Hellenic Petroleum S.A.

Hellenic Petroleum operates in the energy sector predominantly in Greece and the Balkans. Co.'s main activities include: refining and marketing of oil products ("R&M"); exploration, development and production, of hydrocarbons ("E&P"); manufacturing and marketing of petrochemical products; and power generation and trading. Refining, supply and trading are Co.'s core business and its main source of income and profit. Retail trading activities are split into domestic, comprising Co.'s Greek subsidiaries EKO and Hellenic Fuels, and International through local in-market retail subsidiary companies. Hydrocarbon exploration and production (E&P) Co. activities relate to Greece and abroad.
  • TickerELPE
  • ISINGRS298343005
  • SectorOil & Gas Producers
  • CountryGreece

Analysts

Nikos Koskoletos CFA

HELLENIC PETROLEUM | Earning its way out of rough waters

Over the course of the past 3 years the company has significantly realigned its balance sheet to a more “normal” working capital configuration, thanks to the streamlining of its operations and generation of over EUR 2bn in reported EBITDA. Given that refining margins remain at quite profitable levels and the group has increased its realization capacity to USD 10/bbl, we believe that the next task of reducing the group’s gearing is within reach, while maintaining capacity to also reward shareholders as the group’s cash conversion rate rumps up. We note that the introduction of the IMO 2020 ru...

Hellenic Petroleum - Q2 beat driven by refining over-performance

Hellenic Petroleum reported Q2 adjusted EBITDA of €187m, 14% ahead of market consensus and an 18% decrease y-o-y. Realised margins at $10.6/bbl represent $5.8/bbl over-performance relative to the benchmark, partly offsetting a reduction in utilisation due to planned maintenance at Elefsina and Thessaloniki, increased CO2 costs and a stronger euro. Management sees significant improvement in benchmark margins in Q318 providing visibility of continued momentum in refining profitability through 2018. In addition, a high middle distillate yield provides Hellenic with a competitive position ahead of...

Vassilis Roumantzis

HELLENIC PETROLEUM - 2Q18 results preview – A solid quarter is expected

HELPE Earnings Estimates Update, May 18, 2018

Hellenic Petroleum S.A. (HELPE) operates in 5 major business segments: refining, fuels marketing, petrochemicals, oil exploration and electricity production.

Research Team

The Rear-View Mirror – CEE markets: Greek equities gained the most in April in EME

EME Equity Market – April 2018 Market performance – ASE gained the most in April, while the ISE30 lost the most. The MSCI EME dropped by 3.2% mom in EUR terms. The ASE index (+10% mom) reported the largest rate of return, followed by the Polish WIG20 index (+2.9%), and the BUX (+2.7% mom); while the Turkish ISE30 lost -10.4% mom, followed by the Russian MICEX (-6.3% mom), and the Czech PX index (-1.4% mom). The Romanian BET index stayed fairly flat (-0.1% mom).

Nikos Koskoletos CFA

HELLENIC PETROLEUM | Earning its way out of rough waters

Over the course of the past 3 years the company has significantly realigned its balance sheet to a more “normal” working capital configuration, thanks to the streamlining of its operations and generation of over EUR 2bn in reported EBITDA. Given that refining margins remain at quite profitable levels and the group has increased its realization capacity to USD 10/bbl, we believe that the next task of reducing the group’s gearing is within reach, while maintaining capacity to also reward shareholders as the group’s cash conversion rate rumps up. We note that the introduction of the IMO 2020 ru...

Hellenic Petroleum - Q2 beat driven by refining over-performance

Hellenic Petroleum reported Q2 adjusted EBITDA of €187m, 14% ahead of market consensus and an 18% decrease y-o-y. Realised margins at $10.6/bbl represent $5.8/bbl over-performance relative to the benchmark, partly offsetting a reduction in utilisation due to planned maintenance at Elefsina and Thessaloniki, increased CO2 costs and a stronger euro. Management sees significant improvement in benchmark margins in Q318 providing visibility of continued momentum in refining profitability through 2018. In addition, a high middle distillate yield provides Hellenic with a competitive position ahead of...

Vassilis Roumantzis

HELLENIC PETROLEUM - 2Q18 results preview – A solid quarter is expected

HELPE Earnings Estimates Update, May 18, 2018

Hellenic Petroleum S.A. (HELPE) operates in 5 major business segments: refining, fuels marketing, petrochemicals, oil exploration and electricity production.

Research Team

The Rear-View Mirror – CEE markets: Greek equities gained the most in April in EME

EME Equity Market – April 2018 Market performance – ASE gained the most in April, while the ISE30 lost the most. The MSCI EME dropped by 3.2% mom in EUR terms. The ASE index (+10% mom) reported the largest rate of return, followed by the Polish WIG20 index (+2.9%), and the BUX (+2.7% mom); while the Turkish ISE30 lost -10.4% mom, followed by the Russian MICEX (-6.3% mom), and the Czech PX index (-1.4% mom). The Romanian BET index stayed fairly flat (-0.1% mom).

1 director sold

A director at Hellenic Petroleum Sa sold 19,925 shares at 8.140EUR and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The na...

Research Team

WOOD Morning (27 April)

HEADLINES: * Greece: keep calm, this time it is real! (AEGN, ALPHA, BELA, CCH, ELPE, ETE, EUROB, EXAE, FOYRK, GRIV, HTO, MOH, MYTIL, OPAP, PPA, PPC, SAR, TITK, TPEIR) * Gazprom: 4Q17 results - weaker than expected NEGATIVE * Ford Otosan: 1Q18 review - a strong set of results POSITIVE * Tekfen: 1Q18 review - strong quarter, as expected NEUTRAL * Tofas: 1Q18 review - revenues and EBITDA in line, beat on net income NEUTRAL * Kruk: 1Q18 - 8-13% beat on net income; 30% yoy growth in revenues from Italy NEUTRAL * Warsaw Stock Exchange: 1Q18 - 6-7% beat on net income on lower op...

Research Team

WOOD Morning (20 April)

HEADLINES: * Atrium: steady as she goes (stays HOLD) * AmRest: 1Q18 sales at EUR 348m, up 31% yoy (also 31% in LC), 14.5% growth excluding M&A POSITIVE * Lenta: 1Q sales up 20% yoy on 6.1% lfl (mainly on ticket growth) POSITIVE * X5: 1Q sales growth slows to 20% yoy on eroding lfl (only 0.6%, as traffic was negative) NEGATIVE * Sarantis: new guidance for 2018E reassuring POSITIVE * Hellenic Petroleum: to accept bid for DESFA POSITIVE * Immofinanz: starts bidding process for 26% stake in CA Immo NEUTRAL * OTP Bank: terminates acquisition process for Banca Romaneasca NE...

Research Team

WOOD Morning (28 February)

HEADLINES: * Emerging Europe Refining: repeats now showing (TUPRS, ELPE, LTS and NIS upgraded to BUY; MOL & MOH stay BUY; PKN stays HOLD) * EME Macro/Strategy: attention! Something is not right * Coca-Cola Icecek: 4Q17 results - strong beat on EBITDA, higher-than-expected dividend proposal POSITIVE * Erste Bank: 4Q17 - beat on lower income tax; strong revenue delivery; DPS in line with expectations NEUTRAL * Play Communications: 4Q17 results in line; guiding for a stable dividend yoy in 2019E POSITIVE * Eurocash: 4Q17 review - another miss on costs, new super(market) strat...

Research Team

WOOD Morning (23 February)

HEADLINES: * BGEO Group: pull-back creates a window for entry (upgraded to BUY) * Tekfen Holding: 4Q17 review - above both our expectations and consensus POSITIVE * Hellenic Petroleum: 4Q17 results - miss on consensus EBITDA but highest-ever dividend proposal * TBC: 4Q17 results wrap - a good quarter overall with better visibility on the NIM POSITIVE * Sphera: FY17 preliminary pro-forma results * LiveChat Software: 3Q17/8E (calendar 4Q17) results in line with our forecasts, but miss consensus NEGATIVE * CEZ: approves the sale of its Bulgarian assets to Inercom NEUTRAL ...

Research Team

WOOD Morning (21 February)

HEADLINES: * Aselsan: 4Q17 results - low quality NI beat, 3% EBITDA miss and weaker than expected 2018E guidance NEGATIVE * Orange PL: 4Q17 results - EBITDA in line with our forecasts, guidance on 2018E maintained NEUTRAL * OMV: 4Q17 results - EBITDA in line with consensus, record dividend proposal NEUTRAL * OMV Petrom: 4Q17 results - EBIT below expectations, 6.5% dividend recommendation NEUTRAL * Romanian banks: draft law to cap interest rates NEUTRAL * Aygaz: to distribute TRY 1.53/share from 2017 profit POSITIVE * Graphisoft Park: 4Q17 results - beat on higher rental in...

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Hellenic Petroleum SA (ELPE) - Oil & Gas - Deals and Alliances Profile

Summary Hellenic Petroleum S.A. (Hellenic Petroleum) is an integrated oil and gas company. It refines, supplies, and trades oil products; and markets fuels in Greece and South-eastern European markets with a network of petrol stations. The company owns and operates vertically integrated petrochemicals complex in Greece. Hellenic Petroleum produces and processes propylene, polypropylene, solvents, and inorganics. It operates natural gas power generation plants and also has interests in various renewable facilities. Hellenic Petroleum also supplies, transports, and trades natural gas. The compa...

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