Hellenic Petroleum


Market Cap€1,895m

Last Close €6.2

Hellenic Petroleum (ELPE) operates three refineries in Greece with a total capacity of 344kbopd. It has sizeable marketing (domestic and international) and petrochemicals divisions.

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Investment summary

Hellenic Petroleum Holdings shares are primarily listed on the Athens Exchange (ELPE) with a secondary listing in London (HLPD). ELPE has completed specific pillars of its Vision 2025 strategy, such as the fit-for-purpose corporate structure and improvement of the overall corporate governance, and is executing its updated business strategy/capital allocation and redefining its ESG strategy. ELPE plans to spend c €1.7bn (of a total €3.5–4bn capital investment plan by 2030) to expand its RES portfolio to >2GW by 2030. Q122 EBITDA was €99m, a 54% increase year-on-year. This was driven by strong benchmark refining margins and Greek market recovery. It was partially offset by higher energy and CO2 costs (and an c two-month planned outage at the Elefsina refinery). With the realisation of Vision 2025, this could be mitigated by electricity generation from renewables.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2020A 5782.0 333.0 5.0 1.8 344.4 4.2
2021A 9222.0 401.0 151.0 47.1 13.2 7.0
2022E 9169.0 645.0 316.0 77.6 8.0 7.2
2023E 9214.0 664.0 327.0 80.1 7.7 3.6
Industry outlook

European refining will likely face continued challenges in the coming years as demand falls and refinery systems elsewhere (Asia/United States) hold structural advantages. To offset this, changing regulations should put complex, middle distillate-orientated refineries such as Hellenic’s in a strong position.

Last updated on 01/07/2022
Content on Hellenic Petroleum
Hellenic Petroleum – Strong Q1 results
Oil & gas | research Flash note | 16 May 2022
viom-agkastaseis-4-from co website
Hellenic Petroleum – Low dependency on Russian crude
Oil & gas | research Update | 4 April 2022
viom-agkastaseis-4-from co website
Hellenic Petroleum – Recovery in oil demand supports operations
Oil & gas | research Update | 23 November 2021
viom-agkastaseis-4-from co website
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Share price graph
Balance sheet
Forecast net debt (€m) 2097
Forecast gearing ratio (%) 97
Price performance
Actual (10.0) (15.2) 1.3
Relative* 0.5 (6.3) 11.7
52-week high/low €7.7/€5.5
*% relative to local index
Key management
Vasilis Tsaitas CFO
George Grigoriou Investor Relations Officer
Nikos Katsenos Head of IR
Vasilis Molfetas IR department