Analyst coverage

Galp’s notes traded on the capital markets are followed by a number of fixed income analysts.

The following list includes analysts from banks and investment houses which have published their view since 2016, on Galp’s issuances under the Euro Medium Term Notes (EMTN) programme. 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 maintain or an offer to sell.

Financial Institution Analyst Date
CaixaBank Iciar Gómez 7 May 2018
CaixaBank has initiated coverage of Galp on the fixed income side with an Overweight recommendation. This is due to higher spreads versus peers’, namely due to the fact that the Company does not have a rating. In the analyst’s view, these spreads may tighten due to a growing cash flow, solid balance sheet and faster than average growth for the industry. The analyst also mentions Galp is moving in the right direction to secure an IG rating. CaixaBank is Overweight on GALPPL 3 01/14/21 bond versus Repsol’s bond with the same maturity, considering Galp’s notes offer a higher YTM.
Merrill Lynch Emmanuel Owusu-Darkwa 21 Feb 2017
Merrill Lynch reiterated its Overweight recommendation for the GALPPL 4.125% 01/19 and GALPPL 3.00% 01/21 bonds, following the Company’s full year of 2016 results release and the partial sale of the regulated gas infrastructure activity. The analyst highlights that the cash flow trend is improving enabling Galp to de-leverage organically, considering current oil prices.
Santander Michael Charlton 11 May 2016
The analyst has initiated coverage of Galp with an Overweight recommendation, and with a view that the Company could be rated Investment Grade once the credit profile recovers. The analyst recommends exposure through GALPPL 3.00% 01/21 bond as a means of maximising duration and locking in a high spread.
Barclays Srinjoy Banerjee 9 Feb 2016
Barclays has allocated an Overweight recommendation to Galp and sees the Company as having an underlying credit quality of Ba1/Ba2. The analyst considers Galp’s leverage will continue to be a relative support to valuations versus the Energy Index, and expects net leverage to remain below 2x considering the loan to Sinopec as cash and equivalents. The analyst further highlights the support offered by the Company’s diversified asset base in challenging oil price conditions.



The institutions mentioned on this page publish opinions on Galp’s debt instruments traded in the market. Any opinions, estimates or forecasts regarding those instruments made by the analysts are of their sole responsibility and do not reflect the opinions of Galp or its Board of Directors. The reference to such information, conclusions or recommendations on this site are not the result of Galp's agreement or consent related to those opinions. Galp cannot be held accountable for the accuracy of such information.

The recommendations of an institution should be taken into consideration in its context, namely in the full text of the analysis on which it is based, at the time of its publication and considering the range of recommendations used by the institution.

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