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HELLENiQ ENERGY (ASE: ELPE)

Last close As at 02/07/2024

EUR7.82

▲ 0.02 (0.26%)

Market capitalisation

EUR2,427m

HELLENiQ ENERGY (ELPE) operates three refineries in Greece with a total capacity of 344kbod. It has sizeable marketing (domestic and international) and petrochemicals divisions.

The current driver of earnings is refining margins, which will normalise after the exceptional performance over the last two years, caused by the Russian invasion of Ukraine. May’s refining margins were below the year-to-date average for 2024. Growth in the renewables business will be the main focus for the market as the HELLENiQ looks to rapidly expand into this area.

Latest Insights

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Oil & Gas | Flash note

HELLENiQ ENERGY — Solid Q1, with a strong operational performance

Oil & Gas | Flash note

HELLENiQ ENERGY — Dividend shows confidence in future

Oil & Gas | Flash note

HELLENiQ ENERGY — Shareholders reduce holding

Oil & Gas | Initiation

HELLENiQ ENERGY — Shaping up for the future
Hellenic Petroleum_resized
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Equity Analyst

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Andrew Keen

MD - Head of Content, Energy & Resources, Industrials

Key Management

  • Andreas Shiamishis

    CEO

  • Ioannis Papathanasiou

    Chairman

  • Nikos Katsenos

    Head of IR

  • Vasilis Tsaitas

    CFO

Balance Sheet

Forecast net debt (€m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (7.5) (7.4) (3.4)
Relative (2.8) (6.3) (15.3)
52 week high/low €8.8/€6.7

Financials

HELLENiQ ENERGY has been successfully executing on its Vision 2025 strategy, having incorporated a new fit-for-purpose corporate structure, improved corporate governance and new corporate identity that reflects its capital allocation and ESG strategy. It plans to expand its Renewable Energy Sources portfolio from 0.38GW currently to 2GW by 2030. HELLENiQ reported Q124 results on 16 May, with net income up 16% y-o-y to €179m and adjusted net income down 35% y-o-y to €164m. The company made progress on debt restructuring, refinancing €1bn of facilities at a notable margin reduction, extending the average maturity profile by one year.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 14508.0 1711.0 1420.0 292.5 2.7 3.8
2023A 12803.0 1033.0 604.0 157.2 5.0 1.8
2024E N/A N/A N/A N/A N/A N/A
2025E N/A N/A N/A N/A N/A N/A

Research

Flash note

Oil & Gas

HELLENiQ ENERGY — Dividend shows confidence in future
Hellenic Petroleum_resized

Flash note

Oil & Gas

HELLENiQ ENERGY — Shareholders reduce holding

Oil & Gas

Flash note

HELLENiQ ENERGY — Solid Q1, with a strong operational performance
Hellenic Petroleum_resized

Initiation

Oil & Gas

HELLENiQ ENERGY — Shaping up for the future

Flash note

Energy & Resources

HELLENiQ Energy — Another strong set of results

Flash note

Energy & Resources

Hellenic Petroleum — Record Q2 results

Flash note

Energy & Resources

Hellenic Petroleum — Strong Q1 results

Update

Energy & Resources

Hellenic Petroleum — Low dependency on Russian crude

Update

Energy & Resources

Hellenic Petroleum — Recovery in oil demand supports operations

Update

Energy & Resources

Hellenic Petroleum — Expect refining earnings turnaround in H2

Update

Energy & Resources

Hellenic Petroleum — Introduction to decarbonisation plans
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Finding the sea of green – The opportunity and options for shipping green H2

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Decarbonisation
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