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MOL Hungarian Oil & Gas Plc Class A logo

MOL Hungarian Oil & Gas Plc Class A

MOL.BD
39
Oil & Gas Refining & Marketing · Energy
Price
4474.00 HUF
+26.00 (+0.58%)
Market Cap
2.85T HUF
Exchange
Budapest Stock Exchange
Winston Score
39
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Jul 25, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+13.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 724.8M (2021) → 819.4M (2025)

MOL Hungarian Oil and Gas is a Central European energy company based in Budapest, Hungary. It explores for oil and natural gas, refines crude oil into fuels like gasoline and diesel, and sells those fuels through a large network of gas stations across Central and Eastern Europe. The company also makes petrochemicals, which are chemicals used to produce plastics and other materials.

MOL earns money by selling refined fuels, petrochemicals, and natural gas to both everyday consumers and industrial customers. It operates primarily in Hungary, Slovakia, Croatia, and neighboring countries, running refineries and over 2,000 retail fuel stations across the region, making it one of the dominant integrated energy companies in Central Europe. MOL's regional refining infrastructure and retail network give it a competitive edge in its home markets, but its relatively thin operating margins highlight the challenge of managing volatile crude oil prices, and the long-term shift toward electric vehicles poses a meaningful risk to its fuel retail business.

Winston Score History

Score breakdown

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Quality

Gross Margin
14.1%
Thin — 14.1% gross margin
Operating Margin
4.1%
Thin — 4.1% operating margin
ROCE
1.5%
Weak — 1.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
-8.2%
Shrinking sales (-8.2% YoY)
EPS YoY
-50.0%
Earnings shrinking (-50.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
329%
Turns 329% of profit into real cash
FCF Margin
0.3%
Thin free cash flow (0.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.30
Conservative — low debt load (0.30)
Interest Cover
2.51x
Tight — interest eats into profit (2.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
17.3x
Fair value — P/E 17.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward
+8.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (17.3 → 9.0)

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Dividends

Not applicable for this business.
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