Greece: Cornered
We downgrade our few OI rated stocks as we expect volatility to rise and asset prices to head lower; Greece is cornered and…to access this report contact@researchgreece.com
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Greek Trends & Trivia / 3Q first take
We believe 3Q16 results were…to access this report contact@researchgreece.com
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Motor Oil: Lower Refining Margin in H2 2016
We brought down our refining margin estimate for 2016 but did not change our numbers post 2017; we expect…
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Motor Oil: Record EBITDA but Margins Impossible to Predict
Record P&L and Cash flow numbers in 2015 but the question remains whether that was the last superb year of the cycle. 2016 has started off strong and most EUR refiners expect margins to remain at high levels. We account for above-the-cycle EBITDA and cash flows in 2016 while our mid-cycle margin valuation means we…
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Greek Refineries: Stars Are Aligned
Most EUR MED refineries expect strong margins to persist (Q4 so far is strong) driven by low oil prices (supply glut), crude sourcing, healthy demand, strong USD and capacity rationalization. There is no way of knowing for how long though; on balance most signs are positive: USD should remain strong ahead of higher US interest…