Gazprom PJSC last = 159 RUB 1w: +3.2 (2.1%)
% vs. spot / Price1M6M12MLT(2Y)LT(3Y)
Target Price (consensus)0.8%2.3%---
Upside (Bull Case)2.2%6.6%---
Downside (Bear Case)-2.7%-8%---

I think that upcoming increase in CAPEX, due to implementation of key infrastructure projects, such as Power of Siberia, Nord Stream-2 and Turkish Stream, will become the hindrance for increase of the Company's dividends from current levels. Taking into account the complexity of these projects, I also don't expect any signi?cant changes in Gazprom's strategy until these projects are implemented. So I recommend to hold/sell the Company's shares.