Слайд 0 - Gazprom
Слайд 0 - Gazprom
Слайд 0 - Gazprom
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47<br />
Broker<br />
Analyst target prices imply a 20% undervaluation<br />
of <strong>Gazprom</strong> Neft stock<br />
Date<br />
EBITDA (USD mm)<br />
2011E 2012F<br />
Recommendation<br />
Target price (rubles)<br />
Alfa Bank 09/07/11 7,392 6,679 overweight 165.0<br />
Citi Investments 06/30/11 9,277 7,176 buy 175.5<br />
Deutsche Bank 12/02/11 8,022 7,108 buy 195.1<br />
Goldman Sachs 05/23/11 8,848 9,417 neutral 169.4<br />
IC Otkritye 02/06/12 6,957 3,499 sell 105.4<br />
JP Morgan 01/31/12 8,441 7,701 overweight 175.7<br />
Troika Dialog 10/11/11 8,034 7,491 buy 165.6<br />
UniCredit 09/15/11 8,302 8,137 buy 182.5<br />
Uralsib Capital 02/03/12 8,391 7,978 buy 175.0<br />
VTB Capital 01/26/12 7,497 7,596 buy 269.4<br />
Average 178<br />
Consensus<br />
SELL BUY<br />
150<br />
178<br />
Current price Av. target price<br />
<strong>Gazprom</strong> Neft - Investor Day 2012
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