ATSE:ELPE

Stock Analysis Report

Hellenic Petroleum

Executive Summary

Hellenic Petroleum S.A., together with its subsidiaries, operates in the energy sector primarily in Greece, South Eastern Europe, and the East Mediterranean.

Rewards

Earnings are forecast to grow 41.88% per year

Risk Analysis

Interest payments are not well covered by earnings

Dividend of 5.96% is not well covered by earnings

Profit margins (0.2%) are lower than last year (4.9%)



Snowflake Analysis

Adequate balance sheet average dividend payer.

Share Price & News

How has Hellenic Petroleum's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ELPE has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0.6%

ELPE

-2.8%

GR Oil and Gas

1.4%

GR Market


1 Year Return

9.9%

ELPE

5.8%

GR Oil and Gas

41.6%

GR Market

Return vs Industry: ELPE exceeded the Greek Oil and Gas industry which returned 7.2% over the past year.

Return vs Market: ELPE underperformed the Greek Market which returned 41.1% over the past year.


Shareholder returns

ELPEIndustryMarket
7 Day0.6%-2.8%1.4%
30 Day-2.2%-1.0%2.3%
90 Day0.8%-0.8%6.9%
1 Year19.6%9.9%11.9%5.8%47.9%41.6%
3 Year134.6%92.7%34.2%14.8%60.9%45.3%
5 Year174.0%125.0%66.8%28.5%-79.2%-79.5%

Price Volatility Vs. Market

How volatile is Hellenic Petroleum's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Hellenic Petroleum undervalued compared to its fair value and its price relative to the market?

126.95x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ELPE (€8.39) is trading above our estimate of fair value (€6.21)

Significantly Below Fair Value: ELPE is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: ELPE is poor value based on its PE Ratio (125.9x) compared to the Oil and Gas industry average (9.4x).

PE vs Market: ELPE is poor value based on its PE Ratio (125.9x) compared to the Greek market (17x).


Price to Earnings Growth Ratio

PEG Ratio: ELPE is poor value based on its PEG Ratio (3x)


Price to Book Ratio

PB vs Industry: ELPE is overvalued based on its PB Ratio (1.1x) compared to the XE Oil and Gas industry average (1x).


Next Steps

Future Growth

How is Hellenic Petroleum forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

41.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ELPE's forecast earnings growth (41.9% per year) is above the savings rate (1.9%).

Earnings vs Market: ELPE's earnings (41.9% per year) are forecast to grow faster than the Greek market (18.9% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: ELPE's revenue (1.9% per year) is forecast to grow slower than the Greek market (4.3% per year).

High Growth Revenue: ELPE's revenue (1.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ELPE's Return on Equity is forecast to be low in 3 years time (14%).


Next Steps

Past Performance

How has Hellenic Petroleum performed over the past 5 years?

45.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ELPE has high quality earnings.

Growing Profit Margin: ELPE's current net profit margins (0.2%) are lower than last year (4.9%).


Past Earnings Growth Analysis

Earnings Trend: ELPE has become profitable over the past 5 years, growing earnings by 45.3% per year.

Accelerating Growth: ELPE's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: ELPE had negative earnings growth (-95.6%) over the past year, making it difficult to compare to the Oil and Gas industry average (-5.1%).


Return on Equity

High ROE: ELPE's Return on Equity (0.9%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Hellenic Petroleum's financial position?


Financial Position Analysis

Short Term Liabilities: ELPE's short term assets (€2.8B) exceed its short term liabilities (€2.3B).

Long Term Liabilities: ELPE's short term assets (€2.8B) exceed its long term liabilities (€2.2B).


Debt to Equity History and Analysis

Debt Level: ELPE's debt to equity ratio (100.3%) is considered high.

Reducing Debt: ELPE's debt to equity ratio has reduced from 148% to 100.3% over the past 5 years.

Debt Coverage: ELPE's debt is well covered by operating cash flow (22.5%).

Interest Coverage: ELPE's interest payments on its debt are not well covered by EBIT (1.7x coverage).


Balance Sheet

Inventory Level: ELPE has a high level of physical assets or inventory.

Debt Coverage by Assets: ELPE's debt is covered by short term assets (assets are 1.2x debt).


Next Steps

Dividend

What is Hellenic Petroleum's current dividend yield, its reliability and sustainability?

5.91%

Current Dividend Yield


Dividend Yield vs Market

company5.9%marketbottom25%1.7%markettop25%3.5%industryaverage5.8%forecastin3Years6.3%

Current dividend yield vs market & industry

Notable Dividend: ELPE's dividend (5.96%) is higher than the bottom 25% of dividend payers in the Greek market (1.88%).

High Dividend: ELPE's dividend (5.96%) is in the top 25% of dividend payers in the Greek market (3.63%)


Stability and Growth of Payments

Stable Dividend: ELPE's dividend payments have been volatile in the past 10 years.

Growing Dividend: ELPE's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (750.3%), ELPE's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ELPE's dividends in 3 years are forecast to be well covered by earnings (42.4% payout ratio).


Next Steps

Management

What is the CEO of Hellenic Petroleum's salary, the management and board of directors tenure and is there insider trading?

2.3yrs

Average management tenure


CEO

Andreas Shiamishis 0

0.4yrs

Tenure

0

Mr. Andreas N. Shiamishis has been Deputy Chief Executive Officer at Hellenic Petroleum Cyprus Ltd. since February 2018 and has been its Executive Director since May 30, 2013. He serves as Chief Executive  ...


Management Age and Tenure

2.3yrs

Average Tenure

Experienced Management: ELPE's management team is considered experienced (2.3 years average tenure).


Board Age and Tenure

4.6yrs

Average Tenure

Experienced Board: ELPE's board of directors are considered experienced (4.6 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Andreas Shiamishis

    CEO & Executive Director

    • Tenure: 0.4yrs
  • Christian Thomas

    Chief Financial Officer

    • Tenure: 0.2yrs
  • Georgios Alexopoulos

    GM of Group Strategic Planning & New Business and Executive Director

    • Tenure: 2.6yrs
  • N. Skandalis

    Chief Technical Officer

    • Tenure: 10yrs
  • Ioannis Apsouris

    General Manager of Group Legal Services

    • H. Panitsidis

      Head of Elefsina Refinery Upgrade Project and General Manager

      • Stefanos Papadimitriou

        Accounting Director

        • Stamatia Psyllaki

          General Manager Group Human Resources & Administrative Services

          • Tenure: 4.3yrs
        • Ioannis Grigoriou

          General Manager Exploration & Production

          • Vasilis Tsaitas

            Investor Relations Officer


            Board Members

            • Theodoros-Achilleas Vardas (69yo)

              Non-Executive Director

              • Tenure: 13yrs
            • Andreas Shiamishis

              CEO & Executive Director

              • Tenure: 0.4yrs
            • Spyros Pantelias

              Independent Non Executive Director

              • Tenure: 10.1yrs
            • Theodoros Pantalakis (65yo)

              Independent Non Executive Director

              • Tenure: 10.1yrs
            • Georgios Alexopoulos

              GM of Group Strategic Planning & New Business and Executive Director

              • Tenure: 2.6yrs
            • Konstantinos Papagiannopoulos

              Employees’ Representative Non-Executive Director

              • Tenure: 6.6yrs
            • Ioannis Papathanasiou

              Chairman of the Board

              • Tenure: 0.4yrs
            • Georgios Papakonstantinou

              Employees’ Representative Non-Executive Director

              • Tenure: 1.6yrs
            • Michael Kefalogiannis

              Non-Executive Director

              • Tenure: 0.4yrs
            • Alexandros Metaxas

              Non-Executive Director

              • Tenure: 0.4yrs

            Company Information

            Hellenic Petroleum S.A.'s company bio, employee growth, exchange listings and data sources


            Key Information

            • Name: Hellenic Petroleum S.A.
            • Ticker: ELPE
            • Exchange: ATSE
            • Founded: 1998
            • Industry: Oil and Gas Refining and Marketing
            • Sector: Energy
            • Market Cap: €2.586b
            • Shares outstanding: 305.64m
            • Website: https://www.helpe.gr

            Number of Employees


            Location

            • Hellenic Petroleum S.A.
            • 8A Chimarras Street
            • Maroussi
            • 151 25
            • Greece

            Listings

            TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
            ELPEATSE (The Athens Stock Exchange)YesOrdinary SharesGREURJul 1998
            HLPNDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJul 1998
            0K9ULSE (London Stock Exchange)YesOrdinary SharesGBEURJul 1998

            Biography

            Hellenic Petroleum S.A., together with its subsidiaries, operates in the energy sector primarily in Greece, South Eastern Europe, and the East Mediterranean. The company operates through the Refining, Marketing, Exploration and Production of Hydrocarbons, Petro-chemicals, Gas and Power, and Other segments. It engages in the supply, refining, and trading of petroleum products; marketing of fuels; production and trading of petrochemicals/chemicals; exploration and production of oil and gas; and generation and trading of power. It is also involved in the production, distribution, and trading of renewable energy sources; provision of financing and other financial services; retail trade of liquid fuels and LPG; operation of tankers; exploration and production of hydrocarbons; trade, distribution, and storage of oil products; operation of crude oil pipelines; owning of vessels; production and marketing of polypropylene, BOPP films, and solvents; trading of imported plastics and chemicals; and provision of treasury services. In addition, the company provides consulting and engineering services, as well as participates in the development of cross-border gas pipelines. Hellenic Petroleum S.A. operates a network of 1,738 service stations, 15 fuel storage and distribution facilities, 23 aircraft refueling stations in the Greek airports, 2 LPG bottling plants, and 1 lubricant production and packing site in Greece. Hellenic Petroleum S.A. was founded in 1998 and is headquartered in Maroussi, Greece. 


            Company Analysis and Financial Data Status

            All financial data provided by Standard & Poor's Capital IQ.
            DataLast Updated (UTC time)
            Company Analysis2020/01/24 20:51
            End of Day Share Price2020/01/24 00:00
            Earnings2019/09/30
            Annual Earnings2018/12/31


            Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.