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1. Company Snapshot

1.a. Company Description

OMV Aktiengesellschaft operates as an energy and chemicals company in Austria, Germany, Romania, Norway, New Zealand, the United Arab Emirates, the rest of Central and Eastern Europe, the rest of Europe, and internationally.The company operates through Exploration & Production, Refining & Marketing, and Chemicals & Materials segments.The Exploration & Production segment engages in the exploration, development, and production of oil and gas in the regions of Central and Eastern Europe, the Middle East and Africa, the North Sea, and the Asia Pacific.


The Refining & Marketing segment is involved in the refining and marketing of fuels and other feedstock.It has 3 inland refineries in Europe; approximately 2,100 filling stations in ten European countries; and gas storage facilities in Austria and Germany, as well as a gas-fired power plant in Romania.This segment is also involved in the supply, marketing, and trading of gas in Europe and Turkey.


The Chemicals & Materials segment provides advanced and circular polyolefin solutions, base chemicals, and fertilizers, as well as engages in the recycling of plastics.The company was founded in 1956 and is headquartered in Vienna, Austria.

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1.b. Last Insights on OMV

OMV Aktiengesellschaft's recent performance was driven by a surge in share price, with a 6.4% increase in the last session, accompanied by higher trading volume. The company's robust cash flow increase and strategic advancements, despite a decline in hydrocarbon production, are positive indicators. Additionally, OMV's listing on the OTCQX Best Market, upgrading from the Pink market, has enhanced its visibility and accessibility to U.S. investors. Furthermore, the company's participation in Libya's first energy exploration tender since the 2011 conflict, alongside major oil players, suggests a promising outlook for its energy business.

1.c. Company Highlights

2. OMV's Q3 Earnings: A Strong Performance Driven by Fuels Segment

OMV's Q3 financial performance was robust, with a clean CCS operating result rising to almost EUR 1.3 billion, a 20% increase compared to both the prior year quarter and Q2 2025. The company's EPS came in at EUR 1.82, beating analyst estimates of EUR 1.56. The Fuels segment was the main driver of this growth, with a clean CCS operating result more than doubling to EUR 413 million, driven by strong refining margins and a higher ADNOC refining and trading result. The European refining indicator margin rose to $11.5 per barrel, and the company benefited from a high refining utilization rate of 91%. Revenues growth for next year is estimated at -12.0% by analysts.

Publication Date: Nov -10

📋 Highlights
  • Fuels Segment Growth:: Clean CCS operating result doubled to EUR 413 million, driven by strong refining margins ($11.5/barrel) and 91% utilization rate.
  • Energy Segment Decline:: Operating result fell 11% to EUR 622 million due to lower oil prices and SapuraOMV divestment, offset by Libya production (40,000 BOE/day).
  • Chemicals Segment Recovery:: Clean operating result surged to EUR 222 million, aided by stopped Borealis depreciation and market effects despite 8% sales volume decline.
  • Strong Cash Flow:: Operating cash flow reached EUR 1.5 billion (excluding working capital), with full-year gas price expectations slightly below EUR 40/MWh.
  • Refining Outlook Upgrade:: Margin forecast raised to above $9/barrel (current $12), with 85–90% utilization expected, and Borouge deal closure anticipated by Q1 2026.

Segmental Performance

The Energy segment's clean operating result declined by 11% to EUR 622 million, mainly due to lower oil prices and the divestment of SapuraOMV. However, production volumes in Libya increased to almost 40,000 BOE per day, offsetting natural decline in New Zealand and Norway. The Chemicals segment's clean operating result increased significantly to EUR 222 million, driven by the stop of Borealis depreciation and positive market effects.

Cash Flow and Debt

OMV's cash flow from operating activities reached almost EUR 1.1 billion, and the operating cash flow, excluding net working capital effects, was very strong at around EUR 1.5 billion. The net debt level has increased due to the payout of the hybrid bond and negative free cash flow. However, OMV expects the net working capital effect to be somewhat equalized in Q4.

Outlook and Valuation

OMV maintains its Brent oil price assumption of around $70 per barrel for 2025 and expects the full-year average THE price to be slightly below EUR 40 per megawatt hour. The company upgraded its refining indicator margin outlook to above $9 per barrel and expects a refinery utilization rate at the upper end of the 85% to 90% range. With a P/E Ratio of 16.23 and a Dividend Yield of 9.98%, the stock appears to be reasonably valued, with a decent yield to compensate for potential downside risks.

Strategy and Growth Opportunities

OMV's strategy focuses on an integrated business of energy, fuels, and chemicals, with chemicals seen as a growth opportunity. The Borouge Group International deal will create a world-leading Polyolefins company, and the company is making progress on the transaction, expecting to close it by the first quarter of next year.

3. NewsRoom

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Is OMV (OMVKY) Stock Outpacing Its Oils-Energy Peers This Year?

Dec -04

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The Bull Case For OMV (WBAG:OMV) Could Change Following Green Hydrogen JV With Masdar and Share Buybacks

Nov -14

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Are Oils-Energy Stocks Lagging Natural Gas Services Group (NGS) This Year?

Nov -14

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OMV AG (OMVKY) Hits Fresh High: Is There Still Room to Run?

Nov -14

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Oil & Gas Virtual Investor Conference: Presentations Now Available for Online Viewing

Nov -14

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OMV to Present at the Oil & Gas Virtual Investor Conference November 13th

Nov -11

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What Does OMV’s 24% Surge Mean for Its True Value in 2025?

Nov -10

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Oil & Gas Virtual Investor Conference Agenda Announced for November 13th

Nov -10

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.34%)

6. Segments

Fuels and Feedstock

Expected Growth: 4.0%

OMV's Fuels and Feedstock segment growth of 4.0% is driven by increasing demand for low-carbon fuels, strategic partnerships to expand refining capacity, and optimization of production processes. Additionally, the segment benefits from a favorable crude oil price environment and a strong marketing and sales network, enabling OMV to capitalize on growing demand for high-quality fuels and feedstock.

Energy

Expected Growth: 4.6%

OMV's 4.6% energy segment growth is driven by increasing demand for natural gas, successful exploration and production activities, and strategic acquisitions. Additionally, the company's focus on cost optimization, operational efficiency, and investments in renewable energy sources contribute to its growth momentum.

Chemicals & Materials

Expected Growth: 4.65%

OMV's Chemicals & Materials segment growth of 4.65% is driven by increasing demand for polypropylene and polyethylene from the packaging and automotive industries, coupled with the company's strategic expansion into high-margin specialty chemicals and its focus on operational efficiency improvements.

Corporate and Other

Expected Growth: 4.0%

The 4.0% growth in Corporate and Other segment of OMV Aktiengesellschaft is driven by increased efficiency measures, reduced administrative costs, and a favorable tax environment. Additionally, the company's diversification strategy and investments in new business areas, such as renewable energy, contribute to the segment's growth.

7. Detailed Products

Refined Products

OMV produces and sells a range of refined products, including gasoline, diesel, jet fuel, heating oil, and liquefied petroleum gas (LPG)

Petrochemicals

OMV produces and sells petrochemicals, including ethylene, propylene, and polyethylene, used in the production of plastics and other materials

Crude Oil

OMV explores, produces, and sells crude oil, which is used as a feedstock for refineries

Natural Gas

OMV explores, produces, and sells natural gas, which is used for power generation, heating, and industrial applications

Lubricants

OMV produces and sells lubricants, including motor oils, transmission fluids, and industrial lubricants

Bunker Fuels

OMV produces and sells bunker fuels, including marine fuels and aviation fuels

Bitumen

OMV produces and sells bitumen, a binding agent used in road construction and maintenance

Sulfur

OMV produces and sells sulfur, used in the production of fertilizers, rubber, and other industrial applications

8. OMV Aktiengesellschaft's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for OMV Aktiengesellschaft is medium due to the availability of alternative energy sources and the increasing trend of renewable energy.

Bargaining Power Of Customers

The bargaining power of customers for OMV Aktiengesellschaft is low due to the company's strong brand presence and the lack of switching options for customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for OMV Aktiengesellschaft is medium due to the company's dependence on a few major suppliers and the availability of alternative suppliers.

Threat Of New Entrants

The threat of new entrants for OMV Aktiengesellschaft is low due to the high barriers to entry in the energy industry and the company's established market presence.

Intensity Of Rivalry

The intensity of rivalry for OMV Aktiengesellschaft is high due to the competitive nature of the energy industry and the presence of several major players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 39.32%
Debt Cost 9.61%
Equity Weight 60.68%
Equity Cost 10.28%
WACC 10.02%
Leverage 64.79%

11. Quality Control: OMV Aktiengesellschaft passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Aker BP

A-Score: 6.9/10

Value: 6.0

Growth: 7.3

Quality: 5.5

Yield: 10.0

Momentum: 6.0

Volatility: 6.3

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Repsol

A-Score: 6.7/10

Value: 7.1

Growth: 5.6

Quality: 2.5

Yield: 8.8

Momentum: 8.0

Volatility: 8.3

1-Year Total Return ->

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OMV

A-Score: 6.7/10

Value: 7.7

Growth: 3.8

Quality: 4.2

Yield: 9.4

Momentum: 7.0

Volatility: 8.0

1-Year Total Return ->

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TotalEnergies

A-Score: 6.1/10

Value: 7.3

Growth: 4.7

Quality: 5.1

Yield: 8.8

Momentum: 2.0

Volatility: 9.0

1-Year Total Return ->

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SBM Offshore

A-Score: 5.8/10

Value: 7.6

Growth: 5.3

Quality: 3.9

Yield: 3.1

Momentum: 8.0

Volatility: 7.0

1-Year Total Return ->

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Galp Energia

A-Score: 5.6/10

Value: 5.7

Growth: 7.0

Quality: 4.6

Yield: 5.6

Momentum: 4.0

Volatility: 6.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

47.76$

Current Price

47.76$

Potential

-0.00%

Expected Cash-Flows