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.
Oil & Gas |
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Oil & Gas |
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Oil & Gas |
Initiation
Energy & Resources |
Flash note
Andreas Shiamishis
CEO
Ioannis Papathanasiou
Chairman
Nikos Katsenos
Head of IR
Vasilis Tsaitas
CFO
Forecast net debt (€m)
N/A
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 0.2 | 8.9 | 17.2 |
Relative | (4.7) | 3.8 | (10.8) |
52 week high/low | €8.6/€6.7 |
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 | 2.8 | 4.0 |
2023A | 12803.0 | 1033.0 | 604.0 | 157.2 | 5.3 | 1.9 |
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 |
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