MOL MAGYAR OLAJ- ÉS GÁZIPARI NYILVÁNOSAN MUKÖDO RÉSZVÉNYTÁRSASÁG

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End-of-day quote Budapest Stock Exchange  -  2022-08-11
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Hungary's MOL cuts refuelling limit for passenger cars

06/24/2022 | 02:49am EDT
FILE PHOTO: Surge in fuel and energy prices in the wake of Russia's ongoing invasion of Ukraine

BUDAPEST (Reuters) - Hungarian energy group MOL said it was limiting passenger car drivers to buying 50 litres of fuel a day at its service stations from Friday, halving the previous limit, in a move to avert disruptions caused by a government price cap.

MOL, which owns the largest network of service stations in the country, has called for phasing out a government-imposed price cap that set the retail price for both 95-octane gasoline and diesel at 480 forints ($1.27) a litre.

The cap, in place since mid-November, was part of an effort by Prime Minister Viktor Orban's government to shield Hungarians from inflation now at its highest level in two decades. The cap has been extended to the start of October and is limited to cars with Hungarian licence plates, a move that triggering a conflict with the European Union.

"We have introduced this limit (on refuelling) ... in order to be able to guarantee security of supply," MOL spokeswoman Piroska Bakos told Reuters, adding that buyers filling up jerry cans with fuel would no longer eligible for capped price fuel.

MOL Chairman and Chief Executive Zsolt Hernadi had said in April that maintaining the price cap, now far below current market prices, could lead to supply shortages.

Friday's announcement is the latest sign that intervention in the fuel market has affected the balance of supply and demand. Austria and Hungary released part of their strategic fuel reserves over the past weeks to stabilise the market.

MOL spokeswoman Bakos said demand for fuel normally rose by about 30-40% over the summer due to tourism and the farming season, which boosts diesel demand. But, the price cap has driven down fuel imports, which MOL has to offset now.

($1 = 379.2200 forints)

(Reporting by Krisztina Than and Gergely Szakacs; Editing by Edmund Blair)


© Reuters 2022
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Financials
Sales 2022 8 917 B 22 793 M 22 793 M
Net income 2022 767 B 1 959 M 1 959 M
Net Debt 2022 634 B 1 622 M 1 622 M
P/E ratio 2022 3,00x
Yield 2022 9,07%
Capitalization 1 824 B 4 594 M 4 663 M
EV / Sales 2022 0,28x
EV / Sales 2023 0,26x
Nbr of Employees 24 084
Free-Float 31,8%
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Technical analysis trends MOL MAGYAR OLAJ- ÉS GÁZIPARI NYILVÁNOSAN MUKÖDO RÉSZVÉNYTÁRSASÁG
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Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 2 886,00 HUF
Average target price 3 395,21 HUF
Spread / Average Target 17,6%
EPS Revisions
Managers and Directors
József Molnár Group CEO & Non-Independent Director
Zsolt Hernádi Director
József Farkas Simola Deputy Chief Financial Officer
Zoltán Sandor Áldott Chairman-Supervisory Board
Péter Ratatics Chief Operating Officer