HELLENiQ Energy

HELLENiQ Energy (ASE: ELPE)

Currency in EUR

Last close As at 20/09/2023

EUR7.26

▲ −0.10 (−1.36%)

Market capitalisation

EUR2,249m

Overview
Price performance
Financials
Research
Sector insights
Thematics

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

Oil & Gas |
Flash note

11.11.22

HELLENiQ Energy — Another strong set of results

Oil & Gas |
Flash note

26.08.22

Hellenic Petroleum — Record Q2 results

Oil & Gas |
Flash note

16.05.22

Hellenic Petroleum — Strong Q1 results

Oil & Gas |
Update

04.04.22

Hellenic Petroleum — Low dependency on Russian crude

Visit Website

Sector

Oil & Gas

Equity Analyst

Peter Hitchens

Key Management

Andreas Shiamishis

CEO
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	(8.1)	(11.8)	12.7
Relative	(3.3)	(7.0)	(21.7)
52 week high/low	€8.6/€6.0

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 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

Research

Outlook

Oil & Gas

01.04.20

Hellenic Petroleum — A flexible refiner in a turbulent time

Update

Oil & Gas

18.11.19

Hellenic Petroleum — Improved environment, new strategy drive growth

Oil & Gas

Update

12.06.20

Hellenic Petroleum — Positive Q120 results despite market conditions

Update

Oil & Gas

10.10.19

Hellenic Petroleum — Support from Q3 refinery margin rise and IMO 2020

Outlook

Oil & Gas

21.03.19

Hellenic Petroleum — IMO 2020 on the horizon

Update

Oil & Gas

16.11.18

Hellenic Petroleum — A look ahead at 2019 after strong Q3 beat

Flash note

Oil & Gas

31.08.18

Hellenic Petroleum — Q2 beat driven by refining over-performance

research

Oil & Gas

01.06.18

Hellenic Petroleum — Lower benchmark margins and FX affect Q1

research

Oil & Gas

17.04.18

Hellenic Petroleum — Refining estimates and valuation

QuickView

Oil & Gas

23.02.18

Hellenic Petroleum — Q4 strong ops performance, weaker margins

Initiation

Oil & Gas

29.01.18

Hellenic Petroleum — A refined Mediterranean player

Further insights

insight

Oil & Gas

07.05.19

IMO sulphur caps

Analyst of the week

Lord Ashbourne

Director, Energy & Resources

lordashbourne@edisongroup.com 020 3077 5724

Read latest

thematic

Oil & Gas

03.04.19

Verbier appraisal points to lower than expected resources

thematic

Oil & Gas

20.03.19

Orinduik resource upgrade for Eco Atlantic offshore Guyana

thematic

Oil & Gas

13.03.19

No moveable hydrocarbons in Alaskan Winx-1 well

thematic

Oil & Gas

12.03.19

Hydrocarbon discovery for Murphy at Cholula-1 offshore Mexico

thematic

Oil & Gas

20.11.18

Sound Energy well result highlights reservoir variability in Morocco

thematic

Oil & Gas

25.09.18

Tullow’s Namibian well disappoints

thematic

Oil & Gas

04.09.18

Tullow spuds Cormorant well offshore Namibia

thematic

Oil & Gas

20.08.18

Southern gas corridor to the EU nears agreement

thematic

Oil & Gas

01.08.18

Mexico: reassurance or uncertainty?

thematic

Oil & Gas

28.03.18

UK independents pick up blocks in Mexico’s Round 3.1

thematic

Oil & Gas

07.02.18

Lower break even for Johan Sverdrup

thematic

Oil & Gas

13.12.17

Kosmos exploration hiccups

thematic

Oil & Gas

06.12.17

Positive news from Genel’s Taq Taq

thematic

Oil & Gas

20.11.17

Ludicrous growth of the EV

thematic

Oil & Gas

07.11.17

Tullow’s Araku result completes our 2017 wells to watch list

thematic

Oil & Gas

16.10.17

Fancy a Ferrari or an EV?

thematic

Oil & Gas

10.10.17

Verbier delivers after sidetrack

thematic

Oil & Gas

03.10.17

Revealing Big Oil hurdle rates

thematic

Oil & Gas

26.09.17

Fatala well latest disappointment offshore West Africa

thematic

Oil & Gas

18.09.17

Partridge and Verbier fail to find oil

thematic

Oil & Gas

17.08.17

Made a discovery? What are the odds of another?

thematic

Oil & Gas

08.08.17

Kosmos searching for more investors

thematic

Oil & Gas

26.07.17

Killing the goose that laid the golden eggs

thematic

Oil & Gas

20.06.17

South east basin most popular in latest Mexico round

thematic

Oil & Gas

07.06.17

Porcupine Basin attracts Total

thematic

Oil & Gas

26.05.17

Tory manifesto – what does it mean for oil and gas?

thematic

Oil & Gas

02.05.17

Cairn/FAR return to deepwater FAN in Senegal

thematic

Oil & Gas

12.04.17

E&P industry funding cost still high

thematic

Oil & Gas

01.03.17

What a difference a year makes

thematic

Oil & Gas

15.02.17

Filicudi discovery – positive start to 2017 Barents exploration

thematic

Oil & Gas

10.02.17

Tullow dipping a toe back into exploration

thematic

Oil & Gas

06.02.17

Diversified Gas and Oil – quick thoughts

thematic

Oil & Gas

27.01.17

EnQuest acquisition: Ability to extract net economics (NAV) will be demonstrated over time

thematic

Oil & Gas

24.11.16

Fortuna LNG deal underlines the structurally higher costs of capital seen by E&Ps

thematic

Oil & Gas

24.11.16

Majors – failure to make sufficient returns will raise costs of capital across the E&Ps

thematic

Oil & Gas

12.10.16

Development lead times

thematic

Oil & Gas

27.09.16

Barents Sea – frontier drilling in 2017

thematic

Oil & Gas

17.08.16

Understanding of connectivity in Senegal key to tapping upside for Cairn

thematic

Oil & Gas

27.07.16

SDX initiation

thematic

Oil & Gas

19.07.16

Porcupine Basin Phase 2

thematic

Oil & Gas

18.07.16

Conoco sells Senegalese discovery blocks – fair price?

thematic

Oil & Gas

09.06.16

Oil and Gas Macro Outlook – Tightening market buffered by abundant inventories

thematic

Oil & Gas

27.04.16

Exploration Watch – Porcupine Basin

thematic

Oil & Gas

18.03.16

Bonds vs Equity vs Oil

thematic

Oil & Gas

02.03.16

Genel’s Taq Taq highlights complexity of fractured reservoirs

thematic

Oil & Gas

23.02.16

Oil & Gas UK 2016 Activity Survey: Impressive improvements no match for oil price headwinds

thematic

Oil & Gas

02.02.16

Oil Macro outlook 2016 – oversupply in the short term

thematic

Oil & Gas

27.01.16

Oil & gas macro outlook – Oversupply short term, lower break-even long term

thematic

Oil & Gas

12.01.16

Governments need to adapt to the oil price too

thematic

Oil & Gas

11.01.16

Exploration Watch – West of Shetland

thematic

Oil & Gas

17.11.15

100% success rate continues offshore Mauritania/Senegal

thematic

Oil & Gas

29.10.15

Falklands exploration: Humpback results finally in

thematic

Oil & Gas

28.10.15

Is the Serica deal a sign of improved North Sea co-operation?

thematic

Oil & Gas

20.10.15

Genel trading statement

thematic

Oil & Gas

16.10.15

Is there a link between the oil prices and deals?

thematic

Oil & Gas

15.10.15

Kurdistan payments ~ two payments in two months

thematic

Oil & Gas

15.09.15

Plexus Holdings taps subsea market

thematic

Oil & Gas

27.08.15

Gulf of Mexico – stepping up to the challenges

thematic

Oil & Gas

03.08.15

Kurdistan ~ payments coming

thematic

Oil & Gas

27.07.15

Petroceltic ~ Creating value in Algeria through execution

thematic

Oil & Gas

27.07.15

Cairn ~ Exposure to Senegal exploration, at lower risk

thematic

Oil & Gas

27.07.15

Rockhopper ~ Building a full cycle, exploration-led E&P

thematic

Oil & Gas

14.07.15

Wentworth Resources ~ company snapshot

thematic

Oil & Gas

13.07.15

Genel operations update ~ still waiting for export payments

thematic

Oil & Gas

25.06.15

Company Snapshot ~ Sterling Energy

thematic

Oil & Gas

15.06.15

Company Snapshot ~ Solo Oil

thematic

Oil & Gas

22.05.15

What’s the marginal cost of oil supply – $60/bbl or $80/bbl?

thematic

Oil & Gas

07.05.15

Saudi-led market share war with US producers continues

thematic

Oil & Gas

01.05.15

Oil & gas macro outlook – The market is returning to equilibrium

thematic

Oil & Gas

07.04.15

First Falklands well in two years looks positive

thematic

Oil & Gas

26.03.15

Nigerian elections 28th March

thematic

Oil & Gas

19.03.15

Ophir results – Acting counter-cyclically… or not?

thematic

Oil & Gas

13.03.15

Reserves – better not blink or they could be gone

thematic

Oil & Gas

13.03.15

Omne trium perfectum

thematic

Oil & Gas

10.03.15

Thoughts post Cairn FY14 results & India tax update

thematic

Oil & Gas

05.03.15

Finite storage capacity could call time on the financial demand currently supporting oil prices

thematic

Oil & Gas

03.03.15

Exploration Watch – Falklands

thematic

Oil & Gas

25.02.15

Catalytic converter – Five themes from oil majors’ 2015 updates

thematic

Oil & Gas

25.02.15

Exploration watch – Drilling returns to the Falklands

thematic

Oil & Gas

14.01.15

Oil & Gas – Macro Outlook: Current prices are not sustainable

thematic

Oil & Gas

03.12.14

Catalytic converter – Crude oil prices: A range-bound future

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

Oil & Gas

03.10.14

Oil & Gas – Macro Outlook: Swimming in oil

thematic

Oil & Gas

02.05.14

Oil & gas macro outlook: Ukraine supports prices for now

thematic

Healthcare

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Oil & Gas

28.01.14

Oil & gas macro outlook: North America is shifting the supply needle

thematic

Oil & Gas

10.10.13

Fallen angels, rising stars: Old LatAm basins creating fresh opportunities

thematic

Oil & Gas

04.10.13

Oil & gas macro outlook: The market remains well supplied

thematic

Oil & Gas

14.08.13

Oil & Gas – Oil & gas research principles

thematic

Oil & Gas

08.05.13

Oil & Gas – Falklands oils: Time to pause and draw breath

thematic

Healthcare

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

Metals & Mining

28.02.13

Asia-Pacific resources quarterly: February 2013 edition

thematic

Oil & Gas

08.02.13

Seismic reflections: Seismic Elections

thematic

Oil & Gas

16.11.12

Seismic reflections: Oil market dynamics turn bearish

thematic

Oil & Gas

05.10.12

Seismic reflections: Sentiment vs reality

thematic

Oil & Gas

07.09.12

Seismic reflections: Take me out

thematic

Oil & Gas

24.08.12

Seismic reflections: Unstoppable force?

thematic

Metals & Mining

20.08.12

Asia-Pacific resources quarterly: August edition

thematic

Oil & Gas

10.08.12

Seismic reflections: Stick or twist – looks like twist

thematic

Oil & Gas

13.07.12

Seismic reflections: What’s next for UK North Sea?

thematic

Oil & Gas

15.06.12

Seismic reflections: The next major US resource play

thematic

Metals & Mining

10.05.12

Asia-Pacific resources quarterly

thematic

Oil & Gas

04.05.12

Seismic reflections: Closing bell for the 27th UK licensing round

thematic

Oil & Gas

20.04.12

Seismic reflections: YPF nationalisation

thematic

Oil & Gas

05.04.12

Seismic reflections: Heavy cash

thematic

Oil & Gas

09.03.12

Seismic reflections: Budgeting for a North Sea revitalisation

thematic

Oil & Gas

10.02.12

Seismic reflections: Italian drilling ban about turn?

thematic

Oil & Gas

27.01.12

Seismic reflections: Gas to liquids could gain traction

thematic

Oil & Gas

13.01.12

Seismic reflections: Funding troubles, M&A bubbles

thematic

Oil & Gas

28.10.11

Seismic reflections: Singing those 100% equity blues

thematic

Oil & Gas

30.09.11

Seismic reflections: Enormous North American potential

thematic

Oil & Gas

16.09.11

Seismic reflections : Tullow’s breakthrough discovery

thematic

Oil & Gas

05.08.11

Seismic reflections: Confidence in Kurdistan grows

thematic

Oil & Gas

24.06.11

Seismic reflections: An exciting investment story

thematic

Oil & Gas

22.06.11

Still bearish

thematic

Oil & Gas

23.05.11

Seismic reflections : Commodity prices only a side issue

thematic

Oil & Gas

18.04.11

Crude market potentially vulnerable

thematic

Oil & Gas

01.04.11

Seismic reflections : Taxing matters

thematic

Oil & Gas

11.03.11

Seismic reflections – Introducing the oil screen

thematic

Oil & Gas

25.02.11

Supply fears exaggerated

thematic

Oil & Gas

16.08.10

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HELLENiQ Energy (ASE: ELPE)

Latest Insights

HELLENiQ Energy — Another strong set of results

Hellenic Petroleum — Record Q2 results

Hellenic Petroleum — Strong Q1 results

Hellenic Petroleum — Low dependency on Russian crude

Sector

Equity Analyst

Key Management

Balance Sheet

Share Price Performance

Financials

Research

Hellenic Petroleum — A flexible refiner in a turbulent time

Hellenic Petroleum — Improved environment, new strategy drive growth

Hellenic Petroleum — Positive Q120 results despite market conditions

Hellenic Petroleum — Support from Q3 refinery margin rise and IMO 2020

Hellenic Petroleum — IMO 2020 on the horizon

Hellenic Petroleum — A look ahead at 2019 after strong Q3 beat

Hellenic Petroleum — Q2 beat driven by refining over-performance

Hellenic Petroleum — Lower benchmark margins and FX affect Q1

Hellenic Petroleum — Refining estimates and valuation

Hellenic Petroleum — Q4 strong ops performance, weaker margins

Hellenic Petroleum — A refined Mediterranean player

Further insights

IMO sulphur caps

Analyst of the week

Verbier appraisal points to lower than expected resources

Orinduik resource upgrade for Eco Atlantic offshore Guyana

No moveable hydrocarbons in Alaskan Winx-1 well

Hydrocarbon discovery for Murphy at Cholula-1 offshore Mexico

Sound Energy well result highlights reservoir variability in Morocco

Tullow’s Namibian well disappoints

Tullow spuds Cormorant well offshore Namibia

Southern gas corridor to the EU nears agreement

Mexico: reassurance or uncertainty?

UK independents pick up blocks in Mexico’s Round 3.1

Lower break even for Johan Sverdrup

Kosmos exploration hiccups

Positive news from Genel’s Taq Taq

Ludicrous growth of the EV

Tullow’s Araku result completes our 2017 wells to watch list

Fancy a Ferrari or an EV?

Verbier delivers after sidetrack

Revealing Big Oil hurdle rates

Fatala well latest disappointment offshore West Africa

Partridge and Verbier fail to find oil

Made a discovery? What are the odds of another?

Kosmos searching for more investors

Killing the goose that laid the golden eggs

South east basin most popular in latest Mexico round

Porcupine Basin attracts Total

Tory manifesto – what does it mean for oil and gas?

Cairn/FAR return to deepwater FAN in Senegal

E&P industry funding cost still high

What a difference a year makes

Filicudi discovery – positive start to 2017 Barents exploration

Tullow dipping a toe back into exploration

Diversified Gas and Oil – quick thoughts

EnQuest acquisition: Ability to extract net economics (NAV) will be demonstrated over time

Fortuna LNG deal underlines the structurally higher costs of capital seen by E&Ps

Majors – failure to make sufficient returns will raise costs of capital across the E&Ps

Development lead times

Barents Sea – frontier drilling in 2017