OMV AG (OMV AV): Reduce: Downstream dominates

研报英文原文证据摘录

OMV AG (OMV AV): Reduce: Downstream dominates

d) estimate ROE (%) 5.9 20.0 9.5 8.2

of EUR4.6bn. However, this only partially offsets the impact of the cEUR0.7/sh dividend

52-WEEK PRICE (EUR)

cut announced earlier in the year due to lower BGI dividend expectations.

68.00

Conference call highlights: Management provided some colour on Borouge

54.00

International’s financials, highlighting the bridge from its USD1.8bn Adjusted EBITDA

to USD0.9bn Adjusted net income in 2Q. Neptun Deep remains on track for 2027 and 40.00

08/25 02/26 08/26

has recently reached key milestones with installation of its offshore production Target price: 55.00 High: 64.80 Low: 43.44 Current: 64.00

platform, completion of the pipeline, and drilling of six out of 10 development wells. Source: LSEG IBES, HSBC estimates

Downstream margin capture, across refining and petchems, should be strong in 2H26.

Macro assumptions raised: OMV updated its price deck for the year, lifting its gas Sadnan Ali*, CFA Global Oil & Gas Analyst

price and realisations, refining indicator margin, and olefin indicator margins. Its refining HSBC Bank plc

sadnan.ali@hsbc.com

indicator margin was raised to USD20/b (from USD10-15/b). In Chemicals, the ethylene +44 207 9910569

indicator margin was increased to >USD600/t (from >USD550/t), and propylene was Kim Fustier*

increased to >USD500/t (from >USD420/t). Elevated prices through July suggest Senior Global Oil & Gas Analyst

HSBC Bank plc

potential upside risk to OMV’s full-year guidance, though its conservative update is kim.fustier@hsbc.com

entirely understandable given the uncertainty of Middle East supply recovery. +44 20 3359 2136

Ujjwal Sharma*

Retain Reduce rating and raise TP to EUR55.00 (from EUR53.00), as higher Associate