reports
- Alex Fak
- Anna Kotelnikova
Russian Oil and Gas. May 2018 - Tickling Giants
In this report we offer an alternative way of looking at Gazprom's strategy which much better explains the company's decisions. Using this inverted viewpoint, we deduce Gazprom's likely future investment program - never disclosed before - and suggest the way to play it is via the pipe producers. We also argue that Lukoil is trading at bargain levels, given the company's newfound commitment to capital discipline, and then suggest why market might take its time to bid up the stock.
TRNFP OIL COMPANY LUKOIL PJSC
LKOH NOVATEK JSC
ROSN ROSNEFT OIL CO.
SNGS SURGUTNEFTEGAS PJSC
NVTK ROSNEFT OIL CO. SPONSORED GDR REGS
BANE NOVATEK JSC SPONSORED GDR REGS
SIBN BASHNEFT
GAZP GAZPROM NEFT
TATNP GAZPROM
BANEP TATNEFT (PREF A)
GZPFY GAZPROM NEFT (GDR)
LKOD LUKOIL
SNGSP SURGUTNEFTEGAS PJSC PFD
TRNF TRANSNEFT
TATN TATNEFT
- Aleksey Ryabushko
- Alex Fak
- Alexander Kudrin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Igor Vasilyev
- Julia Gordeyeva
- Maria Sukhanova
- Mikhail Krasnoperov
- Rodion Lomivorotov
- Sergei Konygin
- Svetlana Sukhanova
CIS Market Daily - April 26, 2018
MARKET COMMENT - UNSTEADY GLOBAL SENTIMENT, BUT ALSO RISING OIL PRICESThe Russian stock market and peers fell yesterday, the RTS and MSCI EM dropping 1.4% and 1.2%, respectively. The move of the US 10y Treasury yield above 3% has put investors' nerves on edge. That said, sentiment improved late in the day yesterday, and gains in the oil price look supportive for the Russian market this morning.STORIES> Weekly inflation in Russia remains at 0.1%> Rosneft declares dividend in line with expectation...
BCS GM Equity Daily: Oil, Gazprom Neft, Gazprom, Novatek, NLMK, Alrosa...
Brent, ‘Wars’, IMF-ECB-CBR Ahead: Fully-charged week. The week kicks off against a host of potential triggers. Brent has recaptured the $74/bbl handle as markets shrugged off a Trump tweet that opposed the Saudi preference for $80-100/bbl, while the threat of supply disruption (e.g., US’ potential re-imposition of sanctions vs Iran, Venezuela political turmoil). The easing of geopolitical tension has gained momentum – Western Russo-phobia is showing signs of de-escalating (US-Russia san...
- Alex Fak
- Alexander Kudrin
- Andrey Kuznetsov
- Cole Akeson
- Irina Lapshina
- Mikhail Krasnoperov
CIS Market Daily - April 23, 2018
MARKET COMMENTThe Russian market crept down for a second day in a row on Friday, the RTS declining 0.7% to 1,146. The MSCI EM fell 1.3%. Few strong catalysts emerged for global markets. The obvious highlight on this week's calendar is the CBR meeting for Russian markets, while globally investors will also have eyes on the ECB and BoJ meetings, and a number of second-tier political events.
- Alex Fak
- Alexander Kudrin
- Andrey Krylov
- Cole Akeson
- Irina Lapshina
- Mikhail Krasnoperov
CIS Market Daily - 23 Ð°Ð¿Ñ€ÐµÐ»Ñ 2018
КОММЕÐТÐРИЙ И ПРОГÐОЗ - Ð ÐЗÐИЦРВ ДИÐÐМИКЕ С ÐÐЧÐЛРГОДРСОКРÐЩÐЕТСЯВ пÑтницу роÑÑийÑкий рынок ÑнижалÑÑ Ð²Ñ‚Ð¾Ñ€Ð¾Ð¹ день подрÑд. Ð˜Ð½Ð´ÐµÐºÑ Ð Ð¢Ð¡ отÑтупил на 0,7% до 1 146 пунктов, Ð¸Ð½Ð´ÐµÐºÑ MSCI EM - на 1,3%. Важных факторов, ÑпоÑобных повлиÑÑ‚ÑŒ на глобальные рынки, было мало. Ð”Ð»Ñ Ñ€Ð¾ÑÑийÑкого рынка...
- Kirill Tachennikov
BCS GM Desk Note: Oil & Gas Sector – Strike while the iron is hot
Although Russian stocks have partly recovered after Monday’s panic sell-off, adjusted 2018e M2M EV/FCF is now at just 6.7x, signaling the sector is fundamentally oversold. We reaffirm our Buy on ROSN, NVTK and LKOD.  Rb-based Brent price is now at all-time high (cRb4,600/bbl) o IEA sees inventories normalizing already in 2-3 months o Demand growth of 1.4-1.5mmbd expected for 2018  Latest sanctions have no new negative implications for our Top Picks o Reaffirm Buy calls on ROSN, NVTK, L...
- Alex Fak
- Alexander Golinsky
- Alexander Kudrin
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Rodion Lomivorotov
- Sergei Konygin
- Valery Nesterov
Долговые рынки ÑÐµÐ³Ð¾Ð´Ð½Ñ - 3 Ð°Ð¿Ñ€ÐµÐ»Ñ 2018
РЫÐОК Ð’ÐЕШÐЕГО ДОЛГРСТРÐРСÐГ Ðа рынке внешних долговых обÑзательÑтв Ð¸Ð·Ð¼ÐµÐ½ÐµÐ½Ð¸Ñ Ñ†ÐµÐ½ были минимальными из-за отÑутÑÑ‚Ð²Ð¸Ñ Ð¼Ð½Ð¾Ð³Ð¸Ñ… иноÑтранных инвеÑторов. ГОСУДÐРСТВЕÐÐЫЕ ЦЕÐÐЫЕ БУМÐГИ ÐктивноÑÑ‚ÑŒ торгов ОФЗ была минимальной в ÑвÑзи Ñ выходными в Европе. Снижение доходноÑÑ‚Ð...
- Alex Fak
- Alexander Golinsky
- Alexander Kudrin
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Rodion Lomivorotov
- Sergei Konygin
- Valery Nesterov
Debt Markets Today - April 3, 2018
CIS EUROBOND MARKET Due to the absence of many foreign investors, there were only minor price movements in the CIS Eurobond market yesterday. GOVERNMENT DEBT Trading was minimal in the OFZ market yesterday because of the holiday in Europe. Yields were falling, with the biggest decline 4 bps. STORIES > Russia Economic Monthly: Improving Russia's business environment > Quarterly GDP statistics for 9m17 revised, now closer to our estimates > Russian 1Q18 oil production statistics > Russian 1Q18...
- Kirill Tachennikov
BCS GM Update: Oil & Gas – Opportunity to play Brent rally again
We mostly upgraded our sector valuations and TPs to reflect 4Q17 dynamics and a robust 1Q-FY18 outlook. We downgrade Tatneft and Gazprom Neft, which have rallied too far, and re-affirm Buy Rosneft, Novatek and Lukoil. - Reiterate $65/$75 per bbl Brent forecast for 18e/19e - BUY ROSN – Sector’s highest c45% 3Y EPS CAGR, oversold on fake risks - BUY NVTK – Green light for Arctic LNG-2 should bring extra 20% upside - BUY LKOD – c6% DY, c15% 3y EBITDA CAGR vs 5.8x 18e EV/FCF (ex T-stock)...
LKOH OIL COMPANY LUKOIL PJSC
NVTK NOVATEK JSC
GAZP GAZPROM PJSC
SNGS ROSNEFT OIL CO.
ROSN SURGUTNEFTEGAS PJSC
SIBN ROSNEFT OIL CO. SPONSORED GDR REGS
LKODN NOVATEK JSC SPONSORED GDR REGS
OGZD GAZPROM NEFT
GZPFY OIL COMPANY LUKOIL PJSC SPONSORED ADR
TATN GAZPROM (GDR)
ATAD GAZPROM NEFT (GDR)
RNFT TATNEFT
904596 TATNEFT (GDR)
RUSSNEFT
SURGUTNEFTEGAS (GDR)
- Alex Fak
- Alexander Kudrin
- Cole Akeson
- Irina Lapshina
- Kirill Plastinin
- Nikolay Minko
- Tom Levinson
- Valery Nesterov
CIS Market Daily - February 7, 2018
> Trader's comment on Russian market > Market comment - US market calms after three-day storm; Russia falls less than peers > CBR preview: 25 bp cut and 100 more to come > Gazprom flags "high possibility" of negative FCF in 2018-19 > Rising working capital curtailed Gazprom Neft's FCF in 4Q17 > MMK 4Q17 IFRS results: Strong on high prices and good cost control
- Alex Fak
- Alexander Kudrin
- Cole Akeson
- Irina Lapshina
- Kirill Plastinin
- Nikolay Minko
- Valery Nesterov
CIS Market Daily - 7 Ñ„ÐµÐ²Ñ€Ð°Ð»Ñ 2018
> Комментарий трейдера по роÑÑийÑкому рынку > Комментарий и прогноз - Рынки СШРуÑпокоилиÑÑŒ поÑле трехдневного "шторма", потери роÑÑийÑкого рынка были менее значительными, чем у аналогов > Прогноз итогов заÑÐµÐ´Ð°Ð½Ð¸Ñ Ð¦Ð‘ РФ. Ожидаем ÑÐ½Ð¸Ð¶ÐµÐ½Ð¸Ñ Ñтавки на 25 б. п. и еще на 100 б. п. - к кон...
- Alex Fak
- Anna Kotelnikova
- Valery Nesterov
Russian Oil and Gas. February 2018 - Six Easy Pieces
> As the government has succeeded in stabilizing the ruble rate, the earnings of Russian energy producers - and in many cases, their dividends too - have become much more sensitive to the oil price. This renders the 6% average yield from the sector less appealing, except to oil price bulls. We prefer companies that can yield far above the average now or in the longer term. The unresponsive ruble removes an important hedging feature from Surgutneftegaz preferred shares, and we downgrade them to a...
TATN TRANSNEFT PJSC PREF.
TRNFP OIL COMPANY LUKOIL PJSC
LKOH NOVATEK JSC
ROSN ROSNEFT OIL CO.
SNGS SURGUTNEFTEGAS PJSC
NVTK ROSNEFT OIL CO. SPONSORED GDR REGS
BANE NOVATEK JSC SPONSORED GDR REGS
SIBN BASHNEFT
GAZP GAZPROM NEFT
TATNP GAZPROM
BANEP TATNEFT (PREF A)
GZPFY GAZPROM NEFT (GDR)
LKOD LUKOIL
SNGSP SURGUTNEFTEGAS PJSC PFD
TRNF TRANSNEFT
Gazprom Neft (SIBN) - Power - Deals and Alliances Profile
Summary Gazprom Neft, a subsidiary of Gazprom, is an integrated oil and gas company. It explores for, develops, and produces crude oil and natural gas. The company operates in Khanty-Mansi and Yamalo-Nenets Autonomous Districts, and Tomsk, Omsk and Orenburg regions in Russia; and also has production projects in Iraq, Venezuela and other regions. It processes crude oil into refined products. Gazprom Neft operates refining facilities in Omsk, Moscow and Yaroslavl regions in Russia, and Serbia. Th...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.