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NBG Securities lifts Motor Oil target price to €51, reiterates outperform

NBG Securities raised its target price on Motor Oil to €51 from €41 and reiterated its “outperform” rating, citing a stronger earnings and cash-flow profile. The upgrade follows a Q1 adjusted refining margin of $138 per ton, adjusted operating profit of €381 million (+76% year-on-year), and a swing to €378 million in free cash flow from negative a year earlier. The broker also lifted its 2026 EPS forecast to €7.41 and expects a total dividend of €2 per share for 2026, implying a 5% yield.
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