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Third time lucky: Carlyle agrees to buy 30% of Cepsa from Mubadala
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
After a rejected initial bid, followed by an aborted IPO, Abu Dhabi wealth fund Mubadala has agreed to sell 30% stake in Cepsa to The Carlyle Group for US$3.6 billion. The deal gives Cepsa an enterprise value of around US$12 billion, and Carlyle has the option to increase the stake to 40%. Our analysis of Cepsa's individual business segments - including upstream, refining, fuels marketing and chemicals - looks into their relative values based on asset quality, competitive position and market outlook.
Table of contents
- Event
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Implications
- Upstream
- Refining
- Fuels marketing
- Chemicals
- Valuation
Tables and charts
This report includes the following images and tables:
- Net Cash Margin (NCM) forecast: Cepsa vs. regional averages
- Forecast refining EBITDA uplift between 2017 and 2020: Cepsa vs. peers
What's included
This report contains:
