Hellenic Petroleum - Support from Q3 refinery margin rise and IMO 2020
Following a 25% EBITDA decline year-on-year in H119, we expect a 55% recovery in refinery margins in Q3 to support a significant recovery in H2 (+9% y-o-y). We expect investor focus to be on the impact of the forthcoming IMO 2020 regulations and continue to believe that Hellenic Petroleum is well placed given its high middle distillate yield, above average complexity and crude slate flexibility.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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