REPYY — Repsol SA

Repsol is repositioning as a multi-energy company with significant offshore wind and renewables pivot, while maintaining cash-generative upstream assets in Latin America and the Gulf of Mexico. European energy security concerns post-Russia have boosted Spanish refining margins, and Repsol's integrated model captures both fossil and transition value. The stock trades at a discount to European majors despite improving execution. Renewables capacity build-out should re-rate the equity over 18-24 months.

Thesis reviewed May 29, 2026