Came better than the consensus, + FY EBITDA guidance increased
MOL beat consensus on every P&L level, starting from Clean CCS EBITDA to profit by 10% and 3% thanks to better downstream and lower negative contribution from intersegment and the positive effect of Waste management – the latter two combined explains ca. 60% of EBITDA beat. Clean CCS EBITDA and profit to equity arrived to HUF 345 bn and HUF 176 bn (or an EPS of 224) respectively. Although, Clean CCS EBITDA would have been closer to consensus excluding the relative positive EBITDA effect of intersegment, all the other segment performed slightly better than had anticipated in Q3.
- MOL improved its a conservative FY CCS EBITDA outlook from USD 2.5 bn (which was originally ca. 17% below the FY consensus) to USD 2.8 bn (cons. at USD 3 bn) as a result of more visibility for the rest of the year.
Magyar Olaj-Es Gazipari is an integrated oil and gas enterprise based in Hungary and active in central and eastern Europe. Co.'s core activities include: exploration and production of crude oil, natural gas and gas products; refining, transportation, storage and distribution of crude oil products in both retail and wholesale markets; importation, transportation, storage and wholesale trading of natural gas and other gas products; and the production and sale of olefins and polyolefins. TVK, the petrochemical affiliate of Co., is an olefin and polyolefin producer in Hungary.
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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