ATSE:MOH

Stock Analysis Report

Motor Oil (Hellas) Corinth Refineries

Executive Summary

Motor Oil (Hellas) Corinth Refineries S.A.

Rewards

PE ratio (11x) is below the Greek market (16x)

Earnings are forecast to grow 5.37% per year

Risk Analysis

Has a high level of debt

Unstable dividend track record

Profit margins (2.1%) are lower than last year (3.8%)



Snowflake Analysis

Excellent balance sheet established dividend payer.

Share Price & News

How has Motor Oil (Hellas) Corinth Refineries's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

0.2%

MOH

-0.02%

GR Oil and Gas

2.1%

GR Market


1 Year Return

-5.0%

MOH

4.9%

GR Oil and Gas

33.9%

GR Market

Return vs Industry: MOH underperformed the Greek Oil and Gas industry which returned 4.9% over the past year.

Return vs Market: MOH underperformed the Greek Market which returned 33.9% over the past year.


Shareholder returns

MOHIndustryMarket
7 Day0.2%-0.02%2.1%
30 Day-5.9%-3.1%0.3%
90 Day-0.1%2.2%5.2%
1 Year0.7%-5.0%11.0%4.9%38.3%33.9%
3 Year82.4%51.9%32.2%13.2%50.1%36.9%
5 Year304.3%209.7%64.3%27.1%-71.2%-72.1%

Price Volatility Vs. Market

How volatile is Motor Oil (Hellas) Corinth Refineries's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Motor Oil (Hellas) Corinth Refineries undervalued compared to its fair value and its price relative to the market?

11.05x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: MOH (€20.38) is trading above our estimate of fair value (€16.24)

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


Price To Earnings Ratio

PE vs Industry: MOH is poor value based on its PE Ratio (11x) compared to the Oil and Gas industry average (10.3x).

PE vs Market: MOH is good value based on its PE Ratio (11x) compared to the Greek market (16x).


Price to Earnings Growth Ratio

PEG Ratio: MOH is poor value based on its PEG Ratio (2.1x)


Price to Book Ratio

PB vs Industry: MOH is overvalued based on its PB Ratio (1.9x) compared to the XE Oil and Gas industry average (1x).


Next Steps

Future Growth

How is Motor Oil (Hellas) Corinth Refineries forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

5.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MOH's forecast earnings growth (5.4% per year) is above the savings rate (1.9%).

Earnings vs Market: MOH's earnings (5.4% per year) are forecast to grow slower than the Greek market (19.7% per year).

High Growth Earnings: MOH's earnings are forecast to grow, but not significantly.

Revenue vs Market: MOH's revenue is expected to decline over the next 3 years (-1.7% per year).

High Growth Revenue: MOH's revenue is forecast to decline over the next 3 years (-1.7% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MOH's Return on Equity is forecast to be low in 3 years time (20%).


Next Steps

Past Performance

How has Motor Oil (Hellas) Corinth Refineries performed over the past 5 years?

28.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MOH has high quality earnings.

Growing Profit Margin: MOH's current net profit margins (2.1%) are lower than last year (3.8%).


Past Earnings Growth Analysis

Earnings Trend: MOH has become profitable over the past 5 years, growing earnings by 28.7% per year.

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

Earnings vs Industry: MOH had negative earnings growth (-41.2%) over the past year, making it difficult to compare to the Oil and Gas industry average (-2.6%).


Return on Equity

High ROE: MOH's Return on Equity (16.5%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Motor Oil (Hellas) Corinth Refineries's financial position?


Financial Position Analysis

Short Term Liabilities: MOH's short term assets (€2.0B) exceed its short term liabilities (€1.1B).

Long Term Liabilities: MOH's short term assets (€2.0B) exceed its long term liabilities (€1.0B).


Debt to Equity History and Analysis

Debt Level: MOH's debt to equity ratio (75.2%) is considered high.

Reducing Debt: MOH's debt to equity ratio has reduced from 219.6% to 75.2% over the past 5 years.

Debt Coverage: MOH's debt is well covered by operating cash flow (40.1%).

Interest Coverage: MOH's interest payments on its debt are well covered by EBIT (8.3x coverage).


Balance Sheet

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

Debt Coverage by Assets: MOH's debt is covered by short term assets (assets are 2.2x debt).


Next Steps

Dividend

What is Motor Oil (Hellas) Corinth Refineries's current dividend yield, its reliability and sustainability?

6.38%

Current Dividend Yield


Dividend Yield vs Market

company6.4%marketbottom25%1.9%markettop25%3.7%industryaverage5.9%forecastin3Years6.9%

Current dividend yield vs market & industry

Notable Dividend: MOH's dividend (6.38%) is higher than the bottom 25% of dividend payers in the Greek market (1.94%).

High Dividend: MOH's dividend (6.38%) is in the top 25% of dividend payers in the Greek market (3.7%)


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (70.5%), MOH's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MOH's dividends in 3 years are forecast to be well covered by earnings (46.8% payout ratio).


Next Steps

Management

What is the CEO of Motor Oil (Hellas) Corinth Refineries's salary, the management and board of directors tenure and is there insider trading?

4.8yrs

Average management tenure


CEO

Vardis Vardinoyannis (86yo)

0yrs

Tenure

0

Mr. Vardis John Vardinoyannis serves as the Chairman, Managing Director and Chief Executive Representative at Motor Oil Hellas Corinth Refineries SA. Mr. Vardinoyannis is one of the founders of Motor Oil H ...


Management Age and Tenure

4.8yrs

Average Tenure

64yo

Average Age

Experienced Management: MOH's management team is considered experienced (4.8 years average tenure).


Board Age and Tenure

8.8yrs

Average Tenure

67yo

Average Age

Experienced Board: MOH's board of directors are considered experienced (8.8 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

  • Vardis Vardinoyannis (86yo)

    Chairman & MD

    • Tenure: 0yrs
  • Petros Tzannetakis (64yo)

    Deputy MD

    • Tenure: 0yrs
  • Spyros Balezos

    Group Banking Manager & Treasurer

    • Tenure: 0yrs
  • Ioannis Dimakis

    Head of Shareholders’ Office & Corporate Announcements Officer

    • Tenure: 0yrs
  • Ioannis Kosmadakis (67yo)

    Deputy MD & Director

    • Tenure: 13.6yrs
  • Theodoros Porfiris

    Chief Accountant

    • Tenure: 0yrs
  • Michael-Matheos Stiakakis (64yo)

    GM of Refinery & Executive Director

    • Tenure: 8.8yrs
  • Theofanis Voutsaras (56yo)

    GM of Human Resources & Executive Director

    • Tenure: 9yrs
  • Yannis Vardinoyannis (57yo)

    Executive Vice Chairman

    • Tenure: 4.9yrs
  • Nikos Giannakakis (48yo)

    GM of Information Technology & Chief Information Officer

    • Tenure: 0.9yrs

Board Members

  • Georgios Alexandridis (86yo)

    Non-Executive Director

    • Tenure: 0yrs
  • Vardis Vardinoyannis (86yo)

    Chairman & MD

    • Tenure: 0yrs
  • Petros Tzannetakis (64yo)

    Deputy MD

    • Tenure: 0yrs
  • Demosthenes Vardinoyannis

    Non-Executive Director

    • Tenure: 0.5yrs
  • Antonios Theocharis (86yo)

    Non Executive Independent Director

    • Tenure: 13.6yrs
  • Ioannis Kosmadakis (67yo)

    Deputy MD & Director

    • Tenure: 13.6yrs
  • Michael-Matheos Stiakakis (64yo)

    GM of Refinery & Executive Director

    • Tenure: 8.8yrs
  • Theofanis Voutsaras (56yo)

    GM of Human Resources & Executive Director

    • Tenure: 9yrs
  • Panayotis Constantaras (69yo)

    Non Executive Independent Director

    • Tenure: 1.9yrs
  • Yannis Vardinoyannis (57yo)

    Executive Vice Chairman

    • Tenure: 4.9yrs

Company Information

Motor Oil (Hellas) Corinth Refineries S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Motor Oil (Hellas) Corinth Refineries S.A.
  • Ticker: MOH
  • Exchange: ATSE
  • Founded: 1970
  • Industry: Oil and Gas Refining and Marketing
  • Sector: Energy
  • Market Cap: €2.258b
  • Shares outstanding: 110.78m
  • Website: https://www.moh.gr

Number of Employees


Location

  • Motor Oil (Hellas) Corinth Refineries S.A.
  • Irodou Attikou 12A
  • Maroussi
  • 151 24
  • Greece

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MHZDB (Deutsche Boerse AG)YesOrdinary SharesDEEURAug 2001
MOHATSE (The Athens Stock Exchange)YesOrdinary SharesGREURAug 2001
0MQTLSE (London Stock Exchange)YesOrdinary SharesGBEURAug 2001
MOHC.YOTCPK (Pink Sheets LLC)UNSPONSORED ADRUSUSDOct 2008

Biography

Motor Oil (Hellas) Corinth Refineries S.A. engages in oil refining and oil products trading in Greece and internationally. It operates through three segments: Refinery’s Activities, Sales to/from Gas Stati ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/14 20:36
End of Day Share Price2019/12/13 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.