TotalEnergies: Oddo BHF still buying, maintains TP

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on TotalEnergies shares, with an unchanged target price of E72 (cp: E58.
9, +1.6%), after the group reported Q4 net income (group share) of $4.4bn, 5% above consensus.

Adjusted E&P net OP reached $2.3bn, in line with consensus. The group forecasts production growth of 3% p.a. from 2025 to 2030.

In exploration, the reserve renewal ratio is 150%, with reassuring prospects for Namibia and Mozambique.

In iLNG, results are "solid", with CFFO (cash flow from operations) forecast to rise by $5bn to $6bn, underpinned by high demand and low supply growth.

Against this backdrop, Oddo BHF refers to a 'good publication' and reports that the proposed listing in the US should materialise this year, and could prove to be an excellent catalyst for the stock, which is paying half the price of its US peers.


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