Report

Surgutneftegas H1 21 - Strong H1 21 FCF allowed for further cash pile expansion

Revenue and EBITDA were stronger hoh on higher hoh oil prices and production
H1 21 free cash flow soared to USD 2.4 bn
Cash pile expanded to USD 55.1 bn from USD 51.8 bn at the end of 2020
We see the results as marginally positive for the stock
Underlying
Surgutneftegas PJSC

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.

Provider
Raiffeisen Bank International AG - Institutional Equity
Raiffeisen Bank International AG - Institutional Equity

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.

The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.

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