Financials Repsol S.A.

Equities

REP

ES0173516115

Oil & Gas Refining and Marketing

Market Closed - BME Other stock markets 11:36:47 2024-09-17 am EDT			After market 12:14:17 pm
11.72 ^EUR	-0.13%		11.72	-0.02%

Sep. 16	UBS Downgrades Repsol to Neutral, Cuts PT	MT
Sep. 16	Repsol: in the red on broker downgrade	CF

Projected Income Statement: Repsol S.A.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	49,006	32,956	49,480	74,828	58,538	57,146	55,264	56,302
Change	-	-32.75%	50.14%	51.23%	-21.77%	-2.38%	-3.29%	1.88%
EBITDA ¹	7,201	4,084	7,071	13,710	9,864	8,542	8,327	8,641
Change	-	-43.29%	73.14%	93.89%	-28.05%	-13.4%	-2.51%	3.77%
EBIT ¹	3,661	1,135	4,372	10,648	7,250	5,707	5,519	5,831
Change	-	-69%	285.2%	143.55%	-31.91%	-21.28%	-3.3%	5.65%
Interest Paid ¹	-301	-238	-315	86	8	-87.64	-237	-232.5
Earnings before Tax (EBT) ¹	-3,201	-3,304	4,329	7,180	4,365	5,460	5,279	5,383
Change	-	3.22%	-	65.86%	-39.21%	25.08%	-3.31%	1.97%
Net income ¹	-3,816	-3,289	2,499	4,251	3,168	3,323	3,172	3,157
Change	-	-13.81%	-	70.11%	-25.48%	4.89%	-4.55%	-0.45%
Announcement Date	2/20/20	2/18/21	2/17/22	2/16/23	2/22/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales	12,087	-	-	-	8,012	8,456	-	-	13,333	15,405	-	-	-	-	-	-	-	14,701	-	-	-	-	-	-	-	-	-	-
Change	-	-100%	-	-	-	5.54%	-100%	-	-	15.54%	-100%	-	-	-	-	-	-	-	-100%	-	-	-	-	-	-	-	-	-
EBITDA ¹	1,764	1,815	1,455	641	828	1,160	1,395	1,565	1,951	2,352	2,456	3,902	3,609	3,743	3,061	1,921	2,426	2,456	2,144	2,115	1,883	1,943	1,916	1,851	2,024	1,986	2,119	2,164
Change	-	2.89%	-19.83%	-55.95%	29.17%	40.1%	20.26%	12.19%	24.66%	20.55%	4.42%	58.88%	-7.51%	3.71%	-18.22%	-37.24%	26.29%	1.24%	-12.7%	-1.35%	-10.99%	3.2%	-1.39%	-3.37%	9.32%	-1.86%	6.7%	2.09%
EBIT ¹	894	765	663	-169	177	464	762	917	1,087	1,606	1,814	3,080	2,761	2,993	2,802	1,132	1,675	1,641	1,754	1,360	1,238	1,262	1,100	1,036	1,224	1,195	1,310	1,344
Change	-	-14.43%	-13.33%	-	-	162.15%	64.22%	20.34%	18.54%	47.75%	12.95%	69.79%	-10.36%	8.4%	-6.38%	-59.6%	47.97%	-2.03%	6.89%	-22.46%	-8.97%	1.96%	-12.83%	-5.87%	18.14%	-2.39%	9.64%	2.64%
Charge d'intérêts	-14	-129	-62	-125	-128	26	-52	-	-28	-176	16	84	-157	143	-20	-19	53	-26	-	-12	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	628	-	-564	-	-32	-	-	-	-	1,148	2,171	-	2,359	1,342	-	610	1,911	17	1,484	1,049	-	-	-	-	-	-	-	-
Change	-	-100%	-	-100%	-	-100%	-	-	-	-	89.11%	-100%	-	-43.11%	-100%	-	213.28%	-99.11%	8,629.41%	-29.31%	-100%	-	-	-	-	-	-	-
Net income ¹	333	-5,282	-487	-	-94	-	648	587	704	560	1,392	1,147	683	1,029	1,112	308	1,365	383	969	657	218	445.6	651.6	665.9	680	619	689.4	730.4
Change	-	-	-90.78%	-100%	-	-100%	-	-9.41%	19.93%	-20.45%	148.57%	-17.6%	-40.45%	50.66%	8.07%	-72.3%	343.18%	-71.94%	153%	-32.2%	-66.82%	104.44%	46.22%	2.2%	2.12%	-8.97%	11.37%	5.96%
Announcement Date	10/31/19	2/20/20	5/5/20	7/23/20	10/29/20	2/18/21	4/29/21	7/29/21	10/27/21	2/17/22	4/28/22	7/28/22	10/27/22	2/16/23	4/27/23	7/27/23	10/26/23	2/22/24	4/25/24	7/24/24	-	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2022 S1	2023 S1
Net sales	-	-
Change	-	-
EBITDA	-	-
Change	-	-
EBIT ¹	4,894	3,934
Change	-	-19.62%
Charge d'intérêts	100	-
Earnings before Tax (EBT)	-	-
Change	-	-
Net income	-	-
Change	-	-
Announcement Date	7/28/22	7/27/23

¹EUR in Million

Estimates

Forecast Balance Sheet: Repsol S.A.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8,083	6,778	5,762	2,256	2,096	4,228	5,013	5,807
Change	-	-16.14%	-14.99%	-60.85%	-7.09%	101.72%	18.57%	15.84%
Announcement Date	2/20/20	2/18/21	2/17/22	2/16/23	2/22/24	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Repsol S.A.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	3,227	1,886	1,902	3,535	4,289	5,324	5,017	4,996
Change	-	-41.56%	0.85%	85.86%	21.33%	24.13%	-5.77%	-0.42%
Free Cash Flow (FCF) ¹	1,622	852	2,775	5,211	1,430	2,162	2,661	2,630
Change	-	-47.47%	225.7%	87.78%	-72.56%	51.17%	23.09%	-1.15%
Announcement Date	2/20/20	2/18/21	2/17/22	2/16/23	2/22/24	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Repsol S.A.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	14.69%	12.39%	14.29%	18.32%	16.85%	14.95%	15.07%	15.35%
EBIT Margin (%)	7.47%	3.44%	8.84%	14.23%	12.39%	9.99%	9.99%	10.36%
EBT Margin (%)	-6.53%	-10.03%	8.75%	9.6%	7.46%	9.55%	9.55%	9.56%
Net margin (%)	-7.79%	-9.98%	5.05%	5.68%	5.41%	5.81%	5.74%	5.61%
FCF margin (%)	3.31%	2.59%	5.61%	6.96%	2.44%	3.78%	4.81%	4.67%
FCF / Net Income (%)	-42.51%	-25.9%	111.04%	122.58%	45.14%	65.06%	83.9%	83.31%
Profitability
ROA	3.44%	1.12%	4.73%	7.32%	8.24%	5.18%	4.47%	4.22%
ROE	7.35%	2.65%	11.7%	27.92%	19.46%	12.78%	10.89%	10.69%
Financial Health
Leverage (Debt/EBITDA)	1.12x	1.66x	0.81x	0.16x	0.21x	0.49x	0.6x	0.67x
Debt / Free cash flow	4.98x	7.96x	2.08x	0.43x	1.47x	1.96x	1.88x	2.21x
Capital Intensity
CAPEX / Current Assets (%)	6.58%	5.72%	3.84%	4.72%	7.33%	9.32%	9.08%	8.87%
CAPEX / EBITDA (%)	44.81%	46.18%	26.9%	25.78%	43.48%	62.33%	60.25%	57.81%
CAPEX / FCF (%)	198.95%	221.36%	68.54%	67.84%	299.93%	246.29%	188.55%	189.93%
Items per share
Cash flow per share ¹	3.13	1.773	3.069	6.213	5.485	4.708	5.637	6.692
Change	-	-43.35%	73.09%	102.43%	-11.71%	-14.16%	19.71%	18.72%
Dividend per Share ¹	0.916	0.916	0.63	0.7	-	0.923	0.9951	1.073
Change	-	0%	-31.22%	11.11%	-	-	7.81%	7.87%
Book Value Per Share ¹	16.32	12.91	14.65	19.06	-	23	25.42	28.17
Change	-	-20.9%	13.46%	30.11%	-	-	10.55%	10.83%
EPS ¹	-2.48	-2.13	1.64	2.96	2.46	2.71	2.812	2.938
Change	-	-14.11%	-177%	80.49%	-16.89%	10.16%	3.78%	4.45%
Nbr of stocks (in thousands)	1,478,674	1,532,895	1,486,902	1,377,396	1,276,860	1,177,396	1,177,396	1,177,396
Announcement Date	2/20/20	2/18/21	2/17/22	2/16/23	2/22/24	-	-	-