Reported Earnings • Jul 26
Second quarter 2026 earnings released: EPS: €1.15 (vs €0.19 in 2Q 2025) Second quarter 2026 results: EPS: €1.15 (up from €0.19 in 2Q 2025). Revenue: €18.3b (up 36% from 2Q 2025). Net income: €1.23b (up 466% from 2Q 2025). Profit margin: 6.7% (up from 1.6% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. New Risk • Jul 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 13% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 13% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Jun 29
Upcoming dividend of €0.45 per share Eligible shareholders must have bought the stock before 06 July 2026. Payment date: 08 July 2026. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 5.1%. Within top quartile of Italian dividend payers (4.7%). In line with average of industry peers (5.1%). Declared Dividend • May 18
Dividend of €0.45 announced Shareholders will receive a dividend of €0.45. Ex-date: 6th July 2026 Payment date: 8th July 2026 Dividend yield will be 3.8%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is covered by both earnings (49% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: €0.82 (vs €0.30 in 1Q 2025) First quarter 2026 results: EPS: €0.82 (up from €0.30 in 1Q 2025). Revenue: €15.6b (up 8.4% from 1Q 2025). Net income: €929.0m (up 165% from 1Q 2025). Profit margin: 5.9% (up from 2.4% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. New Risk • May 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.2% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.2% average weekly change). Ankündigung • Apr 10
Repsol, S.A. to Report Q1, 2026 Results on Apr 30, 2026 Repsol, S.A. announced that they will report Q1, 2026 results on Apr 30, 2026 Ankündigung • Mar 26
Repsol, S.A., Annual General Meeting, May 13, 2026 Repsol, S.A., Annual General Meeting, May 13, 2026. Location: calle mendez alvaro 44, madrid, Spain Ankündigung • Mar 11
Repsol, S.A. (BME:REP) announces an Equity Buyback for 37,500,000 shares, for €350 million. Repsol, S.A. (BME:REP) announces a share repurchase program. Under the program, the company will repurchase up to 37,500,000 shares, for €350 million. The Buy-Back Program would be carried out with the sole purpose to acquire the own shares to be redeemed in the framework of the Capital Reduction approved by the Board of Directors under the terms of the General Meeting's Resolution. The shares will be repurchased at a price higher than the higher of the following the price of the last independent trade; or the highest current independent purchase bid on the trading venue where the purchase is carried out. The program is valid till July 30, 2026. New Risk • Mar 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 4.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (107% payout ratio). Share price has been volatile over the past 3 months (4.3% average weekly change). Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €22.40, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Oil and Gas industry in Europe. Total returns to shareholders of 70% over the past three years. Reported Earnings • Feb 20
Full year 2025 earnings released: EPS: €1.62 (vs €1.43 in FY 2024) Full year 2025 results: EPS: €1.62 (up from €1.43 in FY 2024). Revenue: €54.9b (up 6.8% from FY 2024). Net income: €1.90b (up 12% from FY 2024). Profit margin: 3.5% (up from 3.3% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Jan 05
Upcoming dividend of €0.41 per share Eligible shareholders must have bought the stock before 12 January 2026. Payment date: 14 January 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.1%. Within top quartile of Italian dividend payers (4.6%). In line with average of industry peers (6.0%). Ankündigung • Dec 12
Repsol, S.A. to Report Q4, 2025 Results on Feb 19, 2026 Repsol, S.A. announced that they will report Q4, 2025 results Pre-Market on Feb 19, 2026 Ankündigung • Nov 14
Repsol Reportedly Weighs Merger of $19 Billion Upstream Unit with APA Repsol, S.A. (BME:REP) is considering a reverse merger of its upstream unit with potential partners including US energy producer APA Corporation (NasdaqGS:APA), people with knowledge of the matter said, as it seeks ways to list the business in New York. The Spanish oil and gas company has held exploratory discussions with APA, formerly known as Apache Corp., about the possibility of a deal, according to the people. It has also held initial talks with other potential merger partners for the business, they said. Any deal could help Repsol bulk up the portfolio of its upstream business and provide it a faster route to becoming publicly traded. Repsol agreed in 2022 to sell a 25% stake in the upstream division to private equity firm EIG Global Energy Partners LLC in a deal valuing the business at $19 billion including debt. The transaction was aimed at helping the unit further expand in the US, while also raising funds for Repsol to invest in low-carbon activities. Executives have said they’re preparing the upstream unit for a potential “liquidity event,” such as a public listing, in 2026. Repsol Chief Executive Officer Josu Jon Imaz told analysts last month that company is considering options including an IPO of the business, a reverse merger with a US-listed group or the introduction of a new private investor. Deliberations are ongoing and there’s no certainty they will lead to a transaction, the people said, asking not to be identified because the information is private. Repsol continues to study a variety of options for the business and it may still opt for an IPO or stake sale, the people said. Representatives for APA, Repsol and EIG declined to comment. Declared Dividend • Nov 03
Dividend of €0.41 announced Shareholders will receive a dividend of €0.41. Ex-date: 12th January 2026 Payment date: 14th January 2026 Dividend yield will be 5.1%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (61% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 77% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 02
Third quarter 2025 earnings released: EPS: €0.49 (vs €0.13 in 3Q 2024) Third quarter 2025 results: EPS: €0.49 (up from €0.13 in 3Q 2024). Revenue: €13.2b (down 3.6% from 3Q 2024). Net income: €574.0m (up 246% from 3Q 2024). Profit margin: 4.3% (up from 1.2% in 3Q 2024). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Ankündigung • Oct 03
Repsol, S.A. to Report Q3, 2025 Results on Oct 30, 2025 Repsol, S.A. announced that they will report Q3, 2025 results Pre-Market on Oct 30, 2025 Ankündigung • Jul 31
NEO Energy Group Limited completed the acquisition of Repsol Resources UK Limited from Repsol, S.A. (BME:REP). NEO Energy Group Limited agreed to acquire Repsol Resources UK Limited from Repsol, S.A. (BME:REP) on March 27, 2025. The transaction is through a share-for-share combination. Under the terms of the Transaction, the combined business will be jointly owned by NEO Energy (55%) and Repsol UK (45%). The combined group will be renamed NEO NEXT Energy Limited. Completion of the Transaction remains subject to approvals from the relevant authorities and regulatory consents and is expected during the third quarter of 2025.
Jefferies acted as financial advisor to NEO Energy in the transaction. Hywel Davies, Alex Dustan, Lisa Wright, Charles Osborne, Edward Milliner, Samay Shah, Daniel Schaffer, Philippa O'Malley and David Rintoul of Slaughter and May acted as legal advisor to Repsol Resources UK Limited. CMS acted as legal advisor to HitecVision.
NEO Energy Group Limited completed the acquisition of Repsol Resources UK Limited from Repsol, S.A. (BME:REP) on July 30, 2025. Ankündigung • Jul 29
Repsol, S.A. (BME:REP) acquired an unknown minority stake in OÜ Stargate Hydrogen. Repsol, S.A. (BME:REP) acquired an unknown minority stake in OÜ Stargate Hydrogen on July 28, 2025.
Repsol, S.A. (BME:REP) completed the acquisition of an unknown minority stake in OÜ Stargate Hydrogen on July 28, 2025. Reported Earnings • Jul 25
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €13.5b (down 8.2% from 2Q 2024). Net income: €252.0m (down 63% from 2Q 2024). Profit margin: 1.9% (down from 4.6% in 2Q 2024). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Ankündigung • Jul 10
Repsol, S.A. to Report Q2, 2025 Results on Jul 24, 2025 Repsol, S.A. announced that they will report Q2, 2025 results on Jul 24, 2025 Upcoming Dividend • Jun 27
Upcoming dividend of €0.41 per share Eligible shareholders must have bought the stock before 04 July 2025. Payment date: 08 July 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.8%. Within top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (6.4%). Reported Earnings • May 02
First quarter 2025 earnings released: EPS: €0.30 (vs €0.79 in 1Q 2024) First quarter 2025 results: EPS: €0.30 (down from €0.79 in 1Q 2024). Revenue: €14.4b (down 5.1% from 1Q 2024). Net income: €366.0m (down 62% from 1Q 2024). Profit margin: 2.5% (down from 6.3% in 1Q 2024). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Ankündigung • Apr 12
Repsol, S.A. announced that it expects to receive €2.5 million in funding Repsol, S.A. announced a private placement that it will receive funding of €2,500,000 on April 10, 2025. Ankündigung • Apr 08
Repsol, S.A. to Report Q1, 2025 Results on Apr 30, 2025 Repsol, S.A. announced that they will report Q1, 2025 results on Apr 30, 2025 Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €10.07, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total loss to shareholders of 9.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €14.76 per share. Buy Or Sell Opportunity • Apr 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.2% to €11.41. The fair value is estimated to be €14.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has declined by 3.9%. For the next 3 years, revenue is forecast to grow by 1.3% per annum. Earnings are also forecast to grow by 8.1% per annum over the same time period. Ankündigung • Mar 28
Repsol, S.A., Annual General Meeting, May 29, 2025 Repsol, S.A., Annual General Meeting, May 29, 2025. Location: palacio municipal de congresos, avenida de la capital de espana madrid, sin numero, campo de las naciones, madrid Spain Buy Or Sell Opportunity • Mar 04
Now 21% undervalued Over the last 90 days, the stock has risen 3.1% to €11.82. The fair value is estimated to be €14.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has declined by 3.9%. For the next 3 years, revenue is forecast to grow by 0.1% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • Feb 23
Full year 2024 earnings released: EPS: €9.43 (vs €2.46 in FY 2023) Full year 2024 results: EPS: €9.43. Revenue: €57.1b (up 7.5% from FY 2023). Net income: €1.76b (down 44% from FY 2023). Profit margin: 3.1% (down from 5.9% in FY 2023). Revenue is forecast to decline by 3.6% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to remain flat. Declared Dividend • Feb 23
Final dividend of €0.41 announced Shareholders will receive a dividend of €0.41. Ex-date: 4th July 2025 Payment date: 8th July 2025 Dividend yield will be 6.2%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (56% earnings payout ratio) but not covered by cash flows (470% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 90% over the next 3 years. Since a fall of 38% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. New Risk • Feb 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (470% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.1% net profit margin). Ankündigung • Feb 21
Repsol, S.A. (BME:REP) announces an Equity Buyback for 50,000,000 shares, for €300 million. Repsol, S.A. (BME:REP) announces a share repurchase program. Under the program, the company will repurchase up to 50,000,000 shares, for €300 million. The Buy-Back Program would be carried out with the sole purpose to acquire the own shares to be redeemed in the framework of the Capital Reduction approved by the Board of Directors under the terms of the General Meeting's Resolution. The shares will be repurchased at a price higher than the higher of the following the price of the last independent trade; or the highest current independent purchase bid on the trading venue where the purchase is carried out. The program is valid till July 30, 2025. Ankündigung • Feb 12
Repsol, S.A. (BME:REP) completed the acquisition of Three industrial facilities of Bunge Iberica. Repsol, S.A. (BME:REP) agreed to acquire Three industrial facilities of Bunge Iberica for approximately €310 million on March 26, 2024. The consideration of total amount €276.5 million plus up to €36.9 million in contingent payments. The transaction is subject to customary closing conditions, including regulatory approvals. Latham & Watkins LLP acted as legal advisor to Repsol, S.A.
Repsol, S.A. (BME:REP) completed the acquisition of Three industrial facilities of Bunge Iberica on February 11, 2025. The European Commission's Executive Vice-President for Clean, Fair and Competitive Transition, Teresa Ribera, has approved the purchase of Bunge's terminals by Repsol. Buy Or Sell Opportunity • Jan 10
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.6% to €11.71. The fair value is estimated to be €15.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to decline by 1.7% per annum. Earnings are forecast to grow by 3.2% per annum over the same time period. Upcoming Dividend • Jan 03
Upcoming dividend of €0.38 per share Eligible shareholders must have bought the stock before 10 January 2025. Payment date: 14 January 2025. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 8.2%. Within top quartile of Italian dividend payers (5.1%). Higher than average of industry peers (7.2%). Ankündigung • Dec 14
Repsol, S.A. to Report Q4, 2024 Results on Feb 20, 2025 Repsol, S.A. announced that they will report Q4, 2024 results on Feb 20, 2025 New Risk • Nov 25
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.1% Last year net profit margin: 6.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (340% cash payout ratio). Profit margins are more than 30% lower than last year (4.1% net profit margin). Buy Or Sell Opportunity • Nov 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.0% to €11.77. The fair value is estimated to be €14.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to decline by 2.7% per annum. Earnings are also forecast to decline by 6.0% per annum over the same time period. Ankündigung • Sep 25
Grenergy Renovables, S.A. (BME:GRE) acquired Solar Portfolio in Chile from Repsol, S.A. (BME:REP) and Ibereolica Renovables S.L. for approximately $130 million. Grenergy Renovables, S.A. (BME:GRE) acquired Solar Portfolio in Chile from Repsol, S.A. (BME:REP) and Ibereolica Renovables S.L. for approximately $130 million on September 23, 2024. A cash consideration of $128 million will be paid by Grenergy Renovables, S.A. As part of consideration, $128 million is paid towards assets of Solar Portfolio in Chile.
Grenergy Renovables, S.A. (BME:GRE) completed the acquisition of Solar Portfolio in Chile from Repsol, S.A. (BME:REP) and Ibereolica Renovables S.L. on September 23, 2024. Luis Alonso and Javier Hermosilla of Clifford Chance S.L.P. acted as legal advisor to Grenergy Renovables, S.A. (BME:GRE). Ankündigung • Aug 29
Repsol Reportedly Calls Off Sale of Norwegian Unit, Repsol Norge Repsol, S.A. (BME:REP) has called off the sale of its Norwegian unit, Repsol Norge AS, according to three sources with knowledge of the negotiations. Repsol enlisted investment bank Rothschild to manage the sale, which includes 10 assets located on the Norwegian Continental Shelf, Reuters reported in March. The assets include seven producing fields with net reserves of 53 million barrels of oil equivalent (mmboe), 36% of which are gas, and a projected 2024 net production of 29 mmboe, according to a marketing document distributed by the investment bank earlier this year. A spokesperson for Repsol declined to comment. The company is prioritising the disposal of other assets, one of the sources said, speaking on condition of anonymity because the matter is private. Ankündigung • Jul 26
Repsol Mulls Full Acquisition of Hecate Energy Repsol, S.A. (BME:REP) is holding talks with Hecate Holdings LLC to possibly acquire its 60% stake in their shared solar and storage project development company in the United States, Hecate Energy Group LLC (HEG). Repsol owns 40% of the Chicago-based solar and storage firm, after acquiring the stake three years ago to gain a foothold in the US renewables market. The agreement included the option for Repsol to acquire all remaining shares in HEG three years after the close of the deal, which took place on June 25, 2021. On June 25, 2024, Hecate Holdings informed Repsol of the exercise of its put option to sell 60% stake in HEG, the Spanish group disclosed in its earnings report filing on 24 July 2024. "The parties are currently in discussions as to the next steps to be taken, as well as possible transaction alternatives," Repsol said. Reported Earnings • Jul 25
Second quarter 2024 earnings released: EPS: €0.54 (vs €0.24 in 2Q 2023) Second quarter 2024 results: EPS: €0.54 (up from €0.24 in 2Q 2023). Revenue: €14.7b (up 13% from 2Q 2023). Net income: €657.0m (up 103% from 2Q 2023). Profit margin: 4.5% (up from 2.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 1.0% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to €14.38. The fair value is estimated to be €18.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.05% per annum. Earnings are also forecast to decline by 1.6% per annum over the same time period. Ankündigung • Jun 01
Repsol Reportedly Seeks Partner for USD 600 Million US Renewables Portfolio Spain’s Repsol, S.A. (BME:REP) is seeking to land a partner to pass on to it a 50% stake in its renewables portfolio of some 800 MW of assets in the United States, Spanish business daily newspaper Expansion reported on May 30, 2024. The package, valued at around EUR 600 million (USD 649.9 million), would include Repsol’s Jicariila and Frye solar farms, Expansion said, citing sources in the renewables market. Jicarilla in New Mexico consists of two 62.5-MW solar farms and a 20-MW battery storage system. The 637-MW Frye Solar plant in Texas was recently completed. Repsol, which is still looking for advisor banks, is expected to put the portfolio on the market in the second half of the year. The offer may be adjusted until then depending on the market situation or the degree of development of other asset that may be added to the deal, the report stated. Spanish bank Banco Sabadell said in a note that the potential deal is positive news with limited impact as it would part of Repsol’s strategy of growth through asset rotation and alliances. Ankündigung • May 09
Santos, Repsol Reportedly Explore Sale of Stakes in Alaska Oilfields Oil and gas producers Santos Limited (ASX:STO) and Repsol, S.A. (BME:REP) are exploring a sale of a minority stake in oilfields in Alaska they jointly own and develop in a deal that could be worth about $1 billion, according to people familiar with the matter. The oilfields include the Pikka project, which is one of the largest oil prospects in Alaska and has been valued at about $4.5 billion by consultancy firm Rystad Energy. The companies are working with an investment bank to jointly sell minority stakes in Pikka, alongside partial interests in the Horseshoe and Quokka fields that are located in the North Slope region of Alaska, the sources said, requesting anonymity as the discussions are confidential. Repsol and Santos declined to comment. The stakes are so-called non-operating positions, meaning the owner gets a share of the proceeds from the sale of hydrocarbons without needing to undertake any drilling or be involved in operations. They are required to contribute to their share of costs. Potential buyer interest will likely be impacted by factors including legal and environmental risks, the sources said, cautioning a deal is not guaranteed. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: €0.79 (vs €0.85 in 1Q 2023) First quarter 2024 results: EPS: €0.79 (down from €0.85 in 1Q 2023). Revenue: €15.2b (down 1.2% from 1Q 2023). Net income: €954.0m (down 13% from 1Q 2023). Profit margin: 6.3% (down from 7.1% in 1Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 1.7% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Apr 26
Now 20% undervalued Over the last 90 days, the stock has risen 11% to €14.98. The fair value is estimated to be €18.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 0.3% per annum. Earnings are forecast to decline by 1.0% per annum over the same time period. New Risk • Apr 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.2% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Ankündigung • Apr 12
Repsol Completes the Construction of Frye Solar in the United States, Its Largest Solar Plant Repsol has completed construction of its Frye Solar project, its largest photovoltaic plant to date, with a total installed capacity of 637 MW and 570 MW currently in operation. Located in the United States, the Frye Solar project was built near the city of Kress, Swisher County, Texas. Frye Solar is comprised of almost one million solar panels. Repsol has already signed a long-term power purchase agreement (PPA) for 89% of the output from this project as part of its strategy to lock in returns for this type of asset. Repsol's total renewable installed and under development capacity in Texas is 2,091 MW, including the facilities at Frye (637 MW), Outpost (629 MW), and Pinnington (825 MW). In addition, Repsol already generates renewable electricity at its existing solar power plants in New Mexico, Jicarilla 1 and 2, with a total installed capacityof 125 MW and 20 MW of battery storage. Repsol entered the U.S. onshore wind market with the acquisition last year of ConnectGen from Quantum Capital Group. Renewable energy generation is currently one of the pillars of Repsol's decarbonization strategy. According to the Strategic Update, Repsol will invest between EUR3 and 4 billion to organically develop its global project portfolio and aims to reach between 9,000 MW and 10,000 MW of installed capacity by 2027. Of this, 30% will be in the United States, after consolidating the Hecate and ConnectGen project pipeline. Buy Or Sell Opportunity • Apr 10
Now 20% undervalued Over the last 90 days, the stock has risen 20% to €15.61. The fair value is estimated to be €19.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 0.5% per annum. Earnings are also forecast to grow by 0.3% per annum over the same time period. Ankündigung • Mar 22
Repsol, S.A., Annual General Meeting, May 09, 2024 Repsol, S.A., Annual General Meeting, May 09, 2024, at 12:00 Central European Standard Time. Agenda: To review and approval, if appropriate, of the Annual Financial Statements and Management Report of Repsol, S.A. and the Consolidated Annual Financial Statements and Consolidated Management Report, for fiscal year ended 31 December 2023; to review and approval, if appropriate, of the proposal for the allocation of results in 2023; to review and approval, if appropriate, of the Statement of Non-Financial Information for fiscal year ended 31 December 2023; to review and approval, if appropriate, of the management of the Board of Directors of Repsol, S.A. during 2023;to appointment of the Accounts Auditor of Repsol, S.A. and its Consolidated Group for fiscal year 2024. Reported Earnings • Feb 25
Full year 2023 earnings released: EPS: €2.46 (vs €2.96 in FY 2022) Full year 2023 results: EPS: €2.46 (down from €2.96 in FY 2022). Revenue: €58.9b (down 15% from FY 2022). Net income: €3.17b (down 24% from FY 2022). Profit margin: 5.4% (down from 6.0% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 4.4% p.a. on average during the next 3 years compared to a 2.3% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jan 02
Upcoming dividend of €0.32 per share at 5.6% yield Eligible shareholders must have bought the stock before 09 January 2024. Payment date: 11 January 2024. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of Italian dividend payers (5.2%). Lower than average of industry peers (8.8%). Ankündigung • Nov 17
Pontegadea Inversiones, S.L agreed to acquire 618 MW renewable portfolio in Spain from Repsol, S.A. (BME:REP) for €363 million. Pontegadea Inversiones, S.L 618 MW agreed to acquire renewable portfolio in Spain from Repsol, S.A. (BME:REP) for €363 million on November 16, 2023. Ankündigung • Nov 10
Zara Founder Amancio Ortega Reportedly Raises Bet on Renewables with Potential Repsol Deal Industria de Diseño Textil, S.A. (BME:ITX) Founder Amancio Ortega's investment firm Pontegadea Inversiones, S.L is pushing further into renewable energy, closing in on a deal with Repsol, S.A. (BME:REP) to buy a 49% stake in a portfolio of wind farms and photovoltaic power plants in Spain, two sources familiar with the deal told Reuters. The Spanish fashion retail billionaire's potential acquisition would expand Pontegadea's investments in renewable energy. His family office has already bought minority stakes in energy assets, such as a 5% stake in Spanish gas grid operator Enagás, S.A. (BME:ENG)’s renewable and hydrogen unit Enagás Renovable, S.L.U. The Repsol renewable projects up for sale have a total capacity of about 600 megawatts and the transaction values them around EUR 700 million ($747.18 million), sources said. The agreement may come as soon as next week, one of the sources said. A Repsol spokesperson declined to comment. "As usual, we do not have any comments on rumours about market operations while they are open," a spokesperson for Pontegadea said. The deal is in line with Repsol's strategy to fund its shift from oil and gas to renewables by selling minority stakes in renewable projects. The company has a goal of reaching 20 gigawatts (GW) of installed renewables capacity by the end of the decade and has been active on the M&A front. Reported Earnings • Oct 28
Third quarter 2023 earnings released: EPS: €1.07 (vs €0.47 in 3Q 2022) Third quarter 2023 results: EPS: €1.07 (up from €0.47 in 3Q 2022). Revenue: €15.6b (down 25% from 3Q 2022). Net income: €1.37b (up 100% from 3Q 2022). Profit margin: 8.8% (up from 3.3% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to fall by 5.1% p.a. on average during the next 3 years compared to a 5.5% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Ankündigung • Sep 09
Repsol, S.A. (BME:REP) signed an agreement to acquire ConnectGen LLC from 547 Energy LLC for $768 million. Repsol, S.A. (BME:REP) signed an agreement to acquire ConnectGen LLC from 547 Energy LLC for $768 million on September 7, 2023. Current ConnectGen employees, including senior management, will join the Repsol Renewables’ team. The deal is expected to be closed before end of the year, subject to customary regulatory approvals. Guggenheim Securities LLC served as financial advisor and Baker Botts LLP served as legal counsel to Repsol. Wells Fargo Securities LLC and Nomura Securities International Inc served as financial advisors and John Pitts and Zach Savrick of Kirkland & Ellis LLP served as legal counsel to Quantum, 547 Energy and ConnectGen. Reported Earnings • Jul 30
Second quarter 2023 earnings released: EPS: €0.23 (vs €0.79 in 2Q 2022) Second quarter 2023 results: EPS: €0.23 (down from €0.79 in 2Q 2022). Revenue: €13.1b (down 38% from 2Q 2022). Net income: €293.0m (down 74% from 2Q 2022). Profit margin: 2.2% (down from 5.4% in 2Q 2022). Revenue is expected to fall by 6.2% p.a. on average during the next 3 years compared to a 6.0% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Ankündigung • Jul 29
Repsol, S.A. (BME:REP) announces an Equity Buyback for 50,000,000 shares, representing 3.91% for €850 million. Repsol, S.A. (BME:REP) announces a share repurchase program. Under the program, the company will repurchase up to 50,000,000 shares, representing approximately 3.91% of its issued share capital for €850 million. The program will expire on December 15, 2023. Ankündigung • Jul 06
Enel Dismisses Rumours over Sale of Endesa Enel SpA (BIT:ENEL) dismissed suggestions that it is planning to sell its majority stake in Spain’s Endesa, S.A. (BME:ELE) and that a deal had been discussed involving energy group Repsol, S.A. (BME:REP). El Confidencial reported on July 4, 2023 that Repsol Chairman Antonio Brufau had met Borja Prado, an investment banker and former Endesa chairman, to discuss a potential takeover of Endesa before Spain’s election this month. “Enel dismisses the rumours about Endesa as totally groundless,” the Italian power group said in a statement, responding to a report by Spain’s El Confidencial. “Enel has no intentions of selling its stakes in Endesa, neither now nor in the future, as the company is a key asset for its strategy.” The Italian company also emphasised that there have been no discussions on any such deal. “There has never been any meeting between the managers of Enel and Repsol, nor with Borja Prado. This false news risks having distorting effects on the performance of the stock market,” it added. A Repsol spokesperson said that company is not studying any deal for Endesa. Enel’s 70% stake in Endesa, Spain’s largest electricity provider, has a market value of nearly EUR 15 billion ($16 billion) at July 4, 2023 share prices. Its sale would significantly reduce Enel’s net debt, analysts at Equita brokerage said in a report. However, it added that the Italian group’s current asset disposal strategy does not include the stake in the Spanish group. Upcoming Dividend • Jun 27
Upcoming dividend of €0.28 per share at 5.7% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 06 July 2023. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 5.7%. Within top quartile of Italian dividend payers (5.3%). Lower than average of industry peers (9.3%). Ankündigung • May 26
Repsol Reportedly to Sell 49% Stake in Wind, Solar Portfolio in Spain Repsol, S.A. (BME:REP) has launched a search for a minority partner that will acquire a 49% stake in its portfolio of solar photovoltaic and wind power assets in Spain, according to media reports in the country. On the table are some 600 MW of power plants in operation or about to start operations, the reports said. The deal is still in infant stages, with closure expected to take place at the end of 2023, news agency Europa Press reported citing market sources. The transaction could be worth between EUR 700 million (USD 749.7 million) and EUR 800 million, Spanish newspaper El Confidencial has learned. Repsol declined to comment on any of the reports, the media said. Ankündigung • May 04
Repsol, S.A. (BME:REP) intends to acquire 50.01% stake in Cide Hcenergía, S.A. from Cide Servicios Comerciales De Energia Sl Repsol, S.A. (BME:REP) intends to acquire 50.01% stake in Cide Hcenergía, S.A. from Cide Servicios Comerciales De Energia Sl on May 3, 2023. Reported Earnings • Apr 28
First quarter 2023 earnings released: EPS: €0.85 (vs €0.94 in 1Q 2022) First quarter 2023 results: EPS: €0.85 (down from €0.94 in 1Q 2022). Revenue: €15.4b (down 11% from 1Q 2022). Net income: €1.11b (down 19% from 1Q 2022). Profit margin: 7.2% (down from 7.9% in 1Q 2022). Revenue is expected to fall by 5.0% p.a. on average during the next 3 years compared to a 4.1% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 18
Full year 2022 earnings released: EPS: €2.96 (vs €1.64 in FY 2021) Full year 2022 results: EPS: €2.96 (up from €1.64 in FY 2021). Revenue: €75.2b (up 69% from FY 2021). Net income: €4.25b (up 74% from FY 2021). Profit margin: 5.7% (up from 5.5% in FY 2021). Oil sales price Average sales price/bbl (hedged): US$84.21 Gas sales price Average sales price/mcf (hedged): US$6.92 Combined production Oil equivalent production: 192.112 MMboe (209 MMboe in FY 2021) Revenue is expected to fall by 11% p.a. on average during the next 3 years compared to a 7.4% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Ankündigung • Jan 18
Repsol, S.A. to Report Q4, 2022 Results on Feb 16, 2023 Repsol, S.A. announced that they will report Q4, 2022 results at 9:00 AM, Romance Standard Time on Feb 16, 2023 Upcoming Dividend • Jan 02
Upcoming dividend of €0.28 per share Eligible shareholders must have bought the stock before 09 January 2023. Payment date: 11 January 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Italian dividend payers (5.4%). Lower than average of industry peers (7.8%). 
