Q3/20 results missed the consensus estimate
Romgaz posted a net income RON 141mn (-33% YoY) for Q3/20 on sales revenue of RON 725mn (-21% YoY), lagging behind the consensus estimate of RON 229mn for net income and RON 763mn for net sales, respectively. EBITDA amounted to RON 315mn (-33% YoY) vs. consensus estimate of RON 390mn, implying an EBITDA margin of 41.3% vs 51.0% in the same period of last year. Upstream represented the vast majority of pre-tax income (92%), as usual. (Slightly NEG)
Romgaz’s Q1-3/20 net income was RON 942mn (-21% YoY) on sales revenue of RON 2.92bn (-23% YoY). EBITDA amounted to RON 1.51bn (-23% YoY), implying an EBITDA margin of 51.6% vs 51.7% YoY. In line with the fall in revenues, royalty and windfall taxes also decreased, while depreciation was also lower significantly YoY. Revenue from electricity increased by 36.1% and storage revenues increased by 25.88% at a consolidated level.
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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