André, RosárioSantos, Miguel da Silva2025-08-112025-08-112025-01-212024-12-17http://hdl.handle.net/10362/186315This report presents an equity research analysis of Galp Energia, focusing on its strategic balance between growth and energy transition amidst the evolving global energy landscape. The analysis emphasizes the interconnectedness of industry profitability with oil prices, shaped by geopolitical and macroeconomic factors, and the shift toward renewable energy driven by regulatory and consumer trends. Specific attention is given to the valuation of Galp’s Commercial and Renewables segments, alongside forecasts for oil product demand, natural gas sales, and renewable electricity generation. Sensitivity analyses highlight the impact of oil price volatility on valuation. The findings underscore Galp's dual challenge of maintaining stakeholder returns while transitioning to a sustainable energy portfolio.engOil and GasGalp EnergiaValuationEquity researchmaster thesis203961293