We lower our 12-m TP to HUF 3,208 a share from HUF 3,380 due to the weakness in the USD and higher CoE applied in the wake of an increase in yields, yet leaving a 14% upside potential from the current share price. Our TP is being justified by both a stable mid-term earnings and FCF outlook against the backdrop of a supportive refining environment (robust margins and volume growth), and increasing upstream production amid rising oil price.
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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