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.
  • TickerREP
  • ISINES0173516115
  • ExchangeMadrid Stock Exchange
  • SectorOil & Gas Producers
  • CountrySpain

Analysts

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 ...
  • 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 ...
  • 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

...

Repsol S.A.: Update to credit analysis

Our credit view of Repsol S.A., reflecting its improved operating profitability since 2016 and its strengthened financials, which position the company solidly in the Baa1 rating category.

Repsol S.A. - December 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Repsol S.A.: Upgrade to Baa1 reflects much improved financial profile and proven resilience to volatile oil prices

Our credit view of Repsol S.A., reflecting its improved operating profitability since 2016 and its strengthened financials, which position the company solidly in the Baa1 rating category.

Repsol S.A. - September 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Repsol S.A.: Reduced cost and higher oil prices underpin earnings growth

Our credit view of Repsol S.A., reflecting its improved operating profitability in 2017 and its strengthened financials, which position the company strongly in the Baa2 rating category.

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,...

João Calado ...
  • Nuno Vaz

BiG Research Flash Note: Repsol

Repsol is a Spanish, fully integrated, oil and gas company that is based in Madrid. It hasmore than 24000 employees. Its main areas of operation are the exploration andproduction of oil and gas, refining of crude inputs into value added derivatives, powergeneration and supply of natural gas. The company was created in 1927. In 1999, thecompany bought practically all of the shares of Argentine oil and gas company, YPF,which, at the time, was the largest South American company in the oil and gas business.

1 director bought

A director at Repsol Ypf Sa bought 25,000 shares at 14.340EUR and the significance rating of the trade was 86/100. 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
  • 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

...

Ahmed Ben Salem ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Corby
  • Yassine Batini

ODDO BHF Small & MIDCAP MORNING NEWS - 07/02/2019

...

Repsol

Repsol

Repsol

With a more favourable environment, REPSOL YPF SA improves to Slightly Positive

REPSOL YPF SA (ES), 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 March 29, 2019, the closing price was EUR 15.26 and its potential was estimated at EUR 16.53.

Repsol

Expert Corporate Governance Service (ECGS)

Repsol - AGM 30 May 2019

The Annual General Meeting will be held foreseeable on the second call on May 31st, 2019, at 12 p.m.  The re-election of the Chairman is proposed in item 10.  Mr. Antonio Brufau Niub has served on the Board since 1996 and has been Chairman for fifteen years. Prior to serving as Chairman, he served as CEO of the Company and Executive Chairman. There are concerns that his fixed fees of EUR 2.5 million per year imply that he continues to perform some executive functions.  Furthermore, ECGS guidelines do not support the appointment of a former CEO as Chairman.  This can undermine the Boardns supe...

Repsol – 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...

Matthieu DRIOL

Analyse court terme - REPSOL SA : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 14,779 €. La tendance baissière serait remise en cause au-dessus de 17,510 €.

Matthieu DRIOL

Short term view - REPSOL SA : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €14.779. The bearish trend would be challenged above €17.510.

Matthieu DRIOL

Analyse court terme - REPSOL SA : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 14,779 €, puis 13,705 €. Le franchissement de 17,510 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - REPSOL SA : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €14.779, then €13.705. Passing €17.510 would question the continuation of the fall.

Jérôme VINERIER

Analyse moyen terme - REPSOL SA : La tendance est haussière.

La tendance est haussière. La baisse récente gagne en vigueur. Le prochain support est à 15,367 €. La tendance serait remise en cause par la rupture de 13,325 €.

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