Surgutneftegas confirmed at BUY, TP RUB 56 - Rebound in oil prices should keep DY on preferreds attractive
2021e DPS of RUB 3.77 on preferreds, resulting in a dividend yield of more than 8%Average DY for the next three years is currently forecasted at over 7% for preferreds
FCF to rebound to USD 3.6 bn in 2021e and USD 4.8 bn in 2022e (from USD 0.8 bn in 2020)
Cash pile (including deposits) expected to grow up to USD 60 bn by 2022e
Surgutneftegaz is vertically integrated oil company based in Russia. Co.'s activities include prospecting and exploration of hydrocarbons, oil and oil and- gas fields development and construction; oil products and petrochemicals manufacturing and marketing; power generation; gas processing and gas products marketing. Co.'s operations expand beyond Western Siberia in 3 oil production centers, two of which, in Eastern Siberia and Timano- Pechora, are to be built up within the next 3 years. Co. operates in 16 constituent territories of the Russian Federation from Republic of Sakha (Yakutia) to Kaliningradskaya Oblast. Co.'s mineral resource base comprises 134 license areas of 120,000 sq. km.
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