英文【高盛】欧洲快报2025年全球油气顶级项目 买入Flutter宏观 全球 公司访问

Click “here” to listen to the Europe Morning Call. GS Conference TODAY Utilities and Clean Energy Conference | 19-20 May | London | Utilities Global Oil & Gas Top Projects analysis highlights last wave of non-OPEC growth and 60%+ growth of LNG capacity This is the 22nd year of bottom-up project analysis of ~50% of industry production and capex by Michele Della Vigna’s team. 4 of our takeaways: 1) 2 more years of non-OPEC growth before non-OPEC production starts to decline from 2027-28E 2) O&G capex goes into decline from 2025 after FIDs peaked in 2023, we estimate a 3% pa decline in capex 2025-29E 3) LNG should deliver 60%+ growth by 2030E, suggesting a price decoupling between oil and gas 4) Sector should see strong profitability due to consolidation and capital discipline. Stock implications: Big Oils continuing to consolidate their leadership, with Shell, ENI and Total among the Big Oils Top Projects “winners”. Flutter – mixed Q1; thesis remains centred on US-driven earnings transformation; remain Buy Mixed Q1 (US consistent with our industry trackers). In the near term, we expect debate to persist for Flutter, with handle growth trends to remain in focus pending further datapoints to reassure bears. Our Buy thesis remains centred on the US-driven earnings transformation and the team has done a deep dive on player cohort revenue dynamics, which points to US revenue compounding at a c.20% CAGR (normalised for sports results), implying upside to the company’s 2027 revenue guidance for existing states, and mid-to-high single digit % upside to consensus on Flutter’s US EBITDA medium-term. Other notable research Europe Multi-Industry – summary of global data points, end-market commentary and latest research roundup Beverages – Carlsberg and ABInBev outperformed an improving European beer market in April Sahar Islam +44(20)7051-4935 | sahar.islam@gs.com Goldman Sachs International Trinity Ford +44(20)7051-0626 | trinity.ford@gs.com Goldman Sachs International Ayushi Mishra +1(212)934-7751 | ayushi.mishra@gs.com Goldman Sachs India SPLGS EUROPEAN EXPRESS: Global Oil & Gas Top Projects 2025 | Buy Flutter | Macro | Global | Corporate Access19 May 2025 | 6:46AM BST Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S. Prosus – Chinese player to commit meaningful capital to disrupt Brazil food delivery, Uber-iFood (Prosus owns IFood) integration should reinforce competitive moat; Buy Ferretti – robust 1Q25 performance and 2025 guidance announced but light