Reported Earnings • Apr 04
Full year 2025 earnings released: EPS: €2.17 (vs €3.98 in FY 2024) Full year 2025 results: EPS: €2.17 (down from €3.98 in FY 2024). Revenue: €23.6b (down 7.4% from FY 2024). Net income: €710.0m (down 45% from FY 2024). Profit margin: 3.0% (down from 5.1% in FY 2024). Revenue is expected to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 6.4%. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Declared Dividend • Mar 23
Dividend of €4.40 announced Shareholders will receive a dividend of €4.40. Ex-date: 8th June 2026 Payment date: 11th June 2026 Dividend yield will be 7.5%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (145% earnings payout ratio) nor is it covered by cash flows (105% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 61% to bring the payout ratio under control. EPS is expected to grow by 69% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 05
Full year 2025 earnings released: EPS: €2.22 (vs €4.25 in FY 2024) Full year 2025 results: EPS: €2.22 (down from €4.25 in FY 2024). Revenue: €25.1b (down 25% from FY 2024). Net income: €770.0m (down 45% from FY 2024). Profit margin: 3.1% (down from 4.2% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 4.5% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 12%. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Dec 09
OMV Aktiengesellschaft, Annual General Meeting, May 27, 2026 OMV Aktiengesellschaft, Annual General Meeting, May 27, 2026. Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: €1.34 (vs €0.74 in 3Q 2024) Third quarter 2025 results: EPS: €1.34 (up from €0.74 in 3Q 2024). Revenue: €6.44b (down 24% from 3Q 2024). Net income: €495.0m (up 105% from 3Q 2024). Profit margin: 7.7% (up from 2.8% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 9.9% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Aug 04
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.5% Last year net profit margin: 4.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 124% Cash payout ratio: 144% Minor Risk Profit margins are more than 30% lower than last year (2.5% net profit margin). Reported Earnings • Aug 04
Second quarter 2025 earnings released: EPS: €0.30 (vs €1.09 in 2Q 2024) Second quarter 2025 results: EPS: €0.30 (down from €1.09 in 2Q 2024). Revenue: €5.63b (down 13% from 2Q 2024). Net income: €99.0m (down 72% from 2Q 2024). Profit margin: 1.8% (down from 5.5% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 10% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • May 30
PJSC LUKOIL (MISX:LKOH) acquired an additional 5% stake in Ghasha gas concession from OMV Aktiengesellschaft (WBAG:OMV) for approximately $490 million. PJSC LUKOIL (MISX:LKOH) acquired an additional 5% stake in Ghasha gas concession from OMV Aktiengesellschaft (WBAG:OMV) for approximately $490 million on May 30, 2025. The total cash consideration is $594 million, net of a transaction fee of $100 million.
PJSC LUKOIL (MISX:LKOH) completed the acquisition of an additional 5% stake in Ghasha gas concession from OMV Aktiengesellschaft (WBAG:OMV) on May 30, 2025. Upcoming Dividend • May 28
Upcoming dividend of €4.75 per share Eligible shareholders must have bought the stock before 04 June 2025. Payment date: 10 June 2025. Payout ratio is on the higher end at 94%, and the cash payout ratio is above 100%. Trailing yield: 10.0%. Within top quartile of German dividend payers (4.3%). Higher than average of industry peers (1.5%). New Risk • May 02
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 96% Cash payout ratio: 115% Dividend yield: 10% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 96% Cash payout ratio: 115% Minor Risk Large one-off items impacting financial results. Reported Earnings • Apr 10
Full year 2024 earnings released: EPS: €4.25 (vs €4.53 in FY 2023) Full year 2024 results: EPS: €4.25 (down from €4.53 in FY 2023). Revenue: €33.3b (down 14% from FY 2023). Net income: €1.39b (down 6.1% from FY 2023). Profit margin: 4.2% (up from 3.8% in FY 2023). The increase in margin was driven by lower expenses. Oil reserves Proven reserves: 590.5 MMbbls Gas reserves Proven reserves: 2206.3 Bcf Combined production Oil equivalent production: 124.4 MMboe (133 MMboe in FY 2023) Revenue is forecast to decline by 2.5% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Declared Dividend • Feb 06
Dividend of €4.75 announced Shareholders will receive a dividend of €4.75. Ex-date: 4th June 2025 Payment date: 10th June 2025 Dividend yield will be 13%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (72% earnings payout ratio) and cash flows (80% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 42% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 04
Full year 2024 earnings released: EPS: €4.25 (vs €4.53 in FY 2023) Full year 2024 results: EPS: €4.25 (down from €4.53 in FY 2023). Revenue: €33.3b (down 14% from FY 2023). Net income: €1.39b (down 6.1% from FY 2023). Profit margin: 4.2% (up from 3.8% in FY 2023). The increase in margin was driven by lower expenses. Oil reserves Proven reserves: 395 MMbbls Combined production Oil equivalent production: 122.383 MMboe (133 MMboe in FY 2023) Revenue is expected to fall by 5.7% p.a. on average during the next 3 years compared to a 1.4% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Feb 03
ADNOC Aims to Buy Nova Chemicals, Roll Into Deal With OMV Abu Dhabi National Oil Company and energy producer OMV Aktiengesellschaft (WBAG:OMV) are considering buying Canada’s NOVA Chemicals Corporation and rolling it into an industry giant they’re seeking to create by merging two companies in which they have cross shareholdings. The government-owned company in the United Arab Emirates and the Austrian energy producer are in “constructive and positive” talks about a merger of two chemical units in which they’re both partners, ADNOC said in a statement on February 1, 2025. The deal would create a chemical producer potentially valued at more than $30 billion. Announcement • Jan 27
OMV Aktiengesellschaft, Annual General Meeting, May 27, 2025 OMV Aktiengesellschaft, Annual General Meeting, May 27, 2025. Announcement • Dec 11
TotalEnergies SE (ENXTPA:TTE) acquired the 50% stake in SapuraOMV Upstream Sdn. Bhd. from OMV Aktiengesellschaft (WBAG:OMV) for approximately $900 million. TotalEnergies SE (ENXTPA:TTE) has signed an agreement to acquire 50% stake in SapuraOMV Upstream Sdn. Bhd. from OMV Aktiengesellschaft (WBAG:OMV) for approximately $900 million on January 31, 2024. Under the terms of agreement, TotalEnergies is paying cash consideration of $903 million, this amount includes the full repayment of the outstanding $350 million shareholder loan granted by OMV to SapuraOMV as well as net working capital and other elements with the consideration being subject to closing adjustments (Economic Effective Date December 31, 2022). The remaining 50 percent interest is held by SapuraEnergy. The implementation of the transaction is, inter alia, subject to certain partner consents as well as governmental and regulatory approvals and closing is expected by the end of first half of 2024. J.P. Morgan acted as financial advisor to OMV. Michael Burns, Tim Gummer, Mark Spinney, Neil Cuninghame, Ruth Buchanan and Jessica Davies of Ashurst acted as legal advisor to OMV Aktiengesellschaft. Marc Petitier, Jérémie Marthan, Estelle Philippi and Valérie Ménard of White & Case LLP (Paris), Margot Berry, Laetitia Souesme and Mukund Dhar of White & Case LLP, Francisco de Rosenzweig and Roman Gonzalez of White & Case, S.C. and MeloMegan Irons, Lucy Raffel, Aileen Fitzmaurice, Alistair Leung, Olivia Yan, Tom Carberry and Fiona Blanch of White & Case LLP acted as legal advisor to TotalEnergies.
TotalEnergies SE (ENXTPA:TTE) completed the acquisition of 50% stake in SapuraOMV Upstream Sdn. Bhd. from OMV Aktiengesellschaft (WBAG:OMV) on December 10, 2024. Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: €0.74 (vs €1.45 in 3Q 2023) Third quarter 2024 results: EPS: €0.74 (down from €1.45 in 3Q 2023). Revenue: €8.47b (down 8.3% from 3Q 2023). Net income: €241.0m (down 49% from 3Q 2023). Profit margin: 2.8% (down from 5.1% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 1.5% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Oct 25
OMV Aktiengesellschaft to Report Fiscal Year 2024 Results on Feb 04, 2025 OMV Aktiengesellschaft announced that they will report fiscal year 2024 results at 7:00 AM, Central European Standard Time on Feb 04, 2025 Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: €1.16 (vs €1.16 in 2Q 2023) Second quarter 2024 results: EPS: €1.16 (in line with 2Q 2023). Revenue: €8.75b (flat on 2Q 2023). Net income: €393.0m (up 3.4% from 2Q 2023). Profit margin: 4.5% (up from 4.3% in 2Q 2023). Revenue is expected to decline by 7.2% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 37%. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 29
Upcoming dividend of €5.05 per share Eligible shareholders must have bought the stock before 05 June 2024. Payment date: 10 June 2024. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.0%). New Risk • May 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.3% Last year net profit margin: 6.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (118% cash payout ratio). Profit margins are more than 30% lower than last year (4.3% net profit margin). Reported Earnings • May 02
First quarter 2024 earnings released: EPS: €1.43 (vs €1.19 in 1Q 2023) First quarter 2024 results: EPS: €1.43 (up from €1.19 in 1Q 2023). Revenue: €8.36b (down 22% from 1Q 2023). Net income: €486.0m (up 25% from 1Q 2023). Profit margin: 5.8% (up from 3.7% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to decline by 2.0% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Mar 01
Abu Dhabi National Oil Company acquired 24.9 % stake in OMV Aktiengesellschaft (WBAG:OMV) from Mubadala Petroleum And Petrochemicals Holding Company LLC. Abu Dhabi National Oil Company entered into an agreement to acquire a 24.9 % stake in OMV Aktiengesellschaft (WBAG:OMV) from Mubadala Petroleum And Petrochemicals Holding Company LLC on December 21, 2022. The completion is subject to closing conditions and other regulatory consents and approvals. As of July 12, 2023, the European Commission approved the transaction. As of August 16, 2023, Competition Tribunal of South Africa has approved the transaction without conditions. Citigroup Inc. (NYSE:C) acted as a financial advisor to Abu Dhabi National Oil Company.Abu Dhabi National Oil Company completed the acquisition of 24.9 % stake in OMV Aktiengesellschaft (WBAG:OMV) from Mubadala Petroleum And Petrochemicals Holding Company LLC on February 29, 2024. Declared Dividend • Feb 04
Dividend of €5.05 announced Shareholders will receive a dividend of €5.05. Ex-date: 5th June 2024 Payment date: 10th June 2024 Dividend yield will be 12%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 8.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 30% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 04
Full year 2023 earnings released: EPS: €4.53 (vs €11.12 in FY 2022) Full year 2023 results: EPS: €4.53 (down from €11.12 in FY 2022). Revenue: €40.5b (down 33% from FY 2022). Net income: €1.55b (down 57% from FY 2022). Profit margin: 3.8% (down from 6.0% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 7.6% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 4% per year. Announcement • Feb 01
TotalEnergies SE (ENXTPA:TTE) has signed an agreement to acquire 50% stake in SapuraOMV Upstream Sdn. Bhd. from OMV Aktiengesellschaft (WBAG:OMV) for approximately $900 million. TotalEnergies SE (ENXTPA:TTE) has signed an agreement to acquire 50% stake in SapuraOMV Upstream Sdn. Bhd. from OMV Aktiengesellschaft (WBAG:OMV) for approximately $900 million on January 31, 2024. Under the terms of agreement, TotalEnergies is paying cash consideration of $903 million, this amount includes the full repayment of the outstanding $350 million shareholder loan granted by OMV to SapuraOMV as well as net working capital and other elements with the consideration being subject to closing adjustments (Economic Effective Date December 31, 2022). The remaining 50 percent interest is held by SapuraEnergy. The implementation of the transaction is, inter alia, subject to certain partner consents as well as governmental and regulatory approvals and closing is expected by the end of first half of 2024. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: €1.45 (vs €2.55 in 3Q 2022) Third quarter 2023 results: EPS: €1.45 (down from €2.55 in 3Q 2022). Revenue: €9.74b (down 42% from 3Q 2022). Net income: €492.0m (down 41% from 3Q 2022). Profit margin: 5.0% (in line with 3Q 2022). Revenue is expected to decline by 12% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 2.8%. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 24% per year. New Risk • Jul 31
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.8% Last year net profit margin: 6.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.8% net profit margin). Reported Earnings • Jul 31
Second quarter 2023 earnings released: EPS: €1.16 (vs €5.96 in 2Q 2022) Second quarter 2023 results: EPS: €1.16 (down from €5.96 in 2Q 2022). Revenue: €8.77b (down 37% from 2Q 2022). Net income: €380.0m (down 81% from 2Q 2022). Profit margin: 4.3% (down from 14% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 9.3% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 1.7%. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Jul 15
OMV to Enter Talks with ADNOC to Create $20 Billion Chemicals Giant OMV Aktiengesellschaft (WBAG:OMV) said on July 14, 2023 said it will enter negotiations with Abu Dhabi National Oil Co (ADNOC) to potentially create a chemicals giant via the combination of two entities in which both companies own stakes. The deal, if realised, would include a merger of petrochemicals group Borealis AG which is owned by OMV and ADNOC in a 75:25 split -- and Borouge plc (ADX:BOROUGE), which is 54:36 owned by ADNOC and Borealis. OMV said such a tie-up would result in both Borealis and Borouge becoming "equal partners under a jointly controlled, listed platform for potential growth acquisitions to create a global polyolefin company". A potential tie-up between the both petrochemicals companies, which was first reported last week, would create a global heavyweight with combined annual sales of more than $20 billion. OMV said any transaction depended on a number of criteria, including the valuation of both businesses as well as the approval of the Austrian group's management and supervisory boards and antitrust authorities. Announcement • Jul 06
Adnoc, OMV Reportedly Explore USD 30 Billion Merger of Borealis, Borouge OMV Aktiengesellschaft (WBAG:OMV) are exploring a combination of Borouge plc (ADX:BOROUGE) and Borealis AG to create a chemicals and plastics company worth more than $30 billion, people familiar with the matter said. The owners are discussing the potential valuation and ownership structure of a combined entity and may reach the broad outlines for formal merger negotiations in the coming weeks, according to the people. Talks have been on-and-off for several months and could still be delayed or fall apart, they said, asking not to be identified because deliberations are private. Borealis is 75% owned by OMV, with the remainder held by Abu Dhabi National Oil Co. Abu Dhabi-listed Borouge is itself a partnership between Adnoc and Borealis and has a market value of about $22 billion. The two parties are discussing a possible valuation of about $10 billion for Borealis, including its Borouge stake, the people said. After taking into account potential synergies, the overall valuation of the combined entity could exceed $30 billion, the people said. The exact value and ownership structure remain the two key hurdles for any agreement and may still change, they said. The Austrian side would also prefer to have the headquarters in Europe, where most of the operations are, even if the combined entity was listed in Abu Dhabi, the people said. Representatives for Adnoc and OMV declined to comment. Spokespeople for Borealis and Borouge referred queries to their owners. The Abu Dhabi firm is continuing its pursuit of a potential Covestro takeover and has been studying its next steps, according to people with knowledge of the matter. Adnoc is likely to decide as soon as the next couple weeks whether to increase its offer for Covestro, the people said. A spokesperson for Covestro declined to comment. Buying Opportunity • Jun 07
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be €52.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 47% over the last 3 years. Earnings per share has grown by 48%. Revenue is forecast to decline by 18% in 2 years. Earnings is forecast to decline by 27% in the next 2 years. Announcement • Jun 03
ORLEN Deutschland GmbH acquired 17 Automated Service Stations in Germany from OMV Aktiengesellschaft (WBAG:OMV). ORLEN Deutschland GmbH acquired 17 Automated Service Stations in Germany from OMV Aktiengesellschaft (WBAG:OMV) on June 1, 2023.ORLEN Deutschland GmbH completed the acquisition of 17 Automated Service Stations in Germany from OMV Aktiengesellschaft (WBAG:OMV) on June 1, 2023. Upcoming Dividend • May 30
Upcoming dividend of €5.05 per share at 6.6% yield Eligible shareholders must have bought the stock before 06 June 2023. Payment date: 12 June 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 6.6%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.6%). Reported Earnings • Mar 30
Full year 2022 earnings released Full year 2022 results: Net income: €3.63b (up 74% from FY 2021). Oil reserves and sales price Proven reserves: 621 MMbbls Average sales price/bbl (hedged): US$88.93 Gas reserves and sales price Proven reserves: 2408.8 Bcf Average sales price/mcf (hedged): US$4.98 Combined production and costs Oil equivalent production: 143 MMboe (177.5 MMboe in FY 2021) Average production cost/Boe: US$7.67 (US$5.86/Boe in FY 2021) Revenue is expected to decline by 10% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 4.4%. Reported Earnings • Feb 07
Full year 2022 earnings released: EPS: €11.12 (vs €6.40 in FY 2021) Full year 2022 results: EPS: €11.12 (up from €6.40 in FY 2021). Revenue: €64.8b (up 82% from FY 2021). Net income: €3.71b (up 77% from FY 2021). Profit margin: 5.7% (down from 5.9% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 24% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 7.3%. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: €2.55 (vs €0.85 in 3Q 2021) Third quarter 2022 results: EPS: €2.55 (up from €0.85 in 3Q 2021). Revenue: €17.6b (up 107% from 3Q 2021). Net income: €851.0m (up 205% from 3Q 2021). Profit margin: 4.8% (up from 3.3% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is expected to fall by 18% p.a. on average during the next 3 years compared to a 4.7% decline forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: €5.96 (vs €1.90 in 2Q 2021) Second quarter 2022 results: EPS: €5.96 (up from €1.90 in 2Q 2021). Revenue: €16.0b (up 121% from 2Q 2021). Net income: €1.95b (up 213% from 2Q 2021). Profit margin: 12% (up from 8.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 14% compared to a 141% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €45.74, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 26% over the past three years. Upcoming Dividend • Jun 03
Upcoming dividend of €2.30 per share Eligible shareholders must have bought the stock before 10 June 2022. Payment date: 14 June 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 4.3%. Within top quartile of German dividend payers (4.2%). Higher than average of industry peers (1.2%). Reported Earnings • May 05
First quarter 2022 earnings released: EPS: €1.67 (vs €2.00 in 1Q 2021) First quarter 2022 results: EPS: €1.67 (down from €2.00 in 1Q 2021). Revenue: €16.1b (up 151% from 1Q 2021). Net income: €563.0m (down 14% from 1Q 2021). Profit margin: 3.5% (down from 10% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to stay flat compared to a 51% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 09
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €6.40 (up from €3.85 in FY 2020). Revenue: €37.1b (up 124% from FY 2020). Net income: €2.19b (up 74% from FY 2020). Profit margin: 5.9% (down from 7.6% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 19%. Over the next year, revenue is forecast to grow 3.3%, compared to a 65% growth forecast for the oil industry in Germany. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 19% share price decline to €45.90, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total returns to shareholders of 15% over the past three years. Reported Earnings • Nov 01
Third quarter 2021 earnings released: EPS €0.85 (vs €1.49 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €8.80b (up 138% from 3Q 2020). Net income: €304.0m (up €791.0m from 3Q 2020). Profit margin: 3.5% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Executive Departure • Sep 03
Chairman of Executive Board & CEO Rainer Seele has left the company During their tenure, earnings grew by 49% annually compared to the industry average of 8.7%. On the 31st of August, Rainer Seele left the company after 6.2 in the role. As of June 2021, Rainer still personally held 99.31k shares (€2.9m worth at the time). A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 4.92 years. Under Rainer's leadership, the company delivered a total shareholder return of 156%. Executive Departure • Sep 03
Chairman of Executive Board & CEO Rainer Seele has left the company During their tenure, earnings grew by 49% annually compared to the industry average of 8.7%. On the 31st of August, Rainer Seele left the company after 6.2 in the role. As of June 2021, Rainer still personally held 99.31k shares (€2.9m worth at the time). A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 4.92 years. Under Rainer's leadership, the company delivered a total shareholder return of 156%. Executive Departure • Sep 03
Chairman of Executive Board & CEO Rainer Seele has left the company During their tenure, earnings grew by 49% annually compared to the industry average of 8.7%. On the 31st of August, Rainer Seele left the company after 6.2 in the role. As of June 2021, Rainer still personally held 99.31k shares (€2.9m worth at the time). A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 4.92 years. Under Rainer's leadership, the company delivered a total shareholder return of 156%. Executive Departure • Sep 03
Chairman of Executive Board & CEO Rainer Seele has left the company During their tenure, earnings grew by 49% annually compared to the industry average of 8.7%. On the 31st of August, Rainer Seele left the company after 6.2 in the role. As of June 2021, Rainer still personally held 99.31k shares (€2.9m worth at the time). A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 4.92 years. Under Rainer's leadership, the company delivered a total shareholder return of 156%. Executive Departure • Sep 03
Chairman of Executive Board & CEO Rainer Seele has left the company During their tenure, earnings grew by 49% annually compared to the industry average of 8.7%. On the 31st of August, Rainer Seele left the company after 6.2 in the role. As of June 2021, Rainer still personally held 99.31k shares (€2.9m worth at the time). A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 4.92 years. Under Rainer's leadership, the company delivered a total shareholder return of 156%. Executive Departure • Sep 03
Chairman of Executive Board & CEO Rainer Seele has left the company During their tenure, earnings grew by 49% annually compared to the industry average of 8.7%. On the 31st of August, Rainer Seele left the company after 6.2 in the role. As of June 2021, Rainer still personally held 99.31k shares (€2.9m worth at the time). A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 4.92 years. Under Rainer's leadership, the company delivered a total shareholder return of 156%. Executive Departure • Sep 03
Chairman of Executive Board & CEO Rainer Seele has left the company During their tenure, earnings grew by 49% annually compared to the industry average of 8.7%. On the 31st of August, Rainer Seele left the company after 6.2 in the role. As of June 2021, Rainer still personally held 99.31k shares (€2.9m worth at the time). A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 4.92 years. Under Rainer's leadership, the company delivered a total shareholder return of 156%. Reported Earnings • Jul 29
Second quarter 2021 earnings released: EPS €1.90 (vs €0.07 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €7.59b (up 142% from 2Q 2020). Net income: €647.0m (up €624.0m from 2Q 2020). Profit margin: 8.5% (up from 0.7% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Jun 02
Upcoming dividend of €1.85 per share Eligible shareholders must have bought the stock before 09 June 2021. Payment date: 11 June 2021. Trailing yield: 3.8%. Within top quartile of German dividend payers (3.2%). In line with average of industry peers (3.9%). Reported Earnings • May 03
First quarter 2021 earnings released: EPS €2.00 (vs €0.49 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €6.78b (up 43% from 1Q 2020). Net income: €679.0m (up €838.0m from 1Q 2020). Profit margin: 10.0% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Executive Departure • Apr 10
Chief Downstream Operations Officer & Member of the Executive Board has left the company On the 1st of April, Thomas Gangl's tenure as Chief Downstream Operations Officer & Member of the Executive Board ended after 1.8 years in the role. As of December 2020, Thomas personally held 12.53k shares (€415k worth at the time). Thomas is the only executive to leave the company over the last 12 months. Reported Earnings • Mar 28
Full year 2020 earnings released: EPS €3.85 (vs €5.14 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: €16.6b (down 30% from FY 2019). Net income: €1.26b (down 25% from FY 2019). Profit margin: 7.6% (up from 7.2% in FY 2019). Oil reserves and sales price Proven reserves: 679.6 MMbbls Average sales price/bbl (hedged): US$31.04 Gas reserves and sales price Proven reserves: 3838.4 Bcf Average sales price/mcf (hedged): US$2.55 Combined production and costs Oil equivalent production: 169.4 MMboe (177.9 MMboe in FY 2019) Average production cost/Boe: US$5.38 (US$5.89/Boe in FY 2019) Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 3% per year. Is New 90 Day High Low • Feb 17
New 90-day high: €39.00 The company is up 37% from its price of €28.42 on 19 November 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 35% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €70.85 per share. Analyst Estimate Surprise Post Earnings • Feb 06
Revenue beats expectations Revenue exceeded analyst estimates by 2.3%. Over the next year, revenue is forecast to grow 18%, compared to a 14% growth forecast for the Oil and Gas industry in Germany. Reported Earnings • Feb 06
Full year 2020 earnings released: EPS €3.85 (vs €5.14 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: €18.5b (down 21% from FY 2019). Net income: €1.34b (down 20% from FY 2019). Profit margin: 7.3% (up from 7.2% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 05
New 90-day high: €34.12 The company is up 48% from its price of €23.04 on 07 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €85.06 per share. Is New 90 Day High Low • Dec 16
New 90-day high: €33.18 The company is up 22% from its price of €27.12 on 17 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €80.35 per share. Is New 90 Day High Low • Nov 23
New 90-day high: €29.12 The company is up 4.0% from its price of €27.90 on 25 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 29% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €83.89 per share. 
