Investors are turning to the corporate figures of the two refineries, with Motor Oil making the debut on Wednesday (28/8).
On Thursday (29/08) is the turn of Helleniq Energy, announcing the performance of the first half.
Attention is focused on the effects of extraordinary taxation of last year’s profits.
Morgan Stanley’s rating
US rating house Morgan Stanley started coverage of the two companies – Helleniq Energy and Motor Oil – emphasizing, beyond the refining margins and the opening to RES, the unexpected – extraordinary taxation of the refineries’ surplus profits.
The firm sets an “equal-weight” recommendation for HelleniQ Energy, with a target price of 8 euros, and an “overweight” recommendation for Motor Oil, with a target price of 29 euros.
What favors HelleniQ Energy
For HelleniQ Energy, Morgan Stanley explained that the positive news has been fully appreciated, although it noted that the group benefits (as does Motor Oil) from strong fuel demand in Greece, with air transport particularly strong, while targets for RES are similar to MOH (~2GW by 2030).
Quality play by Motor Oil
For Motor Oil, the house underlined that it is a “quality play”, with the management having a very good track record. “Motor Oil is, in a sense, one of the simpler stories in our coverage, as it operates a refinery in Greece, has fuel stations and is expanding its footprint in renewables,” the US rating house reported.
