WOOD Flash – Tatneft: 4Q17E – expecting good cost control and a macro-driven earnings recovery (due out tomorrow)
Tatneft plans to release its 4Q17E results on 29 March. The company improved its cost control recently, with capex falling 13% and lifting costs rising just 2% in 9M17 (in RUB terms), and we expect these trends to have remained in 4Q17E. Having introduced one of the most attractive dividend policies this year, Tatneft’s stock has enjoyed a remarkable re-rating. Going forward, we expect the operating performance to be the key driver for shareholder returns, especially with the launch of gasoline production at Taneco in 1Q18 and the launch of the new primary distillation unit later in 2018. We maintain our BUY and USD 65/GDR price target (PT).
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