Lukoil-Holding

PJSC Lukoil is a vertically-integrated oil company engaged in the exploration and production of crude oil and natural gas. Co. is engaged in all main sectors of the modern oil business including supplies, refining, marketing, transportation, petrochemicals and oil-related activities. Co.'s operations are divided into five business segments: Exploration and Production; Refining, Marketing and Distribution; Chemicals; Power Generation and Other Business Segments. Co. owns and operates refineries in Bulgaria (LUKOIL Neftochim Bourgas AD) and Romania (Petrotel-LUKOIL).
  • TickerLKOH
  • ISINRU0009024277
  • ExchangeMoscow Exchange MICEX-RTS
  • SectorOil & Gas Producers
  • CountryRussia

Analysts

Virtual Investors Conference Review - Timely insights to help navigate the crisis

Raiffeisen Centrobank usually hosts its traditional investors conference in Zürs/Arlberg around this time of the year. For many years, this has been an ideal stage to facilitate an exchange of information between Austrian, CEE and Russian companies on the one hand and institutional investors on the other. The current restrictions required a swift response and we switched from the traditional conference setting to a conference call structure. The timing was good, and the new format was received very well. The conference calls drew a total of around 800 meeting requests and gave management repre...

Andrey Gromadin ...
  • Anna Kotelnikova

Russian Oil and Gas - Russian Crude Output Sees Slight Recovery in 1Q20

According to Argus FSU Energy and CDU TEK data, Russian crude production rose 0.5% Q-o-Q to 11.3 mln bpd in 1Q20, although this is still below the levels seen in 4Q18 (-110 kpbd) before the most recent OPEC+ production cut deal. Gazprom Neft's output recovered in 1Q20 after a substantial decline in 4Q19, while some other producers (including Gazprom) also increased output quite substantially, and Rosneft, Surgutneftegaz and Tatneft all reduced output. Production so far this year suggests that oil companies have started preparing for a tough market in 2Q20 and that they are not really well posi...

Raiffeisen Centrobank Equity Daily 03.04.2020

 AT: Austria - Third covid package could bring more clarity on AGM and dividends today (neutral)  AT: BAWAG Group - Management voluntarily waived bonuses for 2019 and 2020 (neutral)  AT: OMV - OMV issued EUR 1.75 bn senior bonds (neutral)  AT: Rosenbauer - Guidance suspension should not come as a surprise, but higher than assumed net debt of EUR 342 mn was, FY 19 EPS of EUR 3.74 ahead of RCB, DPS cut to EUR 0.80 (neutral)  AT: Wienerberger - Virtual AGM to take place on May 5, DPS proposal of EUR 0.60 in line with prior announcement (neutral)  HU: OTP - Capital requirements updated (posi...

Andrey Gromadin ...
  • Anna Kotelnikova

Нефть и газ - Нефтяные компании должны пережить бурю

Мировому спросу на нефть был нанесен беспрецедентный удар после введения по всему миру масштабных мер, призванных ограничить распространение коронавируса. По оценкам разных отраслевых источников (Минэнерго РФ, IHS, Vitol, Gunvor), в 2К20 падение спроса на нефть может достичь 10-15 млн барр./сут (10-15% совокупного глобального потребления), а максимальное сокращение придется на март и апрель - 15-20 млн барр./сут (15-20%). В связи с этим ценовая война пока отходит на второй план, т. к. производители по всему миру в ближайшие месяцы не смогут нарастить добычу. Мы по-прежнему считаем, что для рос...

BCS Fixed Income Daily: Lukoil, Rosneft

IMF says ‘R’; Macro data on radar Ahead: Turbulence operative. The IMF’s call that the global economy faced a recession (as bad or worse than the 2009 downturn) and hard economic data this week will likely temper the recent stimuli-driven exuberance, which sent global and Russian indices higher last week. Brent has slipped below $24/bbl, weighed down by supply-demand risk (OPEC+ standoff continues, with the threat Russia and Saudi Arabia will open their taps when the current agreement expires 1 April, while demand is threatened by intensifying measures to stem COVID-19. Mark S Bradford, ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Remains In Favor; Shanghai Comp Breaking Out A weakening US dollar (DXY) continues to be a major tailwind for both EM equities and the commodity Sectors. Improving price and RS trends for these risk-on areas of the market are among the many characteristics consistent with historical bull markets. Therefore, we continue to label this a bull market and we believe global equities are still in the early innings of a broad-based advance. • EM Equities. Price action has remained weak for the US dollar (DXY), which has been great news for EM equities. As outlined in our 12/19/19 Int'l Compass an...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Breakout -- Add Exposure The laundry list of market characteristics consistent with historical bull markets continues to grow, helping support our ongoing belief that global equities are in the early stages of a broad-based advance. • US Dollar; EM Equities. The US dollar (DXY) exhibits signs of rolling over, something we outlined as increasingly likely in our 12/10/19 Int'l Macro Vision strategy. This is bullish for global equities -- especially EM -- and has paved the way for the MSCI EM index to break above key resistance. Add exposure... see chart below and page 2. • Europe and Japan...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for international equity markets, and supports our neutral outlook (at best)... see page 2. We continue to recommend avoiding broad indexed exposure in favor of selectivity. In today's report we highlight actionable country- and Sector-specific themes: • Norway and India are leadership. Norway's Oslo OBX and India's SENSEX remain global leaders. Overweight these markets... see below and page 3 for overviews and actionable country-specific stocks. • Austral...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global Energy shares breaking out; Technology remains attractive The MSCI ACWI and S&P 500 have both achieved a higher high relative to mid-April prices, which we see as a potential early indication of a bullish trend change. Combine this with improving market internals and we are becoming incrementally more bullish. For the MSCI ACWI, one of the more concerning breadth indicators has been the percentage of stocks above their 200-day moving average. This indicator recently hit a higher high (see below, left), a positive development that confirms the market's recent advance. • Major themes: O...

Virtual Investors Conference Review - Timely insights to help navigate the crisis

Raiffeisen Centrobank usually hosts its traditional investors conference in Zürs/Arlberg around this time of the year. For many years, this has been an ideal stage to facilitate an exchange of information between Austrian, CEE and Russian companies on the one hand and institutional investors on the other. The current restrictions required a swift response and we switched from the traditional conference setting to a conference call structure. The timing was good, and the new format was received very well. The conference calls drew a total of around 800 meeting requests and gave management repre...

Andrey Gromadin ...
  • Anna Kotelnikova

Russian Oil and Gas - Russian Crude Output Sees Slight Recovery in 1Q20

According to Argus FSU Energy and CDU TEK data, Russian crude production rose 0.5% Q-o-Q to 11.3 mln bpd in 1Q20, although this is still below the levels seen in 4Q18 (-110 kpbd) before the most recent OPEC+ production cut deal. Gazprom Neft's output recovered in 1Q20 after a substantial decline in 4Q19, while some other producers (including Gazprom) also increased output quite substantially, and Rosneft, Surgutneftegaz and Tatneft all reduced output. Production so far this year suggests that oil companies have started preparing for a tough market in 2Q20 and that they are not really well posi...

Raiffeisen Centrobank Equity Daily 03.04.2020

 AT: Austria - Third covid package could bring more clarity on AGM and dividends today (neutral)  AT: BAWAG Group - Management voluntarily waived bonuses for 2019 and 2020 (neutral)  AT: OMV - OMV issued EUR 1.75 bn senior bonds (neutral)  AT: Rosenbauer - Guidance suspension should not come as a surprise, but higher than assumed net debt of EUR 342 mn was, FY 19 EPS of EUR 3.74 ahead of RCB, DPS cut to EUR 0.80 (neutral)  AT: Wienerberger - Virtual AGM to take place on May 5, DPS proposal of EUR 0.60 in line with prior announcement (neutral)  HU: OTP - Capital requirements updated (posi...

Andrey Gromadin ...
  • Anna Kotelnikova

Нефть и газ - Нефтяные компании должны пережить бурю

Мировому спросу на нефть был нанесен беспрецедентный удар после введения по всему миру масштабных мер, призванных ограничить распространение коронавируса. По оценкам разных отраслевых источников (Минэнерго РФ, IHS, Vitol, Gunvor), в 2К20 падение спроса на нефть может достичь 10-15 млн барр./сут (10-15% совокупного глобального потребления), а максимальное сокращение придется на март и апрель - 15-20 млн барр./сут (15-20%). В связи с этим ценовая война пока отходит на второй план, т. к. производители по всему миру в ближайшие месяцы не смогут нарастить добычу. Мы по-прежнему считаем, что для рос...

Stefan Maxian ...
  • Teresa Schinwald

Special Focus Covid-19/Dividends: Delays of AGMs and dividend consequences

The coronavirus crisis also affects companies' dividend payments, first, due to AGMs being postponed and foremost due to the economic turmoil, potential regulatory intervention and cash restraints. Below we present an overview of the biggest dividend risks and potential timelines for AGMs and subsequent 2019 dividend pay-outs in our Coverage universe. Dividend risks We clearly see the highest risk for dividends in the banking sector as many regulators have already issued recommendations to suspend dividend payments (Czech Republic, Sweden), urge banks to postpone the dividend decision (Hung...

BCS Fixed Income Daily: Lukoil, Rosneft

IMF says ‘R’; Macro data on radar Ahead: Turbulence operative. The IMF’s call that the global economy faced a recession (as bad or worse than the 2009 downturn) and hard economic data this week will likely temper the recent stimuli-driven exuberance, which sent global and Russian indices higher last week. Brent has slipped below $24/bbl, weighed down by supply-demand risk (OPEC+ standoff continues, with the threat Russia and Saudi Arabia will open their taps when the current agreement expires 1 April, while demand is threatened by intensifying measures to stem COVID-19. Mark S Bradford, ...

Alexander Golinsky ...
  • Alexander Sychev
  • Alexey Bulgakov
  • Alisa Zakirova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Ekaterina Sidorova
  • Nikolay Minko
  • Rodion Lomivorotov
  • Yuri Popov

Debt Markets Today - March 19, 2020

CIS EUROBOND MARKETA further drop in oil prices and a risk-off mood in global markets yesterday created a sense of panic in the Russian sovereign Eurobond market and caused quotes to plunge again. The losses at the long end ranged from 13-16 pp, while medium-dated issues shed 4-7 pp. GOVERNMENT DEBTOFZ yields surged another 35-45 bps along the curve yesterday as oil prices tumbled again and the ruble ceded more ground. Turnover was up at R62 bln. The largest volume (R15 bln) went through in the 20y OFZ 26230, while R10 bln went through in the 7y OFZ 26226. The National Settlement Depository re...

Alexander Golinsky ...
  • Alexander Sychev
  • Alexey Bulgakov
  • Alisa Zakirova
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Ekaterina Sidorova
  • Nikolay Minko
  • Rodion Lomivorotov
  • Yuri Popov

Долговые рынки сегодня - 19 марта 2020

РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГВчера падение цен на нефть и рискофобия на глобальных рынках также спровоцировали панику на рынках российских суверенных еврооблигаций, которая привела к очередному обвалу котировок. Ввиду отсутствия покупателей цены длинных выпусков просели на 13-16 п. п., среднесрочных - на 4-7 п. п. ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИНа фоне резкого снижения цен на нефть и ослабления рубля наблюдался новый всплеск доходности ОФЗ - на 35-45 б. п. вдоль кривой. Обороты вновь возросли - до 62 млрд руб.: наиболее активно торговались двадцатилетние ОФЗ-26230 (15 млрд руб.) и семилетние ОФ...

BCS Fixed Income Daily: Lukoil

Brent claws back, inches Ahead: Trader’s market – Bears v Bulls. Following the selloff that was yesterday’s trade, risk appetite may attempt to stage a comeback – not a certainty, given the mixed performance of US (higher) and Asian (lower) markets. Brent has recouped some lost ground (c13%), now trading at $38+/bbl, in part after Russia said Moscow was ready to discuss new measures with OPEC and on headlines suggesting US shale producers may cut output due to the low prices. Still, any bounce could well be short lived, as further oil weakness is a real risk – Saudi Arabia plans to hike crude...

Alexey Bulgakov ...
  • Alisa Zakirova
  • Andrey Gromadin
  • Anna Kotelnikova
  • Ekaterina Sidorova

Долговые рынки сегодня - 27 ноября 2019

РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГЦены суверенных российских еврооблигаций продолжали расти, обороты оставались невысокими. Максимальный рост по итогам дня показали Россия-28, прибавившие 0,5 п. п. ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИНа рынке ОФЗ в первой половине дня доходность продолжала расти и поднялась на 2-3 б. п. вслед за курсом рубля. Однако вечером Минфин сообщил, что предложит лишь четырехлетние ОФЗ-26223 (февраль 2024) в доступном для размещения объеме. Это составляет чуть более 23 млрд руб., при этом многие участники рынка ждали размещения десятилетнего выпуска ОФЗ-26228 (апрель 2030). На это...

Alexey Kirichok ...
  • Anastasia Khakhaeva
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Kirill Rogachev
  • Rodion Lomivorotov
  • Svetlana Sukhanova
  • Vladimir Lezhnev

CIS Market Daily - 12 марта 2020

КОММЕНТАРИЙ И ПРОГНОЗ - ВОЗ ПРИЗНАЛА КОРОНАВИРУС ПАНДЕМИЕЙ, РЕАЛИЗАЦИЯ ГЛОБАЛЬНЫХ ПЛАНОВ ПО СТИМУЛИРОВАНИЮ ЭКОНОМИКИ ПОД ВОПРОСОМ Умеренно негативная динамика на фондовых площадках АТР и рынках EMEA сменилась более резким падением после начала торгов в США. Более серьезные потери спровоцировало объявление ВОЗ о пандемии коронавируса, а также неопределенность антикризисных планов ведущих стран, в частности США. Динамика нефтяных котировок, курса рубля и фьючерсов на российский и глобальные фондовые индексы предполагает, что торги сегодня утром начнутся снижением.НОВОСТИ> Сценарии развития событ...

Alexey Kirichok ...
  • Anastasia Khakhaeva
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Kirill Rogachev
  • Rodion Lomivorotov
  • Svetlana Sukhanova
  • Vladimir Lezhnev

CIS Market Daily - March 12, 2020

MARKET COMMENT - WHO CALLS COVID-19 A PANDEMIC, GLOBAL STIMULUS PLANS REMAIN VAGUEThe APAC and EMEA sessions saw moderate declines yesterday, the two regions' MSCI EM subindexes declining 1.4% apiece. Russia was among the better performers, declining 0.5% in MSCI terms and 0.7% on the RTS (1,086). STORIES> Russia's current account might turn negative at some point this year> Russian economics: Several scenarios amid a careening oil price> Domestic recoverable excise to benefit oil companies at low prices> Lukoil 4Q19 results call: Potential buyback would not affect dividends> Alrosa: Healthy F...

Alexander Golinsky ...
  • Alexander Sychev
  • Alexey Bulgakov
  • Alexey Kirichok
  • Alisa Zakirova
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Ekaterina Sidorova
  • Irina Lapshina
  • Nikolay Minko
  • Rodion Lomivorotov

Debt Markets Today - March 11, 2020

CIS EUROBOND MARKETFollowing the massive selloff in Russian sovereign Eurobonds on Monday, prices rebounded with the return of local investors yesterday, though volumes were not especially high. The biggest gainers were the Russia 30 (+1.5 pp) and Russia 35 (+1.4 pp), followed by longer-dated issues (+1.0 pp).GOVERNMENT DEBTVolatility in the OFZ market was very high yesterday, the first day of trading following the extended holiday weekend in Russia, during which time a risk-off mood took hold in global markets amid a further spread of the coronavirus and a collapse in oil prices. Yields gappe...

Alexander Golinsky ...
  • Alexander Sychev
  • Alexey Bulgakov
  • Alexey Kirichok
  • Alisa Zakirova
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Ekaterina Sidorova
  • Irina Lapshina
  • Nikolay Minko
  • Rodion Lomivorotov
  • Vladimir Lezhnev

Долговые рынки сегодня - 11 марта 2020

РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГНаблюдавшаяся в понедельник масштабная распродажа суверенных еврооблигаций на следующий день сменилась небольшим восстановлением цен благодаря улучшению внешней конъюнктуры и появлению локальных инвесторов, однако обороты были невысокими. По итогам дня больше всех подорожали Россия-30 и Россия-35 - соответственно на 1,5 п. п. и 1,4 п. п. Длинные выпуски выросли на 1,0 п. п.ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИНа рынке ОФЗ в течение дня сохранялась высокая волатильность. В понедельник, в праздничный день, рынки не работали, однако на глобальных рынках в связи с распростран...

Alexey Kirichok ...
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Andrey Krylov
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - 11 марта 2020

КОММЕНТАРИЙ И ПРОГНОЗ - РЕЗКОЕ ПАДЕНИЕ ИНДЕКСА РТС, ВОССТАНОВЛЕНИЕ ЦЕН НА НЕФТЬ, ПОЛИТИЧЕСКИЕ СОБЫТИЯ В РОССИИ И СШАГлавными событиями вчерашнего насыщенного дня стали самое резкое падение индекса РТС с 2008 года, некоторое восстановление цен на нефть и курса рубля, а также предложение "обнулить" сроки пребывания на посту президента РФ (это позволит Владимиру Путину снова избираться на эту должность). Индикаторы российского и глобального рынков сегодня утром неоднозначны. НОВОСТИ> Пара "черных лебедей": цель по индексу РТС снижена до 1 000 пунктов> Экономика СНГ. Последствия снижения цен на не...

With a more favourable environment, PJSC LUKOIL 144A ADR improves to Slightly Positive

PJSC LUKOIL 144A ADR (RU), a company active in the Integrated Oil & Gas industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date December 24, 2019, the closing price was USD 98.26 and its potential was estimated at USD 108.24.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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