Commodities
TotalEnergies Has Plenty of Reasons to Say ‘Au Revoir, Paris’
- Valuation discount cuts oil giant’s market value by billions
- ESG pressure on fund managers weighs on stock, CEO says
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TotalEnergies SE’s chief executive officer has plenty of reasons to antagonize the French government with the possibility of moving its stock listing to Wall Street. Measured in dollars, there are tens of billions of them.
Investors typically are willing to pay much less for European stocks than those in the US, and that valuation discount is especially notable in Big Oil: European companies in the industry are 40% cheaper than those across the Atlantic.