Gazprom(ise): still more upside (stays BUY)
In this report, we have raised our price target (PT) for Gazprom by 33%, to USD 8.7/GDR, to reflect stronger dividend distributions and a consequent improvement in capital allocation. We retain our BUY rating on the stock. We see Gazprom still offering a similar risk-reward profile, even after the 31% rise since 14 May 2019, as the downside risks are limited by the attractive 8% dividend yield; while the upside remains strong, underpinned by growing dividend payouts in the future (potentially reaching 50%, from the current 25%), P/E multiple expansion (on the back of better capital allocation, triggered by higher shareholder distributions) and, potentially, asset optimisation in a more “blue-sky†scenario.
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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