WOOD Flash – Rosneft: 3Q18E results preview – strong FCF and net debt reduction expected (due on 6 November)
We expect Rosneft’s strong earnings recovery to continue when the company reports its 3Q18E results next week (6 November). In our view, the results are likely to be supported by the improving commodity environment, the increased production volumes of higher margin barrels, and the recent shift in priorities, with balance sheet deleveraging and the integration of the recently-acquired assets coming to the fore, relative to the company’s previous focus on the fast expansion of its asset portfolio. Rosneft remains one of our top picks in the sector, as the biggest beneficiary of the stronger oil/weaker RUB environment, with additional upside coming from the value-creation measures announced on 1 May 2018, to which the market has not given full credit, in our view.
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