Repsol: one step away from purchasing levels

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Repsol reported profits of EUR 1,939M until 3Q21 with increases in all segments: exploration and products (€ 1,063M), industrial (€ 339M) and, commercial and renewables (€ 332M). The company reduces its net debt by 9% (by EUR 642M), leaving a balance sheet with strong solvency multiples: debt ratio of 0.55x and net debt / equity of 0.32x. It maintains its objectives at a strategic level (energy transition with zero net emissions by 2050) and trades at very attractive valuation multiples: PER of 8.76x and Price / Book Value of 0.80x. The dividend is higher than 5% and receives a positive valuation by fundamentals (see “Repsol: growth, solvency, an ambitious and cheap plan by multiples”).

Repsol on daily chart with amplitude range in percentage, MACD oscillator and trading volume

An analysis of the chart shows us a series of prices that seeks to build a structure of increasing significant highs / lows. The averages remain crossed upwards with a positive slope and, little by little, the volume returns to normal with a volatility below the average. The bottom looks positive and the long side or buyer could be given a shot in the area between (1) the average of 200 sessions and (2) the bullish guideline that starts from last year’s lows. The stops for trend positions would be below the intermediate low located at 8,692.

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