LUKoil Q4 21 Earnings Preview - Final DPS for 2020e expected to rebound to RUB 181
-Revenue and EBITDA are forecasted to decline qoq on lower throughput and higher expenses-Net income is expected to increase qoq propped up by FX gain
-Though, weaker qoq EBITDA and negative WC effect to make pressure on FCF
-Based on Q4 20e results, we estimate LUKoils final 20e DPS to reach RUB 181
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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