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HELLENiQ ENERGY (ASE: ELPE)

Last close As at 11/09/2024

EUR7.03

▲ −0.10 (−1.40%)

Market capitalisation

EUR2,149m

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 driver of earnings is refining margins, which will normalise after the exceptional performance over the last two years, caused by the Russian invasion of Ukraine. July’s refining margins were $4.3/bbl for cracking (relevant for the Aspropyrgos facility), $5.4/bbl for hydroskimming (Thessaloniki) and $4.9/bbl for hydrocracking (Elefsina), which were all below the year-to-date averages of $6.8/bbl, $6.2/bbl and $7.3/bbl, respectively. Growth in the renewables business will be the main focus for the market as HELLENiQ looks to rapidly expand into this area.

Latest Insights

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Oil & Gas | Flash note

HELLENiQ ENERGY — A good quarter, but softer margins expected in Q3

Oil & Gas | Flash note

HELLENiQ ENERGY — Solid Q1, with a strong operational performance

Oil & Gas | Flash note

HELLENiQ ENERGY — Dividend shows confidence in future

Oil & Gas | Flash note

HELLENiQ ENERGY — Shareholders reduce holding
Hellenic Petroleum_resized
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Sector

Oil & Gas

Equity Analyst

Analyst avatar placeholder

Andrew Keen

MD - Head of Content, Energy & Resources, Industrials

Key Management

  • Andreas Shiamishis

    CEO

  • Antonios Thomopoulos

    Senior Financial Analyst

  • 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 (0.4) (16.5) (8.2)
Relative (3.4) (14.6) (19.0)
52 week high/low €8.8/€6.7

Financials

HELLENiQ ENERGY’s Q224 results showed a continuation of Q124 trends, with refining margins trending down but increased year-on-year oil prices and operational improvements driving sales and earnings growth. Q2 sales of €3,274m were up 9.9% y-o-y, adjusted EBITDA of €232m was up 42% y o y and adjusted net income of €73m was up 192% y-o-y. The Q224 HELLENiQ benchmark margin declined to $5.5/bbl, from $8.8/bbl in Q124, but was above the $4.4/bbl achieved in Q223. The company noted that the Q324 estimated refining margin has averaged $3.9/bbl, which is lower than Q224, and management expects a more normalised H224.

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 2.4 3.4
2023A 12803.0 1033.0 604.0 157.2 4.5 1.6
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

Oil & Gas

HELLENiQ ENERGY — Solid Q1, with a strong operational performance

Flash note

Oil & Gas

HELLENiQ ENERGY — Dividend shows confidence in future

Oil & Gas

Flash note

HELLENiQ ENERGY — A good quarter, but softer margins expected in Q3
Hellenic Petroleum_resized

Flash note

Oil & Gas

HELLENiQ ENERGY — Shareholders reduce holding
Hellenic Petroleum_resized

Initiation

Oil & Gas

HELLENiQ ENERGY — Shaping up for the future

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
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