Concorde Securities - OMV AG (OMV) The Art of Deal: OMV secures an advantageous merger deal with ADNOC

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Concorde Securities

Gabor Bukta

The Art of Deal: OMV secures an advantageous merger deal with ADNOC

We have revised our target price for OMV, after the successful merger with ADNOC regarding the combination of Borealis and Borouge. The agreed terms are highly favourable for OMV. Accordingly, we raise our 2025 year-end ex-dividend target price from EUR 42.6 to EUR 50.0, implying an upside potential of 25.0%.
The merger will result in the deconsolidation of Borealis from OMV's financial statements, with its stake in the newly formed entity will be reported as an equity-accounted investment. At this stage, we have not updated our consolidated forecasts, only provided a preliminary estimate of the upside potential.

07/03/2025 8 EN

Underlying

OMV AG

OMV is an international energy company with activities in Exploration and Production (E&P), Refining and Marketing including petrochemicals (R&M), and Gas and Power (G&P). Co. explores and develops oil and gas resources and supply energy to over 100 million people. OMV has three operating segments: Exploration and Production (E&P), Refining and Marketing, including petrochemicals (R&M), and Gas and Power (G&P), as well as the segment Corporate and Other (Co&O).

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AT0000743059 Vienna Stock Exchange Austria

Provider

Concorde Securities

Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.

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Analysts

Gabor Bukta

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The Art of Deal: OMV secures an advantageous merger deal with ADNOC

WOOD Morning (5 March 2025)

WOOD Flash – OMV: agrees on Borealis, Borouge and Nova Chemicals deal with ADNOC

Q4 fully in-line, ’25 guidance is a big surprise

Solid performance in Q4, new markets are on track

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