Equity research on Galp Energia / rising up to the challenge - rebuilding mode towards energy transition

Xavier, Maria Teresa Romão

http://hdl.handle.net/10362/142109

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Autores

Xavier, Maria Teresa Romão

Orientador(es)

André, Rosário

Resumo(s)

This report contains the description of a valuation performed on GALP Energia, a Portuguese integrated multi-energy company. The purpose was to elaborate a detailed analysis on the variables and trends that may influence the different business units, hence the company’s own value, as well as to estimate, as of 31stDecember 2022,itsexpected share price. In this research, it was conducted an analysis on the patterns, trends, and opportunities, including a scenario analysis, that may influence Galp’s competitive positioning and share price performance. Furthermore, it was explained the rationale behind the implicit inputs driving the forecasted values. Our final recommendation is to BUY Galp’s stock. According to our DCF valuation, Galp will be traded at €13,15as of 31stDec.22, that yields a Tot a Investor Return of 57% (thereof expected Cash Gain of 3%).