MOL's op. cash flows rose to a record quarterly high in Q2/18
MOL posted HUF 178.5 bln clean CCS-based EBITDA in Q2/18 (-7% YoY), ahead 4% and 2% of the consensus estimate and our forecast, respectively. Better than expected clean CCS operating results were mainly due to extra receivables collection in Upstream, and stronger than anticipated Downstream performance. Meanwhile, midstream results were weaker than expected due to rising OpEX, and HQs and inter-segment losses also exceeded expectations.
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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