MOL slightly missed market consensus in Q1 2024.
Key Message
Group-level clean CCS EBITDA totalled USD 718 mn in Q1 2024, falling 3% short
of market consensus and 5% below Concorde estimates. While the consumer
services segment delivered a positive surprise, the Petrochemical segment underperformed expectations.
We anticipate that these results may slightly disappoint investors. However, the
company is set to pay a HUF 250 dividend, offering an 8% yield, which is exceptional among Hungarian blue-chips. The ex-dividend date is scheduled for May
24th.
Key positives
The most significant positive development is the robust growth and resilience
demonstrated by the consumer services segment, which remains fully aligned
with the projected growth plan.
Key negatives
A significant negative development is the deteriorated EBITDA contribution from
petrochemicals in Q1 2024 compared to Q4 2023.
A minor negative development is the notable decrease in refining margins in April,
potentially signalling the onset of the long-anticipated normalization.
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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