
In an analysis of the European sector, Goldman Sachs has revised its 3-year estimates for the adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) for the Greek oil refineries, Motor Oil and Helleniq Energy.
However, the U.S.-based investment banking company lowered its projections for the net profits of the Greek refineries due to the recent imposition of a landfall tax on profits by the Greek government.
Goldman Sachs expects an average increase of +8%/+2%/+1% in adjusted EBITDA for 2024/25/26, ahead of second-quarter results (incorporating their latest expectations for the refining margin for Motor Oil and Helleniq Energy).
Estimates for earnings per share (EPS) for 2024 have been revised downwards by approximately 30%, due to the inclusion of the extraordinary tax.
The company maintains a neutral recommendation for Motor Oil stocks, with a target price of 30 euros, due to the stock’s outperformance during 2022-23. The analysis explains the performance was backed by a strong macroeconomic refining environment and Motor Oil’s expansion into renewable energy.
Currently, the company is targeting approximately 2 GW of renewable energy capacity and 250 million euros in EBITDA from the renewable energy sector by 2030.
Regarding Helleniq Energy, Goldman Sachs recommends selling, with a target price of 7.70 euros. According to their estimates for 2025, Helleniq Energy is trading below the average free cash flow (FCF) yield of the competitors and at approximately 6x EV/EBITDA, which is higher than Motor Oil’s multiple for 2025.
Source: tovima.com


Latest News

Airbnb: Greece’s Short-Term Rentals Dip in March Amid Easter Shift
Data from analytics firm AirDNA shows that average occupancy for short-term rentals dropped to 45% in March, down from 49% the same month last year.

Easter Week in Greece: Holy Friday in Orthodoxy Today
At the Vespers service on Friday evening the image of Christ is removed from the Cross and wrapped in a white cloth

Meloni and Trump Meet in Washington, Vow to Strengthen Western Ties
“I am 100% sure there will be no problems reaching a deal on tariffs with the EU—none whatsoever,” Trump stressed.

ECB Cuts Interest Rates by 25 Basis Points in Expected Move
The ECB’s Governing Council opted to lower the deposit facility rate—the benchmark for signaling monetary policy direction—citing an updated assessment of inflation prospects, the dynamics of underlying inflation, and the strength of monetary policy transmission.

Current Account Deficit Fell by €573.2ml Feb. 2025: BoG
The improvement of Greece’s current account was mainly attributed to a more robust balance of goods and, to a lesser extent, an improved primary income account

Hellenic Food Authority Issues Food Safety Tips for Easter
Food safety tips on how to make sure your lamb has been properly inspected and your eggs stay fresh.

Greek Kiwifruit Exports Smash 200,000-Ton Mark, Setting New Record
According to data by the Association of Greek Fruit, Vegetable and Juice Exporters, Incofruit Hellas, between September 1, 2024, and April 17, 2025, kiwifruit exports increased by 14.2%.

Easter Tourism Boom: Greece Sees 18.3% Surge in Hotel Bookings
Among foreign markets, Israel has emerged as the biggest growth driver, with hotel bookings more than doubling—up 178.5% year-on-year.

Greece to Launch Fast-Track Tender for Offshore Hydrocarbon Exploration
Last week, Papastavrou signed the acceptance of interest for the two Cretan blocks, while similar decisions regarding the two Ionian Sea blocks were signed by his predecessor

American-Hellenic Chamber of Commerce to Open Washington D.C. Branch
AmCham's new office aims aims to deepen U.S.-Greece economic ties and promote investment and innovation between the two countries