Jefferies downgrades Galp as TotalEnergies takes control of Mopane [Yahoo! Finance]
TotalEnergies SE Ordinary Shares (TTE)
Company Research
Source: Yahoo! Finance
The price target was cut 29% to €15, reflecting sharp reductions to sum of the parts and discounted cash flow valuations. TotalEnergies agreed to assume operatorship of PEL 83, the block that hosts Mopane, and will hold a 40% operated stake. The move strengthens its position in Namibia's fast growing deepwater basin, while reducing Galp's working interest and future exposure to the find. Jefferies lowered its Namibia valuation for Galp to $1.3 billion, down from $3.3 billion, citing the revised working interest and the economic impact of capex carry obligations. The broker said the implied deal metrics value Mopane at about $1.7 billion on a 100% basis. It estimated the Venus discovery, where Galp will farm into a 10% stake, at about $2 billion using Wood Mackenzie's model referenced by management. Jefferies said Mopane now appears to offer long term option value only. It highlighted that Galp had earlier discussed the feasibility of a development in the northwest of the struct
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