Gazprom PJSC last = 153 RUB 1w: +2.3 (1.5%)
% vs. spot / Price1M6M12MLT(2Y)LT(3Y)
Target Price (consensus)0.7%2.1%8.7% (166.5)--
Upside (Bull Case)3.4%10.3%---
Downside (Bear Case)-1.9%-5.8%-23.5% (117.2--
[Negative]

Today, It was announced that Sberbank CIS has been hired (Andrey Gromadin, I would stress, he is from Rosneft) as a Head of Analyst Department for Oil and Gas Sector instead of that guy (Alexander Fak) who has been fired and who criticized investment projects of Rosneft and Gazprom that these investment projects are deeply unprofitable would deteriorate shareholders value… I guess that you all remember this story. Herein I am aligned with Fak’s reports over investments of Rosneft and Gazprom and I think that it is strongly biased towards quasi-government contractors…
Now I am expecting rather positive reports from Sberbank CIS on Rosneft and Gazprom and on all government linked oil and gas companies. I do not trust them.
You all should pay attention to the reports from Sberbank CIS, I mean that conflict of interest is in place.

Denis Shtyrbul Sberbank CIS has closed Investment Banking (IB) Department. You are right 
[Negative]

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.