Gazprom Neft investment case

Credit ratings

ACRA

AAA (RU)
Investment grade

Moody’s

Baa2
Investment grade

Fitch

BBB
Investment grade

S&P

BBB-
Investment grade
The company’s standing in the industry

1

28.6% EBITDA margin

20.1% ROE (return on equity)

16.8% ROACE (return on average capital employed)

2

₽1,507.2 EBITDA per barrel of oil produced

₽453.0 billion CAPEX

0.70x Net debt/EBITDA

3

₽795.1 billion adjusted EBITDA

96.1 mtoe hydrocarbon production

63.3 mt oil and oil-condensate production

Market valuation as at 31 December 2019

Value growth potential A consensus forecast provided by financial analysts confirms that the company has strong upside potential.

EV/EBITDA at year-end 2019Calculations are based on data as at 31 December 2019. Peer companies are NOVATEK, Rosneft and LUKOIL.
EV/EBITDA at year-end 2019
Distribution of analysts’ recommendations on Gazprom Neft shares
Distribution of analysts’ recommendations on Gazprom Neft shares

Market capitalisation and shareholder return

Share of IFRS net profit, %
Share of IFRS net profit,%
Total dividends per share,
Total dividends per share, ₽