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.
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, %
Total dividends per share,