Last close As at 05/08/2026
EUR13.04
▲ −0.07 (−0.53%)
Market capitalisation
EUR3,986m
Research: Energy & Resources
Hellenic Republic Asset Development Fund (HRADF) and Paneuropean Oil & Industrial Holdings (POIH) have announced that they have sold 33.6m shares in HELLENiQ ENERGY, representing 11% of the existing ordinary shares. These were sold via an international private placement at a price of €7.00 per share. Although this is a third-party transaction, this will benefit the liquidity of HELLENiQ ENERGY’s shares.
Written by
Peter Hitchens
HELLENiQ ENERGY |
Shareholders reduce holding |
Increased free float |
Oil and gas |
1 February 2024 |
Share price performance
Business description
Analyst
HELLENiQ ENERGY is a research client of Edison Investment Research Limited |
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Hellenic Republic Asset Development Fund (HRADF) and Paneuropean Oil & Industrial Holdings (POIH) have announced that they have sold 33.6m shares in HELLENiQ ENERGY, representing 11% of the existing ordinary shares. These were sold via an international private placement at a price of €7.00 per share. Although this is a third-party transaction, this will benefit the liquidity of HELLENiQ ENERGY’s shares.
Year end |
Revenue (€bn) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/21 |
9.2 |
407 |
1.1 |
0.1 |
6.6 |
1.3 |
12/22 |
14.5 |
1,420 |
2.9 |
1.2 |
2.5 |
16.4 |
12/23e |
12.1 |
826 |
2.1 |
0.5 |
3.5 |
6.8 |
12/24e |
12.1 |
602 |
1.5 |
0.5 |
5.9 |
6.8 |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
In December, HRADF and POIH announced that they had successfully sold a combined 33.6m shares in HELLENiQ ENERGY, representing 11% of the existing ordinary shares. These were sold via an international private placement at a price of €7.00 per share. Following this placement, HRADF will continue to hold 31.2% of HELLENiQ ENERGY, while POIH will retain a 40.4% holding. Although this is a third-party transaction and HELLENiQ ENERGY will not benefit from any of the proceeds, this will benefit the liquidity of the shares as the free float has increased from 17.4% to 28.4% of the total issued share capital. HELLENiQ ENERGY’s liquidity in the year to date is up approximately five times over the pre-placement period of last year, allowing more funds to invest.
The market will now focus on the FY23 results, which are due to be released after market hours on 29 February 2024. Although the financials results will be important (as the group continues to benefit from resilient refining margins), the market will look to how management is progressing with its ongoing transformation programme, which is looking to adjust the business to a world that is increasingly focused on the environment. The key measures are the reduction in carbon dioxide emissions and the build-up of its renewable energy business. For more details, please see our November re-initiation of coverage note.
For HELLENiQ’s valuation we have looked at the company relative to a peer group of southern European refining companies (Motor Oil, Saras and Tupras), where the shares are trading at an approximate 40% discount to this peer group on an FY25e P/E basis. On a DCF basis we achieve a value of €9.70 per share.
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Research: TMT
Q2 was a pivotal quarter for SenSen, with the business making significant progress commercially, operationally and financially. Customer cash receipts grew 17% to A$3m and the company generated positive cash flows for the first time. Notable wins in Australia with the NHVR and a newly announced contract with Sourcewell in the US should support further growth while further validating SenSen’s technology. The shift to focus the business solely on smart cities is enabling a further $A2m in cost efficiencies to be made, while financial headroom was strengthened by a A$2m (net) entitlement offer. Estimates look well supported and we believe SenSen looks well positioned to remain self-funding and generate positive cash flows on an annual basis.