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MarketScreener Homepage  >  Equities  >  WIENER BOERSE AG  >  OMV AG    OMVV   AT0000743059

OMV AG

(OMVV)
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Austrian energy group OMV sees slowing global oil demand, pickup in M&A

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09/09/2019 | 03:20am EDT
FILE PHOTO: Logo of Austrian oil and gas group OMV is seen at a gas station in Vienna

ABU DHABI (Reuters) - Global oil demand will grow at the slowest pace in many years in 2019 because of a softer world economy, the chief executive of Austria's OMV said on Monday, predicting that sluggish energy markets will spur mergers and acquisitions in the industry.

"There are signals from our consuming markets that our industry should prepare for slower GDP growth. And hence it will translate into tougher days," Rainer Seele told Reuters on the sidelines of the World Energy Congress in Abu Dhabi.

Brent oil prices have been trading at around $60 per barrel in recent weeks, down from their 2019 peaks of $75 per barrel, as slower economic growth outweighed lower oil supplies from sanctions-hit Iran and Venezuela. [O/R]

Seele said he expected growth in global oil demand to fall below 1 million barrels per day this year - for the first time in many years. "And it will continue in 2020," he said.

Softer prices will help rebalance the market as they would prompt higher cost producers, including shale firms in the United States, to adjust their plans: "I see some predictions that U.S. oil production growth may halve soon," he said.

Meanwhile, energy asset prices will also come down.

"The industry might need to prepare for consolidation. The M&A market might return to a more healthy mode as assets become more reasonably priced," said Seele, adding that OMV was for now taking a break on the M&A front.

(Reporting by Dmitry Zhdannikov; Editing by Susan Fenton)

By Dmitry Zhdannikov

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -0.26% 67.98 Delayed Quote.11.63%
OMV AG 1.99% 46.62 End-of-day quote.20.78%
WTI -0.10% 61.87 Delayed Quote.21.48%
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Financials (EUR)
Sales 2019 23 148 M
EBIT 2019 3 723 M
Net income 2019 1 737 M
Debt 2019 4 779 M
Yield 2019 4,20%
P/E ratio 2019 8,85x
P/E ratio 2020 7,87x
EV / Sales2019 0,86x
EV / Sales2020 0,82x
Capitalization 15 240 M
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Mean consensus BUY
Number of Analysts 23
Average target price 55,33  €
Last Close Price 46,62  €
Spread / Highest target 39,4%
Spread / Average Target 18,7%
Spread / Lowest Target -3,47%
EPS Revisions
Managers
NameTitle
Rainer Seele Chief Executive Officer
Peter D. Löscher Chairman-Supervisory Board
Reinhard Florey Chief Financial Officer
Herbert Werner Member-Supervisory Board
Helmut Draxler Member-Supervisory Board
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