WOOD Flash – Rosneft: 4Q17E results preview – no material improvements expected (due on 19 March)
We do not expect material improvements in 4Q17EThe company plans to release its 4Q17E results on 19 March. While quarterly earnings traditionally remain volatile, with a significant impact from non-operating items (e.g., FX gains or losses), we expect Rosneft’s results to be of high interest this time, as the stock has lagged the oil price and its peers significantly since the start of 2017 (by 33% and 22%, respectively), yet the company remains highly leveraged to the oil price, with a strong pipeline of greenfield projects; with a 50% dividend payout, investors have a good opportunity to share the upside. The company’s aggressive expansion (e.g., the acquisition of Bashneft, the 49% interest in Essar Oil and the 30% stake in the Zohr gas field in Egypt), on top of complex prepayments and other deals, has made its accounts less transparent, increased its net debt and, ultimately, failed to reward its shareholders via higher dividend distributions.
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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