HELLENiQ ENERGY (ASE: ELPE)

Last close As at 18/05/2024

EUR8.65

−0.16 (−1.82%)

Market capitalisation

EUR2,646m

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

The current main driver of earnings is refining margins, which will normalise after the exceptional performance over the last 18 months caused by the Russian invasion of Ukraine. Going forward, the growth in the renewables business will be the main focus for the market, as the group looks to rapidly expand this.

Latest Insights

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Oil & Gas | Flash note

HELLENiQ ENERGY — Dividend shows confidence in future

Oil & Gas | Flash note

HELLENiQ ENERGY — Shareholders reduce holding

Oil & Gas | Initiation

HELLENiQ ENERGY — Shaping up for the future

Energy & Resources | Flash note

HELLENiQ Energy — Another strong set of results

Hellenic Petroleum_resized

Equity Analyst

Andrew Keen

MD - Head of Content, Energy & Resources, Industrials

Key Management

  • Andreas Shiamishis

    CEO

  • Ioannis Papathanasiou

    Chairman

  • Nikos Katsenos

    Head of IR

  • Vasilis Tsaitas

    CFO

Balance Sheet

Forecast net debt (€m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 7.3 9.7 17.1
Relative (2.4) 3.3 (10.8)
52 week high/low €8.8/€6.7

Financials

HELLENiQ has been successfully executing on its Vision 2025 strategy, having incorporated a new fit-for-purpose corporate structure, improved corporate governance and new corporate identity that reflects its capital allocation and ESG strategy. HELLENiQ plans to expand its Renewable Energy Sources portfolio from 0.34GW currently to greater than 2GW by 2030. HELLENiQ reported FY23 results on 29 February, with adjusted net income of €0.6bn slightly below our estimate (€0.64bn), but the final dividend of €0.60/share was above our estimate (€0.30/share), reflecting confidence in the business and the strength of the balance sheet (net debt reduced from €1.94bn at end FY22 to €1.63bn).

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 14508.0 1711.0 1420.0 292.5 3.0 4.2
2023A 12803.0 1033.0 604.0 157.2 5.5 2.0
2024E N/A N/A N/A N/A N/A N/A
2025E N/A N/A N/A N/A N/A N/A

Research

Flash note

Energy & Resources

HELLENiQ Energy — Another strong set of results

Flash note

Energy & Resources

Hellenic Petroleum — Record Q2 results

Flash note

Energy & Resources

Hellenic Petroleum — Strong Q1 results

Update

Energy & Resources

Hellenic Petroleum — Low dependency on Russian crude

Update

Energy & Resources

Hellenic Petroleum — Recovery in oil demand supports operations

Update

Energy & Resources

Hellenic Petroleum — Expect refining earnings turnaround in H2

Update

Energy & Resources

Hellenic Petroleum — Introduction to decarbonisation plans

Update

Energy & Resources

Hellenic Petroleum — On the path towards decarbonisation

Further insights

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Thematics

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ESG, moving beyond the box tick

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Energy & Resources

Decarbonisation

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