Motor Oil (Hellas) Corinth Refineries S.A. (MOH.AT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+11.3%

€70.53

vs €63.35 price

Levered DCF

€56.42

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.78

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	5.25×	7.88×	3.23×	2.47×	7.51×	-12.16×	10.16×	9.05×
P/B	1.03×	0.82×	0.98×	1.17×	1.29×	1.34×	1.93×	2.1×
P/S	0.3×	0.18×	0.2×	0.14×	0.15×	0.21×	0.24×	0.25×
EV / EBITDA	6.48×	3.86×	2.93×	2.31×	6.09×	38.31×	5.5×	5.13×
Gross margin	8.2%	9.0%	11.9%	12.1%	6.4%	4.4%	7.0%	7.0%
Operating margin	4.2%	5.8%	8.5%	9.1%	3.1%	-0.9%	3.6%	4.1%
Net margin	5.6%	2.3%	6.1%	5.8%	2.0%	-1.8%	2.4%	2.7%
Current ratio	1.66×	2×	1.87×	1.53×	1.56×	1.54×	1.76×	1.98×
Debt / equity	0.89×	1.05×	1.07×	1.45×	1.78×	1.54×	0.89×	0.84×
Interest coverage	3.71×	4.99×	8.23×	19.89×	4.1×	-1.01×	6.68×	7.97×
Dividend yield	4.7%	7.0%	6.8%	5.1%	1.5%	6.8%	6.3%	6.4%
Payout ratio	24.5%	54.9%	22.0%	12.6%	11.1%	-82.3%	64.2%	58.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.6%	10.4%	30.2%	47.4%	17.1%	-11.0%	19.1%	23.3%
Return on invested capital	5.6%	5.3%	14.7%	17.1%	7.1%	-1.8%	10.5%	12.8%
Return on assets	8.1%	3.9%	10.6%	13.4%	4.2%	-3.2%	6.5%	9.0%
Free cash flow yield	9.2%	0.9%	18.9%	36.4%	-3.2%	-31.7%	14.0%	8.2%
Earnings yield	19.0%	12.7%	30.9%	40.4%	13.3%	-8.3%	9.8%	11.1%
Enterprise value	€5B	€4B	€4.1B	€4.2B	€3B	€2.2B	€2.6B	€2.6B
Net debt / EBITDA	2.06×	1.69×	1.08×	0.98×	2.97×	15.84×	0.74×	0.5×
Cash conversion cycle (days)	32	29	25	43	29	30	11	12