Report
Mihaly Gajda

Oil & gas macroeconomic environment shifts from tailwind to headwind for OMV – Model Update

We have updated our financial model to reflect recent macroeconomic developments, setting a
2025 year-end ex-dividend target price of 42.6 EUR, representing a 23.1% upside including the
anticipated EUR 4.00 dividend following the 2024 fiscal year. Consequently, we maintain our
Buy recommendation for OMV.
Underlying
OMV AG

OMV is an international energy company with activities in Exploration and Production (E&P), Refining and Marketing including petrochemicals (R&M), and Gas and Power (G&P). Co. explores and develops oil and gas resources and supply energy to over 100 million people. OMV has three operating segments: Exploration and Production (E&P), Refining and Marketing, including petrochemicals (R&M), and Gas and Power (G&P), as well as the segment Corporate and Other (Co&O).

Provider
Concorde Securities
Concorde Securities

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.

Analysts
Mihaly Gajda

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