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

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 : Q2 2019 results preview: A fairly unfavourable environment, which should improve in H2

>Decline in indicators in Q2 despite a rebound in Brent - Q2 2019 results publications kick off on 24 July (see table below) and reflect a slight sequential decline of 4%, in dollars. Our estimates are 7.1% below the Bloomberg consensus currently being built and which should gradually decline. This quarter was marked by: 1/ a $ 5.8 $/b increase in Brent to $ 68.9/b and which should remain at this level supported by the decision of OPEC and its allies to renew their ag...

Ahmed Ben Salem ...
  • Yassine Batini

ODDO : Preview résultats T2 2019 : un environnement peu favorable qui devrait s’améliorer au S2

>Baisse des indicateurs au T2 malgré un rebond du Brent - Les publications de résultats du T2 2019 commencent le 24 juillet (voir tableau ci-dessous) et s’annoncent en repli séquentiel de 4%, exprimés en dollars. Nous sommes 7.1% inférieurs au consensus Bloomberg en cours de formation et qui devrait baisser progressivement. Ce trimestre a été marqué par : 1/ une hausse du Brent de 5.8 $/b à 68.9 $/b et qui devrait se maintenir à ce niveau soutenu par la décision de l’...

Ahmed Ben Salem ...
  • Yassine Batini

ODDO : Rapport AIE : la demande se maintient et offre abondante avec un risque de surplus en 2020

>Croissance de la demande confirmée en 2019-20 malgré un mauvais S1 - L’AIE a maintenu ses estimations de croissance de la demande pour 2019 à 1.2 Mb/j avec une accélération prévue en 2020 à +1.4 Mb/j, un niveau qui reste solide malgré un S1 2019 qui était faible. En effet l’AIE rapporte une faible croissance au T1 19 à 0.3 Mb/j et à 0.8 Mb/j at T2 19 avec un ralentissement économique et une faible demande pétrochimique, un des piliers de la croissance depuis 2011....

Ahmed Ben Salem ...
  • Yassine Batini

ODDO : IEA report: demand holding up and abundant supply with a surplus risk in 2020

>Demand growth confirmed in 2019-2020 despite a poor H1 - The IEA has maintained its demand growth estimates for 2019 at 1.2 Mb/d with an acceleration forecast in 2020 at +1.4 Mb/d. This level remains solid despite what was a weak H1 2019. Indeed, the IEA reported limited growth of 0.3 Mb/d in Q1 2019 and 0.8 Mb/d in Q2 2019, with an economic slowdown and limited petrochemicals demand, this having been one of the growth pillars since 2011. Demand was limited in Italy,...

Ahmed Ben Salem ...
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Matthias Desmarais
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/02/2019

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1 director sold

A director at Total S.A sold 10,450 shares at 52.270EUR and the significance rating of the trade was 93/100. 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 boar...

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

...

Ahmed Ben Salem ...
  • Alain William
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/17/2019

We reiterate our Buy recommendation with a target price of € 15.60. Aside from the restoration of the market’s confidence, the key point is the upcoming strategic plan expected to be unveiled at end-2019. It should be based on enhancing the operating performance and resuming value creation, which should in turn act as a catalyst for the group's re-rating. Our analysis of the various strategic options indicates a positive risk-reward profile. - ...

Ahmed Ben Salem ...
  • Alain William
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/07/2019

Nous réitérons notre opinion Achat avec un OC de 15.60 €. Au-delà du retour à la confiance du marché, l’enjeu demeure le prochain plan stratégique qui sera dévoilé en fin d’année 2019. Il devra être fondé sur un socle d’amélioration de la performance opérationnelle et de retour à la création de valeur afin de constituer le catalyseur d’une revalorisation du groupe. Notre analyse des différentes options stratégiques aboutit à un risk reward positif. - ...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Nicolas David
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/15/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Nicolas David
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/07/2019

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Total SA

Total SA

Total SA

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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

Analyse moyen terme - TOTAL : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. La correction en cours gagne en vigueur. Il est trop tôt pour parler de retournement baissier. La tendance serait invalidée sous le support à 48,348 €.

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