TOTALENERGIES : Oddo BHF remains Buy after results
February 07, 2024 at 11:53 am
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Oddo BHF points out that TotalEnergies' Q4 2023 results are 1.4% below expectations.
Following this publication, the analyst confirms his recommendation to Outperform with a price target of 72 E.
' Adjusted Group net income came to $5,226 million, 1.4% below consensus and 1.6% below our estimates (Oddo BHF: $5,309 million, consensus: $5,300 million). Production came out at 2,462 kboe/d, down 0.6% quarter-on-quarter and down 10% year-on-year' says Oddo BHF.
' Gearing decreased from 12.3% to 5%, below expectations. Return on capital employed remains strong at 19% (vs. 20.1% in Q3), the best in its category, and the Group is raising its quarterly dividend by 6.8% from E0.74 to E0.79 per quarter' adds the research firm.
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TotalEnergies SE is one of the leading worldwide oil groups. Net sales break down by activity as follows:
- refining and chemistry (42.7%): refining of petroleum products (operated, at the end of 2023, 16 refineries throughout the world) and manufacture of basic chemistry (olefins, aromatics, polyethylene, fertilizer, etc.) and of specialty chemistry (rubber, resins, adhesives, etc.). The group is also operating in trading and sea transport of crude oil and oil products;
- petroleum products distribution (37.9%): at the end of 2023 operated 14,571 service stations worldwide;
- electricity generation (11.5%): from combined cycle gas plants and renewable energies;
- gas production, trading, transport and distribution (5%): primarily liquefied natural gas (44.3 million tonnes sold in 2023), natural gas, biogas, hydrogen, liquefied petroleum gas, etc.;
- hydrocarbon operating and production (2.8%): 2.5 million barrels of oil equivalent produced per day in 2023;
- other (0.1%).
Net sales are distributed geographically as follows: France (23.4%), Europe (41.2%), North America (9.4%), Africa (9.2%) and other (16.8%).