(ron)ov 0.75 0.75 0.73 0.73 0.72 0.73 -1.9% repsol [es] 13...

09NOV17

P ret act iune (rebazat la 08/ 11/ 2016)

n/a

n/a

n/a RON 0.215 /RON 0.332

DoD WoW M oM YTD YoY

-0.3% +3.3% +2.1% +17.7% +34.7%

P/E P/B P/S EV/EBIT EV/EBITDA

8.3x 0.6x 0.9x 4.1x 2.1x

Sursa: BVB, EquityRT

F Y13 F Y14 F Y15 F Y16 Capitalizare

DPS (brut) 0.0308 0.0112 n/a 0.0150 Capitalizare

% Distribuit 94.9% 30.2% n/a 92.7% Numar de actiuni

Randament 8.0% 2.7% n/a 5.2% Valoarea nominala

D ate f inanciare (R ON mn) - C o nso lidate

C umulat 9M 15 9M 16 F Y16 3M 17 6M 17 9M 17 Yo Y

Bilant

Active to tale 43,120 41,407 41,414 41,600 41,460 41,517 0.3%

Datorii to tale 15,749 14,849 14,708 14,271 14,353 13,758 -7.3%

Capitaluri proprii atribuibile 27,418 26,614 26,769 27,392 27,166 27,817 4.5%

Cont de profit si pierdere

Venituri to tale 14,043 12,377 17,142 4,709 9,431 14,609 18.0% Sursa: BVB

Cheltuieli to tale 12,728 11,236 15,665 3,911 7,854 12,158 8.2%

EBIT 1,315 1,141 1,476 798 1,577 2,450 114.8%

EBITDA 4,823 3,651 4,790 1,561 3,149 4,886 33.8%

P ro f it net atribuibil 991 878 1,038 618 1,210 1,848 110.5%

T rimestria l 3Q15 3Q16 4Q16 1Q17 2Q17 3Q17 Yo Y

Cont de profit si pierdere

Venituri to tale 4,945 4,644 4,764 4,709 4,722 5,177 11.5%

Cheltuieli to tale 0 4,069 4,429 3,911 3,943 4,304 5.8%

EBIT 4,945 575 335 798 779 873 51.8%

EBITDA 6,606 575 335 798 779 873 51.8%

P ro f it net atribuibil -46 473 160 618 591 638 35.0%

Info rmatii o perat io nale (R ON mn)

9M 15 9M 16 F Y16 3M 17 6M 17 9M 17 Yo Y

EBIT UPSTREAM 288 242 401 471 887 1,219 403.7%

EBIT DOWNSTREAM 888 998 1,293 322 657 1,227 22.9%

Investitii 2,997.0 1,815.0 4,238.0 648.0 1,594.0 2,946.0 62.3% Sursa: Companie

Indicato ri cheie

9M 15 9M 16 F Y16 3M 17 6M 17 9M 17 Yo Y P / E P / B

EPS LT M (RON) 0.01 (0.01) 0.02 0.02 0.03 0.04 n/a 8.3x 0.6x

BVPS (RON) 0.48 0.48 0.46 0.47 0.47 0.48 0.7% NULL 1.6x

SPS LT M (RON) 0.33 0.29 0.29 0.31 0.33 0.34 15.3% 8.1x 1.3x

APS (RON) 0.75 0.75 0.73 0.73 0.72 0.73 -1.9% 13.0x 0.8x

ROaE⁷ 2.5% -2.9% 4.0% 5.1% 6.9% 7.4% 10.3pp 9.5x 3.9x

ROaA⁷ 1.6% -1.9% 2.5% 3.3% 4.5% 4.8% 6.7pp 8.2x 1.2x

marja EBIT 9.6% 9.5% 8.9% 17.2% 17.0% 17.1% 7.6pp 35.3x 1.4x

marja EBITDA 35.4% 30.5% 28.8% 33.5% 34.0% 34.2% 3.6pp 11.9x 1.1x

marja Profit net 7.3% 7.3% 6.2% 13.3% 13.1% 12.9% 5.6pp 5.1x 0.8x

Sursa: Companie, EquityRT, BT Equity Research Sursa: Reuters, BT Equity Research

Esso [FR]

Repsol [ES]

Tupras [TR]

Grupa Lotos [PL]

BP [GB]

Slovnaft [SK]

C o mpanii co mparabile (Ult imele date)

OM V Petrom [RO]

OM V [AT]

M OL [HU]

Structura act io nariatului 5

R apo rtare pe segmente ( la 30/ 09/ 17)

Venituri segmente

EBIT segmente

P o tent ial Pret M in /M ax (LTM )3

D escriere

Grupul Petrom este cel mai mare grup petrolier intergat din sud-

estul Europei, cu act ivitat i in segmentele Explorare si Product ie

(Upstream), Gaze si Energie (Downstream Gas), Raf inare si

M arket ing (Downstream Oil). Compania este principalul

furnizor de petrol, gaze si combust ibil in Romania, avand o

cota totala de piata de aproximativ 40%. Compania det ine

rezerve dovedite de petrol si gaze est imate la 606 mil bep in

tara si in Kazahstan, o capacitate de raf inare de 4.2 mil tone pe

an si o retea de circa 784 de benzinarii si opereaza centrala

electrica pe gaze de la Brazi (860 M W).

RON 0.10

R ating Volum zilnic mediu (LTM )2 RON 2.45mn

R eco mandare B T Equity R esearch D etalii de tranzact io nare 1

P ret t inta Ultimul pret (la 08/11/2017) RON 0.294

D ividend (R ON ) 4 D etalii act iune ( la 08/ 11/ 17)

RON 16,625,045,796

EUR 3,598,650,547

56,644,108,335

3%

22%

75%

0.2%UPSTREAM

DOWNSTREAM GAS

DOWNSTREAM OIL

Corporate & altele

51%

21%

13%

16% OMV AG

Ministerul Energiei

FP

altii

-2%2.2%

49%

51%UPSTREAM

DOWNSTREAM OIL

DOWNSTREAM GAS

Corporate & altele

-

10

20

0.20

0.24

0.28

0.32

0.36

Nov16 Mar17 Jul17 Nov17

Volume (RONmn) SNP BET-XT