WOOD Flash – Tatneft: new 2030 Strategy – higher capex is a concern
Tatneft has just provided the details of its new 2030 Strategy, approved by its Board of Directors today (26 September). We expect to get more details behind certain decisions and plans after speaking to management but, as a first take, we see this Strategy as a little disappointing as it assumes higher capex spending, but no material uplift in the operating results (relative to our current expectations). This can be partially explained by our previously high expectations for production growth (which were above the consensus). We believe that the broader market may take the news less negatively. We also see some benefit for the company in outlining a more growth-orientated strategy in the current macro environment, which allows Russia’s resources companies to generate record-high returns on capital, while the government is struggling to increase investment spending in the broader economy, which is suffering from the lack of new investments and sluggish economic growth.
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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