Hellenic Petroleum (ELPE)

Business description

Hellenic Petroleum operates three refineries in Greece with a total capacity of 341kbd, and has sizeable marketing (domestic and international) and petrochemicals divisions.

Stock data

Market cap.€2475.6m
Last close€8.10
High / Low (52 weeks)€8.8 / €4.5
Stock market listingASE
Forecast net debt (€m)1453
Forecast gearing ratio (%)62
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

Relative *1.3(5.3)40.3

* % Relative to local index

Other companies in sector Show

88 Energy Activa Resources
ADX Energy Afren
African Petroleum Corporation AJ Lucas Group
Aminex Andes Energia
Antares Energy Athabasca Resources
AusTex Oil AWE
Azonto Petroleum Bankers Petroleum
Bitesize Briefing BNK Petroleum
Bowleven Bridge Energy
Buru Energy Cairn Energy
Canacol Energy Canadian Overseas Petroleum
Canoel International Energy Cap Energy
Carbon Energy Carnarvon Petroleum
CBM Asia Development Central Petroleum
Challenger Energy Coastal Energy
Columbus Energy Resources Cooper Energy
Core Laboratories Cue Energy
Denbury Resources DEO Petroleum
Deutsche Rohstoff Dragon Oil
Drillsearch Energy Egdon Resources
Elk Petroleum Energy XXI
Exillon Energy Exoma Energy
Falkland Oil & Gas Faroe Petroleum
Fastnet Oil & Gas Forum Energy
G3 Exploration Gasol
Genel Energy Genie Energy
Great Eastern Energy Corporation Greka Drilling
Gulf Keystone Petroleum Gulfsands Petroleum
Hawkley Oil & Gas High Peak Royalties
Hurricane Energy Hydrodec Group
IPB Petroleum Ithaca Energy
JKX Oil & Gas Karoon Gas
Kea Petroleum Kina Petroleum
Kreuz Holdings Lansdowne Oil & Gas
Leed Petroleum Leigh Creek Energy
LGO Energy Lion Energy
Liquefied Natural Gas Lochard Energy
Madagascar Oil Madalena Energy
MEC Resources Mediterranean Oil & Gas
MEO Australia Mosman Oil and Gas
Nautical Petroleum New Standard Energy
New Zealand Oil & Gas Nido Petroleum
Nighthawk Energy North Sea Energy
Northern Petroleum Norwest Energy
Otto Energy Pacific Rubiales
Parex Resources Petrel Energy
Petroceltic Petromanas Energy
PetroMatad Petrominerales
Po Valley Energy Premier Oil
President Energy Pura Vida Energy
Quadrise Fuels International Ramba Energy
Range Resources Real Energy
Real Energy Corporation Regal Petroleum
Renergen Rockhopper Exploration
SacOil Holdings Salamander Energy
SDX Energy Sefton Resources
Senex Energy Sequa Petroleum
ShaMaran Petroleum Simba Energy
SOCO International Solo Oil
Sound Oil Sterling Energy
Stratic Energy Tethys Petroleum
Touchstone Exploration Tower Resources
TransAtlantic Petroleum TransGlobe Energy
Valiant Petroleum Vermilion Energy
Victoria Oil & Gas Wentworth Resources
WestSide Corporation Xcite Energy
Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2015A 7303.0 758.0 353.0 1.29 627.9 5.4
2016A 6680.0 731.0 361.0 0.82 987.8 N/A
2017E 7932.0 848.0 527.0 1.28 632.8 3.3
2018E 7856.0 756.0 458.0 1.12 723.2 3.6

Last updated on 29/01/2018

Latest research

A refined Mediterranean player

Initiation | Oil & Gas | 29/01/2018

Investment summary

Hellenic Petroleum (ELPE) owns three refineries (accounting for 65% of total Greek refinery output), while having a substantial marketing and chemicals presence. Although we believe the European refining market to be challenging in the long term, short-term regulation changes (on sulphur in 2020) should support demand for products from complex, middle distillate-focused refineries like Hellenic’s. The cyclical macro environment will likely present challenges but ELPE has a strong balance sheet and should generate free cash flow in the coming years, which may be usefully deployed. We use a mix of 2018e P/E, EV/EBITDA and a longer-term DCF approach to value ELPE at €9.3/share, representing c 9% upside to the current share price.

Last updated on 29/01/2018

Key management

Vasilis Tsaitas , Investor Relations Officer
Vasilis Molfetas, IR department
George Grigoriou, Investor Relations Officer

Company address

8A Chimarras str, Marousi
+30 210 63 02 000
View website