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.