WOOD Flash – Russian oil & gas: expecting more strong quarterly results (2Q18E – due out this week)
We expect strong sets of quarterly results to be published by three companies under our oil and gas sector coverage this week, driven by the strong macro (Urals increased 11% qoq and 49% yoy in 2Q18, with an additional benefit from the RUB/USD rate, which depreciated by 9% qoq, and a modest export duty lag). We expect Tatneft (reporting on 28 August) to grow its earnings 40% qoq to RUB 59bn; while Lukoil (reporting on 29 August) to increase its earnings even stronger, by 50% to RUB 164bn. In our view, Gazprom should report strong results (on 29 August), relative to last year; however, due to seasonality, we expect the qoq earnings dynamics to be negative. With an additional impact from a likely FX loss, we expect net earnings of RUB 225bn (-40% qoq, but +369% yoy).
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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