MOL - ATH CCS FY EBITDA, NEW guidance, no update on special dividend
o MOL slightly beat the company compiled consensus on EBITDA (+4%) and EBIT
(+1%) lines, but missed the bottom-line by 20% due to high effective tax rate (26% vs. avg
13%).
o Segment-wise, clean CCS EBITDA came above consensus because of better than
expected DS and (+9% vs. cons) Upstream (+4% vs. cons), while higher than expected
financial and tax expenses lowered the magnitude of earnings gain for the bottom-line.
Excluding non-recurring we ended up with an adjusted EPS of 147 for the quarter, and a
12M reported EPS of 744. Record simplified FCF of USD 1.98 bn (USD 2 bn was
expected), pushed debt level to comfortable level.
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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