Privacy preferences
Inderes uses cookies to provide a better user experience and a personalised service. By consenting to the use of cookies, we can develop an even better service and will be able to provide content that is interesting to you.
  • Forum
  • Stock Markets
    • MarketsLive prices, indices, and market performance
    • Stock CalendarUpcoming earnings, listings, and corporate events
    • Dividends CalendarFuture and past dividends
  • Companies
    • CompaniesBrowse and filter the full list of listed companies
    • DiscoveryInspiration for your next investment
    • IPOsNew listings and upcoming public offerings
    • AGM InvitationsAnnual general meeting dates and shareholder info
  • Stock Research
    • ResearchExpert stock analysis and recommendations
    • ArticlesNews, insights, and market commentary
    • inderesTVVideo hub for stock research, analysis, and expert commentary
    • TranscriptsFull text records of earnings calls and investor meetings
    • Stock ComparisonCompare financials and performance across multiple stocks
    • Earnings SeasonCompare EPS estimates to reported results
    • Short SellingSee which listed companies have disclosed short interest
    • Compound Interest CalculatorSee how your savings grow with the power of compound interest.
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer

Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

The headwind won't ease

NESTEResearch16.05.2024, 09.56
Petri GostowskiCo. Head of Research
Discuss
Download report (PDF)

On Tuesday, Neste lowered the guidance for Renewable Products' 2024 sales margin reflecting especially the weakness in the market caused by increased supply. We cut both our short- and medium-term forecasts driven by a fall in the sales margin. We feel the valuation of the stock is quite reasonable with clearly more conservative sales margin forecasts. We believe this supports a positive view even though no quick relief is in sight for the difficult market situation.

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 page

Key Estimate Figures15.05.2024

202324e25e
Revenue22,925.919,287.223,056.0
growth-%-10.8 %-15.9 %19.5 %
EBIT (adj.)2,591.51,002.61,578.4
EBIT-% (adj.)11.3 %5.2 %6.8 %
EPS (adj.)2.881.021.62
Dividend1.200.600.65
Dividend %3.7 %2.0 %2.2 %
P/E (adj.)11.229.118.3
EV/EBITDA10.713.89.8

Forum discussions

The HVO/SAF market is global, so it must be taken into account that China is constantly increasing its HVO exports to Europe and is able to ...
31 minutes ago
0
Taidettiin edellisessäkin kaikkien aikojen jytky osarissa lasketella lähes -20% päivän sisäisesti. Pelkään pahoin että tiputaan torstaina tonttiin...
3 hours ago
by Riksi
1
Right, 20% coming with the new Rotterdam plant. But Europe has already seen 500 kt of new capacity added this year (Repsol and Orlen), and over...
9 hours ago
by Sinuhe
1
And Neste actually has more renewables capacity coming online, at a fairly perfect time as management also says. Competitors don’t have capacity...
9 hours ago
1
Yeah, that comes perhaps from a somewhat strict view that if there is no growth at all, an acceptable P/E is 10. With that, a €3B net income...
10 hours ago
by Sinuhe
1
Undoubtedly. I don’t think anyone expects that either, at least not the analyst consensus. There are certainly very different perspectives on...
10 hours ago
4
That’s how I see it as well. Neste’s EV is in the ballpark of €30 billion, which is quite a challenging valuation on €20–25 billion in revenue...
12 hours ago
by Sinuhe
3