ATSE:MOH

Stock Analysis Report

Motor Oil (Hellas) Corinth Refineries

Executive Summary

Motor Oil (Hellas) Corinth Refineries S.A.

Snowflake

Fundamentals

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


Market Performance


7 Day Return

0.2%

MOH

2.0%

GR Oil and Gas

4.0%

GR Market


1 Year Return

-7.3%

MOH

-3.7%

GR Oil and Gas

27.4%

GR Market

Return vs Industry: MOH underperformed the Greek Oil and Gas industry which returned -3.7% over the past year.

Return vs Market: MOH underperformed the Greek Market which returned 27.4% over the past year.


Share holder returns

MOHIndustryMarket
7 Day0.2%2.0%4.0%
30 Day3.6%0.8%1.0%
90 Day-7.3%-4.3%2.0%
1 Year-1.7%-7.3%1.7%-3.7%31.5%27.4%
3 Year130.0%91.7%44.4%23.6%57.0%43.2%
5 Year319.8%227.2%53.2%18.9%-76.6%-77.2%

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 based on future cash flows and its price relative to the stock market?

9.11x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Undervalued: MOH (€21.14) is trading above our estimate of fair value (€15.48)

Significantly Undervalued: MOH is trading above our estimate of fair value.


Price Based on Earnings

PE vs Industry: MOH is good value based on its PE Ratio (9.1x) compared to the Oil and Gas industry average (9.2x).

PE vs Market: MOH is good value based on its PE Ratio (9.1x) compared to the Greek market (16.4x).


Price Based on Expected Growth

Low PEG Ratio: MOH is poor value based on its PEG Ratio (4.2x)


Price Based on Value of Assets

PB vs Industry: MOH is overvalued based on its PB Ratio (2x) compared to the XE Oil and Gas industry average (0.9x).


Next Steps

Future Growth

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

2.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Earnings vs Savings Rate: MOH's forecast earnings growth (2.2% per year) is below the savings rate (4.9%).

Earnings vs Market: MOH's earnings (2.2% per year) are forecast to grow slower than the Greek market (16.6% 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 (-2% per year).

High Growth Revenue: MOH's revenue is forecast to decline over the next 3 years (-2%).


Earnings per Share Growth Estimates


Future Return on Equity

High 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?

35.0%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: MOH's earnings have grown significantly by 35% per year over the past 5 years.

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 (-23.8%) over the past year, making it difficult to compare to the Oil and Gas industry average (10%).


Return on Equity

High ROE: MOH's Return on Equity (22%) is considered high.


Return on Assets

ROA vs Industry: MOH has a higher Return on Assets than the Oil and Gas industry average last year.


Return on Capital Employed

ROCE Improving: MOH's Return on Capital Employed has declined over the past 3 years.


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 (€1.9B) exceeds its short term liabilities (€1.1B)

Long Term Liabilities: MOH's short term assets (1.9B) exceeds its long term liabilities (1.0B)


Debt to Equity History and Analysis

Debt Level: MOH's debt to equity ratio (79.6%) is considered high

Reducing Debt: MOH's debt to equity ratio has reduced from 222.2% to 79.6% over the past 5 years.

Debt Coverage: MOH's debt is well covered by operating cash flow (31.7%).

Interest Coverage: MOH's interest payments on its debt are well covered by EBIT (9.7x 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 2.061630x debt).


Next Steps

Dividend

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

6.73%

Expected Dividend Yield


Dividend Yield vs Market

company6.1%marketbottom25%1.9%markettop25%3.9%industryaverage4.7%forecastin3Years6.7%

Current dividend yield vs market & industry


Dividend Yield and Payments Analysis

Notable Dividend: MOH's dividend (6.15%) is higher than the bottom 25% of dividend payers in the Greek market (1.92%).

High Dividend: MOH's dividend (6.15%) is in the top 25% of dividend payers in the Greek market (3.86%)

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 reasonably low payout ratio (40.9%), MOH's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MOH's dividends in 3 years are forecast to be well covered by earnings (49.2% 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?

8.6yrs

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

8.6yrs

Average Tenure

64yo

Average Age

Experienced Management: MOH's management team is seasoned and experienced (8.6 years average tenure).


Board Age and Tenure

8.6yrs

Average Tenure

68yo

Average Age

Experienced Board: MOH's board of directors are considered experienced (8.6 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


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: 13.4yrs
  • Theodoros Porfiris

    Chief Accountant

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

    GM of Refinery Manufacturing & Executive Director

    • Tenure: 8.6yrs
  • Philip Malergos

    Financial Controller

    • Tenure: 0yrs
  • Theofanis Voutsaras (56yo)

    General Manager of Administration & Human Resources and Executive Director

    • Tenure: 8.8yrs
  • Relina Kontoyiannis (57yo)

    General Manager of Marketing

    • Tenure: 1.8yrs

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: 0.3yrs
  • Antonios Theocharis (86yo)

    Non Executive Independent Director

    • Tenure: 13.4yrs
  • Ioannis Kosmadakis (67yo)

    Deputy MD & Director

    • Tenure: 13.4yrs
  • Michael-Matheos Stiakakis (64yo)

    GM of Refinery Manufacturing & Executive Director

    • Tenure: 8.6yrs
  • Theofanis Voutsaras (56yo)

    General Manager of Administration & Human Resources and Executive Director

    • Tenure: 8.8yrs
  • Panayotis Constantaras (69yo)

    Non Executive Independent Director

    • Tenure: 1.8yrs
  • Yannis Vardinoyannis

    Vice Chairman

    • Tenure: 0.8yrs

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: €2.342b
  • 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 Analysis2019/10/14 20:35
End of Day Share Price2019/10/14 00:00
Earnings2019/06/30
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.

© 2018 SIMPLY WALL STREET PTY LTD, COMMUNITY DESIGN 2845206, US DESIGN PATENT #29/544/281, EUROPEAN DESIGN REGISTRATION #2845206, STANDARD & POOR’S FINANCIAL SERVICES LLC. ALL RIGHTS RESERVED.

Simply Wall Street Pty Ltd (ACN 600 056 611), is a Corporate Authorised Representative (Authorised Representative Number: 467183) of Sanlam Private Wealth Pty Ltd (AFSL No. 337927). Any advice contained in this website is general advice only and has been prepared without considering your objectives, financial situation or needs. You should not rely on any advice and/or information contained in this website and before making any investment decision we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice. Please read our Financial Services Guide before deciding whether to obtain financial services from us.

Copyright © 2018, Standard & Poor’s Financial Services LLC. Reproduction of S&P Capital IQ in any form is prohibited except with the prior written permission of S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P Capital IQ. (2018)