Repsol: UBS reiterates buy rating

(CercleFinance.com) - The analyst highlights the group's solid performance in Q4 2023, confirming his Buy rating on the stock, with an unchanged target price of E15, representing upside potential of 15% at current levels.


Repsol today released its 4Q23 trading statement which pointed to a performance close to our expectations. We leave our 4Q23 adjusted net income pre-minorities virtually unchanged at EUR1,021m as a lower Upstream contribution (mix effect) is offset by higher Industrial...," UBS says.

The Spanish energy group reports a refining margin of nine dollars per barrel on its industrial activities in Spain, a figure down 52% y-o-y.

However, this performance significantly outperforms the market consensus, which was targeting a margin of around 8.5% in the last quarter of the year.


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