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Motor Oil (Hellas) Corinth Refineries

DB:MHZ
Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MHZ
DB
€1B
Market Cap
  1. Home
  2. DE
  3. Energy
Company description

Motor Oil (Hellas) Corinth Refineries S.A. The last earnings update was 12 days ago. More info.


Add to Portfolio Compare Print
  • Motor Oil (Hellas) Corinth Refineries has significant price volatility in the past 3 months.
MHZ Share Price and Events
7 Day Returns
-5.3%
DB:MHZ
18.1%
DE Oil and Gas
7.3%
DE Market
1 Year Returns
-43.9%
DB:MHZ
21.9%
DE Oil and Gas
-17.7%
DE Market
MHZ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Motor Oil (Hellas) Corinth Refineries (MHZ) -5.3% -24.1% -44.3% -43.9% -28.6% 69.4%
DE Oil and Gas 18.1% -15.9% -28.7% 21.9% -25.6% 137.4%
DE Market 7.3% -17.9% -25.8% -17.7% -25.6% -29%
1 Year Return vs Industry and Market
  • MHZ underperformed the Oil and Gas industry which returned 21.9% over the past year.
  • MHZ underperformed the Market in Germany which returned -17.7% over the past year.
Price Volatility
MHZ
Industry
5yr Volatility vs Market

MHZ Value

 Is Motor Oil (Hellas) Corinth Refineries undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Motor Oil (Hellas) Corinth Refineries to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Motor Oil (Hellas) Corinth Refineries.

DB:MHZ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 15.9%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:MHZ
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 13.7%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.81
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.808 (1 + (1- 29%) (82.19%))
1.187
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.19
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.187 * 13.68%)
15.85%

Discounted Cash Flow Calculation for DB:MHZ using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Motor Oil (Hellas) Corinth Refineries is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:MHZ DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 15.85%)
2020 157.05 Analyst x2 135.56
2021 180.05 Analyst x2 134.15
2022 249.00 Analyst x1 160.13
2023 268.00 Analyst x1 148.77
2024 280.38 Est @ 4.62% 134.35
2025 289.12 Est @ 3.12% 119.58
2026 295.09 Est @ 2.06% 105.35
2027 299.01 Est @ 1.33% 92.14
2028 301.44 Est @ 0.81% 80.18
2029 302.80 Est @ 0.45% 69.52
Present value of next 10 years cash flows €1,179.00
DB:MHZ DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €302.80 × (1 + -0.39%) ÷ (15.85% – -0.39%)
€1,856.99
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €1,856.99 ÷ (1 + 15.85%)10
€426.35
DB:MHZ Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €1,179.00 + €426.35
€1,605.35
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,605.35 / 110.78
€14.49
DB:MHZ Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:MHZ represents 0.99135x of ATSE:MOH
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.99135x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 14.49 x 0.99135
€14.37
Value per share (EUR) From above. €14.37
Current discount Discount to share price of €11.45
= -1 x (€11.45 - €14.37) / €14.37
20.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Motor Oil (Hellas) Corinth Refineries is available for.
Intrinsic value
20%
Share price is €11.45 vs Future cash flow value of €14.37
Current Discount Checks
For Motor Oil (Hellas) Corinth Refineries to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Motor Oil (Hellas) Corinth Refineries's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Motor Oil (Hellas) Corinth Refineries's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Motor Oil (Hellas) Corinth Refineries's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Motor Oil (Hellas) Corinth Refineries's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:MHZ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €2.06
ATSE:MOH Share Price ** ATSE (2020-03-30) in EUR €11.55
Europe Oil and Gas Industry PE Ratio Median Figure of 105 Publicly-Listed Oil and Gas Companies 5.67x
Germany Market PE Ratio Median Figure of 400 Publicly-Listed Companies 16.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Motor Oil (Hellas) Corinth Refineries.

DB:MHZ PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ATSE:MOH Share Price ÷ EPS (both in EUR)

= 11.55 ÷ 2.06

5.62x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Motor Oil (Hellas) Corinth Refineries is good value based on earnings compared to the Europe Oil and Gas industry average.
  • Motor Oil (Hellas) Corinth Refineries is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Motor Oil (Hellas) Corinth Refineries's expected growth come at a high price?
Raw Data
DB:MHZ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.62x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
-0.1%per year
Europe Oil and Gas Industry PEG Ratio Median Figure of 65 Publicly-Listed Oil and Gas Companies 0.17x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.2x

*Line of best fit is calculated by linear regression .

DB:MHZ PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 5.62x ÷ -0.1%

-82.5x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Motor Oil (Hellas) Corinth Refineries earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Motor Oil (Hellas) Corinth Refineries's assets?
Raw Data
DB:MHZ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €10.66
ATSE:MOH Share Price * ATSE (2020-03-30) in EUR €11.55
Germany Oil and Gas Industry PB Ratio Median Figure of 6 Publicly-Listed Oil and Gas Companies 0.94x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.43x
DB:MHZ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ATSE:MOH Share Price ÷ Book Value per Share (both in EUR)

= 11.55 ÷ 10.66

1.08x

* Primary Listing of Motor Oil (Hellas) Corinth Refineries.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Motor Oil (Hellas) Corinth Refineries is overvalued based on assets compared to the DE Oil and Gas industry average.
X
Value checks
We assess Motor Oil (Hellas) Corinth Refineries's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Motor Oil (Hellas) Corinth Refineries has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

MHZ Future Performance

 How is Motor Oil (Hellas) Corinth Refineries expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-0.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Motor Oil (Hellas) Corinth Refineries expected to grow at an attractive rate?
  • Motor Oil (Hellas) Corinth Refineries's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Motor Oil (Hellas) Corinth Refineries's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Motor Oil (Hellas) Corinth Refineries's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:MHZ Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:MHZ Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts -0.1%
DB:MHZ Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts -4.1%
Europe Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 13%
Europe Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 2.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.3%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:MHZ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:MHZ Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 348 225
2022-12-31 8,388 349 224 1
2021-12-31 8,564 383 240 6
2020-12-31 6,798 339 259 1
2020-03-30
DB:MHZ Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 9,373 480 228
2019-09-30 9,580 367 204
2019-06-30 9,628 292 257
2019-03-31 9,644 341 323
2018-12-31 9,520 326 257
2018-09-30 9,043 257 347
2018-06-30 8,520 330 337
2018-03-31 8,048 246 266
2017-12-31 7,843 301 315
2017-09-30 7,619 377 333
2017-06-30 7,444 445 307
2017-03-31 6,911 313 340

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Motor Oil (Hellas) Corinth Refineries's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Motor Oil (Hellas) Corinth Refineries's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:MHZ Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Motor Oil (Hellas) Corinth Refineries Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:MHZ Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 2.06 2.06 2.06 1.00
2022-12-31 2.06 2.06 2.06 1.00
2021-12-31 2.17 3.11 1.49 4.00
2020-12-31 2.34 3.32 1.37 5.00
2020-03-30
DB:MHZ Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 2.06
2019-09-30 1.85
2019-06-30 2.32
2019-03-31 2.92
2018-12-31 2.32
2018-09-30 3.14
2018-06-30 3.05
2018-03-31 2.40
2017-12-31 2.85
2017-09-30 3.00
2017-06-30 2.77
2017-03-31 3.07

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Motor Oil (Hellas) Corinth Refineries is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Motor Oil (Hellas) Corinth Refineries's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Motor Oil (Hellas) Corinth Refineries has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

MHZ Past Performance

  How has Motor Oil (Hellas) Corinth Refineries performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Motor Oil (Hellas) Corinth Refineries's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Motor Oil (Hellas) Corinth Refineries has delivered over 20% year on year earnings growth in the past 5 years.
  • Motor Oil (Hellas) Corinth Refineries's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Motor Oil (Hellas) Corinth Refineries's 1-year earnings growth is negative, it can't be compared to the Europe Oil and Gas industry average.
Earnings and Revenue History
Motor Oil (Hellas) Corinth Refineries's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Motor Oil (Hellas) Corinth Refineries Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:MHZ Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 9,372.54 227.86 317.69
2019-09-30 9,580.36 204.40 326.24
2019-06-30 9,628.11 257.13 318.92
2019-03-31 9,644.26 323.10 306.60
2018-12-31 9,519.56 257.43 283.65
2018-09-30 9,043.39 347.46 299.53
2018-06-30 8,520.46 337.43 294.27
2018-03-31 8,047.91 265.87 294.49
2017-12-31 7,843.48 315.18 292.93
2017-09-30 7,619.35 332.76 293.95
2017-06-30 7,444.03 306.70 289.61
2017-03-31 6,911.38 339.81 284.06
2016-12-31 6,356.86 298.17 279.12
2016-09-30 6,161.27 223.50 271.54
2016-06-30 6,058.95 181.00 267.44
2016-03-31 6,723.07 211.80 265.67
2015-12-31 7,060.22 204.81 264.89
2015-09-30 7,452.35 91.10 252.21
2015-06-30 8,178.86 74.27 249.92
2015-03-31 8,479.14 -33.35 243.14
2014-12-31 9,050.15 -83.30 235.01
2014-09-30 9,269.67 -3.86 229.18
2014-06-30 9,379.36 11.22 224.56
2014-03-31 9,284.68 -0.82 220.27
2013-12-31 9,282.34 -4.68 220.26
2013-09-30 9,416.99 -2.46 220.40
2013-06-30 9,327.58 19.73 220.57
2013-03-31 9,569.24 27.41 224.23

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Motor Oil (Hellas) Corinth Refineries has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Motor Oil (Hellas) Corinth Refineries used its assets more efficiently than the Europe Oil and Gas industry average last year based on Return on Assets.
  • Motor Oil (Hellas) Corinth Refineries's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Motor Oil (Hellas) Corinth Refineries's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Motor Oil (Hellas) Corinth Refineries has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

MHZ Health

 How is Motor Oil (Hellas) Corinth Refineries's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Motor Oil (Hellas) Corinth Refineries's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Motor Oil (Hellas) Corinth Refineries is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Motor Oil (Hellas) Corinth Refineries's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Motor Oil (Hellas) Corinth Refineries's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Motor Oil (Hellas) Corinth Refineries Company Filings, last reported 2 months ago.

DB:MHZ Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,188.93 897.88 697.28
2019-09-30 1,217.97 915.83 624.87
2019-06-30 1,157.01 920.74 703.32
2019-03-31 1,221.24 936.60 582.16
2018-12-31 1,112.22 929.85 679.43
2018-09-30 1,157.72 947.71 710.05
2018-06-30 1,043.61 924.62 758.37
2018-03-31 1,046.70 911.60 563.69
2017-12-31 1,018.88 994.05 714.03
2017-09-30 975.79 988.58 756.36
2017-06-30 874.20 1,138.65 853.41
2017-03-31 917.36 1,197.23 796.41
2016-12-31 824.06 1,183.78 800.29
2016-09-30 743.45 1,278.17 854.40
2016-06-30 666.24 1,278.01 716.01
2016-03-31 652.47 1,349.05 813.22
2015-12-31 603.81 1,351.78 670.56
2015-09-30 588.95 1,426.01 723.73
2015-06-30 555.24 1,438.96 582.63
2015-03-31 455.20 1,474.20 521.32
2014-12-31 413.50 1,197.90 307.50
2014-09-30 506.61 1,109.59 188.39
2014-06-30 497.37 1,105.41 172.86
2014-03-31 513.40 1,062.27 123.77
2013-12-31 521.65 1,048.27 123.25
2013-09-30 526.69 1,135.58 194.43
2013-06-30 494.73 1,193.95 227.28
2013-03-31 558.70 1,206.21 85.92
  • Motor Oil (Hellas) Corinth Refineries's level of debt (75.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (290.1% vs 75.5% today).
  • Debt is well covered by operating cash flow (53.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 10.5x coverage).
X
Financial health checks
We assess Motor Oil (Hellas) Corinth Refineries's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Motor Oil (Hellas) Corinth Refineries has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

MHZ Dividends

 What is Motor Oil (Hellas) Corinth Refineries's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
9.96%
Current annual income from Motor Oil (Hellas) Corinth Refineries dividends. Estimated to be 11.42% next year.
If you bought €2,000 of Motor Oil (Hellas) Corinth Refineries shares you are expected to receive €199 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Motor Oil (Hellas) Corinth Refineries's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.7%).
  • Motor Oil (Hellas) Corinth Refineries's dividend is above the markets top 25% of dividend payers in Germany (4.97%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:MHZ Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Europe Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 68 Stocks 9.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 1%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:MHZ Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.15 1.00
2022-12-31 1.15 1.00
2021-12-31 1.42 5.00
2020-12-31 1.15 1.00
2020-03-30
DB:MHZ Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-03-18 1.150 10.702
2019-11-13 1.300 7.051
2019-03-18 1.300 6.017
2018-03-12 1.300 6.541
2017-03-13 0.900 4.863
2014-03-26 0.200 2.644
2013-06-19 0.300 3.644
2012-03-19 0.400 6.199
2011-05-03 0.250 3.842
2010-03-01 0.700 8.404
2010-01-15 0.700 7.286
2009-05-29 0.600 6.225

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Motor Oil (Hellas) Corinth Refineries's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
X
Income/ dividend checks
We assess Motor Oil (Hellas) Corinth Refineries's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Motor Oil (Hellas) Corinth Refineries afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Motor Oil (Hellas) Corinth Refineries has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

MHZ Management

 What is the CEO of Motor Oil (Hellas) Corinth Refineries's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Vardis Vardinoyannis
AGE 86
CEO Bio

Mr. Vardis John Vardinoyannis serves as the Chairman, Managing Director and Chief Executive Representative at Motor Oil Hellas Corinth Refineries SA. Mr. Vardinoyannis is one of the founders of Motor Oil Hellas Corinth Refineries SA and has been a Member of the top management team since 1972. Apart from MOTOR OIL, he has exploited a wide array of entrepreneurial endeavours in Greece and abroad. He has graduation from the Greek Naval Academy.

CEO Compensation
  • Insufficient data for Vardis to compare compensation growth.
  • Insufficient data for Vardis to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Motor Oil (Hellas) Corinth Refineries management team in years:

5.1
Average Tenure
64
Average Age
  • The average tenure for the Motor Oil (Hellas) Corinth Refineries management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Vardis Vardinoyannis

TITLE
Chairman & MD
AGE
86

Yannis Vardinoyannis

TITLE
Executive Vice Chairman
AGE
57
TENURE
0.3 yrs

Petros Tzannetakis

TITLE
Deputy MD
AGE
64

Theodoros Porfiris

TITLE
Chief Accountant

Nikos Giannakakis

TITLE
GM of Information Technology & Chief Information Officer
AGE
48
TENURE
1.2 yrs

Mary Psyllaki

TITLE
Investor Relations Officer

Theofanis Voutsaras

TITLE
GM of Human Resources & Executive Director
AGE
56

Ioannis Dimakis

TITLE
Head of Shareholders’ Office & Corporate Announcements Officer

Ioannis Kosmadakis

TITLE
Deputy MD & Director
AGE
67
TENURE
13.8 yrs

Michael-Matheos Stiakakis

TITLE
GM of Refinery & Executive Director
AGE
64
TENURE
9 yrs
Board of Directors Tenure

Average tenure and age of the Motor Oil (Hellas) Corinth Refineries board of directors in years:

9
Average Tenure
67
Average Age
  • The tenure for the Motor Oil (Hellas) Corinth Refineries board of directors is about average.
Board of Directors

Vardis Vardinoyannis

TITLE
Chairman & MD
AGE
86

Yannis Vardinoyannis

TITLE
Executive Vice Chairman
AGE
57
TENURE
5.2 yrs

Petros Tzannetakis

TITLE
Deputy MD
AGE
64

Theofanis Voutsaras

TITLE
GM of Human Resources & Executive Director
AGE
56
TENURE
9.3 yrs

Ioannis Kosmadakis

TITLE
Deputy MD & Director
AGE
67
TENURE
13.8 yrs

Michael-Matheos Stiakakis

TITLE
GM of Refinery & Executive Director
AGE
64
TENURE
9 yrs

Panayotis Constantaras

TITLE
Non Executive Independent Director
AGE
69
TENURE
2.2 yrs

Georgios Alexandridis

TITLE
Non-Executive Director
AGE
86

Demosthenes Vardinoyannis

TITLE
Non-Executive Director
TENURE
0.8 yrs

Antonios Theocharis

TITLE
Non Executive Independent Director
AGE
86
TENURE
13.8 yrs
Who owns this company?
Recent Insider Trading
  • Motor Oil (Hellas) Corinth Refineries individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
17. Mar 20 Sell Petros Tzannetakis Individual 16. Mar 20 16. Mar 20 -436 €10,943.35 €-4,771,300
X
Management checks
We assess Motor Oil (Hellas) Corinth Refineries's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Motor Oil (Hellas) Corinth Refineries has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

MHZ News

Simply Wall St News

MHZ Company Info

Description

Motor Oil (Hellas) Corinth Refineries S.A. engages in oil refining and oil products trading in Greece and internationally. It operates through three segments: Refinery’s Activities, Sales to/from Gas Stations, and Services. The company produces and sells liquid fuels, lubricants, and asphalt for transportation, industrial, and household use. It also markets and distributes a range of oil products, including gasoline, fuel oil, diesel, and lubricants through a retail network of approximately 744 stations under the SHELL name; retail service comprising 25 SHELL branded and 7 LUKOIL branded sites; and operates 483 gas stations under AVIN brand name and 146 gas stations under CYCLON brand. In addition, the company engages in the trading, transportation, storage, and agency of petroleum products; collection and trading of used lubricants; research, exploration, and trading of crude oil; and marketing and distribution of natural gas, as well as operates aircraft fuel supply system and the storage facilities at the Athens International Airport at Spata of Attica. Further, it is involved in the purchase, sale, exploitation, and development of real estate properties; and provision of liquefied petroleum gas, facilities management services, and financial services, as well as systems of alternative management of lubricant wastes. The company was founded in 1970 and is headquartered in Maroussi, Greece.

Details
Name: Motor Oil (Hellas) Corinth Refineries S.A.
MHZ
Exchange: DB
Founded: 1970
€1,279,543,419
110,782,980
Website: http://www.moh.gr
Address: Motor Oil (Hellas) Corinth Refineries S.A.
Irodou Attikou 12A,
Maroussi,
151 24,
Greece
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ATSE MOH Ordinary Shares The Athens Stock Exchange GR EUR 06. Aug 2001
OTCPK MOHC.F Ordinary Shares Pink Sheets LLC US USD 06. Aug 2001
DB MHZ Ordinary Shares Deutsche Boerse AG DE EUR 06. Aug 2001
LSE 0MQT Ordinary Shares London Stock Exchange GB EUR 06. Aug 2001
BRSE MHZ Ordinary Shares Berne Stock Exchange CH CHF 06. Aug 2001
OTCPK MOHC.Y UNSPONSORED ADR Pink Sheets LLC US USD 22. Oct 2008
Number of employees
Current staff
Staff numbers
2,313
Motor Oil (Hellas) Corinth Refineries employees.
Industry
Oil and Gas Refining and Marketing
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/30 20:33
End of day share price update: 2020/03/30 00:00
Last estimates confirmation: 2020/03/20
Last earnings filing: 2020/03/18
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.