MOL MAGYAR OLAJ- ÉS GÁZIPARI NYILVÁNOSAN MUKÖDO RÉSZVÉNYTÁRSASÁG

Financials MOL Magyar Olaj- és Gázipari Nyilvánosan Muködo Részvénytársaság

Equities

MOL

HU0000153937

Oil & Gas Refining and Marketing

End-of-day quote Budapest S.E. Other stock markets 23:00:00 25/04/2024 BST			5-day change	1st Jan Change
3,004 ^HUF	+0.20%		+1.49%	+6.30%

04-24	Hungary gives fuel traders two weeks to match regional average prices	RE
04-15	MOL Group Opens EUR22 Million Green Hydrogen Plant in Hungary	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,867,971	1,391,552	1,577,907	1,644,626	1,790,149	1,903,139	-	-
Enterprise Value (EV) ¹	2,426,627	2,325,952	2,200,644	2,161,186	2,501,502	2,320,405	2,122,163	1,816,049
P/E ratio	9.36 x	-99.5 x	3.49 x	2.26 x	3.96 x	4.82 x	4.87 x	5.06 x
Yield	4.84%	4.34%	3.97%	-	-	9.32%	8.43%	9.1%
Capitalization / Revenue	0.35 x	0.35 x	0.26 x	0.17 x	0.2 x	0.22 x	0.22 x	0.23 x
EV / Revenue	0.46 x	0.58 x	0.37 x	0.22 x	0.28 x	0.27 x	0.25 x	0.22 x
EV / EBITDA	3.21 x	3.82 x	1.98 x	1.28 x	2.23 x	1.97 x	1.92 x	1.68 x
EV / FCF	22.5 x	17.9 x	5.26 x	2.8 x	9.97 x	6.04 x	5.32 x	4.12 x
FCF Yield	4.44%	5.59%	19%	35.8%	10%	16.5%	18.8%	24.3%
Price to Book	0.87 x	0.62 x	0.66 x	0.45 x	0.54 x	0.55 x	0.52 x	0.49 x
Nbr of stocks (in thousands)	635,364	635,412	626,154	632,062	633,457	633,535	-	-
Reference price ²	2,940	2,190	2,520	2,602	2,826	3,004	3,004	3,004
Announcement Date	21/02/20	19/02/21	18/02/22	17/02/23	16/02/24	-	-	-

¹HUF in Million²HUF

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,266,735	4,011,022	5,959,307	9,868,163	8,908,499	8,484,273	8,565,644	8,110,900
EBITDA ¹	756,189	609,506	1,113,395	1,693,096	1,123,700	1,180,315	1,105,338	1,082,976
EBIT ¹	294,059	67,366	612,885	1,259,112	677,575	707,487	627,629	606,352
Operating Margin	5.58%	1.68%	10.28%	12.76%	7.61%	8.34%	7.33%	7.48%
Earnings before Tax (EBT) ¹	275,699	-40,657	592,130	1,155,294	691,418	665,166	600,240	544,216
Net income ¹	223,214	-15,939	526,135	851,590	529,918	490,951	433,102	426,203
Net margin	4.24%	-0.4%	8.83%	8.63%	5.95%	5.79%	5.06%	5.25%
EPS ²	314.0	-22.00	723.0	1,151	714.0	623.1	617.0	593.2
Free Cash Flow ¹	107,861	130,124	418,228	772,824	250,898	384,000	399,250	440,500
FCF margin	2.05%	3.24%	7.02%	7.83%	2.82%	4.53%	4.66%	5.43%
FCF Conversion (EBITDA)	14.26%	21.35%	37.56%	45.65%	22.33%	32.53%	36.12%	40.67%
FCF Conversion (Net income)	48.32%	-	79.49%	90.75%	47.35%	78.22%	92.18%	103.35%
Dividend per Share ²	142.4	95.02	100.0	-	-	280.0	253.2	273.2
Announcement Date	21/02/20	19/02/21	18/02/22	17/02/23	16/02/24	-	-	-

¹HUF in Million²HUF

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	1,649,384	1,769,955	1,933,358	2,491,032	2,880,068	2,619,622	2,064,319	1,992,645	2,556,885	2,333,273	2,104,357	2,438,611	2,381,899	2,296,831	2,268,475
EBITDA ¹	319,636	298,608	302,021	522,609	603,335	386,726	256,016	160,814	189,789	319,400	281,310	336,712	337,183	304,010	284,322
EBIT ¹	190,580	161,807	229,658	365,902	445,006	222,074	175,277	70,585	262,625	169,088	175,613	212,814	214,685	176,730	159,764
Operating Margin	11.55%	9.14%	11.88%	14.69%	15.45%	8.48%	8.49%	3.54%	10.27%	7.25%	8.35%	8.73%	9.01%	7.69%	7.04%
Earnings before Tax (EBT)	162,240	151,543	231,912	346,247	384,738	193,782	-	91,087	-	-	-	-	-	-	-
Net income ¹	139,225	110,261	192,450	298,012	290,598	71,535	167,189	78,459	177,230	107,040	126,530	68,438	155,121	127,490	122,933
Net margin	8.44%	6.23%	9.95%	11.96%	10.09%	2.73%	8.1%	3.94%	6.93%	4.59%	6.01%	2.81%	6.51%	5.55%	5.42%
EPS ²	189.0	147.0	-	433.9	425.0	188.6	223.0	105.3	-	145.0	162.2	90.95	206.1	169.4	163.4
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	250.0	-
Announcement Date	05/11/21	18/02/22	05/05/22	05/08/22	04/11/22	17/02/23	12/05/23	04/08/23	10/11/23	16/02/24	-	-	-	-	-

¹HUF in Million²HUF

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	558,656	934,400	622,737	516,560	711,353	417,266	219,024	-
Net Cash position ¹	-	-	-	-	-	-	-	87,090
Leverage (Debt/EBITDA)	0.7388 x	1.533 x	0.5593 x	0.3051 x	0.633 x	0.3535 x	0.1982 x	-
Free Cash Flow ¹	107,861	130,124	418,228	772,824	250,898	384,000	399,250	440,500
ROE (net income / shareholders' equity)	10.8%	-0.73%	21.2%	26.6%	14.2%	11.3%	11%	10.2%
ROA (Net income/ Total Assets)	4.58%	-0.3%	8.75%	11.8%	-	-	-	-
Assets ¹	4,871,966	5,320,093	6,012,147	7,235,935	-	-	-	-
Book Value Per Share ²	3,387	3,539	3,831	5,748	5,198	5,495	5,756	6,179
Cash Flow per Share	991.0	790.0	1,262	1,876	1,016	-	-	-
Capex ¹	596,380	442,145	499,838	615,922	503,118	606,100	573,580	556,500
Capex / Sales	11.32%	11.02%	8.39%	6.24%	5.65%	7.14%	6.7%	6.86%
Announcement Date	21/02/20	19/02/21	18/02/22	17/02/23	16/02/24	-	-	-

¹HUF in Million²HUF

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for MOL Magyar Olaj- és Gázipari Nyilvánosan Muködo Részvénytársaság

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,004 HUF

Average target price

3,379 HUF

Spread / Average Target

+12.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Refining and Marketing

	1st Jan change	Capi.
MOL MAGYAR OLAJ- ÉS GÁZIPARI NYILVÁNOSAN MUKÖDO RÉSZVÉNYTÁRSASÁG	+6.30%	5.18B
RELIANCE INDUSTRIES LTD	+12.39%	221B
CHINA PETROLEUM & CHEMICAL CORPORATION	+17.36%	103B
MARATHON PETROLEUM CORPORATION	+33.72%	71.49B
PHILLIPS 66	+13.72%	64.2B
VALERO ENERGY CORPORATION	+27.54%	54.22B
IMPERIAL OIL LIMITED	+27.93%	37.8B
INDIAN OIL CORPORATION LIMITED	+32.11%	28.33B
FORMOSA PETROCHEMICAL CORPORATION	-11.77%	20.79B
REPSOL S.A.	+9.44%	19.12B

Other Oil & Gas Refining and Marketing