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OMV on the Capital Markets

While the COVID-19 pandemic and new virus variants heightened price volatility on stock markets in 2021, the year was also characterized by strong investor optimism about the resilience of the economy, which fueled a recovery movement throughout the year. In line with the Brent oil price benchmark, OMV’s stock price strongly outperformed both the sector and the wider European market and ended the year at EUR 49.95.

Financial markets

With the MSCI World Index and STOXX 600 up by 21% and 22% in 2021 respectively, it was a good year for global and European equities. Growth was mainly driven by recovering economic activity and improving company earnings. With rising inflation failing to incite central banks to raise interest rates, investors were compelled to raise their risk appetite in search of higher returns: away from fixed income, and into equities.

While the introduction of anti-COVID-19 vaccines in the industrialized world early in 2021 eased some of the pandemic-induced concerns about global economic development, repeated infection surges during the year kept influencing markets. Particularly the emergence of the Omicron variant of the virus in November renewed demand uncertainty, causing a price slump. However, as with every dip during 2021, ample excess liquidity and a “there-is-no-alternative” mindset among investors quickly put equities back on a growth trajectory towards the end of the year.

As a consequence of the sharply rising underlying energy prices, the energy sector was among the top performing sectors during 2021, in Europe as well as in the United States.

Energy prices increased not only on the crude oil side, but quite remarkably also on the natural gas side. Benchmark spot prices at European natural gas trading hubs hit record highs several times during the year’s second half. The reason for this increase was a combination of factors, including: low local storage levels after a longer-than-usual previous heating season, declining domestic European natural gas production, limited supplies via pipeline from Russia, and intensifying competition for deliveries between European and Asian consumers. The time lag between natural gas benchmark prices in some European markets and hub-based spot prices is the reason why the spot price surge at the hubs did not fully ripple through to all local European markets until early 2022.

At a glance















Number of outstanding shares1

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Market capitalization1

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Volume traded on the Vienna Stock Exchange

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Year’s high

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Year’s low

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Year end

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Earnings Per Share (EPS)

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Book value per share1

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Cash flow per share2

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Dividend Per Share (DPS)3

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Payout ratio

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Dividend yield1

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Total Shareholder Return (TSR)4

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As of December 31


Cash flow from operating activities


2021: as proposed by the Executive Board and confirmed by the Supervisory Board; subject to confirmation by the Annual General Meeting 2022


Assuming reinvestment of the dividend

OMV share performance

OMV’s share price markedly outperformed both the sector and the wider European equity market, closing the year up 51%. Assuming dividend reinvestment, the total shareholder return was 57%. OMV’s share price started the year at EUR 33.00, with the bearish influence of COVID-19 still present. However, early 2021 saw the start of a wide-spread anti-COVID-19 vaccination effort in Europe. It sparked the optimism in the market that helped share prices embark on a recovery trajectory lasting throughout the year. OMV’s share price thus never returned to the level seen in the first week of the year, making the January 4, 2021 close of EUR 32.74 the year’s low. Repeated lockdowns in response to surging COVID-19 cases slowed the recovery several times during the year, but none of the prescribed measures exerted a similarly negative effect on OMV’s share price as the first lockdown of March 2020. The share reached its high for the year of EUR 55.00 at the end of October 2021, almost in time for the first anniversary of the Borealis takeover. News about the Omicron variant of the COVID-19 virus in November caused the most severe price drop of the year (13)% in a span of 9 trading days. However, just as with the other declines of 2021, this slump was soon made good within a few weeks, in the latter case by early January 2022. OMV closed the year at EUR 49.95, up 51%, broadly in line with the benchmark price development of OMV’s main underlying commodity, that of crude oil. The average daily trading volume of OMV shares in 2021 was 451,538 shares (2020: 621,393). At year-end, OMV’s total market capitalization stood at EUR 16.3 bn, compared to EUR 10.8 bn at the end of 2020.

OMV share price performance 2021


OMV share price performance 2021 (line chart)

OMV’s share price outperformed the sector as well as the wider market. The FTSEurofirst E300 Oil & Gas index and the FTSE Eurotop 100 global industry benchmark gained 21% and 23%, respectively, and the Austrian ATX improved by 39%. Measured over a five-year period, the return generated by OMV shares strongly outperformed index returns. A EUR 100 investment in OMV stock at year-end 2016 with continuous dividend reinvestment in further OMV stock would have grown by an average annual return rate of 13% to EUR 183 at year-end 2021.

OMV shares: long-term performance compared with indexes

Average annual increase with dividends reinvested1

OMV shares: long-term performance compared with indexes (bar chart)

1 Source: Bloomberg. The annualized return for the holding period is assuming dividends are reinvested at spot price.

Proposed dividend of EUR 2.30 per share for the business year 2021

On June 2, 2021, OMV’s Annual General Meeting approved a dividend of EUR 1.85 per share for 2020 as well as all other agenda items including the new Remuneration Policy for the Executive Board and Supervisory Board, the Long Term Incentive Plan 2021, the Equity Deferral 2021. Supervisory Board elections were also held. The Executive Board will propose a dividend of EUR 2.30 per share for 2021 at the next ordinary Annual General Meeting on June 3, 2022, an increase of 24% over the previous year. The dividend yield, based on the closing price on the last trading day of 2021, amounts to 4.6%.

Dividend policy

OMV is committed to delivering an attractive and predictable shareholder return through the business cycle. According to its progressive dividend policy, OMV aims to increase dividends every year or at least to maintain the level of the respective previous year.

OMV shareholder structure

OMV’s shareholder structure remained relatively unchanged in 2021 and was as follows at year-end: 43.1% free float, 31.5% Österreichische Beteiligungs AG (, representing the Austrian government), 24.9% Mubadala Petroleum and Petrochemicals Holding Company (), 0.4% employee share programs, and 0.1% treasury shares.

Shareholder structure

In %

Shareholder structure (pie chart)

An analysis of our shareholder structure carried out at the end of 2021 showed that institutional investors held 30.6% of OMV’s shares. At 33%, investors from the United States made up the largest regional group of institutional investors. The proportion of investors from the United Kingdom amounted to 19%, while German and French shareholders made up 11% and 7%, respectively. The share of investors from Austria was 6%, and Norwegian investors represented 4%.

Geographical distribution of institutional investors

In %

Geographical distribution of institutional investors (pie chart)

OMV Aktiengesellschaft’s capital stock amounts to EUR 327,272,727 and consists of 327,272,727 no-par-value bearer shares. At year-end 2021, OMV held a total of 261,326 treasury shares. The capital stock consists entirely of common shares. Due to OMV’s adherence to the one-share, one-vote principle, there are no classes of shares that bear special rights. A consortium agreement between the two major shareholders, ÖBAG and MPPH, contains arrangements for coordinated action and restrictions on the transfer of shareholdings.

Environmental, Social, and Governance (ESG) performance

OMV continued to be rated as best in class in various ESG ratings in 2021. OMV received an AAA, the highest score, in the MSCI ESG Ratings assessment for the ninth year in a row. This places OMV among the best 10% of oil and gas companies. OMV also maintained its Prime Status in the ISS ESG rating with a score of B–. This ranks us among the 5% best oil and gas companies in terms of ESG performance. In the Sustainalytics ESG Risk Rating, OMV scored a 26.7 (medium risk), putting us in the top 5th percentile of oil and gas producers. In 2021, OMV received a Platinum medal in the annual EcoVadis rating for the first time, placing OMV among the top 1% of all 75,000 companies rated globally by Ecovadis. OMV was also recognized by CDP with a score of A– (Leadership) in the Climate Change category, earning us a place among the 20 best oil and gas companies in this ranking.

Besides these outstanding achievements, OMV has maintained its inclusion in several ESG indexes. Most notably, OMV was included in the Dow Jones Sustainability™ Index (DJSI World and DJSI Europe) for the fourth year in a row as the only Austrian company in the index. OMV attained a score in the 94th percentile in S&P Global’s Corporate Sustainability Assessment (CSA), the basis of the DJSI, in 2021. The DJSI World represents the top 10% of the largest 2,500 companies in the S&P Global Broad Market Index based on long-term economic, environmental, and social factors. OMV was included in several other S&P indexes, such as the S&P Europe 350®, which is based on the SAM CSA (like the DJSI). OMV is included in many MSCI indexes, such as the prestigious ACWI ESG Leaders Index and the ACWI Low Carbon Leaders Index. Furthermore, OMV maintained its position in the FTSE4Good Index Series, which is used by a wide variety of market participants to create and assess responsible investment funds. OMV was additionally included in the Euronext V.E Eurozone 120 index (based on its ratings by V.E, an affiliate of Moody’s) and maintained its inclusion in the STOXX® Global ESG Leaders index (based on OMV’s assessment by Sustainalytics).

Solid credit ratings

OMV Group is evaluated by rating agencies Moody’s and Fitch. On July 7, 2021, Moody’s confirmed OMV’s A3 issuer rating while raising the outlook to stable on the back of recovering refining activity, following the easing of COVID-19-induced mobility restrictions. On March 13, 2020, Fitch confirmed OMV’s rating of A– and revised the outlook to negative. Fitch confirmed this rating in August 2020.

Analyst coverage

At the end of 2021, OMV was covered by 21 sellside financial analysts who regularly publish research reports on the Company. This ensures OMV good visibility in the financial community. While the share of “sell” recommendations remained 0%, the share of “buy” recommendations decreased sightly to 62%, compared to 68% at year-end 2020. This is mainly due to the strong performance of the share price during 2021. A “hold” recommendation was issued by 38% of analysts. Following the share price development, the average target price for OMV increased to EUR 59.83 at the end of 2021, from EUR 34.49 per share a year earlier.

Investor Relations activities

Even during the COVID-19 pandemic, ensuring active, candid dialogue with the capital market remains a top priority at OMV. Running investor meetings virtually via video conference has become a standard by now. By mastering this innovation, the Investor Relations department fulfilled its mission to provide comprehensive insight into OMV’s strategy and business operations to all capital market participants, thereby guaranteeing equal treatment of all stakeholders. In this way, OMV’s Executive Board was able to continue the constant dialogue with investors and analysts in Europe, North America, and Asia throughout 2021, regardless of the restrictions imposed to control the pandemic.

Liquefied Natural Gas
Österreichische Beteiligungs AG
Mubadala Petroleum and Petrochemicals Holding Company L.L.C