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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