Market Cap€2,161m

Last Close €7.07

HELLENiQ Energy (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

HELLENiQ Energy reported Q322 adjusted EBITDA of €504m, c four times higher than Q321 (€125m) and c 25% ahead of consensus (c €404m; seven analysts). This was mostly driven by a strong performance in Refining, Supply & Trading, due to strong benchmark refining margins and exports (46% of total refining sales). In addition, HELLENiQ reported improved profitability of international subsidiaries, as well as a significantly greater contribution from RES (Renewable Energy Sources). Furthermore, improved refineries’ performance and crude oil supply opportunities, as well as the operational improvement initiatives, such as the digital transformation programme, the group reorganisation, premium products in retail and network development, also had a significant contribution. Adjusted net income was €381m, more than 11 times Q321 (€33m), and c 50% ahead of consensus. It announced an interim dividend of €0.25/share, which combined with a special dividend (from the sale of DEPA) of €0.40/share equates to a dividend yield of 9.5%, before taking account of any final dividend for FY22. Our forecasts and valuation are under review.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2020A 5782.0 333.0 5.0 1.8 392.8 4.8
2021A 9222.0 401.0 151.0 47.1 15.0 8.0
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A
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 ELPE’s, in a strong position.

Last updated on 30/11/2022
Content on HELLENiQ Energy
HELLENiQ Energy – Another strong set of results
Oil & gas | research Flash note | 11 November 2022
viom-agkastaseis-4-from co website
Hellenic Petroleum – Record Q2 results
Oil & gas | research Flash note | 26 August 2022
viom-agkastaseis-4-from co website
Hellenic Petroleum – Strong Q1 results
Oil & gas | research Flash note | 16 May 2022
viom-agkastaseis-4-from co website
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Share price graph
Balance sheet
Forecast net debt (€m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual 2.3 2.6 21.5
Relative* (2.0) (3.7) 15.5
52-week high/low €7.7/€5.9
*% relative to local index
Key management
Vasilis Tsaitas CFO
Nikos Katsenos Head of IR