(News Bulletin 247) – Oddo BHF confirms its ‘outperformance’ recommendation and its price target of 19.5 euros on Repsol, after ‘figures which confirm the expected downward trend’, but a roadshow with the management it deems ‘reassuring’.
‘The stock has underperformed the sector by 7% since the start of the year and is now trading at a discount of 20% with P/CF 2024 of 2.7 times against 3.5 times for the sector in Europe more to the fall in the price of gas and refining margins on diesel,” notes the analyst.
According to Oddo BHF, a reversal of this trend could be an excellent catalyst for the title of the Spanish oil and gas company, ‘especially at this level of valuation coupled with a cash return of 14%’.
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