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PJSC LUKOIL

MISX:LKOH
Snowflake Description

Flawless balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
LKOH
MISX
RUB3,503B
Market Cap
  1. Home
  2. RU
  3. Energy
Company description

PJSC LUKOIL, together with its subsidiaries, engages in exploration, production, refining, marketing, and distribution of oil and gas. The last earnings update was 77 days ago. More info.


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LKOH Share Price and Events
7 Day Returns
-3.3%
MISX:LKOH
5.1%
RU Oil and Gas
2.7%
RU Market
1 Year Returns
17.6%
MISX:LKOH
11.7%
RU Oil and Gas
4.9%
RU Market
LKOH Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
PJSC LUKOIL (LKOH) -3.3% -7.7% -5% 17.6% 95.4% 162.3%
RU Oil and Gas 5.1% 2% 3.1% 11.7% 40.3% 75.1%
RU Market 2.7% 0.4% 2.7% 4.9% 35.2% 80%
1 Year Return vs Industry and Market
  • LKOH outperformed the Oil and Gas industry which returned 11.7% over the past year.
  • LKOH outperformed the Market in Russian Federation which returned 4.9% over the past year.
Price Volatility
LKOH
Industry
5yr Volatility vs Market

Value

 Is PJSC LUKOIL undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of PJSC LUKOIL to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for PJSC LUKOIL.

MISX:LKOH Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 18%
Perpetual Growth Rate 10-Year RU Government Bond Rate 8.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for MISX:LKOH
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year RU Govt Bond Rate 8.4%
Equity Risk Premium S&P Global 9.4%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.92
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.915 (1 + (1- 20%) (15.27%))
1.018
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.02
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 8.44% + (1.018 * 9.43%)
18.04%

Discounted Cash Flow Calculation for MISX:LKOH using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for PJSC LUKOIL is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

MISX:LKOH DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (RUB, Millions) Source Present Value
Discounted (@ 18.04%)
2019 456,766.09 Analyst x2 386,957.82
2020 531,331.55 Analyst x4 381,333.66
2021 445,241.68 Analyst x4 270,710.52
2022 409,257.62 Analyst x2 210,802.55
2023 420,102.42 Analyst x1 183,317.55
2024 406,645.05 Est @ -3.2% 150,326.01
2025 407,822.90 Est @ 0.29% 127,720.33
2026 418,975.86 Est @ 2.73% 111,159.65
2027 437,604.91 Est @ 4.45% 98,358.10
2028 462,305.22 Est @ 5.64% 88,029.15
Present value of next 10 years cash flows RUB2,008,715.35
MISX:LKOH DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= RUB462,305.22 × (1 + 8.44%) ÷ (18.04% – 8.44%)
RUB5,221,970.92
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= RUB5,221,970.92 ÷ (1 + 18.04%)10
RUB994,333.74
MISX:LKOH Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= RUB2,008,715.35 + RUB994,333.74
RUB3,003,049.09
Equity Value per Share
(RUB)
= Total value / Shares Outstanding
= RUB3,003,049.09 / 677.26
RUB4434.1
MISX:LKOH Discount to Share Price
Calculation Result
Value per share (RUB) From above. RUB4,434.10
Current discount Discount to share price of RUB5,172.50
= -1 x (RUB5,172.50 - RUB4,434.10) / RUB4,434.10
-16.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of PJSC LUKOIL is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for PJSC LUKOIL's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are PJSC LUKOIL's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
MISX:LKOH PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in RUB RUB874.47
MISX:LKOH Share Price ** MISX (2019-05-20) in RUB RUB5172.5
Russian Federation Oil and Gas Industry PE Ratio Median Figure of 13 Publicly-Listed Oil and Gas Companies 4.38x
Russian Federation Market PE Ratio Median Figure of 134 Publicly-Listed Companies 6.92x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of PJSC LUKOIL.

MISX:LKOH PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= MISX:LKOH Share Price ÷ EPS (both in RUB)

= 5172.5 ÷ 874.47

5.92x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PJSC LUKOIL is overvalued based on earnings compared to the RU Oil and Gas industry average.
  • PJSC LUKOIL is good value based on earnings compared to the Russian Federation market.
Price based on expected Growth
Does PJSC LUKOIL's expected growth come at a high price?
Raw Data
MISX:LKOH PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.92x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
2.3%per year
Russian Federation Oil and Gas Industry PEG Ratio Median Figure of 8 Publicly-Listed Oil and Gas Companies 1.24x
Russian Federation Market PEG Ratio Median Figure of 33 Publicly-Listed Companies 0.72x

*Line of best fit is calculated by linear regression .

MISX:LKOH PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 5.92x ÷ 2.3%

2.58x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PJSC LUKOIL is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on PJSC LUKOIL's assets?
Raw Data
MISX:LKOH PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in RUB RUB5,833.84
MISX:LKOH Share Price * MISX (2019-05-20) in RUB RUB5172.5
Russian Federation Oil and Gas Industry PB Ratio Median Figure of 13 Publicly-Listed Oil and Gas Companies 0.73x
Russian Federation Market PB Ratio Median Figure of 151 Publicly-Listed Companies 0.8x
MISX:LKOH PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= MISX:LKOH Share Price ÷ Book Value per Share (both in RUB)

= 5172.5 ÷ 5,833.84

0.89x

* Primary Listing of PJSC LUKOIL.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PJSC LUKOIL is overvalued based on assets compared to the RU Oil and Gas industry average.
X
Value checks
We assess PJSC LUKOIL's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. PJSC LUKOIL has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is PJSC LUKOIL expected to perform in the next 1 to 3 years based on estimates from 13 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
2.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is PJSC LUKOIL expected to grow at an attractive rate?
  • PJSC LUKOIL's earnings growth is positive but not above the low risk savings rate of 8.4%.
Growth vs Market Checks
  • PJSC LUKOIL's earnings growth is positive but not above the Russian Federation market average.
  • PJSC LUKOIL's revenue growth is positive but not above the Russian Federation market average.
Annual Growth Rates Comparison
Raw Data
MISX:LKOH Future Growth Rates Data Sources
Data Point Source Value (per year)
MISX:LKOH Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts 2.3%
MISX:LKOH Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 0.6%
Russian Federation Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average -0.1%
Russian Federation Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 2.6%
Russian Federation Market Earnings Growth Rate Market Cap Weighted Average 2.8%
Russian Federation Market Revenue Growth Rate Market Cap Weighted Average 4.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
MISX:LKOH Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in RUB Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
MISX:LKOH Future Estimates Data
Date (Data in RUB Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 8,369,913 600,034 3
2022-12-31 8,244,921 902,749 639,977 3
2021-12-31 7,855,751 992,497 667,024 9
2020-12-31 7,869,609 1,009,524 647,876 13
2019-12-31 7,732,811 916,313 577,928 12
MISX:LKOH Past Financials Data
Date (Data in RUB Millions) Revenue Cash Flow Net Income *
2018-12-31 8,035,889 1,006,651 619,174
2018-09-30 7,655,124 892,164 580,657
2018-06-30 6,832,722 830,530 494,231
2018-03-31 6,135,834 793,879 465,557
2017-12-31 5,936,705 758,490 418,805
2017-09-30 5,675,177 741,834 344,894
2017-06-30 5,501,181 745,670 302,356
2017-03-31 5,480,970 719,454 226,275
2016-12-31 5,227,045 752,247 206,794
2016-09-30 5,193,847 789,184 95,158
2016-06-30 5,348,412 810,347 228,748
2016-03-31 5,486,419 788,267 229,929

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • PJSC LUKOIL's earnings are expected to grow by 2.3% yearly, however this is not considered high growth (20% yearly).
  • PJSC LUKOIL's revenue is expected to grow by 0.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
MISX:LKOH Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from PJSC LUKOIL Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MISX:LKOH Future Estimates Data
Date (Data in RUB Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 800.02 800.02 800.02 1.00
2022-12-31 845.74 845.74 845.74 1.00
2021-12-31 852.61 918.82 771.77 5.00
2020-12-31 811.56 888.39 683.32 5.00
2019-12-31 752.59 824.93 654.51 5.00
MISX:LKOH Past Financials Data
Date (Data in RUB Millions) EPS *
2018-12-31 874.47
2018-09-30 818.30
2018-06-30 696.47
2018-03-31 655.67
2017-12-31 589.14
2017-09-30 484.61
2017-06-30 424.34
2017-03-31 317.39
2016-12-31 290.06
2016-09-30 133.47
2016-06-30 320.85
2016-03-31 322.51

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • PJSC LUKOIL is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess PJSC LUKOIL's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Russian Federation market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Russian Federation market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
PJSC LUKOIL has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has PJSC LUKOIL performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare PJSC LUKOIL's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • PJSC LUKOIL's year on year earnings growth rate has been positive over the past 5 years.
  • PJSC LUKOIL's 1-year earnings growth exceeds its 5-year average (47.8% vs 14.5%)
  • PJSC LUKOIL's earnings growth has not exceeded the RU Oil and Gas industry average in the past year (47.8% vs 47.8%).
Earnings and Revenue History
PJSC LUKOIL's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from PJSC LUKOIL Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MISX:LKOH Past Revenue, Cash Flow and Net Income Data
Date (Data in RUB Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 8,035,889.00 619,174.00 196,015.00
2018-09-30 7,655,124.00 580,657.00 201,264.00
2018-06-30 6,832,722.00 494,231.00 179,171.00
2018-03-31 6,135,834.00 465,557.00 177,851.00
2017-12-31 5,936,705.00 418,805.00 177,679.00
2017-09-30 5,675,177.00 344,894.00 173,700.00
2017-06-30 5,501,181.00 302,356.00 183,726.00
2017-03-31 5,480,970.00 226,275.00 191,995.00
2016-12-31 5,227,045.00 206,794.00 204,449.00
2016-09-30 5,193,847.00 95,158.00 203,610.00
2016-06-30 5,348,412.00 228,748.00 199,527.00
2016-03-31 5,486,419.00 229,929.00 204,968.00
2015-12-31 5,749,050.00 291,135.00 197,846.00
2015-09-30 2,473,869.32 374,736.42 85,095.35
2015-06-30 4,316,976.51 334,283.21 135,874.32
2015-03-31 4,870,011.13 398,767.49 139,453.94
2014-12-31 5,504,856.00 395,525.00 158,778.00
2014-09-30 5,880,447.20 228,580.21 188,586.58
2014-06-30 4,976,543.14 246,899.58 156,753.55
2014-03-31 5,042,535.47 245,649.63 161,198.78
2013-12-31 4,647,617.64 257,332.11 146,244.28
2013-09-30 4,585,219.97 339,343.65 138,451.43
2013-06-30 4,606,206.43 357,176.62 137,428.64
2013-03-31 4,274,729.94 304,149.15 129,657.70
2012-12-31 4,250,421.51 336,073.16 125,798.38
2012-09-30 4,298,267.86 301,563.28 126,855.73
2012-06-30 4,436,654.68 272,356.16 141,011.46

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • PJSC LUKOIL has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • PJSC LUKOIL used its assets more efficiently than the RU Oil and Gas industry average last year based on Return on Assets.
  • PJSC LUKOIL has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess PJSC LUKOIL's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
PJSC LUKOIL has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is PJSC LUKOIL's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up PJSC LUKOIL's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • PJSC LUKOIL is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • PJSC LUKOIL's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of PJSC LUKOIL's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from PJSC LUKOIL Company Filings, last reported 4 months ago.

MISX:LKOH Past Debt and Equity Data
Date (Data in RUB Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 4,073,526.00 535,047.00 518,850.00
2018-09-30 3,962,075.00 565,361.00 412,536.00
2018-06-30 3,730,454.00 542,279.00 372,458.00
2018-03-31 3,596,403.00 609,390.00 343,963.00
2017-12-31 3,490,399.00 616,360.00 349,951.00
2017-09-30 3,446,596.00 638,070.00 310,221.00
2017-06-30 3,345,082.00 648,927.00 316,035.00
2017-03-31 3,271,506.00 662,485.00 212,199.00
2016-12-31 3,227,664.00 698,590.00 278,301.00
2016-09-30 3,270,643.00 839,504.00 352,489.00
2016-06-30 3,217,244.00 864,679.00 363,673.00
2016-03-31 3,258,973.00 903,477.00 330,675.00
2015-12-31 3,231,374.00 859,713.00 281,031.00
2015-09-30 5,408,484.88 851,804.86 274,940.94
2015-06-30 4,540,967.84 723,954.62 166,459.56
2015-03-31 4,772,013.04 776,763.59 186,513.99
2014-12-31 3,049,542.00 756,118.00 179,723.00
2014-09-30 3,288,883.51 516,755.67 120,257.53
2014-06-30 2,771,260.13 395,535.23 86,647.52
2014-03-31 2,833,799.20 428,339.23 89,797.18
2013-12-31 2,590,899.31 355,540.19 68,177.24
2013-09-30 2,577,463.69 304,722.70 119,311.13
2013-06-30 2,548,682.66 306,695.31 114,124.53
2013-03-31 2,383,671.14 205,415.55 92,586.03
2012-12-31 2,265,775.71 202,211.96 97,731.20
2012-09-30 2,274,787.90 202,550.89 84,060.65
2012-06-30 2,201,556.48 287,245.57 118,142.11
  • PJSC LUKOIL's level of debt (13.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (13.7% vs 13.1% today).
  • Debt is well covered by operating cash flow (188.1%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 50.3x coverage).
X
Financial health checks
We assess PJSC LUKOIL's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. PJSC LUKOIL has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is PJSC LUKOIL's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.83%
Current annual income from PJSC LUKOIL dividends. Estimated to be 5.29% next year.
If you bought RUB2,000 of PJSC LUKOIL shares you are expected to receive RUB97 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • PJSC LUKOIL's pays a higher dividend yield than the bottom 25% of dividend payers in Russian Federation (3.32%).
  • PJSC LUKOIL's dividend is below the markets top 25% of dividend payers in Russian Federation (9.23%).
Upcoming dividend payment

Purchase PJSC LUKOIL before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
MISX:LKOH Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
Russian Federation Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 6.5%
Russian Federation Market Average Dividend Yield Market Cap Weighted Average of 73 Stocks 7.2%
Russian Federation Minimum Threshold Dividend Yield 10th Percentile 1.7%
Russian Federation Bottom 25% Dividend Yield 25th Percentile 3.3%
Russian Federation Top 25% Dividend Yield 75th Percentile 9.2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

MISX:LKOH Future Dividends Estimate Data
Date (Data in RUB) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 345.09 1.00
2022-12-31 339.97 1.00
2021-12-31 288.12 5.00
2020-12-31 268.21 5.00
2019-12-31 253.27 9.00
MISX:LKOH Past Annualized Dividends Data
Date (Data in RUB) Dividend per share (annual) Avg. Yield (%)
2019-04-25 250.000 4.657
2018-10-22 225.000 4.273
2018-04-24 215.000 4.847
2017-10-25 205.000 5.693
2017-04-26 195.000 6.752
2016-12-07 187.000 5.878
2016-08-29 177.000 5.745
2016-04-04 177.000 6.419
2015-10-29 159.000 6.410
2015-08-28 174.419 7.853
2015-06-25 154.000 6.254
2015-03-03 139.161 5.901
2014-11-27 120.000 4.598
2014-07-24 120.000 5.834
2014-04-24 110.000 5.500
2014-02-19 124.256 6.617
2013-08-08 100.000 4.952
2013-04-22 100.000 5.145
2013-03-07 93.174 4.846
2013-01-15 90.792 4.612
2012-11-27 78.600 4.009
2012-03-01 65.537 3.851
2011-08-31 60.834 3.786
2011-03-04 57.530 3.256
2010-08-27 47.351 2.847
2010-06-28 52.000 3.152
2010-03-24 48.600 3.101
2010-01-22 46.939 2.975

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PJSC LUKOIL has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but PJSC LUKOIL only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of PJSC LUKOIL's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.1x coverage).
X
Income/ dividend checks
We assess PJSC LUKOIL's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can PJSC LUKOIL afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. PJSC LUKOIL has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of PJSC LUKOIL's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Vagit Alekperov
AGE 68
CEO Bio

Mr. Vagit Usufovich Alekperov serves as the President of PJSC LUKOIL (formerly, OAO LUKOIL) since 1993 and also serves as its Chief Executive Officer. Mr. Alekperov served as the President of OOO Burovaya Kompaniya Eurasia since July 2009. He worked in the oil industry in Azerbaijan and Western Siberia since 1968. He served as General Director of the Production Association Kogalymneftegaz of Glavtyumenneftegaz of the USSR Ministry of Oil and Gas from 1987 to 1990, Deputy Minister; First Deputy Minister of the USSR Ministry of Oil and Gas from 1990 to 1991 and President of the Oil Concern Langepasuraikogalymneft from 1992 to 1993. He served as the Chairman of Open Joint Stock Company Oil Company LUKOIL from 1993 to 2000. He has been an Executive Director at Public Joint Stock Company Oil Company LUKOIL since 1993. Since 2000, he is Chairman of the Supervisory Board at LUKOIL INTERNATIONAL GmbH. Since 2012, he is Chairman of the Community Council at Future Fund for regional social programs. He served as a Director of OOO Burovaya Kompaniya Eurasia since July 2009. He is a fellow/Full member of the Russian Academy of Natural Sciences. He is the Chairman of the Management Board and Member of the Management Board at PJSC LUKOIL. He is a Recipient of five orders and eight medals and was awarded a Certificate of Gratitude/Certificate of Honor and three Letters of Acknowledgement from the President of the Russian Federation and also a two times winner of the RF Government Prize. He is Distinguished Energy Industry Specialist, and Honored Oil Specialist. Mr. Alekperov graduated from the M. Azizbekov Azerbaijan Oil and Chemistry Institute in 1974 and also holds a Doctor of Economics.

CEO Compensation
  • Insufficient data for Vagit to compare compensation growth.
  • Insufficient data for Vagit to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team

Vagit Alekperov

TITLE
CEO, President
AGE
68

Ravil Maganov

TITLE
Deputy Chairman
AGE
64

Alexander Matytsyn

TITLE
First VP of Economics & Finance and Member of Management Board
AGE
57
TENURE
5.7 yrs

Vladimir Nekrasov

TITLE
Advisor to the President & Member of Management Board
AGE
61

Anatoly Moskalenko

TITLE
VP of Human Resources & Corporate Structure Development and Member of Management Board
AGE
59

Ilya Mandrik

TITLE
VP of Exploration & Development and Member of Management Board
AGE
58

Gennady Fedotov

TITLE
VP of Economics & Planning and Member of Management Board
AGE
48

Ivan Maslyaev

TITLE
VP, General Counsel & Member of Management Board
AGE
60

Azat Shamsuarov

TITLE
Senior VP of Oil & Gas Production and Member of Management Board
AGE
55

Vadim Vorobyev

TITLE
First VP of Lukoil for Refining & Sales and Member of Management Board
AGE
57
Board of Directors Tenure

Average tenure and age of the PJSC LUKOIL board of directors in years:

7.9
Average Tenure
68
Average Age
  • The tenure for the PJSC LUKOIL board of directors is about average.
Board of Directors

Valery Grayfer

TITLE
Chairman
AGE
89
TENURE
19.3 yrs

Vagit Alekperov

TITLE
CEO, President
AGE
68
TENURE
26.3 yrs

Ravil Maganov

TITLE
Deputy Chairman
AGE
64
TENURE
2.9 yrs

Leonid Fedun

TITLE
VP of Strategic Development & Executive Director
AGE
62
TENURE
5.9 yrs

Victor Blazheev

TITLE
Independent Director
AGE
57
TENURE
9.9 yrs

Igor Ivanov

TITLE
Independent Director
AGE
73
TENURE
9.9 yrs

Roger Munnings

TITLE
Independent Director
AGE
68
TENURE
3.9 yrs

Pavel Suloev

TITLE
Chairman of Audit Commission

Richard Matzke

TITLE
Non-Executive Director
AGE
81
TENURE
7.9 yrs

Lyubov Khoba

TITLE
Non-Executive Director
AGE
61
TENURE
1.9 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by PJSC LUKOIL insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (RUB) Value (RUB)
27. Mar 19 Buy Vagit Alekperov Individual 25. Mar 19 25. Mar 19 10,000 RUB5,756.00 RUB57,559,999
25. Jan 19 Buy Lyubov Khoba Individual 22. Jan 19 22. Jan 19 3,605 RUB5,190.00 RUB18,709,950
25. Jan 19 Buy Alexander Matytsyn Individual 22. Jan 19 22. Jan 19 4,419 RUB5,205.00 RUB23,000,670
19. Dec 18 Buy Ivan Maslyaev Individual 17. Dec 18 17. Dec 18 3,648 RUB5,129.76 RUB18,713,365
03. Dec 18 Buy Gennady Fedotov Individual 29. Nov 18 29. Nov 18 4,009 RUB4,665.75 RUB18,704,991
24. Oct 18 Buy Azat Shamsuarov Individual 19. Oct 18 19. Oct 18 4,257 RUB4,699.90 RUB20,007,474
18. Oct 18 Buy Denis Rogachev Individual 15. Oct 18 15. Oct 18 15,141 RUB4,757.50 RUB72,003,848
05. Oct 18 Buy Ilya Mandrik Individual 03. Oct 18 03. Oct 18 3,767 RUB5,031.60 RUB18,811,653
26. Sep 18 Buy Vagit Alekperov Individual 21. Sep 18 21. Sep 18 21,000 RUB4,737.80 RUB99,493,799
17. Sep 18 Buy Ravil Maganov Individual 13. Sep 18 13. Sep 18 1,886 RUB4,643.32 RUB8,757,301
14. Sep 18 Buy Vadim Vorobyev Individual 12. Sep 18 12. Sep 18 5,325 RUB4,695.87 RUB25,005,507
18. Jun 18 Buy Ivan Maslyaev Individual 14. Jun 18 15. Jun 18 25,738 RUB4,161.63 RUB105,986,919
14. Jun 18 Buy Anatoly Moskalenko Individual 13. Jun 18 13. Jun 18 2,395 RUB4,173.00 RUB9,994,335
13. Jun 18 Buy Gennady Fedotov Individual 07. Jun 18 09. Jun 18 701 RUB4,302.21 RUB3,015,378
X
Management checks
We assess PJSC LUKOIL's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. PJSC LUKOIL has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Does PJSC LUKOIL (MCX:LKOH) Create Value For Shareholders?

PJSC LUKOIL has a ROE of 13%, based on the last twelve months. … Another way to think of that is that for every RUB1 worth of equity in the company, it was able to earn RUB0.13. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Who Owns PJSC LUKOIL (MCX:LKOH)?

Today, I will be analyzing PJSC LUKOIL’s (MCX:LKOH) recent ownership structure, an important but not-so-popular subject among individual investors. … The effect of an active institutional investor with a similar ownership as a passive pension-fund can be vastly different on a company's corporate governance and accountability to shareholders. … Therefore, it is beneficial for us to examine LKOH's ownership structure in more detail.

Simply Wall St -

Does PJSC LUKOIL's (MCX:LKOH) PE Ratio Signal A Selling Opportunity?

But can investors make a closing judgement of the company’s value based on this bigger multiple. … The answer is no, since important variables like the company’s potential to grow and debt levels are ignored in the PE’s calculation … Below, I will lay out some important considerations to help determine which multiple best suits

Simply Wall St -

What You Must Know About PJSC LUKOIL's (MCX:LKOH) 12.99% ROE

and want a simplistic look at the return on PJSC LUKOIL (MCX:LKOH) stock. … PJSC LUKOIL (MCX:LKOH) performed in line with its integrated oil and gas industry on the basis of its ROE – producing a return of 12.99% relative to the peer average of 13.40% over the past 12 months. … But what is more interesting is whether LKOH can sustain or improve on this level of return

Simply Wall St -

Should You Buy PJSC LUKOIL (MISX:LKOH) Based On These Aspects?

PJSC LUKOIL (MISX:LKOH) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … report on PJSC LUKOIL here

Simply Wall St -

With An ROE Of 12.05%, Has PJSC LUKOIL's (MCX:LKOH) Management Done Well?

View our latest analysis for PJSC LUKOIL What you must know about ROE Return on Equity (ROE) is a measure of PJSC LUKOIL’s profit relative to its shareholders’ equity. … Return on Equity = Net Profit ÷ Shareholders Equity ROE is measured against cost of equity in order to determine the efficiency of PJSC LUKOIL’s equity capital deployed. … This means PJSC LUKOIL’s returns actually do not cover its own cost of equity, with a discrepancy of -1.37%.

Simply Wall St -

Is PJSC LUKOIL (MCX:LKOH) A Sell At Its Current PE Ratio?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for LKOH Price per share = RUB4354 Earnings per share = RUB589.143 ∴ Price-Earnings Ratio = RUB4354 ÷ RUB589.143 = 7.4x The P/E ratio isn’t a metric you view in isolation and only becomes useful when you compare it against other similar companies. … At 7.4x, LKOH’s P/E is higher than its industry peers (5.8x). … For example, if you accidentally compared lower growth firms with LKOH, then LKOH’s P/E would naturally be higher since investors would reward LKOH’s higher growth with a higher price.

Simply Wall St -

How Do Analysts See PJSC LUKOIL (MCX:LKOH) Performing Over The Next Few Years?

Below, I've presented key growth figures on how market analysts predict PJSC LUKOIL's earnings growth trajectory over the next couple of years and whether the future looks even brighter than the past. … Check out our latest analysis for PJSC LUKOIL Market analysts' consensus outlook for the coming year seems positive, with earnings increasing by a robust 29.49%. … This means that, we can presume PJSC LUKOIL will grow its earnings by 4.97% every year for the next couple of years.

Simply Wall St -

No Stopping The PJSC LUKOIL (MCX:LKOH) Growth Train

LKOH has managed its cash well at a current level of RUРУБ349.95B. … But, comparing LKOH's current share price to its peers based on its industry and earnings level, it's trading at a fair value, with a PE ratio of 6.79x vs. … I'm attracted to the company because of the growth story, the possibility that it is yet to be factored into the share price, and the strong capital management.

Simply Wall St -

Is It Too Late To Buy PJSC LUKOIL (MCX:LKOH)?

A question to answer is whether PJSC LUKOIL's current trading price of RUB3620 reflective of the actual value of the large-cap? … Great news for investors – PJSC LUKOIL is still trading at a fairly cheap price. … Another thing to keep in mind is that PJSC LUKOIL’s share price is quite stable relative to the rest of the market, as indicated by its low beta.

Simply Wall St -

Company Info

Description

PJSC LUKOIL, together with its subsidiaries, engages in exploration, production, refining, marketing, and distribution of oil and gas. The company’s Exploration and Production segment explores for, develops, and produces primarily crude oil. Its Refining, Marketing and Distribution segment processes crude oil into refined products; purchases, sells, and transports crude oil and refined petroleum products; refines and sells chemical products; and produces and distributes steam and electricity, as well as provides related services. The company operates a retail network of 5,258 filling stations and 129 oil depots in 18 countries, as well as markets its own and third-party crude oil and refined products through wholesale and retail channels in Russia, Europe, the South-East Asia, Central and North America, and internationally. PJSC LUKOIL was founded in 1993 and is headquartered in Moscow, Russia.

Details
Name: PJSC LUKOIL
LKOH
Exchange: MISX
Founded: 1993
RUB3,503,140,870,915
677,262,614
Website: http://www.lukoil.com
Address: PJSC LUKOIL
11, Boulevard Sretensky,
Moscow,
101000,
Russia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
MISX LKOH Common Stock Micex - Rts RU RUB 13. Jun 1995
LSE LKOH Common Stock London Stock Exchange GB USD 13. Jun 1995
LSE LKOD ADR EACH REPR 1 ORD RUB0.025 SPON London Stock Exchange GB USD 09. Jan 1996
OTCPK LUKO.Y ADR EACH REPR 1 ORD RUB0.025 SPON Pink Sheets LLC US USD 09. Jan 1996
DB LUK ADR EACH REPR 1 ORD RUB0.025 SPON Deutsche Boerse AG DE EUR 09. Jan 1996
LSE LKOD ADR EACH REPR 1 ORD RUB0.025 SPON London Stock Exchange GB USD 20. Oct 2015
LSE LKOE GDR EACH REPR 1 ORD RUB0.025 SPON 144A London Stock Exchange GB USD 20. May 2019
LSE 68FV GDR EACH REPR 4 ORD RUB0.025 144A London Stock Exchange GB RUB 20. May 2019
LSE LKOR GDR EACH REPR 4 ORD RUB0.025 REG S London Stock Exchange GB USD 20. May 2019
LSE LKOB GDR EACH REPR 4 ORD RUB0.025 REGS London Stock Exchange GB USD 20. May 2019
WBAG LKOD ADR EACH REPR 1 ORD RUB0.025 SPON Wiener Boerse AG AT EUR 09. Jan 1996
BMV LKOD N ADR EACH REPR 1 ORD RUB0.025 SPON Bolsa Mexicana de Valores MX RUB 20. Oct 2015
BMV LKOD N ADR EACH REPR 1 ORD RUB0.025 SPON Bolsa Mexicana de Valores MX MXN 09. Jan 1996
BATS-CHIXE LKODL ADR EACH REPR 1 ORD RUB0.025 SPON BATS 'Chi-X Europe' GB USD 09. Jan 1996
Number of employees
Current staff
Staff numbers
0
PJSC LUKOIL employees.
Industry
Integrated Oil and Gas
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 21:31
End of day share price update: 2019/05/20 00:00
Last estimates confirmation: 2019/05/07
Last earnings filing: 2019/03/04
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.