GLPEF - Galp Energia: Brazil Sustains FCF
Portuguese Galp Energia (GLPEY, GLPEF) presented its FY18 earnings on February 11, 2019. The energy giant, the essential constituent of MSCI Portugal Index has tackled the Q4 headwinds and increased net WI (working interest) production to the highest level in a decade, 113.1 kboepd, growing it by 12% YoY. Its 2018 operating income has also been the highest since 2008, IFRS EBIT equaled €1.6 billion. But my impression is mixed. In my view, Q4 and FY18 figures are unquestionably decent because the company increased FCF by 11% compared to 2017 while Q4