Morningstar

Morningstar, Inc.

Equity Bottom-Up

Total stands to meaningfully improve its cash flow generating power in the next several years through peer-leading production growth and operating cost cuts, while already displaying one of the lowest gearing ratios among its peers. Production growth should prove to be a major driver of cash flow growth during the next five years, with Total anticipating averaging volume of growth of about 5% per year through 2022, the highest among its peers, and expected production growth of 9% for 2019. That…

Total reported a slight dip in earnings during the first quarter from the year before but reported continued strong growth in cash flow and production volumes that demonstrate our thesis remains on track. Our fair value estimate and moat rating remain unchanged, leaving Total one of the most undervalued integrated names in our view
Adjusted net income slipped slightly to $2.8 billion from $2.9 billion last year largely on higher net cost of debt due to higher U.S. dollar interest rates.…

France

TotalEnergies SE operates as an energy company. The Company produces, transports, and supplies crude oil, natural gas, and low carbon electricity, as well as refines petrochemical products. TotalEnergies owns and manages gasoline filling stations worldwide.

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