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Research Tree provides access to ongoing research coverage, media content and regulatory news on HELLENIC PETROLEUM SA. We currently have 6 research reports from 1 professional analysts.
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HELLENIC PETROLEUM SA
HELLENIC PETROLEUM SA
Q3 exports at 57%
10 Nov 16
Q3 adjusted EBITDA came in at €191m (-20% yoy), above consensus estimates. By division: 1) Refining: EBITDA was €124m (-25% yoy). Net production was 3.9mt (vs. 3.4mt in Q3 15). The benchmark margin was $3.9/bbl (vs. $6.4/bbl in Q4 15, during an exceptional year) and the additional margin was $4.4/bbl (Q3 15: $5.9/bbl); 2) Petrochemicals: adj. EBITDA came in at €25m (-4% yoy); 3) Marketing: adjusted EBITDA at €44m (vs. €47m in Q3 15). The adjusted net income was €75m (vs. €111m in Q3 15), above expectations. Net debt stood at €1.8bn (vs. €2.4bn in Q3 15).
Q2 results in line
25 Aug 16
Q2 adjusted EBITDA was €156m (+20% yoy), in line with consensus estimates. By division: 1) Refining: EBITDA was €105m (+37% yoy). Net production was 3.7mt (vs. 2.2mt in Q2 15, when the Aspropyrgos refinery underwent a shutdown). The benchmark margin stood at $4.2/bbl (vs. $5.5/bbl in Q2 15) and the additional margin was $4.4/bbl (Q2 15: $3.4/bbl); 2) Petrochemicals: adj. EBITDA was €25m (+12 yoy); 3) Marketing: adj. EBITDA at €25m (vs. €27m in Q2 15). The adjusted net income was at €38m (-2% yoy), broadly in line. Net debt was at €1.7bn (vs. €1.1bn in Q2 15).
Q1 above consensus
11 May 16
Q4 adjusted EBITDA was €169m (vs. €205m in Q1 15), above consensus expectations. By division: 1) Refining: EBITDA was €137m (-21% yoy). Net production was flat yoy, at 3.5mt. The benchmark margin stood at $4.8/bbl (flat qoq; vs. $6.4/bbl in Q1 15) and the additional margin was at $5.4/bbl (Q1 15: $6.2/bbl); 2) Petrochemicals: adj. EBITDA was €25m (+29 yoy); 3) Marketing: adj. EBITDA at €11m (vs. €14m in Q1 15). The adjusted net income came in at €70m (+30% yoy), beating consensus. Net debt was at €2.5bn (+20% yoy).
Domestic demand driven by heating; framework agreement with Iran
25 Feb 16
Q4 adjusted EBITDA was €184m (+8% yoy), above consensus expectations. By division: 1) Refining: EBITDA came in at €144m (+8% yoy). Net production rose by 3% yoy, to 3.7 mt. The benchmark margin was $4.8/bbl (vs. $4.0/bbl in Q4 14) and the additional margin was $4.7/bbl (Q4 14: $6.9/bbl); 2) Petrochemicals: adj. EBITDA was €25m (flat yoy); 3) Marketing: adj. EBITDA at €17m (+15% yoy). The adjusted net income came in at €65m (+24% yoy), above consensus. Inventory losses (€148m in Q4 15) related to the fall in oil prices have led to an IFRS net loss of €60m. Net debt was at €1.1bn (flattish yoy). A $400m Eurobond should be paid in H1 16 through existing cash and credit lines and could come back to the financial markets later during the year.
Q3 results reach a record
13 Nov 15
Q3 adjusted EBITDA came in at €220m (+63% yoy), below consensus expectations but above ours. By division: 1) Refining: EBITDA was €166m (+92% yoy). Net production rose by 3% yoy, to 3.4mt. The FCC margin averaged $7.3/bbl, at a high (flat qoq; Q3 14: $4.2/bbl), and Hydrocracking at $6.2/bbl (Q2 15: $5.8/bbl; Q3 14: $4.7/bbl); 2) Petrochemicals: adj. EBITDA was €26m (+32% yoy); 3) Marketing: adj. EBITDA was €47m (+15% yoy). Adjusted net income was €111m (€24m in Q3 14), slightly above consensus. Refineries were at full operation, capturing the strong refining margins. Net debt increased to €2.4bn (vs. €3.8bn in Q3 14) as the company deployed its own cash reserves.
Q2 results: back to full capacity to ride strong Q3 15 margins
27 Aug 15
Q2 15 results: adjusted EBITDA came in at €130m (vs. €49m in Q2 14), above consensus estimates of €122m. By division: 1) Refining production was affected by the shutdown following an accident (8 May, back to full availability on 25 June) at the Aspropyrgos refinery (2.2mt, -27% yoy), with utilisation at 63%. Exports were 1.2mt (-22% yoy). The €/$ rate was 1.11, the strongest dollar since 2003. The FCC margin averaged $7.3/bbl, a high (Q2 14: $2.6/bbl; Q1 15: $6.8/bbl), and Hydrocracking at $5.8/bbl (Q2 14: $3.1/bbl; Q1 15: $7.2/bbl), declining qoq due to the high supply of diesel; 2) Petrochemicals: adjusted EBITDA was €23m (+21% yoy); 3) Marketing: adj. EBITDA at €28m (+26% yoy). Adjusted net income was €38m (-€53m in Q2 14). Net debt was €1.1bn (down from €1.6bn last year), with gearing at 38%.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Playing the long term, with short-term risks
16 Feb 17
After the publication of the annual results, we update our view and highlight the key points. Q4 16 key highlights As a reminder, the company reported results 30% below expectations at $400m for Q4 16. By division: 1) In upstream, underlying replacement costs profit came to $400m, vs. a loss a year earlier of $728m and a loss of $224m in Q3 16, reflecting the ongoing lower costs which have benefited from simplifications, efficiencies and lower exploration write-offs. In the US, the loss is still $147m. Production came in at 2.19mbpd, down 5.5% yoy due to disposals and up 1.8% on an underlying basis thanks to ramp-ups. One of the key events during the quarter was the renewal of BP’s onshore concession in the UAE with a 10% interest in the ADCO onshore oil concession. In terms of outlook, production should be higher in 2017 and will depend on the timing of project start-ups, acquisitions, divestments, and OPEC quota. Also the Abu Dhabi concession will be visible as from Q1 17. 2) In downstream, replacement costs profit came to $877m, down from $1.2bn a year ago and $1.4bn in Q3 16. The US division showed a loss of $371m vs a gain of $1.25bn. Non-US Fuel business earnings halved to $417m due to the weaker refining environment as well as the impact from the particularly large turnaround at the Whiting refinery. In lubricants, profit rose to $357m, reflecting the continued strong performance in its growth markets and premium brands as well as simplifications and greater efficiencies. The margin should remain unchanged for Q1 17. 3) Rosneft. Underlying replacement costs profit came to $135m, down from $235m a year ago, affected by the increased government take. Production was at 1.15mbpd, up from 1.03mbpd a year ago. This reflects the completion of the acquisition of Bashneft and Rosneft’s increased stake in the PetroMonagas venture. BP received a dividend of $322m after deduction of the withholding tax, in July 2016. On the Macondo oil spill, the charge taken for the Q4 16 pre-tax was $530m. This reflects BP’s latest estimates for claims including business economic loss. The pre-tax cash outflow on costs related to the oil spill for the full year 2016 was $7.1bn. Cash flow Excluding the Gulf of Mexico payment, the operating cash flow was $4.5bn. Underlying operating cash flow excluding the oil spill-related payment was $17.8bn for the full year. Proceeds during the year and the scrip dividend were not enough to cover capex and the cash dividend. Gearing at the end of the year increased to 27% ($35.5bn debt), in the high range of the group’s target of 20-30%. Organic capital was $16bn, below original guidance of $17bn to $19bn. Capex in 2017 should be close to $16-17bn. Divestment proceeds should be higher in 2017, close to $5bn and then reducing by $2-3bn per year after 2018. The total costs of the Deepwater payment should fall to $2bn in 2018 and then $1bn per year as from 2019. In 2017, this should be close to $5bn. All in all, including the latest acquisitions, cash flow break-even should be close to $60/bbl in 2017.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.
GMP FirstEnergy ― UK Energy morning research package
17 Feb 17
Enquest (ENQ LN): Speculative Buy, £0.65: Kraken FPSO in the field and hooked up in the North Sea | Ithaca Energy (IAE LN/CN)6: BUY, £1.40: Stella First Hydrocarbons in the North Sea | Bowleven (BLVN LN) (not covered): Denies claims made by Crown Ocean Capital