OMV Petrom confirmed at BUY, TP RON 0.65 - Attractive on all valuation metrics
-Both the E&P and the R&M segments should continue to benefit from a favourable market environment in the coming quarters-Due to its gearing towards diesel production, Petrom should strongly benefit from the ongoing market tightness supported by the sanctioning of Russian energy sector
-The expected amendments to the Offshore Law should lower taxation of offshore and deep-onshore gas production starting 2023e
-Our new DCF-derived 12m TP is supported by the SOTP valuation and hard-to-justify discounts to peers trading multiples
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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