Share Name Share Symbol Market Type Share ISIN Share Description
Total S.a. LSE:TTA London Ordinary Share FR0000120271 TOTAL ORD SHS
  Price Change % Change Share Price Shares Traded Last Trade
  0.38 0.79% 48.785 1,225,385 16:35:25
Bid Price Offer Price High Price Low Price Open Price
48.05 49.52 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 4,384
Last Trade Time Trade Type Trade Size Trade Price Currency
18:19:34 O 2 48.855 EUR

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Date Time Title Posts
21/11/201921:04Total SA: Petroleum a la Francais2,760

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2019-11-21 18:29:1548.86297.71O
2019-11-21 18:01:1248.86222,84910,887,287.90O
2019-11-21 17:48:4448.86854,153.09O
2019-11-21 17:46:0548.87241,172.79O
2019-11-21 17:37:0648.7596547,039.46O
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Total Daily Update: Total S.a. is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker TTA. The last closing price for Total was 48.41 €.
Total S.a. has a 4 week average price of 46.97 € and a 12 week average price of 44.52 €.
The 1 year high share price is 52.57 € while the 1 year low share price is currently 43.23 €.
There are currently 89,870,935 shares in issue and the average daily traded volume is 2,899,217 shares. The market capitalisation of Total S.a. is £4,384,353,563.98.
waldron: Credit Suisse cuts BP to ‘neutral’; from ‘outperform217;, prefers French peer Total; Shell ‘top pick’ 2019-07-11 by Proactive Investors Bp_sign_358 Credit Suisse has downgraded its rating for UK energy blue chip BP PLC (LON:BP.) to ‘neutral' from ‘outperform' in a review of the European oil sector. The Swiss bank also cut its target price for the FTSE 100-listed firm to 605p from 640p, with BP shares currently trading at 543.90p, down 0.5% on Tuesday's close. In the note to clients, Credit Suisse's analysts said they have switched their sector preference to Total SA, upgrading its rating for the French group to ‘outperform' from ‘neutral' as they think Total has the capacity to distribute more to shareholders than BP in 2021-25. The analysts pointed out that the calculate that the French firm could distribute about a 10.5% annualised yield (dividend and buyback) based on current market value, compared to BP's potential for about 8.5%. Overall, the Credit Suisse analysts said they prefer European oil supermajors to their US peers on valuation grounds. They maintain Royal Dutch Shell PLC (LON:RDSA) as is their sector ‘top pick', retaining an ‘outperform' rating, albeit while cutting the share price target to 3,090p from 3,175p. In late morning trade in London, Shell A shares were 0.3% higher at 2,596.50p
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waldron: Https:// TOT vs. CVX: Which Stock Is the Better Value Option? May 08, 2019, 09:30:19 AM EDT By Zacks Equity Research, Shutterstock photo Investors interested in stocks from the Oil and Gas - Integrated - International sector have probably already heard of TOTAL S.A. (TOT) and Chevron (CVX). But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out. Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits. TOTAL S.A. has a Zacks Rank of #2 (Buy), while Chevron has a Zacks Rank of #3 (Hold) right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that TOT is likely seeing its earnings outlook improve to a greater extent. But this is just one factor that value investors are interested in. Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels. The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value. TOT currently has a forward P/E ratio of 9.49, while CVX has a forward P/E of 16.48. We also note that TOT has a PEG ratio of 1.02. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. CVX currently has a PEG ratio of 2.75. Another notable valuation metric for TOT is its P/B ratio of 1.09. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, CVX has a P/B of 1.44. These metrics, and several others, help TOT earn a Value grade of A, while CVX has been given a Value grade of C. TOT is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that TOT is likely the superior value option right now. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TOTAL S.A. (TOT): Free Stock Analysis Report Chevron Corporation (CVX): Free Stock Analysis Report To read this article on click here. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
ariane: The profitable growth in the gas and low carbon electricity integrated value chains is one of the key axes of Total's (Paris:FP) (LSE:TTA) (NYSE:TOT) strategy. In order to give more visibility to these businesses, a new reporting structure for the business segments' financial information has been put in place, effective January 1, 2019 and organized around four business segments: Exploration & Production (EP), Integrated Gas, Renewables & Power segment (iGRP), Refining & Chemicals (RC) and Marketing & Services (MS). The iGRP segment spearheads Total's ambitions in integrated gas (including LNG, liquefied natural gas) and low carbon electricity businesses. It consists of the upstream and midstream LNG activity that was previously reported in the EP segment (refer to the indicative list of assets in the Annex) and the activity previously reported in the Gas Renewables & Power segment. The new EP segment is adjusted accordingly. The RC and MS segments are not affected.
waldron: BP, Shell both claim number one investor-returns spot By Kelly Gilblom on 3/29/2019 WASHINGTON (Bloomberg) -- "This ones on top, then that ones on top and on and on it spins crushing those on the ground," said Daenerys Targaryen from the hit television drama Game of Thrones. In the cutthroat game of global capitalism, there can be only one winner. Unless you’re an oil company. Both BP Plc and Royal Dutch Shell Plc are claiming the top spot for investor returns within their peer group from 2016 to 2018. That’s an important metric -- taking first place was a significant element in the doubling of Shell CEO Ben van Beurden’s pay last year. Confusingly, both companies are telling the truth. The two oil majors rated their performance against France’s Total SA and U.S. rivals Exxon Mobil Corp. and Chevron Corp. from 2016 to 2018. Yet their annual reports used different methodologies to determine total shareholder return. While both look at how much shares increased in value, assuming dividends are re-invested, they use different time scales to measure that change. BP takes the average share price for the last three months of each year and compares it. Shell does effectively the same thing, but the three-month period it uses straddles the end of the year and beginning of the following year. Both companies say their methodologies have existed for years, suggesting they aren’t just implemented because they yield convenient results. Fortunately, it’s not too crowded at the top. Exxon acknowledged it’s not leading on this measure over a 10-year period, while Total didn’t mention it. Chevron has yet to release its 2018 annual report.
ariane: Summary and outlook Since the start of 2019, Brent has traded around $60/b in a context of oil supply and demand near the record-high level of 100 Mb/d. In a volatile environment, the Group is pursuing its strategy for integrated growth along the oil, gas and low-carbon electricity chains. The Group has clear visibility on its 2019 cash flow, supported by the strong contribution of project start-ups in 2018 and recent acquisitions. The Group maintains financial discipline to reduce its breakeven to remain profitable across a broader range of environments. In particular, it is targeting cost reductions of $4.7 billion, projected net investments of $15-16 billion in 2019 and an Opex target of 5.5 $/boe. In Exploration & Production, production is expected to grow by more than 9% in 2019, thanks to the ramp-ups of Kaombo North, Egina and Ichthys plus the start-ups of Iara 1 in Brazil, Kaombo South in Angola, Culzean in the UK and Johan Sverdrup in Norway. Determined to take advantage of the favorable cost environment, the Group plans to launch projects in 2019, notably including Mero 2 in Brazil, Tilenga and Kingfisher in Uganda and Arctic LNG 2 in Russia. The Group is pursuing its strategy for profitable growth along the integrated gas and low-carbon electricity chains. Effective 2019, the Group will report the new iGRP segment (integrated Gas, Renewables & Power) which combines the Gas, Renewables & Power segment with the upstream gas and LNG activities currently reported within the Exploration & Production segment. Affected by an abundance of available products, European refining margins have been very volatile since the start of the year. In 2019, the Downstream will continue to rely on its diversified portfolio, notably its integrated Refining & Chemical platforms in the U.S. and Asia-Middle East as well as its non-cyclical Marketing & Services segment. In this context, the Group is continuing to implement its shareholder return policy announced in February 2018, by increasing the dividend in 2019 by 3.1%, in line with the objective to increase the dividend by 10% over the 2018-20 period. Taking into account its strong financial position, the Group will eliminate the scrip dividend option from June 2019. Within the framework of its program to buy back $5 billion of shares over the 2018-20 period, the Group expects to buy back $1.5 billion of its shares in 2019 in a 60 $/b Brent environment. * * * * * To listen to the presentation in English by CEO Patrick Pouyanne and CFO Patrick de La Chevardière today at 10:00 (London time) please log on to total.comor call +44 (0) 207 192 8338 in Europe or +1 646 741 3167 in the United States (code: 7198797). For a replay, please consult the website or call +44 (0) 333 300 9785 in Europe or +1 917 677 7532 in the United States (code: 7198797).
florenceorbis: 19 viewsFeb 1, 2019, 07:50am Will The Majors Beat The Market In 2019? Wood Mackenzie Simon Flowers Contributor Wood Mackenzie Contributor Group Energy How to beat the stock market in 2019? The Majors will take on board the success most had in 2018 when the peer group outperformed an oil and gas sector beset by collapsing oil prices late in the year. So what worked last year and can we can expect more of the same? First, higher distributions to shareholders. The Majors spent the downturn shoring up finances, reducing investment, cutting costs and selling non-core assets to raise funds. At the start of 2018, most were set to cope at U.S.$50/barrel. When oil prices rose well beyond that in the early months of the year, there was cash to spare. Shell, Total and Chevron all began substantial buy-back programs during the year. This was the first important signal to investors: returning cash to shareholders ranked higher than growth expenditure. Bolstering defensive credentials seems an important step towards regaining investor confidence. Second, companies showed a measured approach to new investment in 2018. As cash flow has recovered, most have resisted the urge to re-invest. Capital expenditure is starting to pick up, which is no surprise after the steep cuts of the last few years and the lows of 2017. So far, most Majors have held any increase to single digits. ExxonMobil has been the very visible exception. We estimate it beefed up annual investment by 33%, or U.S.$5 billion, in 2018, embarking on a new investment cycle focused on its world-class growth plays in Guyana, Brazil, Papua New Guinea, Mozambique and U.S. tight oil. ExxonMobil’s share price was the poorest performer among the peer group, seemingly underlining investors’ preference for the defensive. We expect the other Majors to proceed gingerly on spend again in 2019. Yet the number of final investment decisions is on the rise, suggesting the early stages of a broader new investment cycle. It’s certainly going to happen in LNG. Shell’s go-ahead for LNG Canada and BP’s for the Tortue FLNG project in Mauritania at the end of 2018 kicked off a new wave of big new projects in which ExxonMobil, Total and Eni will also be involved. Third, companies continue in their efforts to bolster portfolio resilience. The Majors have used M&A adroitly through the downturn to strengthen advantaged positions – BP’s acquisition of BHP’s U.S. L48 assets is the stand-out example of 2018. Accessing low-cost oil was also a feature last year, with almost 4 billion barrels of oil equivalent of resource secured in UAE (Total/Eni), Oman (Shell/Total), Algeria (Total) and Azerbaijan (Equinor). These contracts may be low margin, but a key attraction is the ability to generate cash at low oil prices. Fourth, production grew despite reduced investment since the downturn. We estimate production rose by 4% on average in 2018; and the outlook in the medium-term is impressive. The combination of exploration, M&A, asset upgrades and access to discovered resource opportunities has boosted forecast production to 2025 by 10%, or 2.4 million barrels per day, compared with how we saw things in 2017. This is some feat after four years of lower capital spend. It’s the second important signal to investors – there’s no pressing need to step up investment to sustain production volumes. The fifth theme jars with the defensive narrative, but it’s a good one, nonetheless – exploration is making money again. The Majors, like the rest of the industry, slashed spend on exploration after 2014. A more focused approach to prospect evaluation, lower costs and faster project delivery has led to much-improved economic performance. 2018 was the best year in a decade, with full cycle industry returns averaging 13%. The Majors weighed in with 3.5 billion barrels of oil equivalent of reserves discovered, one-third of the industry’s 2018 total. Eni and Total’s Calypso gas discovery in Cyprus and ExxonMobil’s Guyana oil finds accounted for well over half the Majors’ total. If stock market out-performance is the metric of success, defensive is winning. We’d expect the Majors to keep the winning formula in 2019 and return surplus cash to shareholders. But it’s not a sustainable strategy for the long run and, in the not-too-distant future, the Majors will rely again on new growth opportunities from exploration to keep the business ticking over. It’s reassuring to know they’ve got their mojo back. Simon Flowers Simon Flowers Contributor
la forge: Total S.A. Total: Results of the Option to Receive the 2017 Third Interim Dividend in Shares 05/04/2018 6:20pm UK Regulatory (RNS & others) Total SA (LSE:TTA) Intraday Stock Chart Today : Thursday 5 April 2018 Click Here for more Total SA Charts. TIDMTTA The Board of Directors of Total S.A. (Paris:FP) (LSE:TTA) (NYSE:TOT) met on March 14, 2018, and declared a 2017 third interim dividend of EUR0.62 per share and offered, under the conditions set by the fourth resolution at the Combined Shareholders' Meeting of May 26, 2017, the option for shareholders to receive the 2017 third interim dividend in cash or in new shares of the Company. The period for exercising the option ran from March 19, 2018 to March 28, 2018. At the end of the option period, 44% of rights were exercised in favour of receiving the payment for the 2017 third interim dividend in shares. 15,559,601 new shares will be issued, representing 0.59% of the Company's share capital on the basis of the share capital as of March 31, 2018. The share price for the new shares to be issued as payment of the 2017 third interim dividend was set at EUR45.70 on March 14, 2018. The price is equal to the average opening price on Euronext Paris for the twenty trading days preceding the Board of Directors of March 14, 2018, reduced by the amount of the 2017 third interim dividend, without any discount. The settlement and delivery of the new shares as well as their admission to trading on Euronext Paris will occur on April 9, 2018. The shares will carry immediate dividend rights and will be fully assimilated with existing shares already listed. In line with the shareholder return policy announced on February 8, 2018, in order to avoid any dilution linked to the issuance of new shares, the Group will buy back during the quarter the newly issued shares with the intention to cancel them. The remaining cash dividend to be paid to shareholders who did not elect to receive the 2017 third interim dividend in shares amounts to 910 million euros and the date for the payment in cash is set for April 9, 2018. About Total Total is a global integrated energy producer and provider, a leading international oil and gas company, and a major player in low-carbon energies. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits.
waldron: 4733/5000 Total: Dividend and share repurchase 2018-2020Press release share with twitter share with LinkedIn share with facebook share via email 0 0 08/02/2018 | 8:26 Total's Board of Directors reaffirms its priority to implement the Group's industrial growth strategy and announces the return to shareholder policy for the next 3 years: Proposed dividend at € 2.48 / share for the year 2017 10% increase in the dividend between 2018 and 2020 Up to $ 5 billion of share repurchase in 2018-20 Paris - The Board of Directors, meeting on February 7, 2018, approved the Group's financial statements for the 2017 financial year and reviewed the cash flow allocation policy, including the shareholder return policy, for the 3 coming years. Despite a volatile environment over the past three years, Total has successfully repositioned itself, achieving solid results in 2017 thanks to good operating performance and lowering its organic break-even point before Brent's dividend to $ 27 / b. Major investments over the past five years have resulted in strong growth in high margin production. The Group has also strengthened by investing on a counter-cycle and has acquired resources on attractive terms. It enjoys strong visibility on the growth of its cash flow and increased financial flexibility thanks to a debt ratio (net debt on capital) lowered to 12% at the end of 2017. Confident in the ability of the Group's teams to seize value-creating growth opportunities, the Board of Directors reaffirms the priority it gives to the implementation of the Group's long-term industrial strategy. In this context, the Board of Directors wished to give visibility to the policy of allocation of cash flow and return to the shareholder for the next three years. It has confirmed an investment program of $ 15 - $ 17 billion a year, has set a target of maintaining the debt ratio (net debt to capital) below 20% and maintaining a grade A rating and has also proposed the following measures: 1. Dividend increase of 10% over the next 3 years A dividend for 2017 of € 2.48 / share will be proposed to the Shareholders' Meeting, which corresponds to a balance of € 0.62 / share and a dividend increase of 1.2% compared to 2016 The quarterly installments for the 20181 financial year will be increased by 3.2% to € 0.64 per share, with the intention of proposing to the Annual General Meeting a dividend for the 2018 financial year of € 2.56 / share. The dividend target for the 2020 financial year would be € 2.72 / share 2. Redemption of shares issued without a discount under the share dividend option Maintaining the dividend in stock option to meet the wishes of certain shareholders but without discounting the issue price on the share price Repurchase of newly issued shares for cancellation. No dilution linked to the stock dividend option as of 2018 Immediate redemption of the shares issued in January 2018 as part of the payment of the second installment 2017 3. Up to $ 5 billion of share buybacks over the 2018-20 period The goal is to share with shareholders the benefits of rising oil prices Buyback volumes will be adjusted for oil prices This comes in addition to the repurchase of shares issued as part of the stock dividend 2017 dividend The Board of Directors proposes to the Combined General Meeting of Shareholders, to be held on June 1, 2018, to set the dividend for the 2017 financial year at € 2.48 / share, an increase of 1.2% compared to 2016. Given the three installments of € 0.62 / share for the 2017 financial year, a balance of € 0.62 / share is therefore proposed. The Board also proposes that the Shareholders' Meeting decide to offer shareholders the possibility of receiving the payment of this dividend balance for the 2017 financial year, either in cash or by subscribing for new shares of the Company without a discount. Therefore, subject to approval by the General Assembly of the resolution to be proposed: the balance of the dividend will be detached from the share on Euronext Paris on June 11, 2018; the payment in cash and / or the delivery of any shares issued, depending on the option chosen, should take place on June 28, 2018. 1The first deposit will be paid in October 2018 * * * * * Total contacts Investor Relations: +44 (0) 207 719 7962 l
la forge: The Nest Egg Portfolio: Total's $5B + 5% Strategy Protects The Dividend Dec. 10, 2017 6:35 AM ET| 1 comment| About: TOTAL S.A. (TOT), Includes: ADRNY, AHODF, AMZN, BINCF, BINCY, BPOSF, BPOSY, BT, CEO, EURN, HDUGF, ING, KLPEF, MT, PBR, RDEIF, RDEIY, RDS.A, RDS.B, RIO, S, SCHW, STO, VOPKF, VOPKY The Investment Doctor The Investment Doctor Long/short equity, value, debt, base metals Marketplace European Small-Cap Ideas (5,754 followers) Summary Total reported excellent Q3 results, indicating the dividend is fully covered. Q4 should be even better. Ahold has shrugged off the fears surrounding the Amazon-Whole Foods Market deal. This idea was discussed in more depth with members of my private investing community, European Small-Cap Ideas. Introduction After having discussed BT Group (BT) a few weeks ago to determine how sustainable its (generous) dividend is, in this week’s edition of the Nest Egg Portfolio I will have another look at Total (TOT) to determine how sustainable the dividend of this French integrated oil company is. In case you missed the previous article, please click HERE, HERE and HERE to read it to make sure you’re fully up to speed! All share prices mentioned in this article are the closing prices as of Wednesday (unless mentioned otherwise). _____________________________________________________________ This article was first published at European Small-Cap Ideas, a Premium service by The Investment Doctor. See the end of the article for an important notice, as the subscription fee for European Small-Cap Ideas will increase from January 1 st on! _____________________________________________________________ Portfolio update Total’s E&P division now generates more operating income than the downstream segment In the third quarter of 2017, Total was able to increase its total oil-equivalent production rate to 2.58 million barrels per day, an increase of more than 3% compared to the previous quarter, and an excellent 6% increase compared to the third quarter of last year. The gas production actually decreased slightly (1%) on a QoQ basis, and the entire performance increase was due to exceptionally strong oil production results, where the output increased by approximately 94,000 barrels per day (+ 7.2%) thanks to a robust growth in the middle east (+20% QoQ) which is probably related to the startup of the Al-Shaheen oil field in Qatar. And the third quarter actually was a really good one; Although the revenue increased by just 7.5% to $43B (compared to the $39.9B in Q2 2017), the net income increased by roughly 35% to $2.76B despite a much higher tax bill ($1.09B versus $472M in Q2 2017). Both the ‘refining & chemicals’ division (+292M operating income) and the ‘pure' exploration and production division (+$915M in operating cash flow). But the main question now obviously is how this translates into a higher dividend coverage ratio. After all, it’s nice to get a dividend, but not if the company theoretically can’t afford the dividend. Source: financial statements If we would just look at the Q3 result, you’ll see the adjusted operating cash flow was approximately $5.42B after taking the working capital changes into consideration. The total capex bill in the third quarter was $3.1B, which results in an adjusted free cash flow of $2.32B, which is approximately $0.93 per share. Using the current EUR/USD exchange rate of 1.16, this translates into a FCF/share of almost exactly 80 eurocents. As Total is paying a quarterly dividend of 0.62 EUR per share, it’s now pretty clear the dividend was fully covered based on the Q3 performance (with a coverage ratio of almost 129%), whilst Total was actually able to use the $522M in ‘excess’ free cash flow to strengthen its balance sheet. Source: financial statements This excellent performance in the third quarter obviously also has a positive impact on the YTD performance. If we would now run the same calculation based on the results of the first three quarters of the year, we would end up with an adjusted operating cash flow of $15.1B and a capex of $9.1B, resulting in a net free cash flow of $6B. A decent result, and sufficient to cover all three (normalized) dividend payments as the total cash requirement for 3 quarters would be 1.86 EUR per share, or $5.4-5.5B. Whereas the dividend appeared to be just barely covered in the first semester, the excellent third quarter has increased the 9M dividend coverage ratio to 110%. As the oil price continued to increase in and throughout the fourth quarter, I dare to expect an even better free cash flow result which should take all uncertainties away. Source: company presentation As Total is also bringing the Yamal LNG project in Russia in production by the end of this year whilst it also expects the acquisition of Maersk Oil to be completed in the first quarter of 2018, the company seems to be very much on track to realize its ‘5+5’-plan. Total plans to incorporate $5B in savings by 2020, and increase the annual production rate by 5% until 2022. Both elements should help push the break-even price per barrel of oil from $30 to $20 by 2019, and that would be a huge achievement to ensure higher margins and increasing the dividend coverage ratio (and paving the way for dividend increases further down the road). On top of that, production has started at the Libra oil field (offshore Brazil, 180 kilometers away from Rio de Janeiro) with an initial capacity of 50,000 barrels per day. The 5 joint venture partners (including Petrobras (PBR), Royal Dutch Shell (RDS.A) (RDS.B) and CNOOC (CEO) as well as CNPC) will soon decide on expanding the production capacity to 150,000 barrels per day. Total also sold its stakes in the Martin Linge field and the Garantiana discovery to Statoil (STO) for $1.45B. This sale will fund a part of the acquisition of Maersk Oil which will be completed soon. Once Maersk Oil will have been purchased, Total will remove the discount on its scrip dividend. Source: company presentation Long story short; Total’s dividend appears to be absolutely safe as the coverage ratio for FY 2017 will very likely exceed 120%. Dividend investors can sleep well at night – but don’t forget to make sure your paperwork to reduce the French dividend tax from 30% to 15% has been submitted! Other additions/removals I am selling 50 shares of Red Electrica Corporation at 19.07 EUR (Wednesday’s closing price) for a total net inflow of 934 EUR. The stock performed very well lately, and I’d like to ‘top up’ at a lower price (perhaps by writing a put option – see later). Besides this sale, there have been no changes in the portfolio. No positions were added or removed/reduced. I’m waiting for the December expiration date (see below) before initiating new positions or increasing the existing positions. I expect most of the written put options to expire worthless, which will pave the way to write new put options on companies I would really like to add to the portfolio. Perhaps I need to make one shout-out here; Ahold (OTCQX:ADRNY) (OTCQX:AHODF) seems to have fought back against the negative perception after Amazon (AMZN) announced it was buying Whole Food Markets (WFM). Most investors thought this this would put a lot of pressure on Ahold’s supermarket chains in the USA, but these fears were exaggerated. The share price has now regained pretty much all of the ground it lost, as Ahold posted decent financial results and confirmed its share buyback program. Source: Incoming dividends There haven’t been any dividend payments since the previous edition of the Nest Egg Portfolio. If I missed a dividend payment, please let me know in the comment section below, or per private message! The current portfolio + updates The expiration date for December options is next Friday, on December 15 th. As ArcelorMittal (MT), Klepierre (OTCPK:KLPEF), Red Electrica (OTC:RDEIF) (OTCPK:RDEIY) and Total (TOT) are trading above the strike prices, it’s very likely they will all expire ‘out of the money’. If that’s indeed the case, the coverage ratio will increase from 54% to 187%. Should all options indeed expire worthless, we can pocket the total net option premiums of 391 EUR. This indeed isn’t an impressive amount, but it does represent a return of almost 0.4% on a 100,000 EUR portfolio in just a few months. The power of writing options! That being said, the put options on BinckBank (OTC:BINCF) (OTC:BINCY) and Bpost (OTC:BPOSF) (OTCPK:BPOSY) will expire in the money. Should that happen, we’ll see a net cash inflow of 1,050 EUR (before transaction expenses) as the proceeds from selling Bpost at 24 EUR will be more than sufficient to cover the expenses related to the purchase of Binck stock. Binck enjoyed a pop recently (before coming back down to earth) after the company was tipped to be a buyout candidate. No names were mentioned, but Dutch banking and insurance company ING Groep (ING) would be the main candidate as simply buying Binck (and its existing clients) would be easier than rebuilding its own platform (interesting fact: in some of the countries Binck is active, it already uses ING Bank as its financial partner).. This isn’t the first time Binck is in the spotlights as back in 2010, Schwab (SCHW) also appeared to be interested in the discount broker when its market cap was almost three times higher. December will be a busy option expiration month and once all the dust will have been settled, I will provide an update on the next steps as my fingers are itching to write more put options. Updates / Other News from Europe Back in November, I made a case for Vopak (OTCPK:VOPKF) (OTCPK:VOPKY) as a contrarian investment ( plagued by temporary headwinds), waiting for the contango on the oil market. As I explained in the article, Vopak’s business model is actually pretty good, but it fails to work in an oil market which is experiencing backwardation (why would someone want to store oil if it’s cheaper to buy futures for delivery in the future rather than taking delivery of oil right now and having to pay for storage? Once we’re back in a backwardation situation, Vopak should perform vey well as it’s continuing to invest in expanding its operations. Elsewhere in the oil market, I thought Euronav (EURN) is a hold. The company remains cash flow positive, but the entire cash flow will be spent on a bunch of newbuilt vessels. The company’s management doesn’t appear to be positive about 2018, but with a young fleet and an experienced management team, Euronav would be (one of my) favorite(S) to gain exposure to the oil shipping sector. Hunter Douglas (OTCPK:HDUGF) seems to be on track to quickly reduce its net debt position after its acquisitions in 2016 and 2017. The strong Euro isn’t helping, but the company should still be able to publish a very respectable amount of free cash flow. It generated $122M in free cash flow in the first nine months of the year, despite non-recurring charges and a higher-than-average total capital expenditure. Seeking Alpha has now uploaded the Slideshow provided by Rio Tinto (RIO) at its Investor Seminar in Sydney earlier this week. It’s a very interesting read! Contributor Fluidsdoc has provided his/her updated view on Royal Dutch Shell (RDS.A) (RDS.B), callingit a ‘Deep Water and LNG powerhouse’. I don’t disagree! Conclusion I’m glad to see Total was able to cover its dividend in the third quarter of this year, and I expect the company to perform even better in the current quarter as the (Brent) oil price is consistently trading above $60 per barrel. Total has always been a quality name in the integrated oil & gas sector, and I’m really impressed by its investment plans to increase the production rate. I’m convinced the company has a great future ahead.
Total share price data is direct from the London Stock Exchange
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