Dominic Fisher of Thistledown Investment Management presented his in-depth investment thesis on OMV Petrom (UK: PETB) at European Investing Summit 2018.

Thesis Summary:

OMV Petrom is the largest integrated oil company in Romania. Listed in Bucharest and in London, it is controlled by OMV of Austria.

Since its privatization, the company has undergone a significant restructuring of its upstream and downstream operations. This has left a well-positioned business with attractive returns on capital, a strong balance sheet, and options to increase production significantly in the Black Sea in combination with ExxonMobil.

The recent low rating and generous dividend should provide protection if this politically significant project does not succeed. Meanwhile, the shares offer a 4.5% dividend yield.

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About the instructor:

Dominic Fisher has been investing since 1988 working at a number of London based firms. He founded Thistledown Investment Management in 2009. He is the largest investor in the VT Thistledown Income Fund which follows a value discipline. He heads the investment committee of the Royal Hospital Chelsea, a director of Aberforth Split Level Investment Trust and Trustee of the Clinical Human Factors Group.