WOOD Flash – Tatneft: dividends – to the shareholders
Tatneft’s management delivered positive messages during its long-awaited analyst meeting, held virtually yesterday (18 June), addressing dividend concerns and reiterating its focus on cost cutting, FCF generation and long-term growth in both its upstream and downstream segments. Our near-term estimates remain broadly unchanged, as the latest FY20E guidance is close to our assumptions. With our USD 31/bl Urals price assumption for FY20E, our price target (PT) and rating remain the same for now (USD 47, HOLD). Tatneft is trading at 5.8x EV/EBITDA and 9.1x P/E multiples, based on our FY21E estimates.
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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