KazMunayGas: untapped potential - from oil to dividends (BUY - initiation of coverage)
We initiate coverage of KazMunayGas (KMG), with a BUY rating and a price target (PT) of KZT 13,452, offering 33% upside. KMG is the largest oil producer in Kazakhstan, with strong growth prospects. It accounts for 26% of the country’s oil production and also 84% of its refining volumes, as well as transporting c.53% of the country’s crude oil. KMG has the status of a national company, which provides it with priority access to strategic assets. It is also an integrated oil producer with most of its key projects having passed the heavy capex phase. Unlike its international peers, the company is able to deliver strong production growth, while also increasing its FCF and dividends.
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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