PKN raised to BUY, TP PLN 97.0 - Benefiting from energy price inflation and supply disruptions
-Tightening in the refined and petchem products market to support PKNs downstream earnings going forward-Besides a significantly lower export of middle distillates from Russia, European refining margins have also strengthened following Chinas ban on the export of gasoil
-We expect PKN to report a strong set of results in Q1 22 despite record-high gas prices and 30% higher oil prices
-The acquisition of Lotos and PGNiG might trigger a stock upgrade depending on the final terms of the merger of the three companies
Polski Koncern Naftowy Orlen's activities are divided into three main business segments: the Refining Segment that comprises crude oil processing as well as wholesale and retail trade in refinery products. The Petrochemical Segment that encompasses production and sale of petrochemicals and chemicals. The Retail Segment that comprises of sales at petrol stations. Co.'s basic products include gasolines, diesel oils, light heating oil, Jet fuel, liquid gas, polyetylene, polypropylene, benzene, butadiene, acetone, phenol, glycols, toluen, ortoxylene.
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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