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Research Tree provides access to ongoing research coverage, media content and regulatory news on HELLENIC PETROLEUM SA. We currently have 7 research reports from 1 professional analysts.
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HELLENIC PETROLEUM SA
HELLENIC PETROLEUM SA
Q4 16 refining beats expectations
23 Feb 17
Q4 adjusted EBITDA was €215m (+17% yoy), above consensus expectations. By division: 1) Refining: EBITDA was €169m (+18% yoy). Net production was 3.7mt (flattish yoy) due to maintenance at Thessaloniki. The benchmark margin stood at $5.0/bbl (vs. $4.8/bbl in Q4 15) and the additional margin was $5.9/bbl (Q4 15: $4.7/bbl); 2) Petrochemicals: adjusted EBITDA came in at €25m (+1% yoy); 3) Marketing: adjusted EBITDA came in at €20m (vs. €17m in Q4 15). The adjusted net income was €82m (vs. €65m in Q4 15), above estimates. Net debt was €1.8bn (vs. €1.1bn in Q4 15 and flat from Q3 16).
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.
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.
Opuama production restarts
21 Feb 17
Eland has confirmed the successful restart of exports from OML 40 through the new shipping alternative that it has implemented. Sales from the export terminal are expected imminently, re-establishing cash generation for Eland. Cash at YE16 was US$11.1m which has since reduced to US$5.9m, mainly reflecting initial operating expenses for the shipping alternative. While it is early days, Eland has demonstrated its ability to restart exports and production from OML 40 following the shut-down of the Forcados terminal a year ago. Production to date is averaging around 7kbd and we expect that to ramp up as Opuama operational performance improves. At US$55/bbl Brent, we estimate Eland is generating a net cash margin of around US$25/bbl. We reiterate our Buy recommendation and 95p per share Target Price.
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)
Small Cap Breakfast
24 Feb 17
GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow. Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo. 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.
E&P projects ramp-up and disposals to support 2017
20 Feb 17
After the publication of the annual results, we have updated our model and highlight the key points. Q4 16 key highlights As a reminder, the company reported results of $1.8bn, $0.5bn below expectations for Q4 16. One-offs were $763m for the quarter mainly driven by the integrated gas division related to the weakening Australian dollar and the deferred tax position in Malaysia. By division: 1) Integrated gas’s clean earnings came in at $907m, down 27% yoy. The decrease is driven by the step-up in depreciation resulting from the BG acquisition and the increase associated with the start-up of Gorgon. Other items related to the BG Group consolidation impacted the division. The impact of higher oil prices was more than offset by the decline in LNG prices. Q4 16 production was 908kbpd, up from 633kbpd a year ago thanks to the integration of BG. For the full year, the integrated gas division reported $3.7bn of clean earnings, -27% compared to the previous year. 2) The upstream division showed a small profit of $54m, compared to a loss of $1bn a year earlier. Higher oil prices and increased volumes thanks to the BG integration supported the results driven by an improved operational performance. For the full year, the upstream division reported a loss of $2.7bn compared to a loss of $2.25bn in 2015. 3) Downstream’s earnings came in 12% lower yoy to $1.34bn, impacted by lower trading and refining margin and higher taxation. The results are split between oil products ($823m, down 39% yoy) and chemicals ($516m, up 184%). In oil products, refining trading came in at $77m, down from $771m a year ago. Marketing came in at $746m compared to $631m a year ago on lower operating expenses. Chemicals came in higher on stronger industry conditions driven by the tight supply in Asia and an improved operating performance. For the full year, the results came in at $7.2bn, down 26% yoy. Cash flow position Cash flow from operating activities for Q4 16 was $9.2bn, capex $6.9bn, the dividend $2.3bn, and disposals of $2.7bn which helped to reduce debt to $73bn. Gearing at the end of 2016 was 28%. The dividend was $0.47. The company is close to selling assets for $5bn, which is good news as the group still has to sell $20bn to remain on track with its deleveraging. Capex totalled $26.9bn for the full year 2016, lower than expected and it plans to reduce this in 2017 to $25bn, in the low end of the 2017-20 range of $25-$30bn. The CEO highlighted: “Production and LNG volumes included delivery from new projects, with the ramp-up continuing in 2017 and 2018. Meanwhile the company operates at an underlying cost level that is $10bn lower than Shell’s and BG’s combined only 24 months ago. Shell is gaining momentum on divestments, with some $15bn completed in 2016, announced, or in progress, and we are on track to complete our overall $30bn divestment programme as planned. Strategy is starting to pay off and in 2017 we will be investing around $25bn in high quality, resilient projects. I’m confident 2017 will be another year of progress for Shell to become a world-class investment”