Motor Oil

MOH is scheduled to report its 1Q18 results tomorrow after the close of the market. Excluding inventory effect and one-offs, we expect “clean” EBITDA of EUR 104m (-38% YoY) and “clean” net income of EUR 46.5m (-48% YoY). Assuming inventory losses of EUR 8m compared to zero inventory in 1Q17, we estimate reported EBITDA of EUR 96m (-43% YoY) and reported net income of EUR 41m (-54% YoY). A conference call with management will be held tomorrow at 15:15 UK time.

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