TOT

Total Shs Sponsored American Deposit Receipt Repr 1 Sh -B-

Energy


Presented:06/22/2017
Price:$49.33
Cap:$121.20B
Current Price:$64.73
Cap:$149.52B

Presented

Date06/22/2017
Price$49.33
Market Cap$121.20B
Ent Value$154.92B
P/E Ratio16.07x
Book Value$42.34
Div Yield5.61%
Shares O/S2,457.00M
Ave Daily Vol2,173,980
Short IntN/A

Current

Price$64.73
Market Cap$149.52B
Total SA explores, develops, produces and markets oil and gas. It is also engaged in trading and shipping of crude oil and petroleum products. The company operates through its segments: Upstream, Refining & Chemicals, Marketing & Services. The Upstream segment includes the activities of exploration & production and gas. The Refining & Chemicals segment encompasses refining, petrochemicals and specialty chemicals operations. The segment also includes the activities of trading & shipping. The Marketing & Services segment includes worldwide supply and marketing activities in the oil products and services field as well as the activity of New Energies. Total was founded on March 28, 1924 and is headquartered in Courbevoie, France.,002KX6-E

Publicly traded companies mentioned herein: Exxon Mobil Corp (XOM), Repsol SA (REM SM), Total SA (TOT)

Highlights

The presenter is short shares of Total SA (TOT / FP FP) and sees potentially meaningful downside risk for shareholders with the stock trading at $50 (€45 locally). With WTI in the low-$40s and Brent in the mid-$40s, oil is well below the $60 price per barrel the French oil giant needs to cover its dividend. And, while the Street is recalibrating the oil price to ~$50 from $60 for its forecasts, EPS estimates have yet to come down. If his assessment of the setup and risk/ reward is accurate, TOT could decline 20-40%.

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Idea Discussion

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