Detail analýzy
| 26.06.2019 / Erste Group Research |
Issuer Profile | OMV Portfolio Restructuring Proves Successful OMV (A3/A-), headquartered in Vienna, Austria, is an integrated oil & gas group with worldwide exploration and production activities. The group has three refineries in Schwechat (Austria), Burghausen (Southern Germany) and Petrobrazi (Romania). The multi-brand gas station network comprises around 2,100 gas stations in ten countries of the CEE region (incl. Austria, Southern Germany, the Czech Republic and Romania). With the acquisition of a 15% stake in ADNOC Refining in Abu Dhabi for approx. USD 2.5bn agreed in January 2019 and the agreement with Gazprom on the purchase of a 24.98% stake in Siberian gas fields (Achimov 4A/5A) for EUR 905 million by the end of this year, OMV has completed the restructuring of its portfolio toward lower-cost production regions for the time being. The final transaction documents for Achimov 4A/5A are expected to be signed by the end of 2019. OMV is now positioned more internationally with a view toward Asian growth markets. The focus is now on organic growth. In the upstream segment, production and reserves are growing. In the downstream segment, one of the goals is to increase sales volumes in the natural gas market and expand market share, particularly in Europe. Petrochemicals are gaining in importance. A strong investment grade rating is to be maintained. An objective of the group's financial policy remains to pay dividends out of free cash flows as in 2016-2018. The gearing ratio stood at 20% as of 31/03/19 (31/12/18: 13%). Four to five percentage points of the increase were attributable to IFRS 16. Longer term the 30% level is not to be exceeded. Due to the recent acquisitions it should temporarily rise above this level. The group's credit and liquidity profiles remain strong. In a comment on June 12, Moody's stated that it sees no effect on the group's ratings on account of the purchase price (EUR 905mn) for the stake in Achimov. |
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Základní informace
| Autor | Erste Group Research |
| Datum | 26.06.2019 |
| Jazyk |  |
| Název produktu | Credit News |
| Hlavní téma | Podnikové dluhopisy |
| Zaostřeno na ekonomiku | Rakousko |
| Zaměřeno na měnu | Euro |
| Zaměřeno na sektor | - |
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