WOOD Flash – Gazprom: 2021 Investor Day and FY20 results – strong macro recovery and more focus on costs
We have positive takeaways from Gazprom’s 2021 Investor Day and FY20 results, which both took place yesterday (29 April). As long as management follows up with its promised flat capex spending until 2030E and continued cost control, we believe that the company’s mid-term EBITDA and FCF could reach USD 45bn and USD 20bn, respectively, with a fully-funded dividend of over RUB 40/share (over an 18% yield).
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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