We argue 2013 marks the end of a bad year for Greek refiners. We believe Motor Oil is the best way to exploit a -gradual- recovery in refining margins (middle cracks) driven by increasing demand for oil products in Greece, normalization of crude sourcing and capacity re-balancing. We revise our EBITDA estimates by 15-30% in 2014-16E but the lower discount rate used pushes our PT higher on both names. We identify a pair trade by owning Motor Oil and selling Hellenic Petroleum… to access this report  contact@researchgreece.com

We raise our 2013-2016 EPS estimates following better refining & marketing EBITDA in Q3. FCF was negative on higher working capital and we do not expect a dividend out of 2013 earnings. We reiterate our DON’T OWN IT rating due to the tough refining economic outlook…to access this report  contact@researchgreece.com