PKN Orlen will not sell its chemicals unit Anwil following internal analyses, PKN Orlen spokesperson Beata Karpinska told Parkiet. PKN Orlen's financial condition is stable, hence there is no pressure to sell Anwil, she noted.
Our view:
Potential sales have been pursued over the last couple of years and PKN has received several bids for the unit. Price, however, always proved to be a problematic point. We understand PKN sees fair value in the region of PLN 2bn which would imply EV/EBITDA of ca. 5.0x, assuming 2012F EBITDA at PLN 400m. (The unit generated PLN 240m in 1H12 but only PLN 85m in 2Q12 due to intense pressure on margins and volumes which we expect to prevail through the rest of the year). Regional fertilizers are trading at 2012F EV/EBITDA of 4.5x.