Consensus estimates*

According to several leading analysts, the Company is significantly undervalued by the market in 1Q15 compared with its competitors. Gazprom Neft shares are undervalued by more than 29% (as of 31 May 2015). This is largely due to the restricted liquidity of the Company’s shares. The potential for growth in hydrocarbon production, a high proportion of refining, expanded sales in premium segments and the active development of new production projects, along with a high level of operating efficiency, are all factors that provide significant competitive advantages for the Company by creating considerable potential for growth in its value in the long term.

RECOMMENDATIONS OF ANALYSTS

 Broker Forecast date Recommendation Target Price, RUB
Akbars Bank 2015-08-11 Buy 184,0
BrokerCreditService 2015-08-17 Buy 288,0
VTB Capital 2015-08-13 Hold 169,0
Gazprombank 2015-08-13 Overweight 201,2
Sberbank 2015-05-15 Buy 325,1
Uralsib 2015-08-14 Hold 227,6
BofAML 2015-05-20 Buy 175,0
Citi 2015-08-13 Buy 254,2
Deutsche Bank 2015-08-13 Buy 205,0
Goldman Sachs 2015-08-13 Buy 200,3
JP Morgan 2015-07-23 Underweight 117,2
Morgan Stanley 2015-08-13 Hold 143,7
RMG 2015-07-23 Buy 199,5
UBS 2015-08-13 Neutral 147,6
UFS 2015-08-14 Buy 180,0
Target Price  RUB
Consensus 201,2
min 117,2
max 325,1

 

 


*These estimates are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Neither Gazprom Neft nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information.

Last update: May 2015