The most valuable company of Russia

According to the observer observer, expert, despite the rapid growth of Rosneft's capitalization, its shares are still extremely underestimated. This must be taken into account by privatizing the company.

Rosneft's advantage in the fight against Gazprom for the status of the largest capitalization of the Russian company is more and more noticeable: the current capitalization of Rosneft recently ahead of the capitalization of Gazprom on the Moscow and London exchanges at 2.7 and 4.6%, respectively, the article said.

Rosneft’s reporting on IFRS for the first quarter of 2016, which contributed to a new round of growth (Rosneft shares, valued faster than the papers of other oil companies) is also noted: net profit almost twice aside the expectations of analysts, amounting to 14 billion rubles, EBITDA (273 billion rubles) turned out to be good, and the debt reduced almost doubled, by 44.8%, up to 23.9 billion dollars.

“The company can cost more expensive. Even after Rosneft shares updated the historical peak on the Moscow Exchange in May, the capitalization of the company does not reflect all the obvious advantages: anti -crisis stability, high efficiency, decreasing debt, work in promising markets and transparency,” writes the observer of the leading economic publication.

If we compare Rosneft with world analogues, then 1.5 trillion rubles can be helped for the state package, even with the current extremely bad raw material conjuncture. And when the oil market is restored, the package can cost all 2 trillion rubles, the author notes.

In his opinion, the current increase in Rosneft’s capitalization could be attributed to the upcoming privatization, but the growth of stock quotations is justified fundamentally. The company adequately withstood the crisis in the oil market and demonstrates record financial results. For example, free cash flow - money, unlike net profit that really at the disposal of the company - exceeded $ 12 billion last year. Moreover, management did not flinch at the moment when all competitors reduced investments, Rosneft increased the drilling. This strategy will still bear fruit. Until 2020, the company intends to increase production from the current 5.1 million barrels per day to 6 million barrels, that is, by 20%.

"Oil prices will recover sooner or later, and Rosneft will be able to freely increase its market share, reducing the oil supply deficit, which is now laid now, during low prices and frozen investment projects," the publication emphasizes.

As the director of the Institute of Globalization Problems Mikhail Delyagin in the author’s column on the RIA Novosti website, Rosneft is the only company of Russia and one of the few companies in the world that, despite the unfavorable current conjuncture, demonstrates the ability to orientation to long -term goals. “Perhaps the key to this ability is state property that allows you to free itself from a grueling race at high current results even at the cost of weakening strategic positions,” says Mikhail Delyagin. The expert draws attention: most oil and gas companies freeze shelf projects, and Rosneft, together with Statoil, began to search for a year in the Sea of ​​Okhotsk for a year. “Of course, the ability to work for a strategic perspective gives Rosneft not only a form of ownership, but also the effectiveness of current activities (which, as far as one can judge, distinguishes it from another state -owned company - Gazprom). However, in connection with the successes of Rosneft, one cannot fail to note the high potential of large state property in the crisis periods of the development of the global economy, ”concludes Mikhail Delyagin.

Rosneft was estimated at $ 51 billion with a market with an annual revenue of $ 86 billion. The ratio of revenue to capitalization (P/S) is only 0.6 for comparison: capitalization of Exxon Mobil Corp - $ 370 billion with revenue of $ 219 billion. One way or another, despite the leadership positions for oil production in the world (among public companies), Rosneft remains one of the most underestimated global oil Maighors by the Expert magazine.