The general evaluation of BHARAT PETROLEUM (IN), a company active in the Integrated Oil & Gas industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 22, 2022, the closing pric...
BPCL: Better-than-expected result; reiterate it as the preferred pick in OMCs (BPCL IN, Mkt Cap USD13.3b, CMP INR455, TP INR615, 35% Upside, Buy) BPCL reported a beat on our estimates, driven by a better-than-expected performance in the Marketing segment (volumes were down 14% QoQ). Refining throughput in 1QFY22 was aligned with demand moderation due to the second COVID wave (throughput was down 18% QoQ). With the easing of the lockdowns in July, demand for petroleum products such as MS/...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
BPCL: Marginally better than expected refining performance (BPCL IN, Mkt Cap USD14.5b, CMP INR476, TP INR522, 10% Upside, Neutral) Marginally higher-than-expected refining throughput and refining margin more than compensated for the marginally weaker implied gross marketing margin, resulting in a slight beat on EBITDA. Continued strong marketing margin has been a solace in a weak refining margin environment. BPCL has been trading at forward PBV of the true deregulated period of FY15-18....
BPCL: A revisit to recent global acquisitions in fuel retail (BPCL IN, Mkt Cap USD15.7b, CMP INR519, TP INR533, 3% Upside, Neutral) The possible strategic divestment of oil marketing companies (OMCs) to private parties is generally filled with fantasies of rich valuations. After all, a stake in any of the OMCs provides the buyer ready access to the third largest and one of the fastest growing petroleum markets globally. In our recent report, we analyzed various valuation methodologies for B...
BPCL: Reported GRM poor, marketing margin healthy (BPCL IN, Mkt Cap USD15.3b, CMP INR502, TP INR533, 6% Upside, Downgrade to Neutral) Higher-than-estimated marketing margin, despite a lower GRM, resulted in EBITDA of INR27.6b (-18% YoY), ahead of our estimate. Total inventory loss stood at INR0.26b (refining loss at INR1.8b and marketing gain at INR1.5b). EBITDA adjusted for inventory and one-offs stood at INR27.9b (+46% YoY). The company reported a forex loss of INR3.9b and PBT of INR16.6b...
BPCL: Core GRM at a premium to benchmark (BPCL IN, Mkt Cap USD10.4b, CMP INR343, TP INR465, 36% Upside, Buy) BPCL reported a GRM of USD2.8/bbl, lower than our estimate of USD3.0 and USD7.5 in 1QFY19. Consequently, EBITDA was down 53% YoY/QoQ at INR21.5b, despite a decline of INR1.6b in other expenses. EBITDA was up 37% YoY at INR26.0b, with the refining inventory loss at INR1.3b and the marketing inventory loss at INR3.3b. Forex gain was at INR0.3b for the quarter (v/s a loss of INR7...
BPCL: Impresses with higher refining throughput, all-time-high marketing margin (BPCL IN, Mkt Cap USD12.2b, CMP INR392, TP INR452, 15% Upside, Buy) BPCL reported EBITDA of INR45.3b (+23% YoY; 23% beat) in 4QFY19. However, adjusted EBITDA (adj. for inventory and one-offs) stood at INR41.7b (+29% YoY, +22% QoQ), exceeding our estimate of INR20.1b, primarily due to an all-time-high marketing margin. The company reported a forex gain of INR2.8b, as against a gain of INR0.5b in 4QFY18 and INR...
BPCL: Core GRM boosted by Kochi/Mumbai refineries; impressive EBITDA sans inventory loss (BPCL IN, Mkt Cap USD10.3b, CMP INR337, TP INR398, 18% Upside, Buy) BPCL reported EBITDA of INR783m in 3QFY19. However, excluding inventory loss of INR33.3b, core EBITDA stood at INR34.1b (2x YoY, +78% QoQ), exceeding our estimate of INR29.7b, primarily due to higher-than-expected core GRM. Forex gain stood at INR6.6b, as against a gain of INR840m in 3QFY18 and a loss of INR9.3b in 2QFY19. Effective t...
Q2FY19 highlights BPCL reported PAT of Rs12.2bn (-48% yoy, IDFCe Rs16.8bn). EBITDA of Rs24.2bn was down 31% yoy and below IDFCe Rs29bn despite beat on marketing margins Refining thruput of 7.6mt was up 8% yoy, marginally below estimates of 7.7mt. GRMs of $5.6/bbl dipped 30% yoy and were below IDFCe $5.8/bbl. GRMs include inventory gains of $2.3/bbl vs $1.1/bb lest so core margins of only $3.3/bbl disappointed vs IDFCe $4.7/bbl Marketing volumes of 10.6mt, up 2.1% yoy vs IDFCe 10.99mt – Blen...
BPCL: Adj. EBITDA below estimate; core GRM at USD3.3/bbl (BPCL IN, Mkt Cap USD8.2b, CMP INR277, TP INR397, 43% Upside, Buy) BPCL reported EBITDA of INR33.5b in 2QFY19. However, excluding inventory gain of INR14.4b, core EBITDA stood at INR19.1b (-34% YoY, +1% QoQ), lower than our estimate of INR25.4b, primarily due to lower-than-expected core GRM and higher-than-expected opex. Forex loss stood at INR9.3b v/s INR588m in 2QFY18 and INR7.1b in 1QFY19. PAT declined 48% YoY (-47% QoQ) to INR12...
Q1FY19 highlights BPCL reported PAT at Rs22.9bn (+208% yoy IDFCe Rs24bn). EBITDA of Rs38.8bn, +216% yoy (IDFCe Rs37.4bn). Reported numbers include Rs12.6bn of Refining and Rs14bn product inventory gain. Marketing margins of Rs4285/t, 5% higher yoy despite sharply lower retail fuel margins which was offset by higher other product margins in the quarter. Marketing volumes of 11.28mt, up 7.1% yoy (IDFCe 11mt), driven by 6/3/11% growth for MS/HSD/LPG. Refining thruput of 7.74mt driven by 18/2...
BPCL: Adj. EBITDA below estimate; core GRM at USD4.15/bbl (BPCL IN, Mkt Cap USD12.3b, CMP INR389, TP INR535, 38% Upside, Buy) BPCL's EBITDA of INR46b (+274% YoY, +23% QoQ) was above our estimate of INR33b. However, total inventory gain stood at INR27b (est. of INR5.7b) - refining inventory gain stood at INR12.75b (USD3.34/bbl) and marketing gain stood at INR14b. Adjusting for the same, EBITDA stood at INR19b (est. of INR27b; -28% YoY, -42% QoQ), significantly below our estimate, led by a ...
Q4FY18 highlights BPCL reported PAT at Rs26.7bn (+24% yoy IDFCe Rs22.3bn). EBITDA of Rs37.2bn, +68% yoy (IDFCe Rs34bn). Reported numbers include Rs3.5bn of Refining and Rs1bn product inventory gain. Marketing margins of Rs5050/t, 23% higher yoy due to sharply higher retail fuel margins and also higher other product margins in the quarter. Marketing volumes of 11.1mt, up 9.9% yoy (IDFCe 10.95mt), driven by double digit growth for MS/HSD and also strong other product growth. Refining thruput...
BPCL: EBITDA above estimate; core GRM at USD5.57/bbl (BPCL IN, Mkt Cap USD11.8b, CMP INR405, TP INR568, 40% Upside, Buy) BPCL reported EBITDA of INR37b (+68% YoY, +17% QoQ), higher than our estimate of INR32.1b. EBITDA adjusted for inventory gains stood at INR33b (est. of INR26b; +42% YoY, +106% QoQ), led by a better core operating performance. PAT increased 45% YoY and 25% QoQ to INR27b (est. of INR16.5b), benefiting from higher other income of INR8.3b (est. of INR2.4b; +26% YoY, +15% QoQ)...
Q3FY18 highlights BPCL reported PAT at Rs21.4bn (-6% yoy IDFCe Rs19.9bn). EBITDA of Rs31.9bn, down 4% yoy (IDFCe Rs30.6bn). Reported numbers include Rs10.3bn of Refining and Rs5.65bn product inventory gain. Marketing margins of Rs3576/t, 12% lower yoy due to sharply lower retail fuel margins in the quarter. Marketing volumes of 11.2mt, up 6.9% yoy (IDFCe 10.2mt), driven by strong other product growth (+35% yoy to 2mt). Marketing earnings helped by inventory gain of Rs5.65bn vs gain Rs1.85b...
BPCL: EBITDA significantly below estimate; core GRM at USD6.5/bbl (BPCL IN, Mkt Cap USD15.8b, CMP INR475, TP INR549, 16% Upside, Buy) BPCL reported core EBITDA of INR15.9b (est. of INR25.9b; -21% YoY, -44% QoQ). This was lower than our estimate (despite above-estimate core marketing margin) due to higher other expenditure (+15% YoY, +10% QoQ). It reported inventory gain of INR10.3b in refining and INR5.7b in marketing, resulting in EBITDA of INR32b (est. of 34.3b; -8% YoY, -10% QoQ). Fore...
Q2FY18 highlights BPCL reported PAT at Rs23.6bn (+81% yoy IDFCe Rs23.2bn). EBITDA of Rs35.3bn, up 155% yoy (IDFCe Rs34.6bn). Reported numbers include Rs4.85bn of Refining and Rs1.85bn product inventory gain. Marketing margins of Rs4419/t, 12% higher yoy (IDFCe 4325/t). Marketing volumes of 10.4mt, up 8.7% yoy (IDFCe 9.6mt). Marketing earnings impacted by inventory loss of Rs7.3bn vs gain Rs4bn in Q4FY17 and a gain of Rs12.8bn in Q1FY17. Earnings also impacted by a 25% yoy increase in emplo...
CORPORATES CREDIT OPINION 5 December 2017 Update RATINGS Bharat Petroleum Corporation Limited Domicile India Long Term Rating Baa2 Type LT Issuer Rating - Fgn Curr Outlook Stable Please see the ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Vikas Halan +65.6398.8337
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