WOOD Flash – Gazprom: takeaways from the Investor Days – moderately optimistic
Gazprom held its annual Investor Days in New York and London this week. Generally, we have positive impressions, especially relative to similar events held in the past. Our three main takeaways include: a better dividend for FY19E (about RUB 17.5/share, on our estimates); reasonable evidence of management’s efforts to improve efficiency and optimise costs; and, finally, it appears that the current gas supply glut may be more extended than we believed previously, which represents downside risks for our FY20E earnings estimates. We maintain our positive view on Gazprom, nevertheless, taking into account the ongoing corporate changes related to better capital allocation and cost management; however, we see more short-term risks for our earnings estimates on the back of weaker gas markets.
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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