Romgaz’s FY17 numbers were above our expectations, driven by stronger-than expected gas sales (+32% YoY) and one off related to excises tax recovery. Clean EBITDA was up 23% YoY to RON 2.56 bn on our estimate, predominantly driven by gas and electricity production growth (up by 22% and 14%, respectively on the year) and higher gas and electricity prices.
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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