Raiffeisen downgraded on June 11 the shares of Romanian petroleum products transport company Conpet (BVB: COTE) to SELL from HOLD and set a new 12-month cum-dividend target price at RON 80, which implies a downside potential of 12% to the current (June 11) market price.
Raiffeisen says its downgrade of Conpet is mainly the result of an expected decline in transportation volumes, particularly in 2025, due to maintenance work at the Petrotel refinery and higher than previously expected cost inflation.
For 2025, Raiffeisen foresees a decrease in import volumes in Romania due to maintenance work at the Petrotel refinery.
Although the bank’s analysts take into consideration tariff adjustment for volume effects and cost inflation, they forecast revenue to increase by only 1%, with net profit reaching RON 62 million (+1% y/y). However, they expect a volume recovery in 2026 as import volumes will rebound, leading to a stronger increase in both revenues (+5% y/y) and net profit (+7% y/y).
Conpet’s market capitalisation is RON 777 million (EUR 156 million) after its shares rose by 22.7% y/y.
iulian@romania-insider.com
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