PKN ORLEN S.A.

Polski Koncern Naftowy Orlen's activities are divided into three main business segments: the Refining Segment that comprises crude oil processing as well as wholesale and retail trade in refinery products. The Petrochemical Segment that encompasses production and sale of petrochemicals and chemicals. The Retail Segment that comprises of sales at petrol stations. Co.'s basic products include gasolines, diesel oils, light heating oil, Jet fuel, liquid gas, polyetylene, polypropylene, benzene, butadiene, acetone, phenol, glycols, toluen, ortoxylene.
  • TickerPKN
  • ISINPLPKN0000018
  • ExchangeWarsaw Stock Exchange
  • SectorOil & Gas Producers
  • CountryPoland
Jonathan Lamb

WOOD Flash – European refining and petrochemicals margins monthly: July 2020

July saw improvements for all the companies’ refining margins, which is unsurprising because both June was so extremely poor, and July saw big gains in demand. The WOOD benchmark declined however, as it uses Middle Eastern crude oils, which continue to be very expensive. Product crack margins are beginning to improve, however, with: gasoline at USD 2.1/bbl, turning positive after two months in negative territory; diesel edging higher to USD 5.8/bbl; and fuel oil maintaining its strength of the last few months. Hellenic Petroleum is the only company with negative margins, at -USD 0.7/bbl, but t...

Research Team

The Rear-View Mirror – EME markets: Equities back in the red in EUR terms in July

EME Equity Market – July 2020 Market performance – majority of indices in the red, with the ISE30 Index down 12.6%. Following its mediocre decline in June, the MSCI EM Europe Index declined 4.4% in EUR terms, but gained 0.4% in local currency terms in July. Following the rather large decline in the Turkish equities, the MOEX Index was also down, 3.5%, in July; while the Athens’ benchmark declined 3.3% and the Romanian BET Index fell 3.2%. Following its gain last month, the PX Index declined by 2.4%, followed by the Hungarian BUX Index, -0.4%. The only benchmark with a positive return in EUR te...

Raiffeisen Centrobank Equity Daily 30.07.2020

 AT: AMAG - 2Q earnings ahead of our and market expectations, FY 20 EBITDA guidance of EUR 80-100 mn in line with consensus (neutral)  AT: Austria - Prolongation of short time work regulation (positive)  AT: FACC - Boeing, Airbus again slightly adjust long-haul production rates (negative)  AT: Palfinger - 2Q sales and EBIT slightly ahead of RCBe, FY 20 sales outlook of arouind EUR 1.5 bn somewhat more upbeat (positive)  AT: Verbund - 2Q 20 EBITDA in line, lower end of FY guidance raised on one-offs (neutral)  HR: Valamar Riviera - AGM scheduled for September (neutral)  HR: Valamar Rivie...

Research Team

WOOD Daily: MBK PW; GARAN TI; YKBNK TI; OTKAR TI; TKFEN TI; NVTK LI; JMT PL; TITC GA; PKN PW; ENG PW; KCEL KZ; OPL PW; NIIS SG; EL RO; AFLT RX; TL Macro; CIE PW; PL Utilities; ARNT CZ

HEADLINES: • mBank: 2Q20 - posts beat vs. expectations due to low base effect; 1H20 ROE of only c.2% NEUTRAL • Garanti: 2Q20 generally stronger than expected • Yapi Kredi: in line with expectations, similar positive trends vs. peers • Otokar: 2Q20 results - EBITDA beat driven by defence exports POSITIVE • Tekfen: 2Q20 results - a mixed bag NEUTRAL • Novatek: 2Q20 results - expectedly weak, but ahead of the consensus • Jeronimo Martins: small beat in 2Q on (relative) strength of Biedronka POSITIVE • Titan Cement: solid 1H20 numbers, with manageable COVID-19 effect POSITIVE • PKN Orlen: 2Q20 ...

Łukasz Prokopiuk

PKN Orlen: 2Q20 results revealed; Strong adjusted EBITDA LFIO after exclusion of all one-offs and one-time effects

PKN Orlen: 2Q20 results revealed; Strong adjusted EBITDA LFIO after exclusion of all one-offs and one-time effects

Jonathan Lamb

WOOD Flash – European refining and petrochemicals margins monthly: July 2020

July saw improvements for all the companies’ refining margins, which is unsurprising because both June was so extremely poor, and July saw big gains in demand. The WOOD benchmark declined however, as it uses Middle Eastern crude oils, which continue to be very expensive. Product crack margins are beginning to improve, however, with: gasoline at USD 2.1/bbl, turning positive after two months in negative territory; diesel edging higher to USD 5.8/bbl; and fuel oil maintaining its strength of the last few months. Hellenic Petroleum is the only company with negative margins, at -USD 0.7/bbl, but t...

Research Team

The Rear-View Mirror – EME markets: Equities back in the red in EUR terms in July

EME Equity Market – July 2020 Market performance – majority of indices in the red, with the ISE30 Index down 12.6%. Following its mediocre decline in June, the MSCI EM Europe Index declined 4.4% in EUR terms, but gained 0.4% in local currency terms in July. Following the rather large decline in the Turkish equities, the MOEX Index was also down, 3.5%, in July; while the Athens’ benchmark declined 3.3% and the Romanian BET Index fell 3.2%. Following its gain last month, the PX Index declined by 2.4%, followed by the Hungarian BUX Index, -0.4%. The only benchmark with a positive return in EUR te...

Raiffeisen Centrobank Equity Daily 30.07.2020

 AT: AMAG - 2Q earnings ahead of our and market expectations, FY 20 EBITDA guidance of EUR 80-100 mn in line with consensus (neutral)  AT: Austria - Prolongation of short time work regulation (positive)  AT: FACC - Boeing, Airbus again slightly adjust long-haul production rates (negative)  AT: Palfinger - 2Q sales and EBIT slightly ahead of RCBe, FY 20 sales outlook of arouind EUR 1.5 bn somewhat more upbeat (positive)  AT: Verbund - 2Q 20 EBITDA in line, lower end of FY guidance raised on one-offs (neutral)  HR: Valamar Riviera - AGM scheduled for September (neutral)  HR: Valamar Rivie...

Łukasz Prokopiuk

PKN Orlen: 2Q20 results revealed; Strong adjusted EBITDA LFIO after exclusion of all one-offs and one-time effects

PKN Orlen: 2Q20 results revealed; Strong adjusted EBITDA LFIO after exclusion of all one-offs and one-time effects

Raiffeisen Centrobank Equity Daily 28.07.2020

 AT: BAWAG Group - 2Q below expectations on higher COR, CET1 better, 10% ROTE target for 2020 in line (neutral)  EU: Banks - ECB extends recommendation not to pay dividends until January 2021 and clarifies timeline to restore buffers (neutral)  PL: PKN - 2Q 20 earnings to be strongly impacted by positive one-offs related to inventory revaluation and acquisition of Energa (positive)  RO: Banca Transilvania - Media reports that TLV is in pole-position to purchase Garanti Bank Romania, but the company did not confirm (neutral)  RS: Banks - Serbia extends loan holidays by 3 months (neutral) ...

Polski Koncern Naftowy ORLEN S.A. - September 2017 (LTM): Peer Snapshot

Peer Snapshot:  Polski Koncern Naftowy ORLEN S.A. - September 2017 (LTM) 11 December 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Sep-17 FYE Dec-15 FYE Dec-16 LTM Sep-17 FYE Dec-15 FYE Dec-16 LTM

Moody's: Oil & gas companies MOL and PKN ORLEN are evenly matched overall with different strengths and weaknesses

Announcement: Moody's: Oil& gas companies MOL and PKN ORLEN are evenly matched overall with different strengths and weaknesses. Global Credit Research- 11 Oct 2017. London, 11 October 2017-- While MOL Hungarian Oil and Gas Plc surpasses Polish peer Polski Koncern Naftowy ORLEN S.A. in terms of overall business profile resilience, their strong financial profiles are evenly matched with adjusted gross debt/EBITDA expected to remain below 1.7 x in 2017-19 and PKN ORLEN beats MOL in...

Polski Koncern Naftowy ORLEN S.A. - June 2017 (LTM): Peer Snapshot

Peer Snapshot:  Polski Koncern Naftowy ORLEN S.A. - June 2017 (LTM) 31 August 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Jun-17 FYE Dec-15 FYE Dec-16 LTM Mar-17 FYE Dec-15 FYE Dec-16 LTM

Polski Koncern Naftowy ORLEN S.A. - March 2017 (LTM): Peer Snapshot

Peer Snapshot:  Polski Koncern Naftowy ORLEN S.A. - March 2017 (LTM) 26 May 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Mar-17 FYE Dec-15 FYE Dec-16 LTM Mar-17 FYE Dec-14 FYE Dec-15 LTM

Polski Koncern Naftowy Orlen S.A.: Update Following Recent Upgrade

CORPORATES CREDIT OPINION 23 May 2017 Update RATINGS Polski Koncern Naftowy ORLEN S.A. Domicile Plock, Poland Long Term Rating Baa2 Type LT Issuer Rating - Dom Curr Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Shruti Kulkarni 44-20-7772-1388 Analyst shruti.kulkarn

Research Team

WOOD Daily: MBK PW; GARAN TI; YKBNK TI; OTKAR TI; TKFEN TI; NVTK LI; JMT PL; TITC GA; PKN PW; ENG PW; KCEL KZ; OPL PW; NIIS SG; EL RO; AFLT RX; TL Macro; CIE PW; PL Utilities; ARNT CZ

HEADLINES: • mBank: 2Q20 - posts beat vs. expectations due to low base effect; 1H20 ROE of only c.2% NEUTRAL • Garanti: 2Q20 generally stronger than expected • Yapi Kredi: in line with expectations, similar positive trends vs. peers • Otokar: 2Q20 results - EBITDA beat driven by defence exports POSITIVE • Tekfen: 2Q20 results - a mixed bag NEUTRAL • Novatek: 2Q20 results - expectedly weak, but ahead of the consensus • Jeronimo Martins: small beat in 2Q on (relative) strength of Biedronka POSITIVE • Titan Cement: solid 1H20 numbers, with manageable COVID-19 effect POSITIVE • PKN Orlen: 2Q20 ...

Research Team

WOOD Daily: SPL PW; YNDX US; AKBNK TI; TOASO TI; FROTO TI; BIZIM TI; WIZZ LN; SNP RO; OMV AV; GTC PW; AFLT RX; TRP RO; PL Utilities; PGE PW; CIE PW; GR6 BU; JSW PW; MTSS RX; OPL PW; ENG PW; PKN PW; ASELS TI; CPS PW

HEADLINES: • Santander Bank Polska: 2Q20 - strong delivery on costs, revenues under pressure • Yandex: 2Q20 results - softer ad market, but recovering swiftly • Akbank: 2Q20 highlights - in line, but earnings quality somewhat weak, new guidance • Tofas: 2Q20 results - all-time high PBT margin, guidance raised POSITIVE • Ford Otosan: 2Q20 results - beat on EBITDA, guidance raised, but reflected in the price already NEUTRAL • Bizim Toptan: 2Q20 in line with expectations NEUTRAL • Wizz Air: strong cash position maintained, strong momentum going into the summer NEUTRAL • OMV Petrom: 2Q20 resul...

Research Team

WOOD Daily: CZ Macro; TL Macro; EXAE GA; BVB RO; PKN PW; OMV AV; SNP RO; OPL PW

HEADLINES: • Czech Republic macro: improving prospects • Turkey macro: wait-and-see stance • Athens Exchange Group: 2Q20 results softer, but stock at interesting entry levels • Bucharest Stock Exchange: announces agreement between CCP.RO and CC&G POSITIVE • PKN Orlen: announces one-off estimates for 2Q • OMV: 2Q20E results preview (due out tomorrow) • OMV Petrom: 2Q20E results preview (due out tomorrow) • Orange Polska: 2Q20E preview - 11% adjusted EBITDAaL growth expected (due out tomorrow)

Research Team

WOOD Daily: MAIL LI; ARCLK TI; PETG SV; PKN PW; TL Macro; ENG PW; TPE PW; EXAE GA; TL Banks; SAB1L LH; RTKM RX; HTO GA

HEADLINES: • Mail.ru: very strong 2Q20 results • Arcelik: 2Q20 results - solid numbers, but might be in the price already NEUTRAL • Petrol Group: AGM approves DPS of EUR 22 NEUTRAL • PKN Orlen: signs agreement on cooperation and non-disclosure with PGNiG • Turkey macro: inflation update • Energa: PLN 1bn of impairments coming in 2Q20E • Tauron: new CEO comments on green transition • Athens Exchange Group: 2Q20E preview (due on 27 July) • Turkish banks: 2Q20E previews - not as tough as we thought (due on 28-29 July) • Siauliu Bankas: 2Q20E results preview (due on 31 July) • Rostelecom:...

Research Team

WOOD Daily: PKN PW; OGZD LI; PL Macro; MOL HB; GPW PW; TPE PW; KRU PW

HEADLINES: • PKN Orlen: European Commission assents to PKN Orlen's acquisition of Lotos, with conditions NEGATIVE • Gazprom: 1Q20 results and conference call • PKN Orlen: aiming to acquire PGNiG NEGATIVE • Poland macro: NBP keeps rates unchanged • MOL: discovers gas and condensate in Pakistan POSITIVE • Warsaw Stock Exchange: GPW Ventures to collaborate with KOWR, supporting innovations in agriculture NEUTRAL • Tauron: appoints new management team • Kruk: CEO gives interview to Parkiet • Short News (CPS, PLY)

PLKNC.NAFTOWY ORLEN sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of PLKNC.NAFTOWY ORLEN (PL), a company active in the Integrated Oil & Gas industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date May 19, 2020, the closing price was PLN 63.80 and its potential was estimated at PLN 73.48.

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