HELLENiQ Energy (ASE: ELPE)

Currency in EUR

Last close As at 03/02/2023

EUR7.69

0.01 (0.13%)

Market capitalisation

EUR2,347m

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

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.

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Sector

Oil & Gas

Equity Analyst

Elaine Reynolds

Elaine Reynolds

Analyst, Energy & Resources

Key Management

  • 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 1.5 18.1 15.5
Relative (7.8) 0.3 7.1
52 week high/low €7.8/€5.9

Financials

HELLENiQ ENERGY Holdings shares are primarily listed on the Athens Exchange (ELPE) with a secondary listing in London (HLPD). ELPE 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. ELPE plans to expand its Renewable Energy Sources (RES) portfolio from 0.34GW currently to greater than 2GW by 2030. It reported another strong set of results in Q322, driven by Refining, Supply & Trading, along with the improved profitability of international subsidies and a significantly greater contribution from RES. The annualised EBITDA run-rate for RES is almost €50m.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2020A 5782.0 333.0 5.0 1.8 427.2 5.2
2021A 9222.0 401.0 151.0 47.1 16.3 8.7
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

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