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HELLENiQ ENERGY (ASE: ELPE)

Currency in EUR

Last close As at 06/12/2023

EUR7.77

▲ 0.32 (4.30%)

Market capitalisation

EUR2,375m

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 main focus for the market as the group looks to rapidly expand this.

Latest Insights

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Oil & Gas | Initiation

HELLENiQ ENERGY — Shaping up for the future

Energy & Resources | Flash note

HELLENiQ Energy — Another strong set of results

Energy & Resources | Flash note

Hellenic Petroleum — Record Q2 results

Energy & Resources | Flash note

Hellenic Petroleum — Strong Q1 results
Hellenic Petroleum_resized
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Equity Analyst

Key Management

  • Andreas Shiamishis

    CEO

  • Ioannis Papathanasiou

    Chairman

  • Nikos Katsenos

    Head of IR

  • Vasilis Tsaitas

    CFO

Balance Sheet

Forecast net cash (€m)

1399

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.9 (1.3) 7.8
Relative 0.0 (1.3) (23.5)
52 week high/low €8.6/€6.7

Financials

HELLENiQ ENERGY Holdings shares are primarily listed on the Athens Exchange (ELPE) with a secondary listing in London (HLPD). HELLENiQ has been successfully executing on its Vision 2025 strategy, having incorporated a new fit-for-purpose corporate structure, improved the overall corporate governance and rebranded with a new name, logo and corporate identity, while updating its business strategy/capital allocation and redefining its ESG strategy. HELLENiQ plans to expand its Renewable Energy Sources portfolio from 0.34GW currently to greater than 2GW by 2030. It reported another strong set of results for Q323 and we would look for a similar performance over the remainder of 2023.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 9222.0 649.0 407.0 111.6 7.0 9.1
2022A 14508.0 1711.0 1420.0 292.5 2.7 3.8
2023E 12100.0 1248.0 826.0 209.4 3.7 1.7
2024E 12050.0 988.0 602.0 152.7 5.1 2.7

Research

Flash note

Energy & Resources

HELLENiQ Energy — Another strong set of results

Flash note

Energy & Resources

Hellenic Petroleum — Record Q2 results
Hellenic Petroleum_resized

Oil & Gas

Initiation

HELLENiQ ENERGY — Shaping up for the future

Hellenic Petroleum_resized

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

Update

Energy & Resources

Hellenic Petroleum — A flexible refiner in a challenging time

Update

Energy & Resources

Hellenic Petroleum — Renewables addition as refining margins struggle
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Further insights

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Analyst of the week

Lord Ashbourne

Lord Ashbourne

Director, Energy & Resources

lordashbourne@edisongroup.com 020 3077 5724
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Thematics

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IPO apocalypse

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ESG, moving beyond the box tick

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Energy & Resources

Finding the sea of green – The opportunity and options for shipping green H2

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Decarbonisation
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