Total: very attractive valuation according to Oddo
(CercleFinance.com) - Oddo maintains its buy rating on the Total share after its contract in Saudi Arabia.
The broker maintains its target price at 56 euros, with the share's valuation very attractive, trading at a discount of 16%, the broker explains.
Total has announced signing a Memorandum of Understanding with Saudi Aramco to build a giant petrochemical complex in Jubail, Saudi Arabia.
The complex will be integrated downstream of SATORP, a global joint-venture refinery between Saudi Aramco (62.5%) and Total (37.5%), which is located in Jubail, and will be designed to maximise operational synergies between the sites.
Oddo said in its daily equity round-up that this project is part of Total's strategy, and that of Saudi Arabia, with the country wanting to diversify its dependence on oil by finding value-added opportunities, such as the construction of petrochemical sites and refineries.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker maintains its target price at 56 euros, with the share's valuation very attractive, trading at a discount of 16%, the broker explains.
Total has announced signing a Memorandum of Understanding with Saudi Aramco to build a giant petrochemical complex in Jubail, Saudi Arabia.
The complex will be integrated downstream of SATORP, a global joint-venture refinery between Saudi Aramco (62.5%) and Total (37.5%), which is located in Jubail, and will be designed to maximise operational synergies between the sites.
Oddo said in its daily equity round-up that this project is part of Total's strategy, and that of Saudi Arabia, with the country wanting to diversify its dependence on oil by finding value-added opportunities, such as the construction of petrochemical sites and refineries.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.