TotalEnergies SE (TTE.PA) analysis

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Health is the debt of the two books, hydrocarbons and electricity, not a year of crude already collected. Quality separates the well margin from refining and from renewables. Growth follows the barrel price and what the electricity produces, and they are not the same cycle. P/E is read against a year of expensive crude, not against that year as normal. Shareholder return is the dividend, checked against cash. Do not call it a very high return.

The P/E of a high-barrel year is not the earnings of the power year. EV/EBITDA is read without adding another house's liquefied gas as if it were Total's. Do not use Shell's multiple as if the renewables book did not change the mix. A dash if TTE.PA is missing.

Limits of this report

Not advice on TotalEnergies. Vaultflake does not treat the return as high or the valuation as attractive. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Questions from this report