Q4 Strong Ops Performance, Weaker Margins

By Edison Stock MarketsFeb 25, 2018 04:19AM ET

www.investing.com/analysis/q4-strong-ops-performance-weaker-margins-200293919

Q4 Strong Ops Performance, Weaker Margins

By Edison | Feb 25, 2018 04:19AM ET

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Hellenic Petroleum (AT:HEPr) reported Q4 adjusted EBITDA of €170m, a 20.9% decrease y-o-y, 7.7% below our Q417 estimates. This reduction was primarily due to lower benchmark margins partly offset by strong operational performance with refining utilisation at 111% (input over nominal capacity), exports (+12%) and a 14% increase in domestic marketing net sales driven by aviation and bunkering. FY17 adjusted EBITDA growth was strong at +14% with record production (15Mt) and sales (16.1Mt). Our last published valuation, using a mix of 2018e P/E, EV/EBITDA and DCF metrics, stands at €9.3/share.

Hellenic Petroleum

Weak Q4 refining benchmark margins: weak product cracks, increasing oil prices and a widening Brent/WTI spread led benchmark margins lower in Q417 (FCC margins -15% y-o-y, and hydrocracking and FXC -3% y-o-y). Lower margins, combined with FX impacts, led adjusted EBITDA lower, partly offset by…

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Q4 Strong Ops Performance, Weaker Margins

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