Report summaryWeak fundamentals, falling oil prices and international sanctions hit hard Gazprom's share price at end 2014. The company now trades at a 76% discount to our base-case valuation. Unwinding this discount will not be easy. Gazprom faces challenges on numerous fronts, and geopolitical risk will continue to weigh heavily on market perception. Pressures in its key European export market such as flatlining demand, increasing supply competition and EU regulations are compounded by an underlying political tension between Russia and the West. At home, Gazprom faces intensifying supply competition, as Rosneft and NOVATEK further erode its share of the domestic market and continue to challenge its export monopoly status.
This report includes 2 file(s)
- Gazprom corporate report PDF - 514.80 KB 24 Pages, 6 Tables, 25 Figures
- Gazprom Corporate Report.xls XLS - 3.75 MB