Petrom - OMV Petrom In Line With Expectations; 5.8% Dividend Yield
Opinion: Overall, the quarterly results were positive and in line withexpectations. The strategy update is a constructive step. The dividend remains
defensive due to elevated CAPEX, but this high CAPEX is temporary. While
some negative regulatory measures remain in place and new ones are
emerging in the form of a higher royalty burden, which triggered the
impairment . Initial commentary on the exploration well in Bulgaria sounded
negative.
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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