Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Mol Gains 6th Day as Wood Says Iraq Assets Aren’t Priced In

March 14 (Bloomberg) -- Mol Nyrt., Hungary’s largest oil refiner, rose for a sixth day, 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 2.8 percent to close at 19,950 in Budapest, the highest in more than a month, marking the longest rising streak for Mol since the eight days ended Jan. 23. The benchmark BUX index advanced 1.3 percent to 19,378, rising for a fifth day.

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.