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Currency in EUR
Last close As at 25/03/2023
EUR7.66
▲ 0.16 (2.13%)
Market capitalisation
EUR2,341m
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.
Analyst, Energy & Resources
Nikos Katsenos
Head of IR
Vasilis Tsaitas
CFO
Forecast net debt (€m)
N/A
Forecast gearing ratio (%)
N/A
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (9.2) | 3.5 | 8.8 |
| Relative | (3.0) | (8.9) | (10.9) |
| 52 week high/low | €8.6/€5.9 |
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 | 416.7 | 5.1 |
| 2021A | 9222.0 | 401.0 | 151.0 | 47.1 | 15.9 | 8.5 |
| 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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