Motor Oil (Hellas) Corinth Refineries S.A. (ATH:MOH) Half-Yearly Results: Here's What Analysts Are Forecasting For This Year

Investors in Motor Oil (Hellas) Corinth Refineries S.A. (ATH:MOH) had a good week, as its shares rose 2.6% to close at €21.70 following the release of its half-year results. It was a workmanlike result, with revenues of €6.2b coming in 2.7% ahead of expectations, and statutory earnings per share of €7.43, in line with analyst appraisals. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. So we gathered the latest post-earnings forecasts to see what estimates suggest is in store for next year.

See our latest analysis for Motor Oil (Hellas) Corinth Refineries

Following the recent earnings report, the consensus from seven analysts covering Motor Oil (Hellas) Corinth Refineries is for revenues of €12.6b in 2024. This implies a perceptible 7.5% decline in revenue compared to the last 12 months. Statutory earnings per share are expected to plummet 64% to €2.92 in the same period. In the lead-up to this report, the analysts had been modelling revenues of €12.0b and earnings per share (EPS) of €5.23 in 2024. So it's pretty clear the analysts have mixed opinions on Motor Oil (Hellas) Corinth Refineries after the latest results; even though they upped their revenue numbers, it came at the cost of a large cut to per-share earnings expectations.

There's been no major changes to the price target of €28.81, suggesting that the impact of higher forecast revenue and lower earnings won't result in a meaningful change to the business' valuation. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. There are some variant perceptions on Motor Oil (Hellas) Corinth Refineries, with the most bullish analyst valuing it at €33.00 and the most bearish at €20.20 per share. This shows there is still a bit of diversity in estimates, but analysts don't appear to be totally split on the stock as though it might be a success or failure situation.

Another way we can view these estimates is in the context of the bigger picture, such as how the forecasts stack up against past performance, and whether forecasts are more or less bullish relative to other companies in the industry. We would highlight that revenue is expected to reverse, with a forecast 14% annualised decline to the end of 2024. That is a notable change from historical growth of 15% over the last five years. By contrast, our data suggests that other companies (with analyst coverage) in the industry are forecast to see their revenue decline 1.1% annually for the foreseeable future. The forecasts do look bearish for Motor Oil (Hellas) Corinth Refineries, since they're expecting it to shrink faster than the industry.

The Bottom Line

The most important thing to take away is that the analysts downgraded their earnings per share estimates, showing that there has been a clear decline in sentiment following these results. They also upgraded their estimates, with revenue apparently performing well, although it is expected to lag the wider industry this year. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates.

With that said, the long-term trajectory of the company's earnings is a lot more important than next year. At Simply Wall St, we have a full range of analyst estimates for Motor Oil (Hellas) Corinth Refineries going out to 2026, and you can see them free on our platform here..

Before you take the next step you should know about the 4 warning signs for Motor Oil (Hellas) Corinth Refineries (1 is potentially serious!) that we have uncovered.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.