Delivering strong results despite worsening macro environment – Model update
We have updated our financial model to reflect recent macroeconomic developments, setting a2025 year-end ex-dividend target price of 0.803 RON, representing a 17% upside including the
anticipated 0.06 RON dividend following the 2024 fiscal year. Consequently, we change our
recommendation to Accumulate from Buy for OMV Petrom.
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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