TotalEnergies: Oddo BHF confirms buy rating
(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on TotalEnergies shares, with an unchanged target price of E72.
The broker reports that Q3 results were in line with expectations, with adjusted net income (group share) of $4.1bn, down 12.8% sequentially, marked by a poor performance in R&C following a fall in refining margins.
Against this backdrop, the analyst is lowering its EPS by 6% for 2024 to take account of the weakness in refining.
Oddo BHF believes that TotalEnergies is the only group to offer solid growth of 3% and whose strategy remains constant and clear, with excellent profitability and a head start in the transition.
Therefore, analysts believe that the share's valuation is very attractive and that it should trade with a multiple of 5x the CFFO of 2025e and deserves a premium vs sector, they conclude.
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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 information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
The broker reports that Q3 results were in line with expectations, with adjusted net income (group share) of $4.1bn, down 12.8% sequentially, marked by a poor performance in R&C following a fall in refining margins.
Against this backdrop, the analyst is lowering its EPS by 6% for 2024 to take account of the weakness in refining.
Oddo BHF believes that TotalEnergies is the only group to offer solid growth of 3% and whose strategy remains constant and clear, with excellent profitability and a head start in the transition.
Therefore, analysts believe that the share's valuation is very attractive and that it should trade with a multiple of 5x the CFFO of 2025e and deserves a premium vs sector, they conclude.
Copyright (c) 2024 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 information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.