WOOD Flash – Novatek: 4Q17E earnings preview - all eyes on Yamal LNG
We expect Novatek to report strong 4Q17E results tomorrow (21 February), primarily due to a seasonal spike in gas sales and the oil price rally (Brent up 18% and 24% qoq and yoy respectively). We are in line with Bloomberg consensus at the EBITDA level, but below consensus on the net income line, which has historically been impacted by a series of one-off factors, most important of which has been FX. We believe that details of accounting for Yamal LNG project, as well as the pricing and economics of the plant, will be most important issue to focus on. We are also looking for more details on Alrosa’s gas assets, acquired by Novatek yesterday (19 February); and the MoU with Saudi Aramco signed last week.
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