Currency in EUR

Last close As at 20/09/2023


−0.10 (−1.36%)

Market capitalisation


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.

Latest Insights

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HELLENiQ Energy — Another strong set of results

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Hellenic Petroleum — Record Q2 results

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Hellenic Petroleum — Strong Q1 results

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Hellenic Petroleum — Low dependency on Russian crude


Oil & Gas

Equity Analyst

Key Management

  • Andreas Shiamishis


  • Ioannis Papathanasiou


  • Nikos Katsenos

    Head of IR

  • Vasilis Tsaitas


Balance Sheet

Forecast net debt (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (8.1) (11.8) 12.7
Relative (3.3) (7.0) (21.7)
52 week high/low €8.6/€6.0


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 portfolio from 0.34GW currently to greater than 2GW by 2030. It reported another strong set of results for Q422/FY22, with FY22 reported net income of €890m and historically high adjusted EBITDA of €1,601m. We will update our forecasts in due course.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2021A 9222.0 401.0 151.0 47.1 15.4 8.2
2022A 14508.0 1601.0 1421.0 291.0 2.5 3.6
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A