TOTAL | TotalEnergies Marketing Nigeria Company Update : High prices & refining activity to bolster earnings

    Following the strong performance in TOTAL’s Q1’24 result in line with the marketer’s dominance of the downstream oil and gas sector, we update our 12-month target price to N537.32 and retain a BUY recommendation on the ticker. Our view is premised on the sustained positive impact of the removal of subsidy payments and consequent deregulation of PMS, the improvement in the company’s sales mix by driving revenue from the higher-margin lubricant segment, its ability to continue leveraging its strong network infrastructure and expectations of better product availability on account of improved output from the Dangote and Port-Harcourt Refineries.

     

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    CardinalStone is a full service investment banking firm with a vision to build a world class investment banking firm of African origin; operating out of Lagos, Nigeria. The firm was incorporated in April 2008 and began operations in June 2008. CardinalStone is duly registered with the Securities & Exchange Commission in Nigeria to carry on business as an Issuing House, Fund Manager and Broker/Dealer The Firm's activities are carried out across five business units: Asset Management, Investment Banking, Private Equity, Securities Trading and the Business Support Group.
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