LUKoil confirmed at BUY, TP RUB 7,600 - Tighter tax regime should not prevent FCF and DPS recovery
In 2022e V. Grayfer field should partially offset a negative impact from cancellation of tax benefitsV. Grayfer may contribute USD 110 mn to EBITDA in 2022e and up to USD 220 mn in 2023e
We estimate ensure FCF improvement from USD 2.5 bn in 2020 to USD 7.4 bn in 2022e
We expect attractive dividend yield of 11% on average for 2021-23e
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).
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