Greek Oil & Gas: A more refined business model (Hellenic Petroleum upgraded to BUY, Motor Oil Hellas stays BUY)
We have upgraded Hellenic Petroleum to BUY (from Hold), with an updated 12M price target (PT) of EUR 6.90 (from EUR 6.02), while we maintain our BUY recommendation on Motor Oil Hellas, with an updated 12M price target (PT) of EUR 17.8 (from EUR 17.0). Both companies are charting out a lower-carbon future with wind or solar, and both are also enjoying a rapid rise in refining margins and much better domestic demand. Huge investments in power and gas infrastructure are needed to meet the Greek Government’s targets, opening up new opportunities in those sectors for both companies. We expect significant investments in diverse energy projects, but we are confident that the management teams will maintain the dividend distribution that we have grown used to. Both companies have new corporate structures geared to the race to zero.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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