Romgaz reinitiated with BUY, TP RON 61.0 - Strong investment case despite regulatory headwinds
-Romgaz is well positioned to take advantage of the positive outlook for the European gas market-We project strong medium/long-term cash flow generation which should cover dividends, the regular capex and Neptun Deeps development capex
-We see a low risk of higher windfall tax, since Romgaz is already paying >50% of its realized gas price in royalty and windfall taxes
-We value separately the Neptun Deep project. Our estimated projects NPV of EUR 1.2 bn translates into RON 15 per Romgaz share
-Romgaz should be able to remain a high dividend payer and distribute at least 75% of net profit
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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