WOOD Flash – Tatneft: 4Q17 results review – good cost control
Tatneft has reported strong 4Q17 results, with EBITDA, net income and FCF of RUB 53bn, RUB 34bn and RUB 27bn, respectively, 3%, 9% and 43% above our expectations. We were particularly surprised by the better cost discipline and stronger FCF generation. Tatneft remains our top pick in the sector, with a BUY recommendation and USD 65 /GDR and RUB 504/preferred share price targets (PTs).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.