MOL - Off to a good start in 2021
o MOL beat the consensus on all lines, clean CCS EBITDA and profit came above
consensus by 8% and 43% respectively mainly because of extremely strong DS (petchem)
(+23% vs. cons) significantly better Consumer Service (+12% vs. cons), and higher than
expected CCS modification (inventory gains).
o Key positives:
1. MOL was able to capture the better commodity prices
2. Oman did not divest its stake (still has 7.1%), shareholder structure has not
materially changed since the end of December.
3. Consumer service profitability increased dramatically: +30% Y-o-Y in EBITDA /
site in USD terms
o Key negatives:
1. Although management guided for lower production volumes in upstream for
2021 (-8% on avg. volume; 110kboed vs. 120kboed in 2020), production
guidance for April came surprisingly low of 112kboed allegedly affected by
technical issues at UK asset (-32% y-o-y) and CEE portfolio’s natural decline
accelerated -7% y-o-y in Q4 vs -10% in Q1. Nevertheless there was no change
in upstream production guidance, implying that UK production decline is
temporary.
Magyar Olaj-Es Gazipari is an integrated oil and gas enterprise based in Hungary and active in central and eastern Europe. Co.'s core activities include: exploration and production of crude oil, natural gas and gas products; refining, transportation, storage and distribution of crude oil products in both retail and wholesale markets; importation, transportation, storage and wholesale trading of natural gas and other gas products; and the production and sale of olefins and polyolefins. TVK, the petrochemical affiliate of Co., is an olefin and polyolefin producer in Hungary.
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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