MISX:SIBN

Stock Analysis Report

Executive Summary

Public Joint Stock Company Gazprom Neft, an integrated oil company, engages in the exploration, development, production, and sale of crude oil and gas in Russia, the CIS countries, and internationally.


Snowflake Analysis

Excellent balance sheet average dividend payer.


Similar Companies

Share Price & News

How has Gazprom Neft's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: SIBN has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

4.7%

SIBN

1.9%

RU Oil and Gas

2.3%

RU Market


1 Year Return

35.2%

SIBN

37.5%

RU Oil and Gas

28.8%

RU Market

Return vs Industry: SIBN underperformed the Russian Oil and Gas industry which returned 35.6% over the past year.

Return vs Market: SIBN exceeded the Russian Market which returned 28.5% over the past year.


Shareholder returns

SIBNIndustryMarket
7 Day4.7%1.9%2.3%
30 Day10.6%5.5%6.8%
90 Day12.9%15.9%14.5%
1 Year44.0%35.2%47.4%37.5%37.8%28.8%
3 Year163.4%107.1%97.5%64.3%67.2%40.7%
5 Year309.3%204.1%153.5%94.5%161.2%103.0%

Price Volatility Vs. Market

How volatile is Gazprom Neft's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Gazprom Neft undervalued compared to its fair value and its price relative to the market?

5.55x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: SIBN (RUB457.6) is trading above our estimate of fair value (RUB389.94)

Significantly Below Fair Value: SIBN is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: SIBN is good value based on its PE Ratio (5.4x) compared to the Oil and Gas industry average (6.1x).

PE vs Market: SIBN is good value based on its PE Ratio (5.4x) compared to the Russian market (8.8x).


Price to Earnings Growth Ratio

PEG Ratio: SIBN is poor value based on its PEG Ratio (7.4x)


Price to Book Ratio

PB vs Industry: SIBN is overvalued based on its PB Ratio (1x) compared to the RU Oil and Gas industry average (0.9x).


Next Steps

Future Growth

How is Gazprom Neft forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

0.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SIBN's forecast earnings growth (0.7% per year) is below the savings rate (6.4%).

Earnings vs Market: SIBN's earnings (0.7% per year) are forecast to grow slower than the Russian market (5.2% per year).

High Growth Earnings: SIBN's earnings are forecast to grow, but not significantly.

Revenue vs Market: SIBN's revenue (2.7% per year) is forecast to grow slower than the Russian market (4.2% per year).

High Growth Revenue: SIBN's revenue (2.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SIBN's Return on Equity is forecast to be low in 3 years time (14.1%).


Next Steps

Past Performance

How has Gazprom Neft performed over the past 5 years?

28.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SIBN has high quality earnings.

Growing Profit Margin: SIBN's current net profit margins (16.2%) are lower than last year (16.3%).


Past Earnings Growth Analysis

Earnings Trend: SIBN's earnings have grown significantly by 28.7% per year over the past 5 years.

Accelerating Growth: SIBN's earnings growth over the past year (9.7%) is below its 5-year average (28.7% per year).

Earnings vs Industry: SIBN earnings growth over the past year (9.7%) exceeded the Oil and Gas industry 0.7%.


Return on Equity

High ROE: SIBN's Return on Equity (18.9%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Gazprom Neft's financial position?


Financial Position Analysis

Short Term Liabilities: SIBN's short term assets (RUB847.4B) exceed its short term liabilities (RUB449.0B).

Long Term Liabilities: SIBN's short term assets (RUB847.4B) do not cover its long term liabilities (RUB1,074.1B).


Debt to Equity History and Analysis

Debt Level: SIBN's debt to equity ratio (32.5%) is considered satisfactory.

Reducing Debt: SIBN's debt to equity ratio has reduced from 38.5% to 32.5% over the past 5 years.

Debt Coverage: SIBN's debt is well covered by operating cash flow (83.7%).

Interest Coverage: SIBN's interest payments on its debt are well covered by EBIT (46.6x coverage).


Balance Sheet

Inventory Level: SIBN has a high level of physical assets or inventory.

Debt Coverage by Assets: SIBN's debt is covered by short term assets (assets are 1.2x debt).


Next Steps

Dividend

What is Gazprom Neft's current dividend yield, its reliability and sustainability?

6.41%

Current Dividend Yield


Dividend Yield vs Market

company6.4%marketbottom25%3.3%markettop25%7.9%industryaverage6.1%forecastin3Years8.8%

Current dividend yield vs market & industry

Notable Dividend: SIBN's dividend (6.56%) is higher than the bottom 25% of dividend payers in the Russian market (3.39%).

High Dividend: SIBN's dividend (6.56%) is low compared to the top 25% of dividend payers in the Russian market (8.33%).


Stability and Growth of Payments

Stable Dividend: SIBN's dividend payments have been volatile in the past 10 years.

Growing Dividend: SIBN's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (30.9%), SIBN's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SIBN's dividends in 3 years are forecast to be covered by earnings (50.1% payout ratio).


Next Steps

Management

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

12.0yrs

Average management tenure


CEO

Alexander Dyukov (52yo)

13yrs

Tenure

0

Mr. Alexander Valerievich Dyukov serves as the Chief Executive Officer of OJSC Gazpromneft-Omsk Refinery. Mr. Dyukov has been the President of JSC Sibur Holding of Sibirsko-uralskaya Neftegazohimicheskaya  ...


Management Age and Tenure

12.0yrs

Average Tenure

51.5yo

Average Age

Experienced Management: SIBN's management team is seasoned and experienced (12 years average tenure).


Board Age and Tenure

8.0yrs

Average Tenure

51yo

Average Age

Experienced Board: SIBN's board of directors are considered experienced (8 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Alexander Dyukov (52yo)

    CEO, Chairman of the Management Board & Executive Director

    • Tenure: 13yrs
  • Anatoly Cherner (65yo)

    Deputy Chairman of the Management Board and Deputy CEO of Logistics

    • Tenure: 12.1yrs
  • Aleksander Dybal (53yo)

    Deputy CEO of Corporate Communications & Member of the Management Board

    • Tenure: 12.1yrs
  • Kirill Kravchenko (43yo)

    Deputy CEO for Organizational Affairs & Member of Management Board

    • Tenure: 11.9yrs
  • Vadim Yakovlev (49yo)

    Deputy Chairman of the Management Board & Deputy CEO for Upstream

    • Tenure: 12yrs
  • Elena Ilyukhina (50yo)

    Deputy CEO of Legal & Corporate Affairs and Member of the Management Board

    • Tenure: 12.1yrs
  • Igor Antonov (68yo)

    Deputy CEO of Security & Member of the Management Board

    • Tenure: 11.9yrs
  • Sergey Menshikov (51yo)

    Member of Management Board

    • Tenure: 0.8yrs
  • Vladislav Baryshnikov (54yo)

    Deputy CEO of International Business Development & Member of the Management Board

    • Tenure: 10.2yrs
  • Andrei Yankevich (46yo)

    CFO, Deputy CEO of Economics & Finance and Member of the Management Board


    Board Members

    • Alexei Miller (57yo)

      Chairman

      • Tenure: 14.1yrs
    • Mikhail Sereda (49yo)

      Non-executive Director

      • Tenure: 6.1yrs
    • Andrey Vyacheslavovich Kruglov (50yo)

      Non-Executive Director

      • Tenure: 14.1yrs
    • Alexander Dyukov (52yo)

      CEO, Chairman of the Management Board & Executive Director

      • Tenure: 13yrs
    • Valery Serdyukov (74yo)

      Independent Director

      • Tenure: 7.1yrs
    • Kirill Seleznev (45yo)

      Non-executive Director

      • Tenure: 14.1yrs
    • Galina Delvig (59yo)

      Head of Department of Internal Audit & Member of Audit Commission

      • Tenure: 1.6yrs
    • Andrey Dmitriev (45yo)

      Director

      • Tenure: 1.6yrs
    • Vladimir Alisov (59yo)

      Non-executive Director

      • Elena Mikhailova (42yo)

        Non-executive Director

        • Tenure: 8yrs

      Company Information

      Public Joint Stock Company Gazprom Neft's company bio, employee growth, exchange listings and data sources


      Key Information

      • Name: Public Joint Stock Company Gazprom Neft
      • Ticker: SIBN
      • Exchange: MISX
      • Founded: 1995
      • Industry: Integrated Oil and Gas
      • Sector: Energy
      • Market Cap: ₽2.207t
      • Shares outstanding: 4.72b
      • Website: https://www.gazprom-neft.com

      Location

      • Public Joint Stock Company Gazprom Neft
      • 3-5, Pochtamtskaya Street
      • St. Petersburg
      • 190000
      • Russia

      Listings

      TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
      SIBNMISX (Micex - Rts)YesCommon StockRURUBAug 1996
      GAZLSE (London Stock Exchange)LEVEL 1 ADR REPR 5 ORD RUBGBUSDAug 1999
      GZPF.YOTCPK (Pink Sheets LLC)LEVEL 1 ADR REPR 5 ORD RUBUSUSDAug 1999
      SCFDB (Deutsche Boerse AG)LEVEL 1 ADR REPR 5 ORD RUBDEEURAug 1999
      GAZLBATS-CHIXE (BATS 'Chi-X Europe')LEVEL 1 ADR REPR 5 ORD RUBGBUSDAug 1999

      Biography

      Public Joint Stock Company Gazprom Neft, an integrated oil company, engages in the exploration, development, production, and sale of crude oil and gas in Russia, the CIS countries, and internationally. The company is also involved in the production, distribution, and marketing of refined petroleum products. It holds interests in 90 resource licenses in the oil-producing regions of Russia; and production projects in Angola, Bosnia, Herzegovina, Romania, Serbia, Iraq, and Venezuela. As of December 31, 2018, the company had total proved reserves of 6,439 million barrels of oil equivalent. It also produces and sells motor and jet fuels, lubricants, bitumen products, and petrochemical products, as well as provides bunkering services to various industries and sectors. The company sells its fuels through 1,838 filling stations. Public Joint Stock Company Gazprom Neft was founded in 1995 and is based in St. Petersburg, Russia. 


      Company Analysis and Financial Data Status

      All financial data provided by Standard & Poor's Capital IQ.
      DataLast Updated (UTC time)
      Company Analysis2020/01/19 21:13
      End of Day Share Price2020/01/17 00:00
      Earnings2019/09/30
      Annual Earnings2018/12/31


      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.