TotalEnergies: The Virtue Of Consistency With 2 New Upsides

1 the 1990 i TERE, TRAN I Q1 results and Two additional Upsides Source: TotalEnergies Q1 press release - Fig 1 Fig 2 (Support from US primary listing) Our team positively views the diseussion of a potential Iisting in the USA. This might reduce the company's valuation gap compared to its US peers. There is an ongoing valuation gap compared to Chevron and ExxonMobil. Looking at the numbers, the average EU vs. USA discrepancy on 2025 EV/DACE and FCF yield is 5x vs. >7x and 12% vs. 8.4%, respectively. We und ...