WOOD Flash – PKN Orlen: new strategy
PKN Orlen’s management introduced a new strategy yesterday (28 February), following the mergers of the company last year with its compatriots, Grupa Lotos and PGNiG. The main changes compared to previous announcements for all three firms is a big increase in investment. We had forecast PLN 210bn for the period, but the plan is for PLN 320bn. The biggest changes are in upstream / trading and conventional power, where the budgets were increased the most. For the first time, nuclear has been included officially, with one 300 MW plant scheduled for completion in 2030E. Management expects investments to be covered easily with the PLN 400m EBITDA to be generated over the period, PLN 175bn of possible debt and other financing options. Management’s expectations for EBITDA exceed our forecast of PLN 335bn but, presumably, this is due to the higher levels of investment.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.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.