Mol Gains a Sixth Day as Wood Says Iraq Assets Aren’t Priced In

Mol Nyrt. (MOL), Hungary’s largest oil refiner, rose for a sixth day, poised for the longest stretch of gains in almost two months, as Wood & Co. said the stock price doesn’t take into account assets in Iraq.

The shares gained 0.7 percent to 19,535 forint by 11:36 a.m. in Budapest. A close at that level would be its highest in more than a month and mark the longest rising streak for Mol since the eight days ended Jan. 23.

Mol’s share-price estimate was increased to 23,300 forint from 22,950 forint, Robert Rethy, a Prague-based analyst at Wood & Co., said in a report today that maintained the company’s buy rating. The brokerage estimated Mol’s new oil wells in the Iraqi region of Kurdistan are worth about $2 billion, or 4,600 forint a share, Rethy said.

While the Iraqi assets “should not add any material earnings until approximately 2015,” they “are not yet reflected fully by the share price,” Rethy said.

To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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