WOOD Flash – Lukoil: 4Q17 – stronger than expected
Lukoil released its 4Q17 results today (21 March), which came in stronger than both our and the consensus expectations on the key parameters, with good cost control and cash generation. Lukoil trades in line with its Russian peers at c.5.4x P/E (based on our FY18E estimates), despite generating higher FCF and paying higher dividends. We maintain our BUY recommendation on Lukoil and still prefer it to Rosneft, which reported less convincing numbers earlier this week. We expect more details on the company’s strategy at its Investor Day, due to be held in London on 23 March.
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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