Edison Investment Research - Hellenic Petroleum SA (ELPE) Hellenic Petroleum - Overcoming unprecedented uncertainties

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Edison Investment Research

Hellenic Petroleum - Overcoming unprecedented uncertainties

Hellenic Petroleum experienced a weaker Q220 due to record-low benchmark margins. As a consequence of the unprecedented impacts of COVID-19, demand for global crude oil and oil products collapsed. As lockdown measures were imposed across Europe, lower economic activity severely affected travel and tourism markets in countries like Greece. Despite the current headwinds the industry is facing, Hellenic maintained a strong operating performance and was capable of minimising the impacts of COVID-19. This was possible due to its storage capacity and the flexibility of its refining system. We have updated our estimates and valuation to reflect Q220 results and the impact of COVID-19. Our updated valuation is down 3% to €6.81/share.

22/09/2020 7 EN

Underlying

Hellenic Petroleum SA

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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GRS298343005 Greece

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Hellenic Petroleum - Overcoming unprecedented uncertainties

HELLENiQ ENERGY - Dividend shows confidence in future

HELLENiQ ENERGY - Shareholders reduce holding

HELLENiQ ENERGY - Shaping up for the future

discoverIE Group - FY24 EPS in line; good margin progress

Ultimovacs - Steadfast commitment to UV1 progression

OSE Immunotherapeutics - AbbVie deal clears antitrust hurdle

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