AlphaValue upgrades Repsol from Sell to Reduce, citing stronger refining margins that lift Earnings per Share, NAV and DCF estimates. Despite slightly softer Brent assumptions and modest Ebitda growth, higher Industrial profitability boosts cash flows and valuation metrics.
Published on 12/03/2025
at 01:43 pm GMT - Modified on 12/03/2025
at 01:06 pm GMT
Repsol S.A. is one of the largest oil and gas groups in Spain. The activity is organized into four sectors:
- refining and distribution (No. 1 in Spain): 43.3 million tons of crude oil refined in 2024 and 48.2 million tons of oil products sold (kerosene, gasoline, fuel oil, gas liquefied petroleum gas, etc.). At the end of 2024, the group operated 6 refineries located in Spain (5) and Peru and a network of 4,504 service stations located in Spain (3,270), Portugal (525), Peru (503) and Mexico (206). Repsol S.A. also sells lubricants, aviation fuels, bitumen and specialty products (7,600 Kt sold in 2024), liquefied petroleum gas (1,134 Kt sold) and petrochemicals (1.9 Mt of products sold);
- production of electricity and distribution of natural gas: 7,785 GWh of electricity generated from renewable energy and 1,900 GWh of gas sold in 2024;
- liquefaction, transportation and regasification of natural gas;
- exploration and production of oil and natural gas: 571,000 barrels of hydrocarbons produced per day in 2024.
Net sales are distributed geographically as follows: Spain (54.5%), Peru (7.4%), Portugal (5.6%), the United States (4.7%) and other (27.8%).
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Investor
Investor
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Global
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