Tatneft confirmed at HOLD, TP RUB 630 - Yields do not offset higher multiples and tax related risks
We raise our target prices for both local shares to RUB 630 amid stronger crude oil pricesHowever, the tax amendments in the Russian oil industry should be most harmful for Tatneft
Tatneft might lose almost USD 1 bn of tax benefits in 2021e
We also see a risk of further increase in the companys tax burden beyond 2023e
Tatneft could offer an average dividend yield of almost 9% per year for 2021-23e
Tatneft PJSC and its subsidiaries are engaged in crude oil exploration, development and production principally in the Republic of Tatarstan, Russia. Co. is a holding structure, which incorporates oil and gas production boards, crude oil and gas refining companies, as well as enterprises and servicing works selling the crude oil and also the products of crude oil and gas refining and petrochemical products. In addition to this, Co. is also participating in the banking and insurance activities. Co.'s operations are divided into the following main segments: Exploration and Production; Refining and Marketing; and Petrochemicals.
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