Gazprom's 2015 net profit quintuples to $12bn

By bne IntelliNews April 29, 2016

Net profit of Russian energy giant Gazprom under IFRS grew almost five times to RUB787.1bn ($12bn) in 2015, the company reported on April 28. 

"Net income visibly exceeded both our and the consensus forecast due to a lower than expected FX loss, which the company reported at $0.6bn vs. our forecast of $1.9bn," VTB Capital analysts said in a note. The results suggest dividend yield of 10.3% if Gazprom pays out 50% of its IFRS earnings in the form of dividends for last year, the analysts said. 

Revenue from sales in 2015 amounted to RUB6.073 trillion, which is by 8.66% more y/y. The company's net debt increased by 26.2% to RUB2.083 trillion.

In April, Prime Minister Dmitry Medvedev signed a decree obliging Gazprom, Alrosa, Bashneft, Zarubezhneft, RusHydro, Sovcomflot, Transneft and Rosneftegas to pay out at least 50% of net profit in dividends. Gazprom, however, may try to lower the required level of dividend payout citing its large investment programme, additional taxes and the weak European gas market.

Gazprom was among the leaders of growth on the Moscow stock exchange during the trading session on April 28. Its stock rose by 2.34% to RUB3.9 trillion, while the Micex index increased by 1.88%.

Gazprom - KEY METRICS
  2014 2015E 2016E 2017E
Financials, $ mln        
Revenues 145,880 93,377 61,250 69,051
EBITDA 47,033 30,444 14,278 14,688
EBITDA margin 32% 33% 23% 21%
Net income 7,518 12,256 2,178 3,178
EPS (adj), $ 0.32 0.52 0.09 0.13
Div/share, $ 0.12 0.09 0.02 0.03
Valuation, Gearing and Yield        
EV/EBITDA 1.7 2.8 6.8 7.4
P/E 6.2 3.3 18.8 12.9
P/CF 0.9 1.9 3.6 3.5
Net debt/EBITDA 0.6 1.3 3.5 4.1
Dividend yield 5.90% 5.20% 1.30% 1.90%
Growth        
Revenues -12% -36% -34% 13%
EBITDA -26% -35% -53% 3%
EPS (adj) -79% 63% -82% 46%
Sector Valuation      
EV/EBITDA 2.2 3 5 4.3
P/E 3.7 4.4 9.6 7.3
P/CF 1.5 2.5 3.9 3.5
Sector Growth      
Revenues -6% -35% -42% 24%
EBITDA -16% -29% -40% 20%
EPS -27% -27% -57%  
Main Shareholders      
Government 50.00%      
Gazprom and affiliates 7.30%      
VEB 2.70%      
Other 40.00%      
Website http://www.gazprom.ru      
Gazprom 3Q15 IFRS results, $ mln
  3Q14 3Q15A y-o-y 3Q15E A/E 3Q15C A/C 9m14 9m15
Net revenues 31,114 20,712 -33% 20,733 0% 20,355 2% 113,627 70,849
EBITDA 13,096 7,767 -41% 7,537 3% 7,083 10% 37,899 23,665
Net income 2,912 -32 -101% -630 n/a -277 n/a 15,785 11,623
C - Interfax consensus poll of 14 sell-side analysts.            
Source: Company, Interfax, Sberbank CIB Investment Research          

 

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