Major Estimate Revision • Jul 29
Consensus EPS estimates increase by 80% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from €4.89 to €8.79. Revenue forecast steady at €13.6b. Net income forecast to shrink 12% next year vs 40% growth forecast for Oil and Gas industry in Greece . Consensus price target up from €41.85 to €46.16. Share price rose 4.1% to €50.70 over the past week. Buy Or Sell Opportunity • Jul 27
Now 20% undervalued Over the last 90 days, the stock has risen 41% to €49.88. The fair value is estimated to be €62.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 18%. For the next 3 years, revenue is forecast to decline by 1.6% per annum. Earnings are also forecast to decline by 19% per annum over the same time period. Price Target Changed • Jul 13
Price target increased by 13% to €42.11 Up from €37.31, the current price target is an average from 7 analysts. New target price is 11% below last closing price of €47.58. Stock is up 93% over the past year. The company is forecast to post earnings per share of €4.89 for next year compared to €5.98 last year. New Risk • Jul 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Greek stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 25% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.2% average weekly change). Large one-off items impacting financial results. Declared Dividend • Jun 19
Dividend of €1.43 announced Shareholders will receive a dividend of €1.43. Ex-date: 26th June 2026 Payment date: 3rd July 2026 Dividend yield will be 4.7%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is well covered by both earnings (21% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 51% over the next 3 years. However, it would need to fall by 76% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • May 28
First quarter 2026 earnings released: EPS: €3.07 (vs €0.78 in 1Q 2025) First quarter 2026 results: EPS: €3.07 (up from €0.78 in 1Q 2025). Revenue: €3.36b (up 25% from 1Q 2025). Net income: €332.2m (up 293% from 1Q 2025). Profit margin: 9.9% (up from 3.2% in 1Q 2025). Revenue is expected to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to grow by 1.5%. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • May 16
Motor Oil (Hellas) Corinth Refineries S.A. to Report Q1, 2026 Results on May 27, 2026 Motor Oil (Hellas) Corinth Refineries S.A. announced that they will report Q1, 2026 results After-Market on May 27, 2026 Major Estimate Revision • Apr 07
Consensus revenue estimates increase by 23% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from €11.7b to €14.5b. EPS estimate unchanged from €4.89 at last update. Oil and Gas industry in Greece expected to see average net income growth of 35% next year. Consensus price target broadly unchanged at €36.15. Share price rose 2.1% to €38.90 over the past week. Major Estimate Revision • Mar 31
Consensus revenue estimates increase by 23% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from €11.7b to €14.5b. EPS estimate unchanged from €4.89 at last update. Oil and Gas industry in Greece expected to see average net income growth of 34% next year. Consensus price target broadly unchanged at €36.15. Share price was steady at €38.10 over the past week. New Risk • Mar 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 60% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Mar 26
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: €5.98 (up from €2.62 in FY 2024). Revenue: €11.5b (down 5.8% from FY 2024). Net income: €647.5m (up 129% from FY 2024). Profit margin: 5.6% (up from 2.3% in FY 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.5%. Revenue is forecast to stay flat during the next 3 years compared to a 1.8% growth forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Price Target Changed • Jan 28
Price target increased by 8.6% to €33.59 Up from €30.91, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of €33.82. Stock is up 58% over the past year. The company is forecast to post earnings per share of €6.25 for next year compared to €2.62 last year. Price Target Changed • Jan 20
Price target increased by 7.6% to €32.98 Up from €30.66, the current price target is an average from 8 analysts. New target price is 10% above last closing price of €29.90. Stock is up 39% over the past year. The company is forecast to post earnings per share of €6.25 for next year compared to €2.62 last year. Buy Or Sell Opportunity • Dec 16
Now 20% undervalued Over the last 90 days, the stock has risen 17% to €30.18. The fair value is estimated to be €37.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 43%. For the next 3 years, revenue is forecast to decline by 0.9% per annum. Earnings are also forecast to decline by 3.2% per annum over the same time period. New Risk • Nov 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.2% per year for the foreseeable future. Minor Risks High level of debt (51% net debt to equity). Dividend is not well covered by cash flows (120% cash payout ratio). Large one-off items impacting financial results. Declared Dividend • Nov 05
First half dividend of €0.35 announced Shareholders will receive a dividend of €0.35. Ex-date: 23rd December 2025 Payment date: 5th January 2026 Dividend yield will be 5.6%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is not covered by earnings (139% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 17% 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 54% to bring the payout ratio under control. EPS is expected to grow by 90% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Nov 04
Motor Oil (Hellas) Corinth Refineries S.A. to Report Nine Months, 2025 Results on Nov 19, 2025 Motor Oil (Hellas) Corinth Refineries S.A. announced that they will report nine months, 2025 results on Nov 19, 2025 Buy Or Sell Opportunity • Oct 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.3% to €24.50. The fair value is estimated to be €30.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 42%. For the next 3 years, revenue is forecast to decline by 0.8% per annum. Earnings are forecast to grow by 9.5% per annum over the same time period. Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: €0.72 (vs €1.56 in 2Q 2024) Second quarter 2025 results: EPS: €0.72 (down from €1.56 in 2Q 2024). Revenue: €2.59b (down 21% from 2Q 2024). Net income: €77.5m (down 54% from 2Q 2024). Profit margin: 3.0% (down from 5.2% in 2Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 11% growth forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. New Risk • Aug 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (283% cash payout ratio). Profit margins are more than 30% lower than last year (1.5% net profit margin). Declared Dividend • Jun 20
Dividend of €1.10 announced Shareholders will receive a dividend of €1.10. Ex-date: 25th June 2025 Payment date: 2nd July 2025 Dividend yield will be 5.8%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is covered by earnings (86% earnings payout ratio) but not covered by cash flows (283% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 29
First quarter 2025 earnings released: EPS: €0.78 (vs €1.76 in 1Q 2024) First quarter 2025 results: EPS: €0.78 (down from €1.76 in 1Q 2024). Revenue: €2.68b (down 10% from 1Q 2024). Net income: €84.6m (down 56% from 1Q 2024). Profit margin: 3.2% (down from 6.4% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 1.7% 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 22% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Major Estimate Revision • May 29
Consensus revenue estimates decrease by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from €10.9b to €9.74b. EPS estimate unchanged from €2.75 per share at last update. Oil and Gas industry in Greece expected to see average net income growth of 3.0% next year. Consensus price target of €25.06 unchanged from last update. Share price was steady at €23.48 over the past week. Announcement • May 16
Motor Oil (Hellas) Corinth Refineries S.A. to Report Q1, 2025 Results on May 26, 2025 Motor Oil (Hellas) Corinth Refineries S.A. announced that they will report Q1, 2025 results After-Market on May 26, 2025 Reported Earnings • Apr 04
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: €2.62 (down from €7.43 in FY 2023). Revenue: €12.2b (down 8.5% from FY 2023). Net income: €283.4m (down 65% from FY 2023). Profit margin: 2.3% (down from 6.1% in FY 2023). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to decline by 1.8% 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 1% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Mar 15
Motor Oil (Hellas) Corinth Refineries S.A., Annual General Meeting, Jun 18, 2025 Motor Oil (Hellas) Corinth Refineries S.A., Annual General Meeting, Jun 18, 2025. Upcoming Dividend • Dec 16
Upcoming dividend of €0.30 per share Eligible shareholders must have bought the stock before 23 December 2024. Payment date: 03 January 2025. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 8.3%. Within top quartile of Greek dividend payers (5.9%). Higher than average of industry peers (7.3%). Major Estimate Revision • Dec 03
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €12.3b to €12.1b. EPS estimate also fell from €3.88 per share to €3.12 per share. Net income forecast to grow 9.2% next year vs 16% growth forecast for Oil and Gas industry in Greece. Consensus price target broadly unchanged at €26.94. Share price rose 3.2% to €19.99 over the past week. New Risk • Nov 21
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.4% net profit margin). Reported Earnings • Nov 21
Third quarter 2024 earnings released: €1.29 loss per share (vs €4.06 profit in 3Q 2023) Third quarter 2024 results: €1.29 loss per share (down from €4.06 profit in 3Q 2023). Revenue: €3.13b (down 23% from 3Q 2023). Net loss: €138.7m (down 132% from profit in 3Q 2023). Revenue is expected to fall by 3.2% p.a. on average during the next 3 years compared to a 1.1% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Nov 07
Motor Oil (Hellas) Corinth Refineries S.A. to Report Nine Months, 2024 Results on Nov 20, 2024 Motor Oil (Hellas) Corinth Refineries S.A. announced that they will report nine months, 2024 results on Nov 20, 2024 Declared Dividend • Nov 01
First half dividend of €0.30 announced Shareholders will receive a dividend of €0.30. Ex-date: 23rd December 2024 Payment date: 3rd January 2025 Dividend yield will be 8.8%, which is higher than the industry average of 6.4%. Sustainability & Growth Dividend is covered by both earnings (17% earnings payout ratio) and cash flows (64% cash payout ratio). The dividend has increased by an average of 25% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 81% over the next 3 years. A fall of 81% would increase the payout ratio to a potentially unsustainable range, which means the dividend may be at risk. Major Estimate Revision • Oct 16
Consensus EPS estimates fall by 20%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €12.5b to €12.7b. EPS estimate fell from €4.83 to €3.88 per share. Net income forecast to shrink 59% next year vs 19% growth forecast for Oil and Gas industry in Greece . Consensus price target down from €28.81 to €27.83. Share price was steady at €20.56 over the past week. Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: €1.56 (vs €0.36 in 2Q 2023) Second quarter 2024 results: EPS: €1.56 (up from €0.36 in 2Q 2023). Revenue: €3.26b (up 24% from 2Q 2023). Net income: €168.3m (up 332% from 2Q 2023). Profit margin: 5.2% (up from 1.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to fall by 4.5% p.a. on average during the next 3 years compared to a 1.0% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 25
Consensus EPS estimates fall by 44%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €12.0b to €12.2b. EPS estimate fell from €5.23 to €2.92 per share. Net income forecast to shrink 55% next year vs 14% growth forecast for Oil and Gas industry in Greece . Consensus price target broadly unchanged at €28.81. Share price was steady at €21.14 over the past week. Announcement • Aug 14
Motor Oil (Hellas) Corinth Refineries S.A. to Report First Half, 2024 Results on Aug 28, 2024 Motor Oil (Hellas) Corinth Refineries S.A. announced that they will report first half, 2024 results on Aug 28, 2024 New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Greek stocks, typically moving 4.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.9% operating cash flow to total debt). Earnings are forecast to decline by an average of 30% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (4.7% average weekly change). Declared Dividend • Jun 21
Dividend of €1.43 announced Shareholders will receive a dividend of €1.43. Ex-date: 26th June 2024 Payment date: 3rd July 2024 Dividend yield will be 7.4%, which is higher than the industry average of 6.4%. Sustainability & Growth Dividend is covered by earnings (26% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 25% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 58% over the next 3 years. However, it would need to fall by 71% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • May 29
First quarter 2024 earnings released: EPS: €1.76 (vs €2.19 in 1Q 2023) First quarter 2024 results: EPS: €1.76 (down from €2.19 in 1Q 2023). Revenue: €2.98b (down 9.9% from 1Q 2023). Net income: €190.7m (down 20% from 1Q 2023). Profit margin: 6.4% (down from 7.2% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 2.3% 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 increased by 46% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • May 16
Motor Oil (Hellas) Corinth Refineries S.A. to Report Q1, 2024 Results on May 28, 2024 Motor Oil (Hellas) Corinth Refineries S.A. announced that they will report Q1, 2024 results on May 28, 2024 Reported Earnings • Apr 05
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: €7.43 (down from €8.82 in FY 2022). Revenue: €13.3b (down 20% from FY 2022). Net income: €805.7m (down 17% from FY 2022). Profit margin: 6.1% (up from 5.8% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is expected to fall by 2.8% p.a. on average during the next 3 years compared to a 1.8% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Apr 01
Motor Oil (Hellas) Corinth Refineries S.A. to Report Fiscal Year 2023 Results on Apr 03, 2024 Motor Oil (Hellas) Corinth Refineries S.A. announced that they will report fiscal year 2023 results on Apr 03, 2024 Announcement • Jan 01
Motor Oil (Hellas) Corinth Refineries S.A., Annual General Meeting, Jan 24, 2024 Motor Oil (Hellas) Corinth Refineries S.A., Annual General Meeting, Jan 24, 2024, at 10:00 E. Europe Standard Time. Location: NJV Athens Plaza Hotel 2 Vassileos Georgiou A Street, Zip Code 105 64, Syntagma Square Athens Greece Major Estimate Revision • Dec 21
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €7.09 to €7.96. Revenue forecast steady at €13.9b. Net income forecast to shrink 12% next year vs 15% growth forecast for Oil and Gas industry in Greece . Consensus price target up from €26.64 to €27.84. Share price fell 3.0% to €24.26 over the past week. Price Target Changed • Dec 20
Price target increased by 7.8% to €27.84 Up from €25.83, the current price target is an average from 7 analysts. New target price is 15% above last closing price of €24.28. Stock is up 12% over the past year. The company is forecast to post earnings per share of €7.96 for next year compared to €8.82 last year. Upcoming Dividend • Dec 11
Upcoming dividend of €0.40 per share at 6.5% yield Eligible shareholders must have bought the stock before 18 December 2023. Payment date: 22 December 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of Greek dividend payers (4.6%). Lower than average of industry peers (9.0%). Major Estimate Revision • Nov 28
Consensus revenue estimates increase by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €12.3b to €13.7b. EPS estimate unchanged from €5.86 at last update. Oil and Gas industry in Greece expected to see average net income growth of 15% next year. Consensus price target of €26.41 unchanged from last update. Share price rose 11% to €24.76 over the past week. Reported Earnings • Nov 23
Third quarter 2023 earnings released: EPS: €4.06 (vs €2.92 in 3Q 2022) Third quarter 2023 results: EPS: €4.06 (up from €2.92 in 3Q 2022). Revenue: €4.04b (down 15% from 3Q 2022). Net income: €440.9m (up 37% from 3Q 2022). Profit margin: 11% (up from 6.7% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to fall by 6.2% p.a. on average during the next 3 years compared to a 3.3% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Announcement • Nov 08
Motor Oil (Hellas) Corinth Refineries S.A. to Report Nine Months, 2023 Results on Nov 21, 2023 Motor Oil (Hellas) Corinth Refineries S.A. announced that they will report nine months, 2023 results on Nov 21, 2023 New Risk • Aug 30
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: 5.5% 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: Major Risk Earnings are forecast to decline by an average of 24% per year for the foreseeable future. Minor Risks High level of debt (59% net debt to equity). 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). Announcement • Aug 19
Motor Oil (Hellas) Corinth Refineries S.A. to Report First Half, 2023 Results on Aug 29, 2023 Motor Oil (Hellas) Corinth Refineries S.A. announced that they will report first half, 2023 results on Aug 29, 2023 Upcoming Dividend • Jun 19
Upcoming dividend of €1.20 per share at 6.5% yield Eligible shareholders must have bought the stock before 26 June 2023. Payment date: 03 July 2023. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of Greek dividend payers (4.8%). Lower than average of industry peers (9.0%). Major Estimate Revision • Jun 06
Consensus revenue estimates decrease by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from €15.2b to €13.3b. EPS estimate unchanged from €3.76 per share at last update. Oil and Gas industry in Greece expected to see average net income decline 8.8% next year. Consensus price target down from €26.67 to €25.71. Share price fell 2.0% to €23.10 over the past week. Announcement • Jun 01
Motor Oil (Hellas) Corinth Refineries S.A., Annual General Meeting, Jun 07, 2023 Motor Oil (Hellas) Corinth Refineries S.A., Annual General Meeting, Jun 07, 2023, at 07:00 Coordinated Universal Time. Location: NJV Athens Plaza Hotel, 2 Vassileos Georgiou A Street, Zip Code 105 64, Syntagma Square, Athens Athens Greece Reported Earnings • May 31
First quarter 2023 earnings released: EPS: €2.19 (vs €1.79 in 1Q 2022) First quarter 2023 results: EPS: €2.19 (up from €1.79 in 1Q 2022). Revenue: €3.31b (up 1.5% from 1Q 2022). Net income: €237.4m (up 20% from 1Q 2022). Profit margin: 7.2% (up from 6.1% in 1Q 2022). Revenue is expected to fall by 4.3% p.a. on average during the next 3 years compared to a 5.0% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth.