Repsol SA

REP: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€54.80	Sqt	Skcvdtlzd

Repsol Earnings: 2025 Dividend to Increase 8%; Shares Undervalued

Allen Good

Jul 24, 2024

Repsol’s second-quarter adjusted earnings rose modestly to EUR 859 million from EUR 827 a year ago. Operating cash flow fell to EUR 925 million from EUR 1.7 billion the year before, and capital spending rose to EUR 1.8 billion from EUR 1.3 billion. With no changes to our moat rating or our fair value estimate, shares appear undervalued following recent weakness.

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