Concorde Securities - MOL Nyrt (MOL) MOL - Q1 operating results were slightly better than consensus estimate

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Concorde Securities

Attila Vago

MOL - Q1 operating results were slightly better than consensus estimate

MOL posted HUF 158.1 bln clean CCS-based EBITDA for Q1/18 (-11% YoY), ahead 2% of the consensus estimate and our forecast, respectively. The somewhat higher-than expected clean CCS operating results were mainly due to better consumer services earnings and lower HQs losses.

04/05/2018 7 EN

Underlying

MOL Nyrt

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HU0000068952 Warsaw Stock Exchange Hungary

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

Attila Vago

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MOL - Q1 operating results were slightly better than consensus estimate

WOOD Daily: CDR PW; PZU PW; MOL HB; ELPE GA; NLBR SV; CCC PW; AKCNS TI; BRISA TI; CIMSA TI; MTELEKOM HB; EME Strategy – MSCI; APR PW

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The Rear-View Mirror – EME markets: rebound in Türkiye

OMV resilient despite macro strain, Petrochemicals remain weak

Upgraded guidance creates more room for payout

Record Q clean EBIT overshadowed by one-offs

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