MOL's clean CCS EBITDA rose to a record quarterly high in Q3/18 - Instant Earnings Comment from Concorde Securities Ltd. (Hungary)
MOL - Instant Earnings Comment
Recommendation: Accumulate (unch.)
Target price (12-month): 3,208 (unch.)
Current share price: HUF 2,976
Key points for Q3/18 results:
MOL posted a record HUF 197 bln clean CCS-based EBITDA in Q3/18 (+32% YoY), ahead 5% of the cons. estimate of HUF 189 bln, partly because of better than expected Downstream performance and lower HQs losses.
Reported net income to equity holders rose 89% YoY to HUF 90 bln (vs. the cons. estimate of HUF 79 bln) thanks to better than expected operating results and lower than anticipated financial losses, while taxes and minority interests were higher than expected.
Operating cash flow dropped 33% YoY to HUF 123 bln on a sunstantial W/C built while cash CAPEX rose 34% to HUF 87 bln mostly driven by higher consumer service invesments as well as HQs spending.
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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