NBG Securities has significantly raised its price target for Motor Oil shares, increasing it to €51 from €41 previously, estimating a 28% upside from current levels and maintaining its “outperform” rating.
The brokerage notes that the group got off to a strong start in 2026, benefiting from favorable refining margins, strong demand for middle distillates, and increased sales volumes. Adjusted EBITDA for the first quarter rose 76% year-over-year to €381 million, while adjusted net profit more than doubled to €203 million. At the same time, strong free cash flows led to a reduction in net debt to €1.26 billion from €1.58 billion at the end of 2025.
Following positive signals from management regarding the maintenance of high refining margins during the April-May period, NBG Securities significantly upgraded its estimates for the 2026-2028 period. It now forecasts net profits of €821 million for 2026, an 8.5% increase compared to 2025, compared to a previous forecast of a significant decline.
This revision also supports the estimate for a total dividend of €2 per share—the highest in the company’s history—corresponding to a dividend yield of 5%.
The brokerage firm remains positive about Motor Oil’s prospects, emphasizing that the operational excellence of its refinery allows it to consistently achieve higher margins than international benchmarks.
At the same time, it believes that the value of the renewable energy portfolio, investments in the circular economy, and new energy projects has not yet been fully reflected in the stock’s valuation.
According to the analysis, Motor Oil continues to trade at a discount relative to its European competitors, despite the stock’s approximately 27% rise since the beginning of the year.