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EQUITY REPORT Galp Energia, S.A.

16/12/2014

Business

Company:

Galp Energia is a group of Portuguese companies in the energy


sector founded in 1977. The company is an integrated group of
oil products and natural gas by detaining Petrogal and Gs de
Portugal companies.

Chairman:

Amrico Amorim

CEO:

Manuel de Oliveira

Company News
According to the Econmico news, the exports of refined
products of Galp fires again in the third quarter of this year
compared to the same period last year, registering an increase
of 32.9%. In another way, the same news says that, the company
also saw an increase in total production of crude which was
mainly contributed by the Brazilian and Angola oil fields.
According also to our valuation, this news can be compared to
the (high) growth rate of 2.30% obtained.
By the way, the decrease of the crude prices in last days have
influenced the decrease in the Galp Energia shares prices. The
last price of the crude (30th November) was 68.33$.

Sector: Energy(Oil & Gas) Ticker: GALP.LS


Share Price:

8.0 (15/12/2014)

Stock Exchange:

PSI-20

Market Capitalization: 8.007 Billion


Shares Outstanding:

829,250,635

Fiscal Year: 2013

Volume: 1.950.107

Major Shareholders:

Amorim Energia, B.V.


Eni, S.p.A.
Parpblica - Part. Pblicas

Revenues and Profits


Million

Today Galp Energia is among the largest companies in Portugal,


controlling about 50% of fuel trade in this country and the
entire refining capacity of Portugal. Recently, adopted an
aggressive expansion strategy in the Spanish retail market and
continues its hydrocarbon exploration activities in Brazil and
Angola.

25.000
20.000

15.000

Revenues

10.000

Profit

5.000
0
2010

2011

2012

2013

Main Competitors
BP
EDP

Stock Performance

Repsol

20,00%

Multiples

15,00%
10,00%
Return

5,00%

2014

Company

Sector

Price to Sales

0.50

3.2

EV / EBITDA

12.42

14.3

PER

48.79

14.8

PBV

1.54

3.8

0,00%
-5,00%

PSI-20

-10,00%

GALP

-15,00%
-20,00%
01-11-2014

01-06-2014

01-01-2014

01-08-2013

01-03-2013

01-10-2012

01-05-2012

01-12-2011

01-07-2011

01-02-2011

01-09-2010

01-04-2010

01-11-2009

01-06-2009

01-01-2009

-25,00%

3.
Corporate Finance Department | ffc@fepfinanceclub.org | www.facebook.com/FEPFinanceClub

Valuation Results
According to our valuation, the value per
share of the company is higher than its price
per share. That means, under our
assumptions, Galp Energia is undervalued by
the market.

Financial Ratios
Payout Ratio
2013

DPS

2012
P/E

2011

EPS

2010
0

3,00
2,00

Asset Turnover
Ratio

1,00

Financial
Leverage

0,00

Return on
Equity

2011

2013

2012

2013

968

987

1,064

Dep. &
Am.

404

426

585

442

CAPEX

958

914

749

779

WC

391

529

50

- 526

Taxes

- 149

- 171

- 136

- 172

FCFF

- 452

- 645

52

638

Filipe Sampaio

Catarina Pereira

13.46%
1.4
Source: Damodaran

2.76%
Source: Bloomberg

Market Premium

10.40%
Source: Damodaran

3.76%

Kd
Default Spread

1.00%
Source: Damodaran

21,00%
Source: KPMG

D/EV

23.22%

WACC

11.02%

Growth Rate (g)

2.30%

2014 (E)

1,045

EBITDA

Assumptions

Tax rate

Valuation Summary
(Million )

12.2

Risk Free (Rf)


Profit Margin

2012

Value per Share

Beta

4,00

2011

13.2 bn

Cost of Equity (Ke)

DuPont Analysis

2010

Enterprise Value

Sandor Bolla

Sensitivity Analysis
Share Value
()

W
A
C
C

g
-0.5%

0.0%

+0.5%

-0.5%

12.51

13.30

14.19

0.0%

11.54

12.24

13.01

+0.5%

10.68

11.29

11.97

Nitusha Anup

Daaliya Headlie

Corporate Finance Department | ffc@fepfinanceclub.org | www.facebook.com/FEPFinanceClub

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