WOOD Flash – Gazprom: 1Q18 – expectedly strong, but worrying capex trends and unclear message on dividends
Gazprom has reported expectedly strong 1Q18 results, although the 36% yoy capex hike and the unclear message (as usual) on the future use of cash, including the possibility of increasing dividends, have increased our concerns. We believe that Gazprom has never been cheaper on our sum-of-the-parts (SOTP) valuation, with its listed subsidiaries accounting for over half of the company’s market capitalisation. We also believe that the market is not looking beyond the current year in terms of FCF and dividend distributions, which creates an attractive opportunity, in our view.
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