Hello, dear investors! Today we will make a detailed analysis of the largest Russian capitalization company.

Gazprom is an energy company of vertically integrated type.

Gazprom capitalization over 4 trillion rubles. Gazprom is included in the TOP 20 in capitalization among oil and gas companies in the world.

Business directions: intelligence, production, transportation, storage, processing and implementation of gas and gas condensate. Also, the company is engaged in the production and sale of electrical and heat power industry.

Divine natural gas reserves are 34.9 trillion cubic meters. m. - this amount is enough for a long -term development and production program for at least 10 years.

Gazprom quotes are very correlated by the demand for natural gas. There is a tendency to increase demand from China and India.

Natural gas prospects

The share of natural gas in the global energy system is about 20%. The peak of demand will be somewhere in the 30s. And after 2035, the share of natural gas will decrease.

Accordingly, you and I have a period of 10-12 years in order to earn on the shares of Gazprom.

Over the next 10 years, gas demand in the world will be large, which means that the volume of sales and revenues of Gazprom will only grow.

Natural gas has an advantage over other combustible minerals not only in levels of emissions, but it also burns cleaner and more effective in use.

Scientists believe that it is environmentally friendly blue fuel in the future that will replace many other types of hydrocarbons. And given the desire for zero emissions around the world, this will become an additional factor in favor of natural gas.

The structure of the company's ownership: the Federal Property Management Agency - 38.37%, Rosneftegaz - 10.97%, Russian -Zaziification - 0.89%, in free circulation - 30.07%, American receipts - 19.7%.

Roughly speaking, the company for more than 50% is state.

Multipliers

Finance

Premotion

Profitability and margin

Everything is stably good here.

Dividends

The most sore topic for the company.

A dividend policy provides for a payment of 50% of net profit in IFRS.

Profit can be adjusted to exchange differences and depreciation of assets.

Also, dividends may decrease if the pure debt/eBitda is more than 2.5.

According to the forecast, dividends in 2023 will amount to about 16.5 rubles per share (this is 67% less than in 2022) - this is just 50% of net profit and about 10% of dividend profitability.

It is not worth counting on more: NPPs will take 1.8 trillion rubles from the company for 3 years, and there will be great expenses in connection with the reorientation for Asia, and also, it is necessary to repair the northern flows.

Results

For today, thanks for your attention!

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