Gazprom Neft PJSC last = 408 RUB 1w: -48 (-11%)
% vs. spot / Price1M6M12MLT(2Y)LT(3Y)
Target Price (consensus)1.1%----
Upside (Bull Case)2.6%----
Downside (Bear Case)-4.1%----
History
Forecast
Buy/Sell Recommendations
RankN/S0*1*2*3*4*5*
Strong Buy       
Buy       
Hold       
Sell       
Strong Sell       
Data Analysis (Mid - Long term)
Company plot
[Positive]

Gazprom Neft has emerged from a large investment cycle and is now entering cash generation mode, which is proved by FCF in 2017 (the ?rst positive annual FCF since 2014). Against the backdrop of the higher oil price and weak Ruble, I expect that the Company's FCF will rise in 2018 to a record high level of RUB 165 bln. As a result I think strong FCF generation will raise the dividend payout ratio to 35%. So I evaluate Gazprom Neft's shares as an attractive investment opportunity.