REPSOL : UBS reiterates its buy recommendation
' Repsol today published its trading statement for Q4 2023, which shows a performance close to our expectations. We leave our adjusted net income for Q4 2023 virtually unchanged at 1,021 million euros, with the lower contribution from Upstream (mix effect) offset by the higher contribution from Industry... indicates UBS.
The Spanish energy group reports a refining margin of nine dollars per barrel on its industrial activities in Spain, a figure down 52% year-on-year.
But this performance significantly outperforms the market consensus, which was targeting a margin of around 8.5% in the last quarter of the year.
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