ROMGAZ: A KEY PILLAR FOR ROMANIA'S ENERGY INDEPENDENCE AND STABLE GROWTH
We re-initiate coverage of Romgaz with Neutral recommendation. We set our 12m ex-div
after split TP at RON 5.68 , implying marginal downside potential including the already
announced dividend of RON 0.1425 (ex-date July 4). The stock is currently trading at 6.4x
blended forward EV/EBIT, 8.8x blended forward P/E and 1.8x P/BV (as estimated by Bloomberg).
The company's main ambition is to be the cornerstone of Romania's energy security by investing
in natural gas, renewables, gas-powered plants, and decarbonization projects. A major
milestone was acquiring a 50% stake in the Neptun Deep project from ExxonMobil. Once Neptun
Deep is operational, Romania's long-term gas self-reliance will be secured, a rare success in
Europe amid widespread energy security challenges
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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