PGNiG raised to BUY, TP PLN 7.50 - Gas production and trading to fuel future growth of FCFs
Following recently acquired gas fields in Norway, the management is guiding for a 2027e peak gas production on 4 bcm of gas in NorwayHigher exposure to natural gas combined with an improved earnings profile of the T&S segment should help PGNiG strengthen its future FCF generation
Our new DCF-derived 12m TP of PLN 7.50 (>25% upside potential to previous closing) is supported by SOTP and relative valuation results
We expect PGNiG to pay out a 2020 DPS of PLN 0.20
Polskie Gornictwo Naftowe I Gazownictwo SA Polish Oil & Gas Co (PGNiG) is an integrated natural gas company based in Poland. Co.'s core activity covers exploration and production of natural gas and crude oil as well as import, storage, trade and distribution of gas and liquid fuels. Co.'s scope of activity includes gas trading and commercial support, as well as operation, maintenance and expansion of its distribution system. Co.'s distribution networks comprises over 100 thousand kilometers of gas pipelines (high, upper-medium, medium and low pressure), which cover primarily industrialized and urbanized areas of the country.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
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