Greek Oil & Gas: a cracking good market (Motor Oil Hellas and Hellenic Petroleum stay BUYs)
We maintain our BUY ratings on Motor Oil Hellas (MOH) and Hellenic Petroleum (ELPE), with updated 12M price targets (PT) of EUR 21.3 (from EUR 17.8) and EUR 8.29 (from EUR 6.90), respectively. Surging refining margins are boosting the core businesses, while the Greek market recovery is adding to the reasons for cheer. Better cash flow should help to finance major investments in renewables, both acquired and greenfield, while regulatory changes and infrastructure investments boost the prospects for the segment. We see continuing dividend streams, despite high capex, as another reason to like these companies.Autohellas is a Hertz national franchisee. Co. is engaged in the rent-a-car segment, comprising of renting (short-term lease) and fleet management (long-term lease and fleet management) in Greece, Bulgaria, Cyprus, Romania, Serbia and Montenegro. Renting covers the needs of both individuals and companies for occasional, small duration rentals up to 1 year long.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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