Gazprom confirmed at BUY, TP RUB 535 - Translating high gas prices into record dividend payments
EU export prices expected to increase to USD 323/kcm in 2021e and USD 411/kcm in 2022e2021e EBITDA anticipated at over USD 47 bn, with additional increase in 2022e to almost USD 57 bn
DPS could be at RUB 46.3 for 2021e and at RUB 55.2 for 2022e
Dividend yields should be over 12% and 15% respectively
PJSC Gazprom is a gas company based in Russia. Co.'s principal activity is the sale of gas. Co. is also involved in other types of activities which include leasing of assets, gas transportation and storage services, sale of gas condensate and refined products. Co. and its subsidiaries and associates operates gas pipelines systems in Russia. Co. is responsible for substantially all gas production and high pressure gas transportation in the Russian Federation. Co. is also a major exporter of gas to European countries. Co. is directly involved in exploration and drilling for hydrocarbons, production of gas and other hydrocarbons and domestic and export sale of gas and other hydrocarbons.
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