NK Russneft PAO

  • TickerRNFT
  • ISINRU000A0JSE60
  • ExchangeMoscow Exchange MICEX-RTS
  • SectorOil & Gas Producers
  • CountryRussia

Raiffeisen Centrobank Equity Daily 18.09.2020

ATX indices review - FFF changes in IMMOFINANZ, EVN; ATX five: add: Wienerberger; del BAWAG Group CECE index review - Add: BIF, Graphisoft Park, Play Communications; Del: Appeninn, PGE FTSE Index Sept review - AllWorld (ML) add: Banca Transilvania; del: mBank, Russneft; AllCap (SML) add: Mayr-Melnhof, Petropavlovsk; del: Kapsch TrafficCom; TotalCap (Micro+SML) add: Marinomed, Getin Noble Bank; M->L: InterRAO; L->M: OMV, Erste Group; STOXX Europe 600 Index review - Dino to be added WIG20/WIG30 indices review - No change in constituents AT: FACC - Informing employees today regarding layoffs, up ...

Raiffeisen Centrobank Equity Daily 03.09.2020

 ATX indices review - FFF changes in IMMOFINANZ, EVN; ATX five: add: Wienerberger; del BAWAG Group  PL: Cyfrowy Polsat - Company expresses interest in expanding into radio (neutral)  RU: Detskiy Mir, Sistema - Sistema and RCIF sold their entire stakes in Detskiy Mir (neutral)  RU: Lenta - Vladimir Sorokin replaces Herman Tinga as CEO (neutral)  RU: Russian O&G statistics - Daily oil and condensate output up by 5.1% mom in August due to OPEC+ limits' easing (neutral)  RU: Russian O&G statistics - Gas production in August down by 4.1% yoy, but the recovery is already visible (p...

Sergey Garamita

Russneft 1H 20 - Worse than expected, GEA loan impaired

Russneft has reported its 1H 20 IFRS results which were extremely negative from top to bottom driven by lower oil prices by 46% yoy in USD, higher than expected SG&A and MET. The companys EBITDA drop yoy (-85%) far surpassed the benchmark netback drop (net of MET) of 36% yoy. The company has been granted a delay in MET payment (>RUB 8 bn or around USD 110 mn) for Feb-May 2020 until June 2020e but even including that positive effect and extra capex cuts (-43% yoy), 1H 20e FCF amounted to only USD 49 mn which could be offset in 2H without a similar MET delay and capex cut. Furthermore, even assu...

Raiffeisen Centrobank Equity Daily 31.08.2020

 MSCI August Index Review - Standard indices changes: ADD: Yandex  AT: STRABAG - 1H results live up to our expectations, FY 20 output target raised (positive)  AT: Warimpex - Management will propose a EUR 0.03 dividend per share to the AGM (positive)  PL: LPP - German restructuring completed (positive)  RU: LUKoil - Gas export to China from Uzbekistan projects halted, but with limited impact on financials (neutral)  RU: Petropavlovsk - Corporate conflict directly involves CEO and employees (negative)  RU: Russneft - Russneft granted mineral extraction tax payment postponem...

Raiffeisen Centrobank Equity Daily 24.08.2020

 FTSE Index Sept review - AllWorld (ML) add: Banca Transilvania; del: mBank, Russneft; AllCap (SML) add: Mayr-Melnhof, Petropavlovsk; del: Kapsch TrafficCom; TotalCap (Micro+SML) add: Marinomed, Getin Noble Bank; M->L: InterRAO; L->M: OMV, Erste Group;  AT: voestalpine - Restart of small BF at Linz plant in early September (neutral)  CH: Aluflexpack - 1H results live up to RCBe, FY 20 guidance of sales of EUR 220-230 mn and adj. EBITDA of EUR 32-35 mn confirmed (neutral)  PL: Lotos - Lotos wants to invest into maritime fuel and offshore wind power generation (neutral)  PL: PGNiG...

Raiffeisen Centrobank Equity Daily 18.09.2020

ATX indices review - FFF changes in IMMOFINANZ, EVN; ATX five: add: Wienerberger; del BAWAG Group CECE index review - Add: BIF, Graphisoft Park, Play Communications; Del: Appeninn, PGE FTSE Index Sept review - AllWorld (ML) add: Banca Transilvania; del: mBank, Russneft; AllCap (SML) add: Mayr-Melnhof, Petropavlovsk; del: Kapsch TrafficCom; TotalCap (Micro+SML) add: Marinomed, Getin Noble Bank; M->L: InterRAO; L->M: OMV, Erste Group; STOXX Europe 600 Index review - Dino to be added WIG20/WIG30 indices review - No change in constituents AT: FACC - Informing employees today regarding layoffs, up ...

Raiffeisen Centrobank Equity Daily 03.09.2020

 ATX indices review - FFF changes in IMMOFINANZ, EVN; ATX five: add: Wienerberger; del BAWAG Group  PL: Cyfrowy Polsat - Company expresses interest in expanding into radio (neutral)  RU: Detskiy Mir, Sistema - Sistema and RCIF sold their entire stakes in Detskiy Mir (neutral)  RU: Lenta - Vladimir Sorokin replaces Herman Tinga as CEO (neutral)  RU: Russian O&G statistics - Daily oil and condensate output up by 5.1% mom in August due to OPEC+ limits' easing (neutral)  RU: Russian O&G statistics - Gas production in August down by 4.1% yoy, but the recovery is already visible (p...

Sergey Garamita

Russneft 1H 20 - Worse than expected, GEA loan impaired

Russneft has reported its 1H 20 IFRS results which were extremely negative from top to bottom driven by lower oil prices by 46% yoy in USD, higher than expected SG&A and MET. The companys EBITDA drop yoy (-85%) far surpassed the benchmark netback drop (net of MET) of 36% yoy. The company has been granted a delay in MET payment (>RUB 8 bn or around USD 110 mn) for Feb-May 2020 until June 2020e but even including that positive effect and extra capex cuts (-43% yoy), 1H 20e FCF amounted to only USD 49 mn which could be offset in 2H without a similar MET delay and capex cut. Furthermore, even assu...

Raiffeisen Centrobank Equity Daily 31.08.2020

 MSCI August Index Review - Standard indices changes: ADD: Yandex  AT: STRABAG - 1H results live up to our expectations, FY 20 output target raised (positive)  AT: Warimpex - Management will propose a EUR 0.03 dividend per share to the AGM (positive)  PL: LPP - German restructuring completed (positive)  RU: LUKoil - Gas export to China from Uzbekistan projects halted, but with limited impact on financials (neutral)  RU: Petropavlovsk - Corporate conflict directly involves CEO and employees (negative)  RU: Russneft - Russneft granted mineral extraction tax payment postponem...

Raiffeisen Centrobank Equity Daily 24.08.2020

 FTSE Index Sept review - AllWorld (ML) add: Banca Transilvania; del: mBank, Russneft; AllCap (SML) add: Mayr-Melnhof, Petropavlovsk; del: Kapsch TrafficCom; TotalCap (Micro+SML) add: Marinomed, Getin Noble Bank; M->L: InterRAO; L->M: OMV, Erste Group;  AT: voestalpine - Restart of small BF at Linz plant in early September (neutral)  CH: Aluflexpack - 1H results live up to RCBe, FY 20 guidance of sales of EUR 220-230 mn and adj. EBITDA of EUR 32-35 mn confirmed (neutral)  PL: Lotos - Lotos wants to invest into maritime fuel and offshore wind power generation (neutral)  PL: PGNiG...

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