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

%1m3m12m
Actual0.612.282.8
Relative *1.3(5.3)40.3

* % Relative to local index

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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
Athens
15125
Greece
+30 210 63 02 000
View website