State Motor Oil in the state of Greece … (OAK writes)

Usually it should be the address engine oil Athena is wronged, but because it refers to an ancient Greek movie I would prefer it engine oil country in Greece.

and i say mrAt least, because MOH is now a construction company, RES, oil, natural gas, and with a new hydrogen company, fuel of the future, the future is 51% owned by MOH and 49% by PPC.

Those of you who have followed stocks in recent years will remember €9 for 2020-2021 and €25 for 2023. What you may not remember is that

1. From the ninth to the twenty-fifth he took out our oil because it was damaged from the reserves ( fake news)
2. Why can’t he find oil because of Russia etc. in the market ( False news )
3. Because now that he’s bought Anemos, AMK will make a stout below the price on the board to cover the purchase ( Very fake news ) And
4. Because her golden sons fair Goldman They said it was obviously because of the good climatic conditions that prevailed in Europe in the 2^the Refining margins will decline in the third quarter of the year.

And our people ran and dumped engine oil The stock also fell from 25.0000 to 21.0000 euros.

So what is the truth? at its most recent general meeting Reliance Industries (RELI.NS) In India they told the truth. To avoid sanctions, Russia is forced to sell cheap oil to China and India, which, combined with Europe’s strangely mild winter, has led to an over-filling of reserves.

Since the stock that is not being used is not being replaced, it is logical that the demand for new refined oil will decline. Things are simple. There are two questions. How long will the low refining margins last and finally how much is our MOH stock being sold off.

The historical revision of refining margins for the month of April will remind you that FCC April was always between 2 and 5. So the cry for fall obviously makes sense if we compare the month to 2022 but if we compare it to the historical data we would say we are in the normal range.

So with regard to stocks, we naturally hear the drop of the stock to the level of 21 euros which was in the past (2018-2019) by a difference that makes these prices wrong in relation to reality.

So in 2018, MOH with a capitalization of 2.2 billion, assets of 2.24 billion and net profit after tax of 254 million, we can say that it was a fair value company. clean one s/H At 9.5, it has a valuation/asset ratio of 1 and a reasonable dividend yield of about 6.5%.

However, in the year 2023, the new Ministry of Health – and I call it mainly because it has nothing to do with the old topic – becomes a company with assets of 3.4 billion. Or a company that has grown in 5 years by 50%.

Essentially NEA MOH, even with lower refining margins for 2023, has within it a company roughly equal to TENERGA (more than 800 MW in operation and a few thousand in planning), a €1.2 billion fund and an operating profitability that is mathematically certain to be far from that of 2018.

One does not need to do much math to compare the 2.2 billion capitalization of 2018 with the nonexistent 2.24 today which corresponds to a price of 21 euros per share.

So what should we compare?

• 1.2 billion fund?
• the start Where will the renewable energy sector contribute in the range of 100 million?
• Or the improved outlook for refining margins which, despite lower and full European reservoirs, are at an exceptionally good level?
• The icing on the cake, of course, is the assessment of other houses that the period of lower margins will be shorter than before because the new situation with Russia imposes better competition conditions for European units such as the Ministry of Health.

So don’t rush to get rid of the stocks you’ll be chasing later when everyone else looks so rosy. If nothing else, speculators are still rejoicing over the impending AMC rumor that never happened!!

friendly

Oak

We don’t give advice, we don’t encourage buying or selling, we’re amateurs, we have stocks, so you can’t call us objective either. We simply share our opinions with you.