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Repsol SA REP

Morningstar Rating
€15.39 +0.02 (0.10%)
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Company Report

Repsol Earnings: Strategic Update Anticipates Big Payouts to Shareholders

With its fourth-quarter 2023 earnings, Repsol updated its strategic plans through 2027. The centerpiece of the update is a commitment to returns of upward of EUR 10 billion to shareholders. While shaking out at 25%-35% of operating cash flow through 2027, still lower than several European peers, it represents a substantial amount relative to Repsol’s market cap of EUR 17 billion. About EUR 5 billion will come from dividends, including a 30% increase in the per-share amount for 2024 and a 3% rise per year thereafter, with the remainder in share repurchases of EUR 2 billion-EUR 5 billion, depending on market conditions. We see the higher range as achievable based on current oil price expectations.

Price vs Fair Value

REP is trading at a 6% premium.
Price
€15.36
Fair Value
€76.30
Uncertainty
High
1-Star Price
€69.11
5-Star Price
€1.10
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Tighter exploration and development focus and ongoing cost improvement should improve upstream project economics.

Bears

Repsol's relatively smaller upstream position means it benefits less from higher oil and gas prices than peers.

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News

Trading Information

Previous Close Price
€15.37
Day Range
€15.3415.50
52-Week Range
€12.4615.87
Bid/Ask
/
Market Cap
€18.73 Bil
Volume/Avg
187,908 / 6.2 Mil

Key Statistics

Price/Earnings (Normalized)
3.98
Price/Sales
0.33
Dividend Yield (Trailing)
4.88%
Dividend Yield (Forward)
5.86%
Total Yield
11.74%

Company Profile

Repsol is a Spanish integrated oil and gas firm. In 2022, production was 550,000 barrels of oil equivalent a day (34% liquids), and proven reserves stood at 1.9 billion barrels of oil equivalent (33% oil). It also operates a downstream segment with refining capacity of 1.0 million barrels a day.
Sector
Energy
Industry
Oil & Gas Integrated
Stock Style Box
Large Value
Total Number of Employees
25,113

Competitors

Valuation

Metric
REP
SHELL
TTE
Price/Earnings (Normalized)
3.983.976.46
Price/Book Value
0.711.191.38
Price/Sales
0.330.710.77
Price/Cash Flow
3.675.394.85
Price/Earnings
REP
SHELL
TTE

Financial Strength

Metric
REP
SHELL
TTE
Quick Ratio
1.070.900.58
Current Ratio
1.541.401.15
Interest Coverage
9.407.4012.89
Quick Ratio
REP
SHELL
TTE

Profitability

Metric
REP
SHELL
TTE
Return on Assets (Normalized)
8.29%6.70%8.40%
Return on Equity (Normalized)
19.26%14.92%22.20%
Return on Invested Capital (Normalized)
14.02%10.59%14.95%
Return on Assets
REP
SHELL
TTE
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Oil & Gas Integrated Industry Comparables

Ticker
Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
XOM
Exxon Mobil CorpClmmhlqppXgsbjdh$456.2 Bil
CVX
Chevron CorpGvccjlhgsmNjywm$290.4 Bil
PCCYF
PetroChina Co Ltd Class HDzjz$223.1 Bil
RYDAF
Shell PLCXjpdq$212.3 Bil
SHEL
Shell PLC ADR (Representing - Ordinary Shares)NczwqtrfVhfn$212.3 Bil
TTE
TotalEnergies SE ADRLrzypwrzYhckf$158.6 Bil
BP
BP PLC ADRTfvrmmslQkdv$105.1 Bil
PBR
Petroleo Brasileiro SA Petrobras ADRYjpbjvqJyj$96.1 Bil
EQNR
Equinor ASA ADRGdbtlsnkFxx$77.9 Bil
E
Eni SpA ADRHmlqfhzpKtq$50.4 Bil

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