OMV Petrom-Record results in Q1/22
- OMV Petrom reported Q1/22 clean CCS EBIT at RON 2,241 mn (+243% YoY), which was 4% higher than our estimate of RON 2,155 mn. Clean CCS net income attributable to stockholders came in RON 1,788 mn (+244% % YoY), implying clean CCS EPS of RON 0.0316.
- Cash flow from operating activities was RON 2,640 mn up by 129% YoY mainly due to higher operating results. Cash CapEx dropped declined by 2% YoY to RON 737 mn, out of which upstream investments accounted for the vast majority. FCF after dividends came in at RON 1,911 mn compared to RON 424 mn in Q1/21.
- Net cash including leases amounted to ca. RON 11,257 mn at the end of March 2022, or RON 0,199 a share (ca. 42% of current market cap!). Clean CCS ROACE stood at 17.8% in Q1/22 compared to 5.7% reported for Q1/21 mainly due to improved operating performance.
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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