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Gazprom will reach the second highest profitability in the world – analysts

In 2008, the company Gazprom to take second place to profitability in the world, transmits news agency Interfax, citing analysts at Alfa-Bank “.

Analysts Alpha-bank” believes that proceeds of Gazprom as a result of this year will reach $129.9 billion, EBITDA – $62,5 billion, while net profit would be $40.7 billion medium-term forecast oil prices rose: in 2008, the forecast cost of oil brand Brent rose at $25, thus reaching $101.7 per barrel in the next year – at $21 to $99, while in 2010 – at $17 to $97. However, analysts did not change the long-range forecast cost of oil brand Brent – $85 per barrel, notice channel “Vesti”.

Profit Gazprom, the main factor which – exports, by increasing oil prices, rising as Analysts believe “Alfa-Bank, significantly stronger than the market thinks the consensus-forecast: they had revised its forecast financial performance of Gazprom, taking into account the new expected oil prices.

The survey of analysts Alpha – Bank says that the rise of predictive value of oil – this is the most significant positive change in our model of Gazprom. For the rest, they include the reduction of Russian risk rates and postponement of tax changes on the extraction of gas.

The composition of the negative developments included the message delivered last week to increase the investment program, as well as the suggestion that more intensive cash flows to some extent weaken the control over expenditure. Although the assessment of Gazprom’s increase, the final figure ROE (return on equity), following the model of the company, declined to 13.8% from 15%, which diminish the historic level of ROE international oil and gas companies over the entire cycle of oil prices, ie, 17, 9%.

Prognostic value of the shares of Gazprom raised the bank from $22 to $23.3 apiece. Analysts’ Alfa-Bank noted that shares of Gazprom – it is their favorites, the growth potential of the market value of these securities at current levels up to 79%. Recommendations “acquire” remain unchanged.

“The high growth potential for quotation of shares of Gazprom to our forecast prices, rapid increases in EBITDA in the short term and high liquidity, securities companies are the main objective of investors when the market starts to recover from the current correction “- described in the review.