WOOD Flash – Novatek: 4Q18E results – a busy year ahead (due on 20 February)
In the upcoming 4Q18E results (due out on 20 February), we will be looking for more evidence of Novatek’s transformation from a domestic gas producer to a more diversified oil & gas company with leading positions in the global LNG market. As Yamal LNG was still in a ramp-up phase last quarter, we believe it could be at least another quarter before we see the project boosting reported Novatek’s earnings; however, the company’s guidance on future distributions from the project and the progress of other key projects (particularly Arctic LNG 2) will be quite important, in our view. We see Novatek as the only company in the sector capable of delivering double-digit earnings growth, but trading at 10.2x P/E on our FY20E estimates (over 35% below its average historic multiple).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.