Hellenic Petroleum - Improved environment, new strategy drive growth

Following a weak H119 due to an unfavourable trading environment for refineries, Hellenic’s profits picked up in Q3. We continue to expect strong growth in FY20 driven by higher refining margins, including the impact of IMO 2020. The strategic update presented at the investor day focused on the growth potential from efficiencies and new investments. We believe the strong cash flow supports both the healthy dividend and capex plan, and investments in the core refining business look particularly attractive.