MOL - Reported Earnings Missed The Consensus, EBITDA Guidance Lifted
- MOL missed the consensus on profit (-16%) and on CCS EBITDA (-1.5%) because of higher corporate (-68% vs. cons) and intersegment transfer (-61% vs. cons), excluding those CCS EBITDA would have beat consensus by 3%. Profit arrived lower than the consensus mainly because the miss on reported EBTDA and high contribution from INA and inventory revaluation (cons. expected positive effect while in reality it was negative this explains ca. HUF 20 bn difference in profit level)
- Intersegment transfer (HUF – 27bn vs -17bn) basically a deferred profit, that will be realized latter so it is basically a time mismatch issue, while corporate and other cost was clearly higher than historical average HUF - 26bn vs. cons. HUF -15bn).
- Segment-wise, Consumer Services and Gas midstream CCS EBITDA missed the consensus both by 20%, while upstream and CCS downstream came better than expected each by 4%.
- MOL highlighted that HU gov. measures has deteriorated EBITDA by USD 580 mn in H1.
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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