From here to eternity
We raise our 12-m TP from RON 0.46 to RON 0.506 mainly due to our higher crude price estimate for 2021 (USD 55/bbl vs. USD 50 previously) and the rollover impact. Our new TP leaves ca. 27% upside from the current share price, which with likely stable dividend (est. DIVY: 8.2%) prompt us to reiterate our BUY rating on OMV Petrom.
We raise slightly our 2021 clean CCS EBITDA estimate to RON 6.8 bn from RON 6.6 bn while we leave our 2022FY clean CCS EBITDA estimate unchanged at RON 7.2 bn as a combined result of higher expected commodity prices and upstream assets divestment in Kazakhstan, where the cumulated production was 6.8 kboe/d in 2020 (ca. 5% of total hydrocarbon production).
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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