ROMGAZ - rating downgrade
Romgaz published its financial budget for 2021 (not approved yet) according
to which it expects net income of RON 966 mn (-22% YoY) on total revenue
of RON 4.35 bn (+7% YoY) amid rising gas prices and a new gas market
regulation framework (Gas Release Program) effective in Romania as of 1
July, 2020, as well as accelerating cost inflation.
For the years of 2022 and 2023, Romgaz anticipates its pre-tax income
should be around RON 1.22 bn and RON 1.08 bn on total income of RON
4.63 bn and RON 4.73 bn, respectively.
Furthermore, Romgaz intends to increase its exposure in offshore gas
exploration and production in the Black Sea by taking over Exxon’s 50%
stake the Neptun Deep project for an estimated price of around USD 750 mn.
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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