Repsol: Cash Flow, Yield And A Margin Of Safety

  • Repsol trades at a steep discount, with EV/EBITDA and P/E far below peers, despite maintaining strong cash generation and a healthy financial position. Shareholder returns remain compelling: 6.7% dividend yield and €700M in buybacks, fully covered by operational cash flow. Q2 results were weak, due to temporary refining margin pressure and one-offs, not structural issues in Repsol's operations.