Wednesday, June 13, 2007

PKN Orlen P/E 9 pointing out nice discount

Polski Koncern Naftowy ORLEN (PKN) is the largest refiner and distributor of oil in Poland

The company a total of seven refineries (including three in the Czech Republic and one in Lithuania) and has some 12,700 retail sites, in the Czech Republic, Germany, Lithuania, and Poland. PKN owns a 75% stake in chemical maker Anwil and has holdings in several other Polish companies, and controls Czech refiner and retailer Unipetrol (BAAUNIPE).

Major competitors are hungarian MOL, austrian OMV and Royal Dutch Shell.

Till the end of year 2012 the company is going to invest 21.2 mld PLN. Today's share price is 51.7 PLN. Fair value is considered at 55 PLN. P/E is 9. Stock is currently traded with almost 10% discount, compared with sector there is 20% discount.


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