Russian Oil & Gas: Cashing in the chips (Gazprom, Lukoil, Novatek, Rosneft, Surgutneftegas and Tatneft)
We are taking a more cautious view on the sector, given its strong performance in the past two years and less obvious drivers in the current year from the macro environment or changes in capital allocation polices. We have downgraded Rosneft, Lukoil and Tatneft’s GDRs to HOLD (from Buy) and maintain our BUYs on Novatek, Gazprom, and the preferred shares of Tatneft and Surgutneftegas. Our top pick is Novatek, which is one of the few companies in the sector that is still capable of delivering significant organic growth, yet it trades at just 10.5x FY20E P/E (on our estimates), which is a 35% discount to its historic level.
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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