SECURING ENERGY INDEPENDENCE: OMV PETROM'S OFFSHORE DEVELOPMENT AND RENEWABLE EXPANSION
We re-initiate coverage of OMV Petrom with Buy recommendation. We set our 12m ex-div
TP at RON 0.819, implying a 31% upside potential including an estimated dividend of RON 0.07
consisting of RON 0.0413 regular dividend that has been already announced and RON 0.0287
special dividend that is our estimate. The stock is currently trading at 4.3x blended forward
EV/EBIT, 7.45x blended forward P/E and 1.1x P/BV (as estimated by Bloomberg).
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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