Challenging economic environment and rising tax burden: headwinds for MOL – Model Update
We have updated our financial model to reflect recent macroeconomic developments, setting a2025 year-end ex-dividend target price of 2,950 HUF, representing a 21.43% upside including
the anticipated HUF 275 dividend following the 2024 fiscal year. Consequently, we maintain our
Accumulate recommendation for MOL.
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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