Russia Oil & Gas: Facing the new reality (Tatneft stays BUY, Rosneft downgraded to HOLD, Lukoil stays HOLD)
We have updated our valuations for the Russian oil companies, raising our price targets (PT) by 22%, on average, to reflect our expectations of a stronger oil market in the medium-term (USD 70/bbl for 2022-24E). We have also reviewed the capital allocation options for the sector in light of government calls for higher investments and a rising climate change agenda. Our top pick is Tatneft (stays BUY, new PT USD 63), while we downgrade Rosneft to HOLD (new PT USD 9.1), due largely to its strong share price performance (+37% ytd). Lukoil remains a HOLD (new PT of USD 97.0).
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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