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MOL Hungarian O&G FY Results Look Strong Though FY24 Guidance Is Lower

ENERGY SECTOR


  • FY results look strong against targets: USD 3.1bn EBITDA vs. USD 2.8bn target, 90.4 MBOEPD vs. 90 MBOEPD target, EBITDA leverage of 0.6x (flat to Q3) vs. <1x target.
  • FY24 guidance implies Group Profit Before Tax -16%, EBITDA -3.2% and flat production but with little in the way of management commentary on FY24.
  • Some equity analysts see a high dividend as likely.
  • EUR spreads muted in early trading.
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  • FY results look strong against targets: USD 3.1bn EBITDA vs. USD 2.8bn target, 90.4 MBOEPD vs. 90 MBOEPD target, EBITDA leverage of 0.6x (flat to Q3) vs. <1x target.
  • FY24 guidance implies Group Profit Before Tax -16%, EBITDA -3.2% and flat production but with little in the way of management commentary on FY24.
  • Some equity analysts see a high dividend as likely.
  • EUR spreads muted in early trading.