27.11.2017
Zugemailt von / gefunden bei: RCB (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
RCB confirmed OMV at HOLD, TP EUR 55.5 - Waiting for new share price triggers
Higher refining margins, seasonally stronger consumption of motor fuels and full availability of refining capacity helped OMV report better than expected downstream earnings in 3Q 17. Although 3Q upstream earnings came in below expectations, being hurt by the stronger EUR and negative hedging results, the output in Libya (28 kboepd, +17% qoq) as well as the opex/boe (USD 8.8, only 1% higher qoq) both surprised us positively. Consequently, we have revised upward our upstream earnings projections, assuming higher than previously expected production in Libya (25 kboepd vs. 15 kboepd previously) and 5% lower opex/boe (2017-21e average), which have lifted our clean CCS EBIT by 13% and 11% in 2018-19e, respectively. We set our new 12m target price at EUR 55.5 (EUR 50.0 previously), however, we keep OMV on HOLD. With the Brent oil price expected to stay between USD 60-65/bbl and the refining margin seen marginally lower, we believe that the above-mentioned developments in 3Q should be reflected in the current price. Completion of the Achimov IV/V acquisition or the announcement of a new major investment could trigger further market reactions, however, we do not expect any major announcements until the next Capital Markets Day, which is scheduled for March 13, 2018.
Changes to our forecast: Production in Libya continued to ramp up in 3Q 17, reaching an average daily output of 28 kboepd. It seems that the security situation in Libya has stabilised, therefore, we decided to revise upward our production assumptions for Libya, projecting an average level of 25 kboepd beyond 2017. Additionally, we have lowered the projected 2018-19e opex/boe by USD 0.4 (ca. 4%) to reflect the cost efficiencies that OMV has achieved this year. We have fine-tuned our 2018-19e projections for the R&M segment, assuming a bit stronger earnings generation across all sub-segments, namely petrochemicals, refining and marketing. Gas and Power earnings are also seen modestly stronger than previously on higher gas trading volume and slightly wider spark spreads.
Valuation: Our DCF-derived 12m target price of EUR 55.5 implies less than 10% upside potential, which supports our decision to keep OMV on HOLD. Based on our 2018-19e projections, OMV is trading broadly in line with its regional oil-integrated peers in terms of EV/EBITDA and P/E, which supports our neutral view on the company.
8750
omv_rcb_wartet_auf_neue_trigger
Aktien auf dem Radar:CA Immo, Immofinanz, Mayr-Melnhof, Austriacard Holdings AG, Warimpex, Strabag, Erste Group, ATX, ATX TR, Andritz, AT&S, DO&CO, EVN, RBI, Addiko Bank, Zumtobel, Rosgix, Verbund, ams-Osram, Cleen Energy, Gurktaler AG Stamm, Marinomed Biotech, Pierer Mobility, SBO, Oberbank AG Stamm, Flughafen Wien, Agrana, Amag, OMV, Palfinger, Österreichische Post.
(BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)190909
inbox_omv_rcb_wartet_auf_neue_trigger
Strabag
Strabag SE ist ein europäischer Technologiekonzern für Baudienstleistungen. Das Angebot umfasst sämtliche Bereiche der Bauindustrie und deckt die gesamte Bauwertschöpfungskette ab. Durch das Engagement der knapp 72.000 MitarbeiterInnen erwirtschaftet das Unternehmen jährlich eine Leistung von rund 14 Mrd. Euro (Stand 06/17).
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/goboersewien
27.11.2017, 3643 Zeichen
27.11.2017
Zugemailt von / gefunden bei: RCB (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)
RCB confirmed OMV at HOLD, TP EUR 55.5 - Waiting for new share price triggers
Higher refining margins, seasonally stronger consumption of motor fuels and full availability of refining capacity helped OMV report better than expected downstream earnings in 3Q 17. Although 3Q upstream earnings came in below expectations, being hurt by the stronger EUR and negative hedging results, the output in Libya (28 kboepd, +17% qoq) as well as the opex/boe (USD 8.8, only 1% higher qoq) both surprised us positively. Consequently, we have revised upward our upstream earnings projections, assuming higher than previously expected production in Libya (25 kboepd vs. 15 kboepd previously) and 5% lower opex/boe (2017-21e average), which have lifted our clean CCS EBIT by 13% and 11% in 2018-19e, respectively. We set our new 12m target price at EUR 55.5 (EUR 50.0 previously), however, we keep OMV on HOLD. With the Brent oil price expected to stay between USD 60-65/bbl and the refining margin seen marginally lower, we believe that the above-mentioned developments in 3Q should be reflected in the current price. Completion of the Achimov IV/V acquisition or the announcement of a new major investment could trigger further market reactions, however, we do not expect any major announcements until the next Capital Markets Day, which is scheduled for March 13, 2018.
Changes to our forecast: Production in Libya continued to ramp up in 3Q 17, reaching an average daily output of 28 kboepd. It seems that the security situation in Libya has stabilised, therefore, we decided to revise upward our production assumptions for Libya, projecting an average level of 25 kboepd beyond 2017. Additionally, we have lowered the projected 2018-19e opex/boe by USD 0.4 (ca. 4%) to reflect the cost efficiencies that OMV has achieved this year. We have fine-tuned our 2018-19e projections for the R&M segment, assuming a bit stronger earnings generation across all sub-segments, namely petrochemicals, refining and marketing. Gas and Power earnings are also seen modestly stronger than previously on higher gas trading volume and slightly wider spark spreads.
Valuation: Our DCF-derived 12m target price of EUR 55.5 implies less than 10% upside potential, which supports our decision to keep OMV on HOLD. Based on our 2018-19e projections, OMV is trading broadly in line with its regional oil-integrated peers in terms of EV/EBITDA and P/E, which supports our neutral view on the company.
8750
omv_rcb_wartet_auf_neue_trigger
Was noch interessant sein dürfte:
Inbox: Bei Investoren in Warschau: AT&S, CA Immo, Post, OMV, Polytec, RBI, Uniqa, Wienerberger ....
Inbox: Ein Ansatz für die Probleme europäischer Banken bei notleidenden Krediten
Weekend: Unser Robot zum Dow: Gute verkürzte Woche, nur knapp unter Jahreshoch #bsngine #fintech
Inbox: Globale Aktienmärkte sollten moderat ansteigen
Inbox: M&G investiert mit neuem Fonds in globale Infrastruktur-Aktien
Wiener Börse Party #726: ATX TR & DAX zu Mittag über alten Rekorden, LLB-Fondsmanager Pichler bullish, thx an CPI Property
1.
OMV Kanne
>> Öffnen auf photaq.com
Aktien auf dem Radar:CA Immo, Immofinanz, Mayr-Melnhof, Austriacard Holdings AG, Warimpex, Strabag, Erste Group, ATX, ATX TR, Andritz, AT&S, DO&CO, EVN, RBI, Addiko Bank, Zumtobel, Rosgix, Verbund, ams-Osram, Cleen Energy, Gurktaler AG Stamm, Marinomed Biotech, Pierer Mobility, SBO, Oberbank AG Stamm, Flughafen Wien, Agrana, Amag, OMV, Palfinger, Österreichische Post.
Strabag
Strabag SE ist ein europäischer Technologiekonzern für Baudienstleistungen. Das Angebot umfasst sämtliche Bereiche der Bauindustrie und deckt die gesamte Bauwertschöpfungskette ab. Durch das Engagement der knapp 72.000 MitarbeiterInnen erwirtschaftet das Unternehmen jährlich eine Leistung von rund 14 Mrd. Euro (Stand 06/17).
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/partner
Die Useletter "Morning Xpresso" und "Evening Xtrakt" heben sich deutlich von den gängigen Newslettern ab.
Beispiele ansehen bzw. kostenfrei anmelden. Wichtige Börse-Infos garantiert.
Newsletter abonnieren
Infos über neue Financial Literacy Audio Files für die Runplugged App
(kostenfrei downloaden über http://runplugged.com/spreadit)
per Newsletter erhalten
AT0000A2UVV6 | |
AT0000A3CT80 | |
AT0000A3C5E0 |
Wiener Börse Party #725: VIG mit gutem Zahlenwerk und neuer positiver Initial Coverage, Post besetzt CFO prominent nach
Die Wiener Börse Party ist ein Podcastprojekt für Audio-CD.at von Christian Drastil Comm.. Unter dem Motto „Market & Me“ berichtet Christian Drastil über das Tagesgeschehen an der Wiener Börse. Inh...
Kazumi Kurigami
操上 和美
2002
Switch Publishing Co Ltd
Federico Renzaglia
Bonifica
2024
Self published
Martin Parr
The Last Resort
1986
Promenade Press