Financials Repsol S.A.

Equities

REP

ES0173516115

Oil & Gas Refining and Marketing

Real-time Estimate Tradegate Other stock markets 01:40:11 29/04/2024 pm IST			5-day change	1st Jan Change
14.86 ^EUR	+0.99%		-0.40%	+10.22%

09:30am	IBEX 35 reaches its best level since August 2015 ahead of Fed meeting	RE
26/04	News Highlights : Top Energy News of the Day - Friday at 4 AM ET	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	20,598	12,646	15,517	20,454	17,174	17,912	-	-
Enterprise Value (EV) ¹	28,681	19,424	21,279	22,710	19,270	21,444	22,113	22,433
P/E ratio	-5.62 x	-3.87 x	6.36 x	5.02 x	5.47 x	4.89 x	5.32 x	4.87 x
Yield	6.58%	11.1%	6.04%	4.71%	-	6.1%	6.71%	7.25%
Capitalization / Revenue	0.42 x	0.38 x	0.31 x	0.27 x	0.29 x	0.3 x	0.32 x	0.31 x
EV / Revenue	0.59 x	0.59 x	0.43 x	0.3 x	0.33 x	0.36 x	0.4 x	0.39 x
EV / EBITDA	3.98 x	4.76 x	3.01 x	1.66 x	1.95 x	2.35 x	2.52 x	2.49 x
EV / FCF	17.7 x	22.8 x	7.67 x	4.36 x	13.5 x	13.1 x	14 x	12.5 x
FCF Yield	5.66%	4.39%	13%	22.9%	7.42%	7.61%	7.16%	8.03%
Price to Book	0.85 x	0.64 x	0.71 x	0.78 x	-	0.62 x	0.57 x	0.52 x
Nbr of stocks (in thousands)	14,78,674	15,32,895	14,86,902	13,77,396	12,76,860	12,16,817	-	-
Reference price ²	13.93	8.250	10.44	14.85	13.45	14.72	14.72	14.72
Announcement Date	20/02/20	18/02/21	17/02/22	16/02/23	22/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	49,006	32,956	49,480	74,828	58,538	59,015	55,964	56,958
EBITDA ¹	7,201	4,084	7,071	13,710	9,864	9,141	8,765	9,011
EBIT ¹	3,661	1,135	4,372	10,648	7,250	6,617	5,900	6,017
Operating Margin	7.47%	3.44%	8.84%	14.23%	12.39%	11.21%	10.54%	10.56%
Earnings before Tax (EBT) ¹	-3,201	-3,304	4,329	7,180	4,365	5,996	5,644	5,715
Net income ¹	-3,816	-3,289	2,499	4,251	3,168	3,727	3,261	3,294
Net margin	-7.79%	-9.98%	5.05%	5.68%	5.41%	6.32%	5.83%	5.78%
EPS ²	-2.480	-2.130	1.640	2.960	2.460	3.007	2.766	3.020
Free Cash Flow ¹	1,622	852	2,775	5,211	1,430	1,631	1,583	1,801
FCF margin	3.31%	2.59%	5.61%	6.96%	2.44%	2.76%	2.83%	3.16%
FCF Conversion (EBITDA)	22.52%	20.86%	39.24%	38.01%	14.5%	17.85%	18.07%	19.98%
FCF Conversion (Net income)	-	-	111.04%	122.58%	45.14%	43.76%	48.56%	54.67%
Dividend per Share ²	0.9160	0.9160	0.6300	0.7000	-	0.8974	0.9873	1.068
Announcement Date	20/02/20	18/02/21	17/02/22	16/02/23	22/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales	15,405	-	-	-	-	-	-	-	-	-	-	14,701	-	-	-	-	-	-
EBITDA ¹	2,352	-	2,456	3,902	-	3,609	3,743	3,061	1,921	-	2,426	2,456	2,144	2,494	2,413	2,413	2,381	2,361
EBIT ¹	1,606	-	1,814	3,080	4,894	2,761	2,993	2,802	1,132	3,934	1,675	1,641	1,754	1,671	1,579	1,607	1,610	1,582
Operating Margin	10.43%	-	-	-	-	-	-	-	-	-	-	11.16%	-	-	-	-	-	-
Earnings before Tax (EBT)	1,148	-	2,171	-	-	2,359	1,342	-	610	-	1,911	17	1,484	-	-	-	-	-
Net income ¹	560	-	1,392	1,147	-	683	1,029	1,112	308	-	1,365	383	969	1,042	879	825.5	866.2	904.2
Net margin	3.64%	-	-	-	-	-	-	-	-	-	-	2.61%	-	-	-	-	-	-
EPS ²	0.3700	-	0.9400	-	-	0.4700	0.7500	0.8500	0.2300	-	1.070	0.3000	0.7900	0.9796	0.7592	0.7076	0.7767	0.8205
Dividend per Share ²	0.3290	0.3290	-	0.3300	-	-	0.3700	0.3750	-	-	-	-	-	0.4468	-	0.5273	-	0.4907
Announcement Date	17/02/22	17/02/22	28/04/22	28/07/22	28/07/22	27/10/22	16/02/23	27/04/23	27/07/23	27/07/23	26/10/23	22/02/24	25/04/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8,083	6,778	5,762	2,256	2,096	3,533	4,201	4,521
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.122 x	1.66 x	0.8149 x	0.1646 x	0.2125 x	0.3865 x	0.4793 x	0.5018 x
Free Cash Flow ¹	1,622	852	2,775	5,211	1,430	1,631	1,583	1,801
ROE (net income / shareholders' equity)	7.35%	2.65%	11.7%	27.9%	19.5%	13.7%	11.5%	11.1%
ROA (Net income/ Total Assets)	3.44%	1.12%	4.73%	7.32%	8.24%	6.14%	5.23%	4.66%
Assets ¹	-1,10,885	-2,93,818	52,778	58,109	38,437	60,730	62,339	70,644
Book Value Per Share ²	16.30	12.90	14.60	19.10	-	23.70	25.70	28.10
Cash Flow per Share ²	3.130	1.770	3.070	6.210	5.490	6.030	5.710	6.390
Capex ¹	3,227	1,886	1,902	3,535	4,289	5,068	4,982	5,153
Capex / Sales	6.58%	5.72%	3.84%	4.72%	7.33%	8.59%	8.9%	9.05%
Announcement Date	20/02/20	18/02/21	17/02/22	16/02/23	22/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Repsol S.A.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

14.72 EUR

Average target price

17.58 EUR

Spread / Average Target

+19.44%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Refining and Marketing

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IMPERIAL OIL LIMITED	+27.93%	37.8B
INDIAN OIL CORPORATION LIMITED	+36.58%	28.33B
FORMOSA PETROCHEMICAL CORPORATION	-11.77%	20.79B
NESTE OYJ	-31.98%	18.17B

Other Oil & Gas Refining and Marketing