Analyst coverage

Galp’s share is followed by an increasing number of analysts.

Analysts’ recommendations and price target

This list includes analysts from banks and investment houses who regularly publish studies on Galp’s share.

Due to its dynamic nature, it is not possible to ensure that this list is permanently complete and up to date. The list is displayed for information purposes only and is not a request of purchase, maintenance or sale of shares.

Financial Institution	Analyst	Target price	Recommendation	Date
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Disclaimer

The institutions mentioned on this page regularly issue opinions on the Galp share performance in the stock market. Any opinions, estimates or forecasts regarding the Galp share performance made by the analysts are of their sole responsibility and do not reflect the opinions of Galp or its administration.

The reference to such information, conclusions or recommendations on this site does not result from any Galp agreement or consent concerning the said opinions. Galp cannot be held accountable for the accuracy of such information, nor does Galp commit to update it, if it is not aware of any changes.

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, in the share price at the time of its publication and considering the range of recommendations used by the institution.

Consensus

Consensus of the analysts who follow Galp’s share.

The consensus of recommendations, target price and quarterly and medium and long-term results estimates is based on reports of opinions, estimates or forecasts made by analysts from banks and investment houses that cover Galp’s share. For consensus purposes, only recommendations and price targets revised in the past twelve months were considered.

Recommendations and price target consensus

	Average	Maximum	Minimum	Median
Price target (€)	16.52	20.00	13.50	16.50

Sample: 23 observations

Recommendations (%)

Consensus of the quarterly results (1Q19)

		Maximum	Median	Average	Minimum
Exploration & Production	Ebitda (€ m)	401	368	372	343
Exploration & Production	Ebit (€ m)	288	256	263	239
Refining & Marketing	Ebitda (€ m)	117	75	80	50
Refining & Marketing	Ebit (€ m)	18	-11	-15	-44
Gas & Power	Ebitda (€ m)	45	37	38	31
Gas & Power	Ebit (€ m)	40	32	33	20
Galp	Ebitda (€ m)	532	500	493	457
	Ebit (€ m)	310	289	285	262
	Net income (€ m)	148	119	120	81
	EPS (€)	0.18	0.14	0.14	0.10

Note: Replacement cost adjusted (RCA) figures

As of January 1, 2019, Galp adopted the IFRS 16 accounting standards. This consensus only includes estimates that consider the adoption of such standards.

Sample: 19 observations

Consensus of medium and long-term results

		2019	2020
Exploration & Production	Ebitda (€ m)	1,631	1,938
Refining & Marketing	Ebitda (€ m)	663	829
Gas & Power	Ebitda (€ m)	139	142
Galp	Ebitda (€ m)	2,456	2,909
	Ebit (€ m)	1,616	1,993
	Net income (€ m)	736	894
	EPS (€ m)	0.89	1.08
Macro	Dated Brent price ($/bbl)	66	67

Notes:
Replacement cost adjusted figures
Average values

Last revision
More than 3 months	3
Between 1 and 3 months	5
Less than 1 month	15
Sample	23

Last update: 9 May 2019

Additional information

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