Pair Trade: Long Repsol - Short Total

Tuesday, January 15th 2013

Investment Case

Technical Comment

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Companies Description

Analysts Recommendations:

Source: Bloomberg

Market Price Data

Repsol (REP SM)

Last Price (€) 16.535

YTD Change 7.83%

Mkt Cap (€ bn) 20.771

Total (FP FP)

Last Price (€) 39.820

YTD Change 2.08%

Mkt Cap (€ bn) 94.211

Source: Bloomberg

Market Multiples

P/E EPS DY Net Debt

2013 2011/14 2013 /EBITDA

Est. CAGR Est. Est. 2013

REP SM 9.7 0.9% 5.3% 1.8

FP FP 7.5 2.0% 6.0% 0.6

Source: Bloomberg

Next Report Date & Events

REP SM Exploration Day Jan 25th, 2013

2012 Annual Results Feb 28th, 2013

FP FP 2012 Annual Results Feb 13th, 2013

Source: Companies information