WOOD Flash – Rosneft: 4Q17 results – marginally positive, waiting for more evidence
Rosneft reported its 4Q17 results and hosted a conference call for investors today (19 March), which we found marginally positive. The company reported positive FCF, although the net debt remained broadly unchanged qoq. Based on management’s comments, we understand that Rosneft is planning to reduce its leverage organically, and focus primarily on the integration of its recently-acquired assets and FCF. We maintain our HOLD and USD 6/GDR price target (PT) on the stock, preferring to see more evidence of earnings growth and deleveraging.
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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