Robust cash flow generation in Q4/20
Romgaz posted a net income RON 313 mn compared to RON – 96 mn in Q4/19. Sales revenue were RON 1.16 bn (-10% YoY). EBITDA amounted to RON 356 mn (-44% YoY), implying an EBITDA margin of 31% vs 49% in Q4/19. Upstream represented the vast majority of pre-tax income (92%), as usual. Free cash flows came to RON 575 mn on our calculation, up from RON 244 mn in Q4/19 mainly due to better operating performance and W/C management, as well as delayed CapEx. (Slightly POS)
Romgaz’s FY2020 net income was RON 1.25 bn (+15% YoY) on sales revenue of RON 4.08 bn (-20% YoY) vs. our net income estimate of RON 1.02 bn and sales estimate of RON 4bn. FY2020 EBITDA amounted to RON 1.86bn (-28% YoY), implying an EBITDA margin of 46% vs 51% YoY. In line with the fall in revenues, royalty and windfall taxes also decreased, while depreciation was also lower significantly YoY.
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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