reports
- Attila Vago
ROMGAZ - Q3/22 Results Were Lower Than Expected
Q3/22 results were lower than expected Romgaz reported net income for Q3/22 of RON 512m and EBITDA of RON 712m compared to RON 395m and RON 622m, respectively. Revenue grew to RON 3.32bn from RON 1.25bn YoY mainly as a result of increased electricity and gas prices. In the first nine months of 2022, EBITDA and net profit came in at RON 2.9bn and RON 2.22bn, up by 60% and 94%YoY, respectively. EPS was RON 5.81, by 94% higher than the one recorded in the first nine months of 2021. Upstream on...
- Attila Vago
ROMGAZ - In Line Q2 Results And TP Upgrade Driven By Stubbornly High G...
Romgaz reported net income for Q2/22 of RON 746m and EBITDA of RON 956m compared to RON 298m and RON 490m, respectively. Revenue grew to RON 3.57bn from RON 923m YoY mainly as a result of increased gas prices. Upstream once again represented the vast majority of total revenue (96%) and consolidated net income. During Q2/22, Romgaz invested organically only RON 108m (-13% YoY), representing approx. 27% of the scheduled investments for 2022, without the Neptun Deep project. Net cash and other l...
- Attila Vago
Romgaz - 2Q Results Beat Expectations
Romgaz - Earnings Revision Recommendation: Accumulate (Neutral) Price target (12m): RON 37.1 (prev. RON 32.6) Current share price: RON 33.1 Romgaz’s Q2/19 net income came to RON 434 mn (+37% YoY) on sales revenue of RON 1.16 bn (+17% YoY), beating market expectations. Sales were supported by higher domestic gas prices (the price cap of RON 68/MWh has been applied as of 1 May only for new contracts), higher amount of resold gas (4x YoY) and improved storage activity on tariff increa...
- Attila Vago
Romgaz - Fairly Priced After Relaxation In Fiscal (EO) Measures
Romgaz - Earnings Revision Recommendation: Neutral (Accumulate) Price target (12m): RON 32.6 (prev. RON 30.0) Current share price: RON 34.0 Romgaz’s Q1/19 net income came in at RON 542 mn (+16% YoY) on sales revenue of RON 1.71 bn (+16% YoY). Sales were supported by own gas production and higher amount of resold gas, while revenue from electricity sales and storage activity dropped by 17% and 28%, respectively. EBITDA amounted to RON 894 nm vs RON 706 mn in the same period a year a...
- Attila Vago
Romgaz - Romgaz Delivered In Line Q4 Results
Romgaz - Earnings Revision Recommendation: Neutral (prev. Accumulate) Price target (12m): RON 31.3 (prev. RON 30.0) Current share price: RON 31.4 Romgaz’s Q4 net income came in at RON 402 mn (-38% YoY) on sales revenue of RON 1.56 bn (+16% YoY), very much in line with our estimate. Q4 EBITDA amounted to RON 681 nm vs RON 639 mn in Q4/17, primarily driven by higher sales on flat production of 1.4 bcm of natural gas and rising gas prices. In FY2018 Romgaz reported net income of RON 1.4...
- Jonathan Lamb
4Q16 results – 3-2-1, we have lift off
Romgaz announced its 4Q16 results yesterday, beating both our and the consensus expectations dramatically. Sales revenues came in 5% above both our and the consensus expectations, whilst net profit was 62% above our forecast and 23% above the consensus estimates. We believe this increases the chances of a dividend. However, the net profit was boosted by the reversal of a previous write-off, while the EBITDA was 14% above the consensus, but 16% below our expectations.
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