WOOD Flash – Gazprom: takeaways from our site visit
Our key conclusions from our recent week-long site visit to Gazprom’s upstream and mid-stream facilities in Russia and Germany confirm that there are upside risks for the company’s earnings in the medium term as gas markets remain tight and Gazprom has successfully expanded its spare capacity (c.150bcm). While questions on the future use of FCF remain, we see a c.FY20E 2x P/E and a 23% FCF yield as more than justifying the potential risks.
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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