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Analysts  

The Galp share is followed by an increasing number of analysts

The following list includes 26 analysts from banks and investment houses which publish regularly studies on the Galp stock. Due to its dynamic character, it is not possible to guarantee that this list is permanently complete and updated. The list is presented for information purposes only and is not a bid to buy, a strategy to keep or an offer to sell.

 

Institution Analyst Target price Recommendation  Date
Kepler Chevreux Tristan de Jerphanion € 16.000 Hold 18 Jan 2018

Summary of the last study published by this analyst

Kepler Cheuvreux increased the price target of Galp’s share from €15.50 to €16.00, maintaining its Hold recommendation. This update reflects the upwards revision of the long term oil price from $55/bbl to $60/bbl.

Recommendations history

Institution Analyst Target price Recommendation Date
Kepler ChevreuxTristan de Jerphanion€ 16.000Hold18 Jan 2018
Kepler ChevreuxTristan de Jerphanion€ 15.500Hold02 Oct 2017
Kepler ChevreuxTristan de Jerphanion€ 13.000Hold30 Jun 2017
Kepler ChevreuxTristan de Jerphanion€ 14.000Hold12 May 2017
Kepler ChevreuxTristan de Jerphanion€ 14.500Hold27 Feb 2017
Kepler ChevreuxTristan de Jerphanion€ 15.000Hold10 Jan 2017
Kepler ChevreuxTristan de Jerphanion€ 12.500Hold05 Oct 2016
J.P. Morgan Cazenove Matthew Lofting € 17.500 Overweight 16 Jan 2018

Summary of the last study published by this analyst

JP Morgan published a report on Galp, reiterating its Overweight recommendation whilst maintaining its price target of Galp’s share unchanged at €17.50. With this report, Matthew Lofting assumes the coverage of Galp, replacing Christyan Malek.

Recommendations history

Institution Analyst Target price Recommendation Date
J.P. Morgan CazenoveMatthew Lofting€ 17.500Overweight16 Jan 2018
J.P. Morgan CazenoveChristyan Malek€ 17.500Overweight07 Dec 2017
J.P. Morgan CazenoveChristyan Malek€ 15.500Neutral19 Oct 2017
J.P. Morgan CazenoveChristyan Malek€ 14.000Neutral13 Jul 2017
J.P. Morgan CazenoveChristyan Malek€ 15.000Neutral12 Jan 2017
J.P. Morgan CazenoveChristyan Malek€ 13.500Neutral02 Nov 2016
J.P. Morgan CazenoveNitin Sharma€ 13.200Overweight24 May 2016
J.P. Morgan CazenoveNitin Sharma€ 11.200Overweight07 Jan 2016
J.P. Morgan CazenoveNitin Sharma€ 8.500Underweight01 Oct 2015
J.P. Morgan CazenoveNitin Sharma€ 9.750Underweight22 May 2015
J.P. Morgan CazenoveNitin Sharma€ 8.500Underweight16 Jan 2015
J.P. Morgan CazenoveNitin Sharma€ 11.500Underweight17 Nov 2014
J.P. Morgan CazenoveNitin Sharma€ 12.400Neutral15 Jul 2014
J.P. Morgan CazenoveNitin Sharma€ 12.000Neutral04 Feb 2014
J.P. Morgan CazenoveNitin Sharma€ 15.500Overweight28 Aug 2012
J.P. Morgan CazenoveNitin Sharma€ 14.500Overweight22 May 2012
J.P. Morgan CazenoveNitin Sharma€ 20.000Overweight27 Jul 2011
J.P. Morgan CazenoveNitin Sharma€ 18.500Overweight05 Apr 2011
J.P. Morgan CazenoveNitin Sharma€ 17.500Overweight04 Feb 2011
J.P. Morgan CazenoveNitin Sharma€ 16.000Overweight09 Dec 2010
J.P. Morgan CazenoveNitin Sharma€ 15.000Overweight01 Jun 2010
J.P. Morgan CazenoveNitin Sharma€ 16.800Outperform20 Nov 2009
J.P. Morgan CazenoveNitin Sharma€ 14.000Underperform23 Jul 2009
J.P. Morgan CazenoveNitin Sharma€ 14.000In-Line14 Jan 2009
J.P. Morgan CazenoveNitin Sharma€ 16.200Outperform30 Sep 2008
Deutsche Bank Lucas Herrmann € 16.000 Hold 15 Jan 2018

Summary of the last study published by this analyst

Deutsche Bank raised its price target for Galp share from €15.70 to €16.00, while maintaining its Hold recommendation. The price target change is driven by the improved outlook for oil prices, with Brent price forecast for 2018 and 2019 raised to $62/bbl from $54.5/bbl and $56/bbl, respectively. Additionally, the long term oil price assumption was revised upwards from $60/bbl to $65/bbl.

Recommendations history

Institution Analyst Target price Recommendation Date
Deutsche BankLucas Herrmann€ 16.000Hold15 Jan 2018
Deutsche BankLucas Herrmann€ 15.700Hold06 Nov 2017
Deutsche BankLucas Herrmann€ 14.000Hold05 Jul 2017
Deutsche BankTom Robinson€ 15.500Buy06 Dec 2016
Deutsche BankTom Robinson€ 11.000Hold06 Oct 2016
Deutsche BankTom Robinson€ 10.000Hold04 Apr 2016
Deutsche BankTom Robinson€ 10.250Hold01 Feb 2016
Deutsche BankTom Robinson€ 10.750Hold07 Dec 2015
Deutsche BankMark Bloomfield€ 11.000Hold02 Jul 2015
Deutsche BankMark Bloomfield€ 11.100Hold28 Apr 2015
Deutsche BankMark Bloomfield€ 10.750Buy11 Mar 2015
Deutsche BankMark Bloomfield€ 13.000Buy11 Mar 2015
Deutsche BankMark Bloomfield€ 11.250Buy16 Feb 2015
Deutsche BankMark Bloomfield€ 12.000Buy27 Jan 2015
Deutsche BankMark Bloomfield€ 13.000Buy10 Dec 2014
Deutsche BankMark Bloomfield€ 13.500Buy12 Nov 2014
Deutsche BankMark Bloomfield€ 15.500Buy09 Jul 2014
Deutsche BankMark Bloomfield€ 15.000Buy28 Jun 2013
Deutsche BankMark Bloomfield€ 16.000Buy26 Feb 2013
Deutsche BankMark Bloomfield€ 16.000Hold03 Dec 2012
Deutsche BankElaine Dunphy€ 16.250Hold03 Jul 2012
Deutsche BankElaine Dunphy€ 17.000Hold15 Mar 2012
Deutsche BankElaine Dunphy€ 18.500Buy10 Feb 2012
Deutsche BankElaine Dunphy€ 20.000Buy12 Jul 2011
Deutsche BankElaine Dunphy€ 17.750Buy11 Mar 2011
Deutsche BankElaine Dunphy€ 15.900Hold07 Jan 2011
Deutsche BankElaine Dunphy€ 14.650Hold06 Oct 2010
Deutsche BankElaine Dunphy€ 12.750Hold06 May 2010
Deutsche BankElaine Dunphy€ 12.650Hold18 Mar 2010
Deutsche BankLuis Fañanas€ 14.000Buy17 Apr 2009
BMO Capital Markets Brendan Warn € 20.000 Outperform 11 Jan 2018

Summary of the last study published by this analyst

BMO increased the price target of Galp’s share from €18.00 to €20.00, maintaining its Outperform recommendation. This update follows higher earnings estimates, mainly due to an upwards revision of BMO’s oil price assumption for 2018-20, despite maintaining its long-term assumption unchanged at $63/bbl. The analyst highlights Galp as one of its preferred "Best Idea" upstream growth stocks, with 2018 expected to be the inflection point for positive FCF generation.

Recommendations history

Institution Analyst Target price Recommendation Date
BMO Capital MarketsBrendan Warn€ 20.000Outperform11 Jan 2018
BMO Capital MarketsBrendan Warn€ 18.000Outperform14 Nov 2017
BMO Capital MarketsBrendan Warn€ 17.000Outperform18 Oct 2017
BMO Capital MarketsBrendan Warn€ 16.000Outperform26 Jun 2017
BMO Capital MarketsBrendan Warn€ 17.000Outperform27 Mar 2017
BMO Capital MarketsBrendan Warn€ 18.000Outperform28 Feb 2017
BMO Capital MarketsBrendan Warn€ 16.000Market perform10 Jan 2017
BMO Capital MarketsBrendan Warn€ 13.000Market perform15 Jun 2016
BMO Capital MarketsBrendan Warn€ 11.000Market perform16 Mar 2016
BMO Capital MarketsBrendan Warn€ 9.500Market perform22 Dec 2015
BMO Capital MarketsBrendan Warn€ 10.000Market perform01 Sep 2015
BMO Capital MarketsBrendan Warn€ 10.500Market perform18 Mar 2015
BMO Capital MarketsBrendan Warn€ 11.500Outperform26 Jan 2015
BMO Capital MarketsBrendan Warn€ 13.500Outperform15 Dec 2014
BMO Capital MarketsBrendan Warn€ 15.000Outperform15 Apr 2014
Bernstein Research Oswald Clint € 18.500 Outperform 02 Jan 2018

Summary of the last study published by this analyst

Bernstein raised its price target for Galp’s share from €17.50 to €18.50, whilst maintaining its Outperform recommendation. The price target increase is driven mostly by the valuation of the R&M business, with the analyst now considering a 6.9x multiple on expected Ebitda for 2018 (vs. 5.9x previously), but also by the E&P business, reflecting the roll-over of the valuation to YE2018.

Recommendations history

Institution Analyst Target price Recommendation Date
Bernstein ResearchOswald Clint€ 18.500Outperform02 Jan 2018
Bernstein ResearchOswald Clint€ 17.500Overweight16 Oct 2017
Bernstein ResearchOswald Clint€ 16.100Outperform06 Jul 2017
Bernstein ResearchOswald Clint€ 17.700Outperform23 Feb 2017
Bernstein ResearchOswald Clint€ 14.000Outperform03 May 2016
Bernstein ResearchOswald Clint€ 12.600Outperform04 Jan 2016
Bernstein ResearchOswald Clint€ 13.000Outperform10 Nov 2015
Bernstein ResearchOswald Clint€ 14.000Outperform05 Aug 2015
Bernstein ResearchOswald Clint€ 14.500Outperform11 Mar 2015
Bernstein ResearchOswald Clint€ 16.000Outperform05 Jan 2015
Bernstein ResearchOswald Clint€ 17.000Outperform10 Jul 2014
Bernstein ResearchOswald Clint€ 18.000Outperform18 Feb 2014
Bernstein ResearchOswald Clint€ 19.000Outperform09 Mar 2012
Bernstein ResearchOswald Clint€ 18.000Outperform04 Jan 2012
Bernstein ResearchOswald Clint€ 19.200Overweight28 Jul 2011
Bernstein ResearchOswald Clint€ 16.900Overweight07 Mar 2011
Bernstein ResearchOswald Clint€ 15.100Outperform18 Jan 2011
Bernstein ResearchOswald Clint€ 14.300Outperform26 May 2010
Bernstein ResearchOswald Clint€ 11.000Market perform04 Feb 2010
Bernstein ResearchOswald Clint€ 10.700Market perform20 Nov 2009
Bernstein ResearchOswald Clint€ 10.000Market perform20 May 2009
Bernstein ResearchOswald Clint€ 7.900Market perform01 May 2009
Bernstein ResearchOswald Clint€ 7.910Market perform03 Feb 2009
Bernstein ResearchOswald Clint€ 8.800Market perform22 Jan 2009
Jefferies International Marc Kofler € 14.900 Hold 20 Dec 2017

Summary of the last study published by this analyst

Jefferies increased the price target of Galp’s share from €14.80 to €14.90, maintaining its Hold recommendation. The upwards revision follows the analyst’s updated oil price for 2018, which now stands at $63/bbl from $57/bbl, and an improvement on the downstream environment, which supports an upgrade in EPS estimates by 2020.

Recommendations history

Institution Analyst Target price Recommendation Date
Jefferies InternationalMarc Kofler€ 14.900Hold20 Dec 2017
Jefferies InternationalMarc Kofler€ 14.800Hold19 Oct 2017
Jefferies InternationalMarc Kofler€ 14.600Hold29 Aug 2017
Jefferies InternationalMarc Kofler€ 15.000Hold17 May 2017
Jefferies InternationalMarc Kofler€ 16.000Buy17 Jan 2017
Jefferies InternationalMarc Kofler€ 14.500Buy01 Aug 2016
Jefferies InternationalMarc Kofler€ 13.500Buy03 May 2016
Jefferies InternationalMarc Kofler€ 12.000Buy11 Sep 2015
Jefferies InternationalMarc Kofler€ 13.700Buy15 Jun 2015
Jefferies InternationalMarc Kofler€ 13.400Buy27 Apr 2015
Jefferies InternationalMarc Kofler€ 13.000Buy11 Mar 2015
Jefferies InternationalMarc Kofler€ 14.000Buy15 Jan 2015
Jefferies InternationalMarc Kofler€ 14.300Buy09 Dec 2014
Jefferies InternationalMarc Kofler€ 14.700Buy21 Oct 2014
Jefferies InternationalMarc Kofler€ 14.800Buy14 Oct 2014
Jefferies InternationalTo be defined (Jefferies International)€ 15.000Buy06 Sep 2012
Jefferies InternationalBrendan Warn€ 15.000Buy05 Sep 2012
Jefferies InternationalBrendan Warn€ 16.000Buy12 Jan 2012
Jefferies InternationalBrendan Warn€ 17.000Buy07 Sep 2011
Jefferies InternationalDaniel Ekstein€ 17.500Buy11 Apr 2011
Jefferies InternationalDaniel Ekstein€ 17.000Buy14 Feb 2011
Jefferies InternationalDaniel Ekstein€ 16.000Buy22 Dec 2010
Caixa BI Carlos Jesus € 14.600 Reduce 19 Dec 2017

Summary of the last study published by this analyst

Caixa BI raised its price target for Galp’s share from €13.80 to €14.60, although revising downwards its recommendation from Neutral to Reduce. The price target increase is driven mostly by the E&P business, reflecting the roll-over of the valuation to YE2018 and despite the lower long term oil price assumed ($65/bbl vs. $70/bbl). The ensuing recommendation results mainly of the current market share price.

Recommendations history

Institution Analyst Target price Recommendation Date
Caixa BICarlos Jesus€ 14.600Reduce19 Dec 2017
Caixa BICarlos Jesus€ 13.800Neutral15 Dec 2016
Caixa BICarlos Jesus€ 12.400Accumulate17 Mar 2016
Caixa BICarlos Jesus€ 12.700Buy28 Jul 2015
Caixa BICarlos Jesus€ 12.200Buy07 Apr 2015
Caixa BICarlos Jesus€ 15.300Accumulate06 Jun 2014
Caixa BICarlos Jesus€ 18.500Buy09 Jul 2013
Caixa BICarlos Jesus€ 17.100Buy19 Apr 2013
Caixa BICarlos Jesus€ 16.400Buy23 Jul 2012
Caixa BICarlos Jesus€ 18.700Buy28 Nov 2011
Caixa BICarlos Jesus€ 18.400Buy04 Nov 2010
Caixa BICarlos Jesus€ 16.000Buy10 Mar 2010
Caixa BICarlos Jesus€ 15.000Buy27 Oct 2009
Caixa BICarlos Jesus€ 12.300Buy19 Mar 2009
Caixa BICarlos Jesus€ 13.300Buy16 Jan 2009
Caixa BICarlos Jesus€ 14.400Buy24 Nov 2008
Caixa BICarlos Jesus€ 20.300Buy06 Oct 2008
Caixa BICarlos Jesus€ 21.500Buy01 Apr 2008
Caixa BICarlos Jesus€ 17.700Buy25 Jan 2008
Caixa BICarlos Jesus€ 14.600Accumulate14 Nov 2007
Caixa BICarlos Jesus€ 14.600Buy08 Nov 2007
Caixa BICarlos Jesus€ 11.200Accumulate17 Sep 2007
Caixa BISusana Neto€ 8.250Accumulate06 Aug 2007
Caixa BISusana Neto€ 7.150Accumulate06 Dec 2006
Goldman Sachs Michele della Vigna € 16.700 Neutral 14 Dec 2017

Summary of the last study published by this analyst

Goldman Sachs increased the price target of Galp’s share from €16.00 to €16.70, maintaining its Neutral recommendation. The increase mainly follows an improvement of the Brent price assumptions which are now set at $62/bbl in 2018, $60/bbl in 2019 and $55/bbl in 2020, which led to changes in EPS estimates.

Recommendations history

Institution Analyst Target price Recommendation Date
Goldman SachsMichele della Vigna€ 16.700Neutral14 Dec 2017
Goldman SachsMichele della Vigna€ 16.000Neutral22 Sep 2017
Goldman SachsMichele della Vigna€ 15.700Neutral01 Aug 2017
Goldman SachsMichele della Vigna€ 15.000Neutral02 May 2017
Goldman SachsMichele della Vigna€ 15.500Neutral20 Feb 2017
Goldman SachsTheodora Lee Joseph€ 13.800Neutral16 Dec 2016
Goldman SachsTheodora Lee Joseph€ 12.900Neutral28 Oct 2016
Goldman SachsTheodora Lee Joseph€ 12.380Neutral20 Sep 2016
Goldman SachsTheodora Lee Joseph€ 11.800Neutral05 Aug 2016
Goldman SachsTheodora Lee Joseph€ 11.100Neutral08 Jul 2016
Goldman SachsTheodora Lee Joseph€ 11.050Neutral27 Jun 2016
Goldman SachsTheodora Lee Joseph€ 10.600Neutral29 Apr 2016
Goldman SachsTheodora Lee Joseph€ 10.500Neutral13 Apr 2016
Goldman SachsTheodora Lee Joseph€ 10.200Neutral16 Mar 2016
Goldman SachsTheodora Lee Joseph€ 9.800Neutral08 Feb 2016
Goldman SachsTheodora Lee Joseph€ 9.900Neutral11 Jan 2016
Goldman SachsTheodora Lee Joseph€ 9.700Neutral05 Nov 2015
Goldman SachsTheodora Lee Joseph€ 9.800Neutral27 Oct 2015
Goldman SachsHenry Tarr€ 10.100Neutral11 Sep 2015
Goldman SachsHenry Tarr€ 12.200Neutral27 Jul 2015
Goldman SachsHenry Tarr€ 11.900Neutral08 Jul 2015
Goldman SachsMichele della Vigna€ 11.800Neutral18 May 2015
Goldman SachsMichele della Vigna€ 10.100Buy12 Jan 2015
Goldman SachsMichele della Vigna€ 14.000Buy27 Oct 2014
Goldman SachsMichele della Vigna€ 15.500Buy06 Oct 2014
Goldman SachsMichele della Vigna€ 15.000Buy01 Sep 2014
Goldman SachsHenry Morris€ 14.200Buy29 Apr 2014
Goldman SachsHenry Morris€ 14.900Buy11 Feb 2014
Goldman SachsHenry Morris€ 15.000Buy21 Mar 2013
Goldman SachsHenry Morris€ 14.500Buy06 Mar 2013
Goldman SachsHenry Morris€ 14.400Neutral14 Jan 2013
Goldman SachsHenry Morris€ 14.900Neutral30 Oct 2012
Goldman SachsHenry Morris€ 15.200Neutral18 Oct 2012
Goldman SachsHenry Morris€ 15.600Neutral03 Oct 2012
Goldman SachsHenry Morris€ 15.900Neutral25 Sep 2012
Goldman SachsHenry Morris€ 15.900Buy16 Aug 2012
Goldman SachsHenry Morris€ 15.200Buy30 Jul 2012
Goldman SachsHenry Morris€ 14.700Buy20 Jun 2012
Goldman SachsHenry Morris€ 15.400Buy06 Jun 2012
Goldman SachsHenry Morris€ 15.500Buy24 Apr 2012
Goldman SachsHenry Morris€ 16.300Buy02 Apr 2012
Goldman SachsHenry Morris€ 16.500Neutral14 Mar 2012
Goldman SachsHenry Morris€ 16.350Buy23 Feb 2012
Goldman SachsHenry Morris€ 15.600Buy08 Feb 2012
Goldman SachsHenry Morris€ 15.500Buy12 Dec 2011
Goldman SachsHenry Morris€ 16.500Buy11 Nov 2011
Goldman SachsHenry Morris€ 19.400Buy28 Oct 2011
Goldman SachsHenry Morris€ 20.100Buy04 Oct 2011
Goldman SachsHenry Morris€ 19.300Buy27 Sep 2011
Goldman SachsHenry Morris€ 20.000Buy29 Jul 2011
Goldman SachsHenry Morris€ 20.400Buy21 Jul 2011
Goldman SachsHenry Morris€ 20.700Buy05 Jul 2011
Goldman SachsHenry Morris€ 18.800Buy14 Jun 2011
Goldman SachsHenry Morris€ 16.100Neutral18 Apr 2011
Goldman SachsHenry Morris€ 16.700Neutral14 Feb 2011
Goldman SachsHenry Morris€ 16.800Neutral27 Jan 2011
Goldman SachsHenry Morris€ 16.600Neutral07 Dec 2010
Goldman SachsHenry Morris€ 16.200Neutral02 Dec 2010
Goldman SachsHenry Morris€ 15.300Neutral02 Nov 2010
Goldman SachsHenry Morris€ 14.900Neutral29 Oct 2010
Goldman SachsHenry Morris€ 14.700Neutral13 Oct 2010
Goldman SachsHenry Morris€ 15.350Neutral26 Aug 2010
Goldman SachsHenry Morris€ 15.500Neutral22 Jun 2010
Goldman SachsHenry Morris€ 15.200Neutral02 Jun 2010
Goldman SachsHenry Morris€ 15.200Buy10 May 2010
Goldman SachsHenry Morris€ 15.000Buy29 Apr 2010
Goldman SachsHenry Morris€ 16.400Neutral19 Apr 2010
Goldman SachsHenry Morris€ 14.800Neutral22 Feb 2010
Goldman SachsHenry Morris€ 12.300Sell25 Sep 2009
Goldman SachsHenry Morris€ 10.300Sell04 Jun 2009
Goldman SachsHenry Morris€ 10.500Neutral31 Mar 2009
Goldman SachsHenry Morris€ 9.200Neutral12 Dec 2008
Goldman SachsHenry Morris€ 10.200Neutral21 Nov 2008
Goldman SachsHenry Morris€ 11.400Neutral13 Oct 2008
Goldman SachsHenry Morris€ 15.800Neutral17 Sep 2008
Goldman SachsHenry Morris€ 14.900Neutral02 Sep 2008
Goldman SachsHenry Morris€ 14.000Neutral23 Jul 2008
Goldman SachsHenry Morris€ 19.200Neutral18 Jun 2008
Goldman SachsHenry Morris€ 19.000Neutral21 May 2008
Goldman SachsHenry Morris€ 18.400Neutral16 May 2008
Credit Suisse Thomas Adolff € 17.300 Outperform 11 Dec 2017

Summary of the last study published by this analyst

Credit Suisse increased the price target of Galp’s share from €17.00 to €17.30, whilst maintaining its Outperform recommendation unchanged. The higher price target is due to changes in macro assumptions, particularly a higher oil price estimate during 2018-2019. The long term assumption for Brent stands at $60/bbl.

Recommendations history

Institution Analyst Target price Recommendation Date
Credit SuisseThomas Adolff€ 17.300Outperform11 Dec 2017
Credit SuisseThomas Adolff€ 17.000Outperform30 Oct 2017
Credit SuisseThomas Adolff€ 15.800Outperform03 Oct 2017
Credit SuisseThomas Adolff€ 15.600Outperform03 Aug 2017
Credit SuisseThomas Adolff€ 16.200Outperform23 Mar 2017
Credit SuisseThomas Adolff€ 16.000Outperform10 Jan 2017
Credit SuisseThomas Adolff€ 15.500Outperform06 Sep 2016
Credit SuisseThomas Adolff€ 12.000Neutral29 Jul 2016
Credit SuisseThomas Adolff€ 11.000Neutral29 Apr 2016
Credit SuisseThomas Adolff€ 10.700Neutral16 Mar 2016
Credit SuisseThomas Adolff€ 10.300Neutral08 Feb 2016
Credit SuisseThomas Adolff€ 10.100Neutral26 Jan 2016
Credit SuisseThomas Adolff€ 10.700Neutral08 Sep 2015
Credit SuisseThomas Adolff€ 11.800Neutral27 Apr 2015
Credit SuisseThomas Adolff€ 10.300Neutral11 Mar 2015
Credit SuisseThomas Adolff€ 11.100Neutral27 Jan 2015
Credit SuisseThomas Adolff€ 12.200Neutral06 Jan 2015
Credit SuisseThomas Adolff€ 12.500Neutral05 Dec 2014
Credit SuisseThomas Adolff€ 13.700Neutral01 Oct 2014
Credit SuisseThomas Adolff€ 14.300Outperform20 Jan 2014
Credit SuisseThomas Adolff€ 13.900Outperform15 Oct 2013
Credit SuisseThomas Adolff€ 14.100Outperform17 Jul 2013
Credit SuisseThomas Adolff€ 14.500Outperform30 Oct 2012
Credit SuisseThomas Adolff€ 14.000Outperform11 Jul 2012
Credit SuisseThomas Adolff€ 14.600Outperform30 Apr 2012
Credit SuisseThomas Adolff€ 15.000Outperform15 Dec 2011
Credit SuisseThomas Adolff€ 15.700Outperform14 Nov 2011
Credit SuisseThomas Adolff€ 18.300Outperform27 Jul 2011
Credit SuisseThomas Adolff€ 17.600Outperform05 Jul 2011
Credit SuisseThomas Adolff€ 16.400Outperform25 May 2011
Credit SuisseThomas Adolff€ 16.400Neutral18 Mar 2011
Credit SuisseThomas Adolff€ 13.100Underperform14 Dec 2010
Credit SuisseThomas Adolff€ 12.900Underperform18 Nov 2010
Credit SuisseKim Fustier € 14.900Outperform03 Nov 2010
Credit SuisseKim Fustier € 14.200Outperform05 Oct 2010
Credit SuisseKim Fustier € 13.700Outperform06 Jul 2010
Credit SuisseKim Fustier € 13.000Outperform15 Apr 2010
Credit SuisseDylan Dryden€ 11.000Outperform28 May 2009
Credit SuisseDylan Dryden€ 10.500Outperform20 Mar 2009
Credit SuisseWill Forbes€ 12.000Outperform03 Nov 2008
Credit SuisseWill Forbes€ 19.500Outperform12 Aug 2008
Credit SuisseWill Forbes€ 21.000Outperform21 May 2008
Credit SuisseWill Forbes€ 17.600Outperform16 Apr 2008
Credit SuisseWill Forbes€ 18.800Outperform01 Apr 2008
Credit SuisseWill Forbes€ 20.500Outperform07 Mar 2008
Credit SuisseWill Forbes€ 22.500Outperform03 Mar 2008
Credit SuisseWill Forbes€ 22.000Outperform07 Feb 2008
Credit SuisseWill Forbes€ 21.000Outperform22 Jan 2008
Credit SuisseWill Forbes€ 19.000Outperform18 Jan 2008
Credit SuisseWill Forbes€ 18.000Outperform14 Dec 2007
Credit SuisseWill Forbes€ 17.500Outperform10 Dec 2007
Citigroup Michael Alsford € 17.000 Neutral 06 Dec 2017

Summary of the last study published by this analyst

Citi increased the price target of Galp’s share from €15.50 to €17.00, maintaining its Neutral recommendation. The update follows the analyst’s sector-wide revision of 2018/2019 earnings, reflecting a view of sustained strong refining against a backdrop of robust global demand. The price target is based on the analyst’s DCF valuation, and supported by a SoP valuation which was also revised upwards.

Recommendations history

Institution Analyst Target price Recommendation Date
CitigroupMichael Alsford€ 17.000Neutral06 Dec 2017
CitigroupMichael Alsford€ 15.500Neutral31 Oct 2017
CitigroupMichael Alsford€ 15.000Neutral26 Sep 2017
CitigroupMichael Alsford€ 14.800Neutral24 Jul 2017
CitigroupMichael Alsford€ 15.000Neutral06 Jun 2017
CitigroupMichael Alsford€ 15.000Buy05 Dec 2016
CitigroupMichael Alsford€ 13.000Neutral28 Oct 2016
CitigroupMichael Alsford€ 12.500Neutral01 Aug 2016
CitigroupMichael Alsford€ 12.000Neutral30 Jun 2016
CitigroupMichael Alsford€ 11.000Neutral18 Sep 2015
CitigroupMichael Alsford€ 11.500Neutral29 May 2015
CitigroupMichael Alsford€ 11.000Neutral30 Mar 2015
CitigroupMichael Alsford€ 10.000Neutral05 Jan 2015
CitigroupMichael Alsford€ 12.250Buy01 Dec 2014
CitigroupMichael Alsford€ 14.600Buy09 Dec 2013
CitigroupMichael Alsford€ 14.800Buy31 May 2013
CitigroupMichael Alsford€ 13.100Neutral31 Jul 2012
CitigroupMichael Alsford€ 14.300Hold15 Mar 2012
CitigroupMichael Alsford€ 14.000Neutral13 Feb 2012
CitigroupMichael Alsford€ 15.500Hold06 Oct 2011
CitigroupMichael Alsford€ 15.700Hold23 Aug 2011
CitigroupMichael Alsford€ 16.000Hold27 Jan 2011
Bank of America Merrill Lynch Hamish Clegg € 19.000 Buy 05 Dec 2017

Summary of the last study published by this analyst

Merrill Lynch raised its price target for Galp’s share from €18.50 to €19.00, while maintaining its Buy recommendation. The price target increase reflects the 5% premium now applied by the analyst to factor in Galp’s estimated gearing levels dropping below 10%. Additionally, the analyst’s revised estimates reflect his expectation that development decisions and execution timings will be more efficient, as Galp and its partners’ experience in pre-salt development increases.

Recommendations history

Institution Analyst Target price Recommendation Date
Bank of America Merrill LynchHamish Clegg€ 19.000Buy05 Dec 2017
Bank of America Merrill LynchHamish Clegg€ 18.500Buy31 Oct 2017
Bank of America Merrill LynchHamish Clegg€ 17.500Buy22 Sep 2017
Bank of America Merrill LynchHamish Clegg€ 15.000Buy01 Aug 2017
Bank of America Merrill LynchHamish Clegg€ 14.500Buy30 Jun 2017
Bank of America Merrill LynchHamish Clegg€ 15.600Buy11 May 2017
Bank of America Merrill LynchHamish Clegg€ 16.000Buy22 Feb 2017
Bank of America Merrill LynchHamish Clegg€ 16.750Buy07 Feb 2017
Bank of America Merrill LynchHamish Clegg€ 15.500Buy09 Dec 2016
Bank of America Merrill LynchHamish Clegg€ 16.000Buy01 Aug 2016
Bank of America Merrill LynchHamish Clegg€ 15.000Buy16 Mar 2016
Bank of America Merrill LynchHamish Clegg€ 13.500Buy09 Feb 2016
Bank of America Merrill LynchHamish Clegg€ 13.000Buy09 Dec 2015
Bank of America Merrill LynchHamish Clegg€ 11.000Neutral04 Sep 2015
Bank of America Merrill LynchHamish Clegg€ 12.000Neutral13 Apr 2015
Bank of America Merrill LynchHamish Clegg€ 13.000Buy11 Mar 2015
Bank of America Merrill LynchHamish Clegg€ 15.000Buy27 Jan 2015
Bank of America Merrill LynchHamish Clegg€ 14.000Buy11 Dec 2014
Bank of America Merrill LynchTo be defined (Bank of America Merrill Lynch)€ 12.500Underperform01 Sep 2014
Bank of America Merrill LynchMatthew Yates € 12.500Underperform13 Nov 2013
Bank of America Merrill LynchMatthew Yates € 14.000Neutral08 Jan 2013
Bank of America Merrill LynchMatthew Yates € 16.000Buy08 Aug 2012
Bank of America Merrill LynchHootan Yazhari€ 20.000Buy29 Jun 2012
Bank of America Merrill LynchHootan Yazhari€ 21.000Buy30 Apr 2012
Bank of America Merrill LynchHootan Yazhari€ 22.000Buy27 Mar 2012
Bank of America Merrill LynchHootan Yazhari€ 21.500Buy03 Feb 2012
Bank of America Merrill LynchHootan Yazhari€ 22.700Buy14 Nov 2011
Bank of America Merrill LynchHootan Yazhari€ 23.800Buy21 Oct 2011
Bank of America Merrill LynchHootan Yazhari€ 23.000Buy01 Jul 2011
Bank of America Merrill LynchHootan Yazhari€ 20.000Buy08 Mar 2011
Bank of America Merrill LynchHootan Yazhari€ 19.000Buy14 Feb 2011
Bank of America Merrill LynchHootan Yazhari€ 18.300Buy03 Nov 2010
Bank of America Merrill LynchHootan Yazhari€ 17.000Buy26 Feb 2010
Bank of America Merrill LynchHootan Yazhari€ 16.500Buy19 Feb 2010
Bank of America Merrill LynchHootan Yazhari€ 15.000Buy13 Nov 2009
Bank of America Merrill LynchHootan Yazhari€ 14.000Buy28 May 2009
Bank of America Merrill LynchAlastair Syme€ 12.000Buy26 Nov 2008
Bank of America Merrill LynchAlastair Syme€ 14.000Buy23 Oct 2008
Bank of America Merrill LynchAlastair Syme€ 16.000Buy02 Oct 2008
Bank of America Merrill LynchAlastair Syme€ 20.000Buy23 May 2008
Bank of America Merrill LynchAlastair Syme€ 19.000Buy21 May 2008
Bank of America Merrill LynchHootan Yazhari€ 17.500Buy13 Dec 2007
Bank of America Merrill LynchHootan Yazhari€ 16.000Buy09 Nov 2007
Bank of America Merrill LynchHootan Yazhari€ 13.600Buy25 Jul 2007
Bank of America Merrill LynchHootan Yazhari€ 11.200Buy27 Jun 2007
Bank of America Merrill LynchHootan Yazhari€ 10.300Buy08 Jun 2007
Bank of America Merrill LynchHootan Yazhari€ 9.500Buy18 May 2007
Bank of America Merrill LynchHootan Yazhari€ 8.800Buy22 Mar 2007
Morgan Stanley Robert Pulleyn € 17.800 Equalweight 04 Dec 2017

Summary of the last study published by this analyst

Morgan Stanley revised its price target for Galp share from €14.20 to €17.80, maintaining its Equalweight recommendation. The 25% price target increase comes as the analyst incorporated a higher probability of monetisation of upstream assets following recent transactions, leading to the removal of the 10% discount to NAV previously applied, rolled its NAV to end of 2018 and updated upwards the R&M business valuation. The premium over benchmark refining margin and 2018/19 Brent prices were upgraded in the new estimates.

Recommendations history

Institution Analyst Target price Recommendation Date
Morgan StanleyRobert Pulleyn€ 17.800Equalweight04 Dec 2017
Morgan StanleyRobert Pulleyn€ 14.200Equalweight03 Oct 2017
Morgan StanleyHaythem Rashed€ 12.200Equalweight14 Jul 2017
Morgan StanleyHaythem Rashed€ 12.500Equalweight03 Nov 2016
Morgan StanleyHaythem Rashed€ 12.100Equalweight11 Aug 2016
Morgan StanleyHaythem Rashed€ 8.500Underweight16 Mar 2016
Morgan StanleyHaythem Rashed€ 8.750Underweight19 Feb 2016
Morgan StanleyHaythem Rashed€ 9.000Equalweight11 Jan 2016
Morgan StanleyHaythem Rashed€ 9.500Equalweight02 Nov 2015
Morgan StanleyHaythem Rashed€ 10.000Equalweight01 Sep 2015
Morgan StanleyHaythem Rashed€ 13.300Overweight20 Apr 2015
Morgan StanleyHaythem Rashed€ 12.300Overweight11 Mar 2015
Morgan StanleyHaythem Rashed€ 13.500Overweight05 Dec 2014
Morgan StanleyHaythem Rashed€ 15.500Overweight12 Nov 2014
Morgan StanleyHaythem Rashed€ 13.400Equalweight16 Oct 2014
Morgan StanleyHaythem Rashed€ 14.200Equalweight19 Mar 2014
Morgan StanleyHaythem Rashed€ 16.100Overweight29 Nov 2013
Morgan StanleyHaythem Rashed€ 15.800Overweight11 Nov 2013
Morgan StanleyHaythem Rashed€ 16.500Overweight18 Feb 2013
Morgan StanleyHaythem Rashed€ 15.5001-Overweight10 Oct 2012
Morgan StanleyTo be defined (Morgan Stanley)€ 16.000Equalweight18 Nov 2010
Morgan StanleyTheepan Jothilingman€ 16.000Equalweight17 Nov 2010
Morgan StanleyTheepan Jothilingman€ 16.000Overweight12 Jan 2010
Morgan StanleyTheepan Jothilingman€ 14.000Overweight18 Feb 2009
Morgan StanleyAndrew Bowman€ 21.000Overweight22 Jan 2008
Morgan StanleyAndrew Bowman€ 19.500Overweight-V09 Jan 2008
Morgan StanleyAndrew Bowman€ 18.000Overweight-V03 Dec 2007
Morgan StanleyAndrew Bowman€ 17.100Overweight-V09 Nov 2007
Morgan StanleyAndrew Bowman€ 12.400Overweight-V23 Oct 2007
Morgan StanleyAndrew Bowman€ 11.600Overweight-V05 Sep 2007
Morgan StanleyAndrew Bowman€ 11.400Overweight-V09 Aug 2007
Morgan StanleyAndrew Bowman€ 8.800Overweight-V22 May 2007
Morgan StanleyJoseph Mares€ 7.700Overweight-V23 Feb 2007
Morgan StanleyJoseph Mares€ 6.300Equal-weight-V13 Dec 2006
Morgan StanleyJoseph Mares€ 6.450Equal-weight-V06 Dec 2006
Exane Theepan Jothilingam € 16.500 Neutral 15 Nov 2017

Summary of the last study published by this analyst

Exane raised its price target for Galp share from €14.00 to €16.50, while maintaining its Neutral recommendation. The price target change is driven by the improved outlook for oil prices, with Brent price forecast for 2018 raised from $50/bbl to $55/bbl and long term assumption from $55/bbl to $60/bbl. Nevertheless, the analyst believes that current share price already reflects the improved fundamentals of the Company and thus reiterates its Neutral recommendation.

Recommendations history

Institution Analyst Target price Recommendation Date
ExaneTheepan Jothilingam€ 16.500Neutral15 Nov 2017
ExaneTheepan Jothilingam€ 14.000Neutral05 Jul 2017
ExaneTheepan Jothilingam€ 16.000Outperform10 Jan 2017
ExaneTheepan Jothilingam€ 14.500Outperform10 Oct 2016
ExaneEdward Pybus€ 12.500Outperform29 Apr 2016
ExaneEdward Pybus€ 12.000Outperform10 Mar 2016
Macquarie Giacomo Romeo € 17.000 Outperform 06 Nov 2017

Summary of the last study published by this analyst

Macquarie increased the price target of Galp’s share from €15.90 to €17.00, maintaining its Outperform recommendation. The analyst revised his model to reflect Galp’s acquisition of a 20% interest in the Carcará North area, as well as a re-modelling of the Carcará discovery within BM-S-8, in the Brazilian pre-salt. Additionally, the analyst updated his short-term estimates in order to incorporate 3Q17 results.

Recommendations history

Institution Analyst Target price Recommendation Date
MacquarieGiacomo Romeo€ 17.000Outperform06 Nov 2017
MacquarieGiacomo Romeo€ 15.900Outperform21 Jun 2017
MacquarieGiacomo Romeo€ 16.600Outperform15 Mar 2017
MacquarieGiacomo Romeo€ 14.300Outperform16 Feb 2017
MacquarieGiacomo Romeo€ 14.800Outperform02 Nov 2016
MacquarieGiacomo Romeo€ 14.300Outperform11 May 2016
MacquarieGiacomo Romeo€ 13.500Outperform16 Mar 2016
MacquarieGiacomo Romeo€ 13.300Overweight08 Jan 2016
MacquarieGiacomo Romeo€ 14.000Outperform18 Dec 2015
Royal Bank of Canada Biraj Borkhataria € 17.500 Outperform 31 Oct 2017

Summary of the last study published by this analyst

RBC has increased the price target of Galp’s share from €16.00 to €17.50, maintaining its Outperform recommendation. The revision follows a number of operational changes made to the analyst’s model in all three business segments following 3Q17 results, and also considering revised macro assumptions.

Recommendations history

Institution Analyst Target price Recommendation Date
Royal Bank of CanadaBiraj Borkhataria€ 17.500Outperform31 Oct 2017
Royal Bank of CanadaBiraj Borkhataria€ 16.000Outperform01 Aug 2017
Royal Bank of CanadaBiraj Borkhataria€ 15.500Outperform03 May 2017
Royal Bank of CanadaBiraj Borkhataria€ 16.000Outperform15 Dec 2016
Royal Bank of CanadaBiraj Borkhataria€ 14.500Outperform01 Aug 2016
Royal Bank of CanadaBiraj Borkhataria€ 14.000Outperform19 Jul 2016
UBS Jon Rigby € 16.500 Neutral 31 Oct 2017

Summary of the last study published by this analyst

UBS increased the price target of Galp’s share from €14.00 to €16.50, maintaining its Neutral recommendation. The revised price target reflects the updates on the analyst’s NAV, and the removal of the discount previously applied. This is justified by the de-risking from the recent oil price stabilisation on the analyst’s view incorporated in the field by field calculations, as well as the confirmation of Galp’s assets’ integrity following the Statoil and Exxon transactions in BM-S-8.

Recommendations history

Institution Analyst Target price Recommendation Date
UBSJon Rigby€ 16.500Neutral31 Oct 2017
UBSJon Rigby€ 14.000Neutral05 Jan 2017
UBSHenri Patricot€ 14.000Neutral21 Dec 2016
UBSHenri Patricot€ 12.500Neutral07 Jul 2016
UBSHenri Patricot€ 12.000Neutral22 Apr 2016
UBSHenri Patricot€ 11.500Buy13 Jan 2016
UBSHenri Patricot€ 12.000Buy07 Sep 2015
UBSJon Rigby€ 13.500Buy10 Apr 2015
UBSJon Rigby€ 13.000Buy27 Jan 2015
UBSJon Rigby€ 13.500Buy03 Dec 2014
UBSJon Rigby€ 15.000Buy03 Jul 2014
UBSDaniel Ekstein€ 14.500Buy03 Jul 2013
UBSDaniel Ekstein€ 15.000Buy29 Jun 2012
UBSJon Rigby€ 15.000Buy02 May 2012
UBSJon Rigby€ 15.500Buy08 Mar 2012
UBSJon Rigby€ 14.500Buy20 Dec 2011
UBSJon Rigby€ 16.000Buy16 Aug 2011
UBSJon Rigby€ 16.000Neutral16 Mar 2011
UBSJon Rigby€ 15.000Neutral10 Dec 2010
UBSJon Rigby€ 14.500Neutral24 Nov 2010
UBSJon Rigby€ 13.000Neutral09 Apr 2010
UBSAnish Kapadia€ 13.000Neutral08 Apr 2010
UBSAnish Kapadia€ 12.000Neutral30 Nov 2009
UBSAnish Kapadia€ 13.000Neutral23 Oct 2009
UBSAnish Kapadia€ 13.000Buy29 May 2009
UBSAnish Kapadia€ 12.000Buy07 Apr 2009
UBSAnish Kapadia€ 14.000Buy06 Mar 2009
UBSAnish Kapadia€ 14.500Buy14 Jan 2009
UBSAnish Kapadia€ 16.000Buy30 Oct 2008
UBSAnish Kapadia€ 19.000Buy24 Jul 2008
UBSAnish Kapadia€ 20.500Buy08 Feb 2008
UBSAnish Kapadia€ 19.500Buy23 Jan 2008
UBSAnish Kapadia€ 18.000Neutral21 Dec 2007
UBSAnish Kapadia€ 14.750Neutral12 Dec 2007
UBSAnish Kapadia€ 14.600Neutral20 Nov 2007
UBSAnish Kapadia€ 12.700Neutral09 Nov 2007
UBSAnish Kapadia€ 9.250Sell24 Oct 2007
UBSAnish Kapadia€ 9.250Sell03 Sep 2007
UBSAnish Kapadia€ 8.750Sell03 Jul 2007
UBSAnish Kapadia€ 8.250Neutral 218 May 2007
UBSAnish Kapadia€ 7.750Neutral 223 Apr 2007
Société Générale Mehdi Ennebati € 14.400 Sell 31 Oct 2017

Summary of the last study published by this analyst

Société Générale increased the price target for Galp’s share from €13.50 to €14.40, which is below the current share price, and revised downwards its recommendation from Hold to Sell. The price target increase mainly follows the analyst's revision of the SOTP and multiples comparison.

Recommendations history

Institution Analyst Target price Recommendation Date
Société GénéraleMehdi Ennebati€ 14.400Sell31 Oct 2017
Société GénéraleMehdi Ennebati€ 13.500Hold26 Jul 2017
Société GénéraleMehdi Ennebati€ 13.900Hold23 Feb 2017
Société GénéraleMehdi Ennebati€ 13.300Hold30 Aug 2016
Société GénéraleMehdi Ennebati€ 10.600Sell21 Mar 2016
Société GénéraleMehdi Ennebati€ 10.600Hold09 Feb 2016
Société GénéraleMehdi Ennebati€ 9.750Hold15 Jan 2016
Société GénéraleMehdi Ennebati€ 11.200Hold08 Oct 2015
Société GénéraleMehdi Ennebati€ 11.500Hold06 Jul 2015
Société GénéraleMehdi Ennebati€ 11.900Buy12 Feb 2015
Société GénéraleMehdi Ennebati€ 12.900Buy24 Oct 2014
Société GénéraleMehdi Ennebati€ 14.700Buy19 Aug 2014
Société GénéraleMehdi Ennebati€ 14.700Hold29 Jul 2014
Société GénéraleMehdi Ennebati€ 12.700Hold03 Mar 2014
Société GénéraleMehdi Ennebati€ 14.200Buy29 Oct 2013
Société GénéraleMehdi Ennebati€ 14.400Buy20 Aug 2012
Barclays Capital Joshua Stone € 16.000 Equalweight 30 Oct 2017

Summary of the last study published by this analyst

Barclays revised its price target for Galp share from €15.00 to €16.00, maintaining its Equal-Weight recommendation. This increase results from an upwards revision of the analyst’s NAV to reflect the addition of reserves in Brazil through Carcará North. The EPS estimates were however left unchanged post the 3Q update.

Recommendations history

Institution Analyst Target price Recommendation Date
Barclays CapitalJoshua Stone€ 16.000Equalweight30 Oct 2017
Barclays CapitalJoshua Stone€ 15.000Equalweight01 Aug 2017
Barclays CapitalJoshua Stone€ 16.000Equalweight07 Dec 2016
Barclays CapitalJoshua Stone€ 15.000Equalweight01 Sep 2016
Barclays CapitalJoshua Stone€ 15.000Overweight26 Apr 2016
Barclays CapitalLydia Rainforth€ 14.000Overweight01 Mar 2016
Barclays CapitalLydia Rainforth€ 15.000Overweight16 Apr 2015
Barclays CapitalLydia Rainforth€ 13.800Overweight03 Dec 2014
Barclays CapitalLydia Rainforth€ 18.000Overweight03 Jul 2014
Barclays CapitalLydia Rainforth€ 17.000Overweight22 Aug 2013
Barclays CapitalLydia Rainforth€ 16.000Overweight03 Jul 2013
Barclays CapitalLydia Rainforth€ 17.000Overweight14 Dec 2012
Barclays CapitalLydia Rainforth€ 18.000Overweight26 Apr 2012
Barclays CapitalLydia Rainforth€ 19.6501-Overweight31 Oct 2011
Barclays CapitalLydia Rainforth€ 19.000Overweight01 Jul 2011
Barclays CapitalLydia Rainforth€ 18.0001-Overweight02 May 2011
Barclays CapitalLydia Rainforth€ 18.5001-Overweight10 Dec 2010
Barclays CapitalLydia Rainforth€ 17.0001-Overweight06 Dec 2010
Barclays CapitalLydia Rainforth€ 15.0001-Overweight03 Nov 2010
Barclays CapitalLydia Rainforth€ 14.0001-Overweight31 Mar 2010
Barclays CapitalLydia Rainforth€ 13.5001-Overweight15 Dec 2009
Barclays CapitalLydia Rainforth€ 12.5001-Overweight12 Nov 2009
Barclays CapitalLydia Rainforth€ 11.5001-Overweight16 Apr 2009
Fidentiis Equities Ignacio Arce € 18.000 Buy 25 Oct 2017

Summary of the last study published by this analyst

Fidentiis re-initiated coverage on Galp with a Buy recommendation and a price target ranging between €17.7 and €18.3 per share. The analyst, Ignacio Arce, values Galp using a combination of a DCF and a ROCE/WACC methodology for each business, coupled with a DDM (Dividend Discount Model), assuming that Galp will grow its dividend at a 2016-2021 CAGR of 8%. Assuming a long term oil price of $55/bbl, the analyst considers that Galp’s production will grow on average 20.4% per year (CAGR 2016-2021), up to 169 kboepd in 2021, highlighting the Lula/Iracema project in Brazil. Additionally, Fidentiis considers that Galp’s gross refining margin will increase from $5.8/bbl in 2017 to $6.5/bbl by 2021, which coupled with opex and capex efficiencies leads to an estimate recurrent cash flow from the R&M business of €600-620 m.

Recommendations history

Institution Analyst Target price Recommendation Date
Fidentiis EquitiesIgnacio Arce€ 18.000Buy25 Oct 2017
Santander Jason Kenney € 15.500 Hold 25 Sep 2017

Summary of the last study published by this analyst

Santander raised its price target for Galp share from €14.80 to €15.50, maintaining its Hold recommendation. The increase was mainly driven by the regional support of the refining environment and downstream activities and from minor WACC adjustments (from 9.54% to 9.48%). The analyst has revised its EPS estimates for the 2017-21 period up in 6.2%.

Recommendations history

Institution Analyst Target price Recommendation Date
SantanderJason Kenney€ 15.500Hold25 Sep 2017
SantanderJason Kenney€ 14.800Hold04 Jul 2017
SantanderJason Kenney€ 15.150Hold27 Mar 2017
SantanderJason Kenney€ 15.500Hold25 Jan 2017
SantanderJason Kenney€ 13.650Hold22 Aug 2016
SantanderJason Kenney€ 13.200Hold11 May 2016
SantanderJason Kenney€ 11.900Buy27 Oct 2015
SantanderJason Kenney€ 11.500Buy01 Sep 2015
SantanderJason Kenney€ 12.400Hold21 Jul 2015
SantanderJason Kenney€ 13.000Hold19 May 2015
SantanderJason Kenney€ 12.600Hold28 Apr 2015
SantanderJason Kenney€ 10.700Hold23 Mar 2015
SantanderJason Kenney€ 12.100Buy06 Mar 2015
SantanderJason Kenney€ 10.600Buy26 Jan 2015
SantanderJason Kenney€ 12.200Buy02 Dec 2014
SantanderJason Kenney€ 13.200Hold29 Oct 2014
SantanderJason Kenney€ 14.300Hold06 Oct 2014
SantanderJason Kenney€ 15.300Hold23 Jun 2014
SantanderJason Kenney€ 15.000Buy27 May 2014
SantanderJason Kenney€ 14.800Buy18 Mar 2014
SantanderJason Kenney€ 14.600Buy27 Jun 2013
SantanderJason Kenney€ 15.000Buy30 Apr 2013
SantanderJason Kenney€ 14.500Buy12 Mar 2013
SantanderJason Kenney€ 14.400Buy22 Jan 2013
SantanderJason Kenney€ 15.300Buy20 Sep 2012
SantanderJason Kenney€ 14.000Buy08 Aug 2012
SantanderJason Kenney€ 14.500Buy28 May 2012
SantanderJason Kenney€ 17.300Buy16 Mar 2012
SantanderJason Kenney€ 17.300Buy22 Sep 2011
SantanderTo be defined (Santander)€ 14.400Buy30 May 2009
SantanderSandra Boente€ 14.400Buy29 May 2009
SantanderSandra Boente€ 12.400Buy06 Apr 2009
SantanderPedro Balcão Reis€ 21.500Buy10 Mar 2008
SantanderPedro Balcão Reis€ 14.200Buy01 Nov 2007
SantanderPedro Balcão Reis€ 11.200Buy15 Jun 2007
SantanderPedro Balcão Reis€ 8.400Buy01 Mar 2007
BBVA Luis de Toledo € 16.100 Outperform 25 Sep 2017

Summary of the last study published by this analyst

BBVA raised its price target for Galp share from €12.80 to €16.10, while reiterating its Outperform recommendation. The increase was driven by the reinforced visibility on production growth, as well as improvements in operational efficiency. Additionally, the analyst highlighted that Galp is well positioned to capture the benefits of an increase in oil prices while maintaining a resilient contribution from its downstream activities.

Recommendations history

Institution Analyst Target price Recommendation Date
BBVALuis de Toledo€ 16.100Outperform25 Sep 2017
BBVALuis de Toledo€ 12.800Outperform27 Jan 2016
BBVALuis de Toledo€ 14.200Outperform11 Mar 2015
BBVALuis de Toledo€ 16.000Outperform30 Dec 2014
BBVALuis de Toledo€ 16.700Outperform18 Jul 2014
BBVALuis de Toledo€ 19.000Outperform17 Jan 2013
BBVALuis de Toledo€ 18.700Outperform04 Sep 2012
BBVALuis de Toledo€ 17.700Outperform28 Mar 2012
BBVALuis de Toledo€ 17.400Outperform20 Dec 2011
BBVALuis de Toledo€ 17.700Market perform20 Oct 2011
BBVALuis de Toledo€ 17.400Market perform28 Jun 2011
Mediobanca Alessandro Pozzi € 15.000 Neutral 03 Aug 2017

Summary of the last study published by this analyst

Mediobanca initiated coverage on Galp with a Neutral recommendation and setting a price target of €15.00 per share. The analyst Alessandro Pozzi believes Galp has the best volumes growth amongst its Integrated peers, while also highlighting the asset concentration risk in Brazil as well as the reinvestment risk. Mediobanca values the E&P business (ex-Mozambique) using a DCF approach, with a production of 130 kboepd by 2030 and a growth rate of 1% from then onwards. The analyst values Mozambique separately, using the Eni-Exxon transaction reference price. The downstream and gas businesses are valued at a multiple of 10x EV:Ebit19.

Recommendations history

Institution Analyst Target price Recommendation Date
MediobancaAlessandro Pozzi€ 15.000Neutral03 Aug 2017
CaixaBank BPI Flora Trindade € 15.100 Neutral 01 Aug 2017

Summary of the last study published by this analyst

CaixaBank BPI decreased the price target of Galp share from €16.10 to €15.10, maintaining its Neutral recommendation. This change follows the cut in the long term oil price from $70/bbl to $65/bbl. This negative impact was only partially offset by an upgrade in downstream and lower debt figures.

Recommendations history

Institution Analyst Target price Recommendation Date
CaixaBank BPIFlora Trindade€ 15.100Neutral01 Aug 2017
CaixaBank BPIBruno Almeida da Silva€ 16.100Neutral14 Jun 2017
CaixaBank BPIBruno Almeida da Silva€ 15.300Neutral27 Apr 2017
CaixaBank BPIBruno Almeida da Silva€ 15.150Neutral20 Jan 2017
CaixaBank BPIBruno Almeida da Silva€ 14.450Neutral21 Oct 2016
CaixaBank BPIBruno Almeida da Silva€ 14.000Neutral06 Sep 2016
CaixaBank BPIBruno Almeida da Silva€ 13.200Neutral29 Jun 2016
CaixaBank BPIBruno Almeida da Silva€ 12.150Neutral16 Mar 2016
CaixaBank BPIBruno Almeida da Silva€ 11.800Reduce09 Feb 2016
CaixaBank BPIBruno Almeida da Silva€ 11.400Neutral11 Jan 2016
CaixaBank BPIBruno Almeida da Silva€ 12.550Neutral26 Oct 2015
CaixaBank BPIBruno Almeida da Silva€ 11.800Neutral08 Sep 2015
CaixaBank BPIBruno Almeida da Silva€ 13.100Neutral29 Jun 2015
CaixaBank BPIBruno Almeida da Silva€ 13.500Neutral28 Apr 2015
CaixaBank BPIBruno Almeida da Silva€ 12.600Neutral10 Feb 2015
CaixaBank BPIBruno Almeida da Silva€ 12.000Buy19 Jan 2015
CaixaBank BPIBruno Almeida da Silva€ 15.500Buy03 Nov 2014
CaixaBank BPIBruno Almeida da Silva€ 18.300Buy09 Sep 2014
CaixaBank BPIBruno Almeida da Silva€ 16.800Buy12 Feb 2014
CaixaBank BPIBruno Almeida da Silva€ 16.750Buy13 Jan 2014
CaixaBank BPIBruno Almeida da Silva€ 18.400Buy21 Oct 2013
CaixaBank BPIBruno Almeida da Silva€ 18.450Buy09 Sep 2013
CaixaBank BPIBruno Almeida da Silva€ 16.800Buy08 Feb 2013
CaixaBank BPIBruno Almeida da Silva€ 18.400Buy18 Oct 2012
CaixaBank BPIBruno Almeida da Silva€ 18.500Buy11 Jul 2012
CaixaBank BPIBruno Almeida da Silva€ 18.500Buy18 Jun 2012
CaixaBank BPIBruno Almeida da Silva€ 18.400Buy07 Feb 2012
CaixaBank BPIBruno Almeida da Silva€ 18.600Buy24 Nov 2011
CaixaBank BPIBruno Almeida da Silva€ 18.600Accumulate14 Nov 2011
CaixaBank BPIBruno Almeida da Silva€ 20.400Accumulate11 Nov 2011
CaixaBank BPIBruno Almeida da Silva€ 20.400Buy01 Jun 2011
CaixaBank BPIBruno Almeida da Silva€ 16.400Accumulate17 May 2011
CaixaBank BPIBruno Almeida da Silva€ 17.150Accumulate15 Feb 2011
CaixaBank BPIBruno Almeida da Silva€ 16.100Accumulate22 Nov 2010
CaixaBank BPIBruno Almeida da Silva€ 15.800Buy12 Apr 2010
CaixaBank BPIBruno Almeida da Silva€ 15.450Buy22 Feb 2010
CaixaBank BPIBruno Almeida da Silva€ 13.350Hold02 Nov 2009
CaixaBank BPIBruno Almeida da Silva€ 13.500Accumulate29 Sep 2009
CaixaBank BPIBruno Almeida da Silva€ 12.000Accumulate27 Apr 2009
CaixaBank BPIBruno Almeida da Silva€ 9.600Buy30 Oct 2008
CaixaBank BPIBruno Almeida da Silva€ 17.300Buy11 Jul 2008
CaixaBank BPIBruno Almeida da Silva€ 17.050Hold18 Apr 2008
CaixaBank BPIEnrique Soldevila Manrique€ 14.200Hold15 Nov 2007
CaixaBank BPIEnrique Soldevila Manrique€ 7.600Hold17 May 2007
CaixaBank BPIEnrique Soldevila Manrique€ 7.550Accumulate14 Mar 2007
CaixaBank BPIEnrique Soldevila Manrique€ 6.400Hold11 Jan 2007
Equita SIM Massimo Bonisoli € 14.000 Hold 27 Jun 2017

Summary of the last study published by this analyst

Equita decreased the price target of Galp’s share from €15.00 to €14.00, maintaining its Hold recommendation. The downwards revision follows the reduction of the analyst’s Brent price assumption over the period 2017-2019 as well as his EPS estimates.

Recommendations history

Institution Analyst Target price Recommendation Date
Equita SIMMassimo Bonisoli€ 14.000Hold27 Jun 2017
Equita SIMMassimo Bonisoli€ 15.000Hold01 Feb 2017
Equita SIMMassimo Bonisoli€ 14.500Hold07 Dec 2016
Equita SIMMassimo Bonisoli€ 13.500Hold12 Aug 2016
Equita SIMMassimo Bonisoli€ 12.500Hold21 Jul 2016
Equita SIMMassimo Bonisoli€ 11.500Hold16 Mar 2016
Equita SIMMassimo Bonisoli€ 11.000Hold20 Jan 2016
Equita SIMMassimo Bonisoli€ 12.000Hold22 Oct 2015
Equita SIMMassimo Bonisoli€ 12.500Hold22 Jul 2015
Equita SIMMassimo Bonisoli€ 12.000Hold24 Apr 2015
Equita SIMMassimo Bonisoli€ 11.000Hold17 Dec 2014
Equita SIMMassimo Bonisoli€ 14.000Hold18 Nov 2014
Equita SIMMassimo Bonisoli€ 15.000Buy07 Mar 2014
Equita SIMMassimo Bonisoli€ 12.400Hold29 Apr 2013
Equita SIMMassimo Bonisoli€ 13.000Hold27 Nov 2012
Equita SIMMassimo Bonisoli€ 17.500Buy23 Feb 2012
Equita SIMMassimo Bonisoli€ 17.000Buy11 Nov 2011
Equita SIMMassimo Bonisoli€ 18.300Buy02 Nov 2011
Equita SIMMassimo Bonisoli€ 18.000Buy02 Aug 2011
Equita SIMMassimo Bonisoli€ 17.700Buy06 Jul 2011
Equita SIMMassimo Bonisoli€ 17.500Buy07 Apr 2011
Equita SIMMassimo Bonisoli€ 17.000Buy04 Oct 2010
Equita SIMMassimo Bonisoli€ 14.000Neutral10 Aug 2010
Equita SIMMassimo Bonisoli€ 14.000Buy08 Mar 2010
Equita SIMMassimo Bonisoli€ 13.200Buy23 Feb 2010
Equita SIMGianmarco Bonacina€ 13.300Buy02 Nov 2009
Equita SIMGianmarco Bonacina€ 12.700Buy28 Jul 2009
Equita SIMGianmarco Bonacina€ 13.300Buy21 May 2009
Equita SIMGianmarco Bonacina€ 12.900Neutral16 Feb 2009
Equita SIMGianmarco Bonacina€ 13.000Neutral16 Sep 2008
Equita SIMGianmarco Bonacina€ 12.000Sell27 Jun 2008
Haitong Filipe Rosa € 13.500 Neutral 15 Feb 2017

Summary of the last study published by this analyst

Haitong increased the price target for Galp’s share from €12.00 to €13.50, maintaining its Neutral recommendation. The new price target mainly reflects the roll-over of the analyst’s valuation to 2017, an increase in upstream production estimates and a decrease in EUR:USD assumption from 1.10 to 1.05. The analyst has also adjusted net debt for the full deconsolidation of GGND.

Recommendations history

Institution Analyst Target price Recommendation Date
HaitongFilipe Rosa€ 13.500Neutral15 Feb 2017
HaitongFilipe Rosa€ 12.000Neutral18 Jul 2016
HaitongFilipe Rosa€ 11.200Neutral26 Apr 2016
HaitongFilipe Rosa€ 10.600Neutral04 Feb 2016
HaitongFilipe Rosa€ 12.900Neutral21 Apr 2015
HaitongFilipe Rosa€ 12.400Buy11 Mar 2015
HaitongFilipe Rosa€ 14.400Buy05 Feb 2015
HaitongFilipe Rosa€ 15.000Buy21 Oct 2014
HaitongFilipe Rosa€ 14.700Buy19 Dec 2013
HaitongFilipe Rosa€ 16.500Buy22 Jul 2013
HaitongFilipe Rosa€ 16.900Buy13 Feb 2013
HaitongFilipe Rosa€ 17.100Buy25 Oct 2012
HaitongFilipe Rosa€ 18.300Buy16 Feb 2012
HaitongFilipe Rosa€ 17.700Buy14 Nov 2011
HaitongFilipe Rosa€ 18.100Buy28 Oct 2011
HaitongFilipe Rosa€ 17.800Buy21 Oct 2011
HaitongFilipe Rosa€ 17.200Buy27 Sep 2011
HaitongFilipe Rosa€ 17.100Buy11 Mar 2011
HaitongFilipe Rosa€ 17.200Buy29 Dec 2010
HaitongFilipe Rosa€ 17.000Buy14 Dec 2010
HaitongFilipe Rosa€ 16.000Buy28 Jul 2010
HaitongFilipe Rosa€ 13.600Buy07 Nov 2009
HaitongPedro Morais€ 12.600Buy05 Nov 2008
HaitongPedro Morais€ 17.400Buy11 Sep 2008
HaitongPedro Morais€ 16.200Buy09 Sep 2008
HaitongPedro Morais€ 15.300Buy30 Jun 2008
HaitongPedro Morais€ 15.000Neutral09 Nov 2007
HaitongPedro Morais€ 11.200Buy20 Aug 2007
HaitongPedro Morais€ 8.000Buy03 Jul 2007
HaitongPedro Morais€ 7.600Buy28 Feb 2007
HaitongPedro Morais€ 6.600Neutral19 Dec 2006

Disclaimer

The institutions referred to in this page publish regularly opinions on the performance of the Galp share in the stock market. Any opinions, estimates or forecasts related to the performance of the Galp share made by analysts (and consequently the result of the consensus) are from their entire responsibility and do not reflect Galp's opinions or the opinion of its Board of Directors. The reference in this site to those informations, conclusions or recommendations are not the result of Galp's agreement or consent related to those opinions. Galp cannot be taken responsible for the accuracy of those estimates and does not assume any obligation to update them if it is not informed of the changes.

 

The recommendations of an institution must be considered in their context, namely in the complete analysis text in which they are based, the share price on the time of its publication and considering the set of recommendations used by the institution.

Consensus of the analysts that follow the Galp share

The consensus of the estimates of results is based on the individual estimates of the analysts that cover the Galp stock. Any opinions, estimates or forecasts related to the performance of the Galp share made by analysts (and consequently the result of the consensus) are from their entire responsibility and do not reflect Galp 's opinions or the opinion of its Board of Directors.

 

The reference in this site to those informations, conclusions or recommendations are not the result of Galp 's agreement or consent related to those opinions. Galp cannot be taken responsible for the accuracy of those estimates and does not assume any obligation to update them.

 

Recommendations and price target

Average

Maximum

Minimum

Median

Price target (€) 

16.44

20.00

13.50

16.50

Sample: 26 observations

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Sample: 26 observations

Analysts' consensus - 3Q 2017

 

 

Maximum

Median

Average

Minimum

Exploration & Production

Ebitda (€ m)

Ebit (€ m)

223

123

200

105

203

104

187

76

Refining & Marketing

Ebitda (€ m)

Ebit (€ m)

277

170

229

139

233

142

215

119

Gas & Power

Ebitda (€ m)

Ebit (€ m)

52

44

45

37

44

37

36

32

Galp

Ebitda (€ m)

Ebit (€ m)

Net income (€ m)

EPS (€)

512

321

195

0.24

483

289

169

0.20

487

290

169

0.20

459

270

137

0.17

Note: Replacement cost adjusted figures

 

Sample: 26 observations

 

 

 

Analysts' consensus - medium long term

 

 

2017

2018

2019 2020
Exploration & Production

Ebitda (€ m)

856

1,168

1,575 1,840

Refining & Marketing

Ebitda (€ m)

815

693

666

672

Gas & Power

Ebitda (€ m)

160

184

185 187
Galp

Ebitda (€ m)

Ebit (€ m)

Net income (€ m)

EPS (€ m)

1,856

1,057

563

0.68

2,059

1,194

597

0.72

2,440

1,477

683

0.82

2,713

1,737

764

0.92

Macro

Dated Brent price ($/bbl)

50 55 56 59

Notes:

Replacement cost adjusted figures 

Average values 

 

Last revision

 

More than 3 months

Between 1 and 3 months

Less than 1 month

 3

4

19

Sample

26

Last update of medium long term consensus: 17 November 2017 

 



Last update: 17 Nov 2017

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