WOOD Flash – Motor Oil Hellas: strong 4Q, despite poor environment
Motor Oil has reported a strong set of 4Q results, despite the weak refining environment in the quarter, with CCS EBITDA of EUR 150m, down just 9% vs. the previous quarter, in spite of the far more challenging market environment and seasonality. This is 5% better than the consensus and 28% above our expectations. The outperformance came from both the refining segment, where CCS EBITDA fell by just 5% vs. the previous quarter, as well as the retail segment, where CCS EBITDA increased 50% vs. the same quarter last year. We believe that a combination of stronger domestic sales, cheaper feedstock costs and marginally better product yields enabled the company to generate stronger-than-expected refining margins and earnings. We remain BUYers of the stock.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.
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.