Edison Investment Research - Hellenic Petroleum SA (ELPE) Hellenic Petroleum - Renewables addition as refining margins struggle

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Edison Investment Research

Hellenic Petroleum - Renewables addition as refining margins struggle

Hellenic Petroleum experienced a challenging Q320 as benchmark refining margins fell to record-low levels. Demand for global crude oil and oil products remained low during the quarter that is typically strong for the company due to high tourist activity in Greece. Despite the current adversities, 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 Q320 results and the impact of new lockdown measures in Europe. Our updated valuation is down 4% to €6.55/share, with an upside of 26% to the current share price.

18/11/2020 8 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

Provider

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 - Renewables addition as refining margins struggle

Greek Refineries (HelleniQ Energy – Motor Oil) | Margins stronger for longer; RES angle remains mispriced

Greek Refineries (HelleniQ Energy – Motor Oil) | Margins stronger for longer; RES angle remains mispriced

GREEK ENERGY | Greek Power Play Handbook: 2025 Edition

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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