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OMVJF - OMV: A Vertically Integrated Energy Company Trading At A 15% Free Cash Flow Yield
OMV Aktiengesellschaft
Introduction
When my first article on OMV AG (OTCPK:OMVJF) was published last year, I thought the company’s financial results appeared to be ‘too good to be true’. While OMV is operating in some riskier regions which justifies a discount, sometimes a company is trading just too cheap. Now OMV’s Q1 results confirm the strong cash flows and high margins and considering the company will spend $2.5B on acquiring a stake in an Abu Dhabi refinery, it’s perhaps a good moment to check up on the original investment thesis.