Research
Neste: Margins remain impressive
The Q4 result reported by Neste yesterday was a smidgen better than our expectations, which was due to Renewable Products’ sales margin. This, as well as Oil Product margins that remained strong, were reflected positively in our 2023 estimates, but we did not make any substantial changes to our medium-term estimates.
Neste produces transport fuel and renewable fuels. Today, the largest operations and extraction are held in the Nordic market, where the company is active in the entire value chain, from extraction to delivery to port depots. In addition, the opportunity is given for direct sales where customers can pick up fuel at selected stations. The largest market is in the Nordic region, and the company is headquartered in Espoo, Finland.
Read more on company pageKey Estimate Figures2023-02-08
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 25,707.4 | 26,623.9 | 24,158.0 |
| growth-% | 69.7 % | 3.6 % | -9.3 % |
| EBIT (adj.) | 2,898.0 | 2,748.1 | 2,843.3 |
| EBIT-% (adj.) | 11.3 % | 10.3 % | 11.8 % |
| EPS (adj.) | 3.02 | 2.91 | 2.97 |
| Dividend | 1.52 | 1.46 | 1.50 |
| Dividend % | 3.5 % | 5.4 % | 5.6 % |
| P/E (adj.) | 14.3 | 9.2 | 9.0 |
| EV/EBITDA | 11.3 | 6.5 | 5.9 |
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