WOOD Flash – Lukoil: 1Q18 results – better cost control and FCF generation, BUY reiterated
Lukoil’s 1Q18 results, reported yesterday (28 May), came in both stronger than our expectations and relative to the results reported by Russian peer Rosneft. In particular, the company kept its lifting costs unchanged yoy, reduced its capex by 7% and boosted its FCF by 40%. Lukoil trades at 6x P/E (on our FY18E estimates) and we maintain our BUY rating. We expect the cancellation of shares following the AGM and the launch of a buyback to be the main short-term catalysts.
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