(News Bulletin 247) – Berenberg reaffirms its ‘buy’ recommendation on TotalEnergies while raising its price target from 65 to 69 euros, with EPS estimates raised by 6% for 2023 and 22% for 2024, mainly due to higher assumptions for downstream and gas.
According to the broker, the French oil and gas group ‘remains well positioned to offer an attractive combination of growing underlying cash flows, as well as high levels of shareholder return’.
He recalls that TotalEnergies is aiming for a distribution rate of 35 to 40% of its CFFO, suggesting another extraordinary dividend in 2023, with “a total return of cash to shareholders which should again be comfortably above 10%”.
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