P ret act iune (rebazat la 15/ 05/ 17)

91.6 RON / 142.0 RON

DoD WoW M oM YTD YoY

-0.4% +0.9% -5.1% +7.6% -19.2%

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

14.0x 1.2x 2.5x 11.2x 6.0x

Sursa: BVB, EquityRT

F Y14 F Y15 F Y16 F Y17 Capitalizare

DPS (brut) 5.94 7.30 26.40 8.04 Capitalizare

% Distribuit 91.2% 93.3% 299.5% 90.0% Numar de actiuni

Randament 10.4% 10.2% 27.8% 7.5% Valoarea nominala

D ate f inanciare (miiR ON ) - Individuale

C umulat 3M 16 3M 17 6M 17 9M 17 F Y17 3M 18 Yo Y

Bilant

Active to tale 856,080 882,479 903,687 792,110 748,773 755,990 -14.3%

Datorii to tale 65,696 61,956 201,539 61,267 90,374 80,569 30.0%

Capitaluri proprii 790,384 820,524 702,148 730,843 658,400 675,421 -17.7%

Cont de profit si pierdere

Cifra de afaceri 93,773 91,061 186,314 282,510 376,685 90,964 -0.1% Sursa: BVB

Venituri din exploatare 100,810 99,309 202,604 308,138 411,567 99,064 -0.2%

EBIT 21,097 22,144 45,936 72,311 83,055 12,821 -42.1%

EBITDA 32,034 33,234 68,217 105,734 127,629 24,044 -27.7%

P ro f it net 18,444 19,550 40,394 63,114 74,388 11,465 -41.4%

T rimestria l 1Q16 1Q17 2Q17 3Q17 4Q17 1Q18 Yo Y

Cont de profit si pierdere

Cifra de afaceri 93,773 91,061 95,253 96,195 94,176 90,964 -0.1%

Venituri nete 100,810 99,309 103,294 105,535 103,429 99,064 -0.2%

EBIT 21,097 22,144 23,792 26,374 10,744 12,821 -42.1%

EBITDA 32,034 33,234 34,983 37,517 21,895 24,044 -27.7%

P ro f it net 18,444 19,550 20,845 22,720 11,274 11,465 -41.4%

Info rmatii o perat io nale

3M 16 3M 17 6M 17 9M 17 F Y17 3M 18 Yo Y

Cant. transportate (mii.tone) 1,789 1,532 3,211 5,010 6,820 1,731 13.0%

Subsistem Tara 926 887 1,785 2,670 3,550 864 -2.6%

Subsistem Import 862 645 1,427 2,340 3,269 867 34.4% Sursa: Companie

Indicato ri cheie

3M 16 3M 17 6M 17 9M 17 F Y17 3M 18 Yo Y P / E P / B

EPS LT M (RON) 7.38 8.39 8.65 9.00 8.59 7.66 -8.7% 14.0x 1.2x

BVPS (RON) 88.87 93.04 84.00 87.16 83.98 86.40 -7.1% 5.1x 0.5x

SPS LT M (RON) 43.78 43.77 43.95 44.04 43.51 43.50 -0.62% 18.3x 1.4x

APS (RON) 97.27 100.41 102.87 94.32 93.20 94.63 -5.8% - -

ROaE⁷ 8.3% 9.0% 10.3% 10.3% 10.2% 8.9% -0.2pp - -

ROaA⁷ 7.6% 8.4% 8.4% 9.5% 9.2% 8.1% -0.3pp - -

marja EBIT 22.5% 24.3% 24.7% 25.6% 22.0% 14.1% -10.2pp - -

marja EBITDA 34.2% 36.5% 36.6% 37.4% 33.9% 26.4% -10.1pp - -

marja Profit net 19.7% 21.5% 21.7% 22.3% 19.7% 12.6% -8.9pp - - -

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

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Janaf [HR]

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-

-

-

COTE inclusa in indicii: BET, BET-NG, BET-TR, BET-

XT, BET-XT-TR, BET-BK, BETPlus.

C o mpanii co mparabile (Ult imele date)

Conpet [RO]

Transneft' PAO [RU]

Cantitati transportate

D escriere D etalii de tranzact io nare 1

Ultimul pret (la 14/05/2018) 107.0 RON Conpet Plo iesti este o companie cu capital majoritar

de stat, care opereaza reteaua nationala de transport

titei, gazolina si condensate, oferind servicii

specializate de transport petro lier prin conducte si pe

calea ferata, realizand astfel aprovizionarea rafinariilor

cu titei si derivate ale acestuia din productia interna si

din import. Activitatea financiara a companiei este

reglementata de catre ANRM , care intervine asupra

tarifelor de transport aplicate de Conpet. Principalii

clienti ai companiei sunt OM V Petrom (84%din cifra de

afaceri la 6M 17) si Petrotel Lukoil (14%).

Structura act io nariatului 5

Venituri & vo lume ( la 31/ 03/ 18)

Cifra de afaceri

Pret M in /M ax (LTM )3

D ividend (R ON ) 4 D etalii act iune ( la 14/ 05/ 18)

926,355,496 RON

200,124,327 EUR

8,657,528

3.30 RON

Volum zilnic mediu (LTM )2 0.40 mRON

59%

41%

MinisterulEnergiei

Altii

-

2.0

4.0

6.0

60

90

120

150

May17 Sep17 Jan18 May18

Volume (RONmn) COTE BET-XT

76%

23%

1.1%Subsistem Tara

SubsistemImport

Alte venituri

50%

50%

Subsistem Tara

SubsistemImport

15MAY18

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