
Motor Oil (Hellas) Corinth Refineries S.A. (MOH.AT)
ValueMarkers Composite Index
59% below intrinsic value ($109)
Motor Oil (Hellas) Corinth Refineries S.A. (MOH.AT) — VMCI valuation read
Headline read on MOH.AT: VMCI of 59/100 versus a Energy sector median of 50. The 9-point above-median position is what makes Motor Oil (Hellas) Corinth Refineries S.A. a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on MOH.AT: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on MOH.AT: value (MOH.AT trades at 17.0x earnings, 6% below the Energy median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Energy median (10.0%)), and risk (net debt to EBITDA of -0.1x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Energy 12.0x baseline.
MOH.AT fell 1.1% over the trailing 7 days, with a +4.4% read on a 30-day basis.
Motor Oil (Hellas) Corinth Refineries S.A. engages in oil refining and oil products trading in Greece and internationally. It operates through four segments: Refining Activity, Fuels' Marketing Activity, Power & Gas, and Other. The company produces and sells liquid fuels, lubricants, and asphalt for transportation, industrial, and household use. It also markets and distributes a range of oil products, including gasoline, fuel oil, diesel, and lubricants through a retail network of approximately 796 stations under the SHELL name; retail service comprising 24 SHELL branded fuel sites; and operates 531 gas stations under AVIN brand name and 111 gas stations under CYCLON brand. In addition, the company engages in oil trading, storage agency, and services; collection and trading of used lubricants; research, exploration, and trading of crude oil; and marketing and distribution of liquefied petroleum gas, as well as operates aircraft fuel supply system and the storage facilities at the Athens International Airport at Spata of Attica. Further, it is involved in the purchase, sale, exploitation, and development of real estate properties; and provision of liquefied petroleum gas, facilities management services, and financial services, as well as systems of alternative management of lubricant wastes. The company was founded in 1970 and is headquartered in Marousi, Greece.
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