reports
- Research Team
WOOD Morning (2 May)
HEADLINES: * Rosneft: major steps towards boosting shareholder value (upgraded to BUY) * EME Macro/Strategy: good news! (Alas, the best is still behind us) * Surgutneftegas: 1Q18 RAS results - broadly in line, accrued dividend on preferred shares at RUB 0.6 * Emlak Konut: strong 1Q18 P&L, but tenders and unit sales remain crucial POSITIVE * Podravka: 1Q18 results strong compared to 1Q17 and 4Q17 NEUTRAL * NIS: 1Q18 results significantly below expectations NEGATIVE * Nostr...
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
LVC LIVECHAT SOFTWARE SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BRD BRD-GROUPE SOCIETE GENERALE
SNP PETROM S.A.
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
WABERERS WABERER'S INTERNATIONAL ZRT
SGGD SURGUTNEFTEGAS
OMV OMV
NOG LI NOSTRUM OIL & GAS
- Research Team
Focus: reinitiating on Nostrum Oil & Gas with a BUY and a GBp 404 PT; ...
HEADLINES: * Nostrum Oil & Gas: starting a new chapter (BUY - reinitiation of coverage) * Greece macro: refreshingly boring? * Immofinanz: 4Q17 - predictably weak, but positive underlying momentum driven by growing occupancy NEUTRAL * Dom Development: sells 848 units in 1Q18, up 5% yoy NEUTRAL * PKP Cargo: agreement for locomotive renovation with Newag NEUTRAL * The Rear-View Mirror - CEE markets: Romanian index the top performer in March
- Ildar Davletshin
- Ondrej Slama
Nostrum Oil & Gas: Starting a new chapter (BUY - reinitiation of cover...
We reinitiate coverage of Nostrum Oil & Gas (NOG) with a BUY rating and a GBp 404/share 12M price target (PT), implying 40% upside. In 2017, the company failed to complete the third train (GTU3) at its gas processing facility before the winter and suffered delays in its drilling programme, leading to major market disappointment. We estimate that NOG has enough time to put the unit into operation in 2018E, to focus solely on production ramp-up and product monetisation. GTU3, which is fully funded...
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