Royal Dutch Shell plc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Royal Dutch Shell plc since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advanta...

Jehanne Leroy

Total - Assemblée générale des actionnaires du 29 mai 2019

RémunérationsConcernant les rémunérations 2018 du Président Directeur général, la communication de la société permet une parfaite compréhension des montants attribués. Cependant, ceux-ci demeurent très généreux (5,8 M€, soit 278 SMIC et 124% de la médiane du CAC 40). Enfin Proxinvest estime qu’une performance relative à la médiane devrait occasionner une acquisition définitive beaucoup moins élevée que 80% de l’attribution initiale d’actions gratuites. Concernant la politique de rémunération 2019 du Président Directeur général, en termes de structure et de montants en jeu, celle-ci ne respect...

Total – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jehanne Leroy

Proxy Report - 01/06/2018

ITEM 6: It is proposed to re-elect Patrick Pouyanné as Chairman and CEO. Governance got improved under his leadership, and the group made some efforts to limit his impact on environment. Therefore, we support his re-election. However, we urge the company to remove the double voting right provision (especially considering that only 5% of the capital has double voting rights). ITEM 12: Regarding the 2018 remuneration policy, we appreciate that the company disclosure a priori the targets that will have to be achieved in 2018. However, the company decided to increase the number of performance sha...

Jehanne Leroy

Proxy Report - 01/06/2018

La société propose cette année le renouvellement de M. Pouyanné, son Président Directeur Général. Proxinvest n'est pas favorable au cumul de fonctions ; cependant, si le dirigeant présente un bilan positif en termes de gouvernance, de parcours boursier et de performance environnementale, son renouvellement peut être soutenu. Or, sous l'égide de M. Pouyanné, le taux d'indépendance du conseil est passé de 50% (selon Proxinvest) en 2015 à 75% post-AG 2018 (selon Proxinvest) et un Administrateur Référent Indépendant (Patricia Barbizet) disposant de missions particulières et de pouvoirs élargis a é...

Matthieu DRIOL

Analyse court terme - TOTAL : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

Matthieu DRIOL

Short term view - TOTAL : The trend is uncertain.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

Matthieu DRIOL

Analyse court terme - TOTAL : Les cours baissent.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

Matthieu DRIOL

Short term view - TOTAL : Falling prices.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

Matthieu DRIOL

Medium term view - TOTAL : The background trend is clearly bullish.

The background trend is clearly bullish. The correction is gaining traction. It is too early to qualify this action as a bearish reversal. The trend would be invalidated below the support at €48.348.

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