Petrom - OMV Petrom Misses EBIT Consensus Slightly, Beats On Profit With One-Off Financial Gain
OMV Petrom reported a Clean CCS EBIT of RON 1,368 mn, slightly missingconsensus by 2.6%, mainly due to the E&P segment. E&P was heavily impacted
by impairment charges and higher-than-expected depreciation; excluding the
increase in depreciation, its Clean CCS EBIT would have been around RON 510
mn, roughly halfway between the analyst consensus and Concorde’s estimate.
We had been more optimistic on realized gas prices, depending on the share of
gas sold at market versus capped prices. Other segments broadly performed in
line with consensus.
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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