ANALYST VIEW - BofA-ML removes Hungary's MOL from EMEA 1 Buy List

“Although we remain Buyers on MOL; we remove the stock post expiry of its 12 months on the Emerging EMEA 1 Conviction Buy List. MOL was added to the list at the price of HUF 18,600 and removed at HUF 23,090," BofA-ML said in a research note on Wednesday.

BofA-ML’s price objectives of HUF 27,500 per share (USD 69) for MOL are based on a multiple of 6.2x 2012E EV/DACF, in line with its historical averages and European peers at their target valuations.

“Downside risks are a material deterioration in the macro environment (oil prices and refining margins mainly), political (eg Iraq, Russia), corporate governance, unplanned outages at MOL's refineries and a material change in the regulatory environment, loss of ownership of the ZMB field in Russia and slower-thanexpected natural gas price increases in Croatia."

The 17 stocks on BofA-ML’s Emerging Europe, Middle East and Africa 1 List “represent the highest conviction stocks of our analyst team across the region."

Views, endorsed by a committee of senior analysts, reflect expectations of 12 month outperformance.

“Our goal is for these stocks to remain on the list for a full 12 months. The average tenure since inception has been over 8 months. Following are summaries of the investment thesis and links to the most recent reports for the remainder of EEMEA 1 constituents."

The assessment of MOL has been improving over the past few months, and the target prices for the company have been set higher too. Compared to the median TP MOL has an 11% upside potential at the moment.

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• technikai elemzés,
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