MISX:TATN

Stock Analysis Report

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Executive Summary

PJSC Tatneft, together with its subsidiaries, engages in exploration, development, and production of crude oil primarily in Russia.


Snowflake Analysis

Adequate balance sheet and fair value.


Similar Companies

Share Price & News

How has PJSC Tatneft's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: TATN's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-2.2%

TATN

2.1%

RU Oil and Gas

2.5%

RU Market


1 Year Return

-28.9%

TATN

-4.0%

RU Oil and Gas

1.3%

RU Market

Return vs Industry: TATN underperformed the Russian Oil and Gas industry which returned -4% over the past year.

Return vs Market: TATN underperformed the Russian Market which returned 1.3% over the past year.


Shareholder returns

TATNIndustryMarket
7 Day-2.2%2.1%2.5%
30 Day-3.3%5.5%4.0%
90 Day-20.8%-6.3%-3.3%
1 Year-19.1%-28.9%2.9%-4.0%8.1%1.3%
3 Year95.7%39.9%82.3%51.6%61.2%35.2%
5 Year165.7%76.8%103.1%56.0%117.7%69.8%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is PJSC Tatneft undervalued compared to its fair value and its price relative to the market?

31.0%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: TATN (RUB532) is trading below our estimate of fair value (RUB771.12)

Significantly Below Fair Value: TATN is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: TATN is poor value based on its PE Ratio (6.2x) compared to the Oil and Gas industry average (5.4x).

PE vs Market: TATN is good value based on its PE Ratio (6.2x) compared to the Russian market (8.5x).


Price to Earnings Growth Ratio

PEG Ratio: TATN is poor value based on its PEG Ratio (3.8x)


Price to Book Ratio

PB vs Industry: TATN is overvalued based on its PB Ratio (1.6x) compared to the RU Oil and Gas industry average (0.6x).


Next Steps

Future Growth

How is PJSC Tatneft forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

1.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TATN's forecast earnings growth (1.6% per year) is below the savings rate (8.3%).

Earnings vs Market: TATN's earnings (1.6% per year) are forecast to grow slower than the Russian market (11.8% per year).

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

Revenue vs Market: TATN's revenue (4.5% per year) is forecast to grow slower than the Russian market (5.9% per year).

High Growth Revenue: TATN's revenue (4.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: TATN's Return on Equity is forecast to be low in 3 years time (19.5%).


Next Steps

Past Performance

How has PJSC Tatneft performed over the past 5 years?

21.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: TATN has high quality earnings.

Growing Profit Margin: TATN's current net profit margins (20.6%) are lower than last year (23.3%).


Past Earnings Growth Analysis

Earnings Trend: TATN's earnings have grown significantly by 21.1% per year over the past 5 years.

Accelerating Growth: TATN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: TATN had negative earnings growth (-9.2%) over the past year, making it difficult to compare to the Oil and Gas industry average (-17.4%).


Return on Equity

High ROE: TATN's Return on Equity (25.6%) is considered high.


Next Steps

Financial Health

How is PJSC Tatneft's financial position?


Financial Position Analysis

Short Term Liabilities: TATN's short term assets (RUB253.1B) do not cover its short term liabilities (RUB358.1B).

Long Term Liabilities: TATN's short term assets (RUB253.1B) exceed its long term liabilities (RUB128.4B).


Debt to Equity History and Analysis

Debt Level: TATN's debt to equity ratio (5.5%) is considered satisfactory.

Reducing Debt: TATN's debt to equity ratio has increased from 4.9% to 5.5% over the past 5 years.

Debt Coverage: TATN's debt is well covered by operating cash flow (603.2%).

Interest Coverage: TATN earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

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

11.07%

Forecast Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: Unable to evaluate TATN's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate TATN's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if TATN's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if TATN's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: TATN is not paying a notable dividend for the Russian market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of TATN's dividend in 3 years as they are not forecast to pay a notable one for the Russian market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

7.2yrs

Average management tenure


CEO

Nail Maganov (61yo)

6.5yrs

Tenure

Mr. Nail Ulfatovich Maganov has been a General Director of PJSC Tatneft since November 27, 2013 and serves as its Chairman and Member of The Management Board and Chief Executive Officer. Mr. Maganov served ...


Leadership Team

NamePositionTenureCompensationOwnership
Nail Maganov
Chairman of Management Board6.5yrsno data0.000010% RUB119.4k
Rustam Mukhamadeev
Deputy General Director for Social Development & Member of Management Boardno datano data0.0041% RUB49.3m
Nikolay Glazkov
Deputy General Director of Capital Construction & Member of Management Board7.92yrsno datano data
Nurislam Syubaev
Head of Strategic Planning Department0.92yrno datano data
Oleg Matveev
Chief Accountantno datano datano data
Rais Khisamov
Deputy General Director22.33yrsno data0.021% RUB247.7m
Ildar Rakhmatullin
Head of the Internal Audit Departmentno datano datano data
Ravil Sharifullin
Head of Control & Revision Departmentno datano datano data
Ilshat Bariev
Deputy Head of Economic Security Departmentno datano datano data
Rimaz Yamilov
Head of New Structures Office - Property Departmentno datano datano data

7.2yrs

Average Tenure

60yo

Average Age

Experienced Management: TATN's management team is seasoned and experienced (7.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Nail Maganov
Chairman of Management Board6.5yrsno data0.000010% RUB119.4k
Nurislam Syubaev
Head of Strategic Planning Department0.92yrno datano data
Rais Khisamov
Deputy General Director22.33yrsno data0.021% RUB247.7m
Rustam Khalimov
First Deputy General Director of Oil4.92yrsno data0.000060% RUB716.3k
Shafagat Takhautdinov
Advisor to the Chairman & Non-Executive Director26.33yrsno data0.12% RUB1.4b
René Steiner
Independent Director7.33yrsno datano data
Rustam Minnikhanov
Chairman of the Board21.92yrsno datano data
Renat Muslimov
Director25.33yrsno data0.049% RUB581.2m
Rafael Nurmukhametov
Director12.92yrsno data0.011% RUB129.2m
Yuri Levin
Independent Director4.92yrsno datano data

16.6yrs

Average Tenure

64yo

Average Age

Experienced Board: TATN's board of directors are seasoned and experienced ( 16.6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

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.


Top Shareholders

Company Information

PJSC Tatneft's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: PJSC Tatneft
  • Ticker: TATN
  • Exchange: MISX
  • Founded: 1950
  • Industry: Oil and Gas Exploration and Production
  • Sector: Energy
  • Market Cap: ₽1.194t
  • Shares outstanding: 2.25b
  • Website: https://www.tatneft.ru

Location

  • PJSC Tatneft
  • 75 Lenin Street
  • Almetyevsk
  • Tatarstan
  • 423450
  • Russia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TATNMISX (Micex - Rts)YesCommon SharesRURUBJan 1996
TATNPMISX (Micex - Rts)Preferred SharesRURUBAug 2002
ATADLSE (London Stock Exchange)SPONSORED ADRGBUSDNov 2006
TTFBDB (Deutsche Boerse AG)SPONSORED ADRDEEURNov 2006
OAOF.YOTCPK (Pink Sheets LLC)SPONSORED ADRUSUSDNov 2006
ATADLBATS-CHIXE (BATS 'Chi-X Europe')SPONSORED ADRGBUSDNov 2006
ATADWBAG (Wiener Boerse AG)SPONSORED ADRATEURNov 2006

Biography

PJSC Tatneft, together with its subsidiaries, engages in exploration, development, and production of crude oil primarily in Russia. The company operates in four segments: Exploration and Production, Refining and Marketing, Petrochemical Products, and Banking. It holds interests in oil and gas fields located principally on the territory of Tatarstan in Russia. The company is also involved in refining and marketing crude oil; the purchase and sale of crude oil and refined products from third parties; and retailing activities. In addition, it produces and sells tires and technical carbons, as well as petrochemical raw materials. Further, the company sells oilfield equipment, and auxiliary petrochemical related services and materials. Additionally, it is involved in banking activities. The company was founded in 1950 and is headquartered in Almetyevsk, Russia. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/30 07:50
End of Day Share Price2020/05/29 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.