Hellenic Petroleum - Introduction to decarbonisation plans
In May, Hellenic Petroleum, a leading oil refiner in Greece, presented its updated strategy (Vision 2025) with a focus on a low-carbon future. It involves accelerating the energy transition towards renewable energy sources (RES) and upgrading Hellenic’s core refining operations aimed at a significant reduction in CO2 (50% by 2030, including both a reduction in emissions and offset through RES). New ESG objectives and corporate restructuring are included. In this report, we present an overview of the new strategy; our forecasts and valuation are still based on the current shape of the company pending more information on the transition. Our valuation is down 3% to €6.73/share, reflecting peer group multiples and uncertain market conditions, nonetheless implying 16% potential upside.Hellenic Petroleum operates in the energy sector predominantly in Greece and the Balkans. Co.'s main activities include: refining and marketing of oil products ("R&M"); exploration, development and production, of hydrocarbons ("E&P"); manufacturing and marketing of petrochemical products; and power generation and trading. Refining, supply and trading are Co.'s core business and its main source of income and profit. Retail trading activities are split into domestic, comprising Co.'s Greek subsidiaries EKO and Hellenic Fuels, and International through local in-market retail subsidiary companies. Hydrocarbon exploration and production (E&P) Co. activities relate to Greece and abroad.
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