Слайд 0 - Gazprom
Слайд 0 - Gazprom
Слайд 0 - Gazprom
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49<br />
23<br />
Source: <strong>Gazprom</strong> Neft estimates<br />
New projects and other positives provide additional valuation<br />
upside<br />
<strong>Gazprom</strong> Neft valuation vs Market capitalization, USD bln<br />
1 3<br />
Value upside<br />
+ 61%<br />
Market cap 31.12.2011 Russian multiples NIS New upstream projects Downstream premium<br />
channels<br />
8<br />
27<br />
3<br />
37<br />
28<br />
Estimated value Analyst consensus<br />
<strong>Gazprom</strong> Neft - Investor Day 2012