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Gazprom

DB:GAZ
Snowflake Description

Undervalued with solid track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GAZ
DB
RUB4,364B
Market Cap
  1. Home
  2. DE
  3. Energy
Company description

Public Joint Stock Company Gazprom, an energy company, engages in the geological exploration, production, processing, storage, transportation, and sale of gas, gas condensates, and oil in Russia and internationally. The last earnings update was 130 days ago. More info.


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  • Gazprom has significant price volatility in the past 3 months.
GAZ Share Price and Events
7 Day Returns
13.1%
DB:GAZ
8.7%
DE Oil and Gas
4.3%
DE Market
1 Year Returns
4.5%
DB:GAZ
34.4%
DE Oil and Gas
-14.2%
DE Market
GAZ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Gazprom (GAZ) 13.1% 18.9% -37.2% 4.5% 13.9% -16.6%
DE Oil and Gas 8.7% -2.8% -19.4% 34.4% -14.7% 157%
DE Market 4.3% -9% -21.6% -14.2% -19.6% -25.6%
1 Year Return vs Industry and Market
  • GAZ underperformed the Oil and Gas industry which returned 34.4% over the past year.
  • GAZ outperformed the Market in Germany which returned -14.2% over the past year.
Price Volatility
GAZ
Industry
5yr Volatility vs Market

Value

 Is Gazprom 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 Gazprom 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 Gazprom.

DB:GAZ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 16 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.2%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

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 DB:GAZ
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 8.6%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.97
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.972 (1 + (1- 20%) (92.16%))
1.461
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.46
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.461 * 8.61%)
12.19%

Discounted Cash Flow Calculation for DB:GAZ using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Gazprom 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.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:GAZ DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (RUB, Millions) Source Present Value
Discounted (@ 12.19%)
2020 167,019.86 Analyst x4 148,867.69
2021 239,888.02 Analyst x5 190,578.20
2022 370,884.62 Analyst x3 262,624.85
2023 747,572.66 Analyst x2 471,826.94
2024 940,240.27 Analyst x2 528,932.81
2025 1,077,086.33 Est @ 14.55% 540,063.10
2026 1,185,560.34 Est @ 10.07% 529,846.39
2027 1,267,752.18 Est @ 6.93% 505,001.91
2028 1,327,791.90 Est @ 4.74% 471,434.11
2029 1,370,256.59 Est @ 3.2% 433,635.89
Present value of next 10 years cash flows RUB4,082,811.00
DB:GAZ DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= RUB1,370,256.59 × (1 + -0.39%) ÷ (12.19% – -0.39%)
RUB10,846,850.06
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= RUB10,846,850.06 ÷ (1 + 12.19%)10
RUB3,432,629.68
DB:GAZ Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= RUB4,082,811.00 + RUB3,432,629.68
RUB7,515,440.68
Equity Value per Share
(RUB)
= Total value / Shares Outstanding
= RUB7,515,440.68 / 22,820.00
RUB329.34
DB:GAZ Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:GAZ represents 0.02403x of MISX:GAZP
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.02403x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (RUB) x Listing Adjustment Factor
= RUB 329.34 x 0.02403
€7.91
Value per share (EUR) From above. €7.91
Current discount Discount to share price of €4.67
= -1 x (€4.67 - €7.91) / €7.91
41.1%

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

Current Discount
Amount off the current price Gazprom is available for.
Intrinsic value
41%
Share price is €4.67 vs Future cash flow value of €7.91
Current Discount Checks
For Gazprom to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Gazprom's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Gazprom's share price is below the future cash flow value, and at a substantial discount (> 40%).
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 Gazprom's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Gazprom's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:GAZ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in RUB RUB66.85
MISX:GAZP Share Price ** MISX (2020-04-08) in RUB RUB194.11
Europe Oil and Gas Industry PE Ratio Median Figure of 104 Publicly-Listed Oil and Gas Companies 6.5x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 17.07x

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

** Primary Listing of Gazprom.

DB:GAZ PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 194.11 ÷ 66.85

2.9x

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

  • Gazprom is good value based on earnings compared to the Europe Oil and Gas industry average.
  • Gazprom is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Gazprom's expected growth come at a high price?
Raw Data
DB:GAZ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 2.9x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts
-10%per year
Europe Oil and Gas Industry PEG Ratio Median Figure of 66 Publicly-Listed Oil and Gas Companies 0.32x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.24x

*Line of best fit is calculated by linear regression .

DB:GAZ PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 2.9x ÷ -10%

-0.29x

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

  • Gazprom earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Gazprom's assets?
Raw Data
DB:GAZ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in RUB RUB610.26
MISX:GAZP Share Price * MISX (2020-04-08) in RUB RUB194.11
Germany Oil and Gas Industry PB Ratio Median Figure of 6 Publicly-Listed Oil and Gas Companies 1.01x
Germany Market PB Ratio Median Figure of 573 Publicly-Listed Companies 1.47x
DB:GAZ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 194.11 ÷ 610.26

0.32x

* Primary Listing of Gazprom.

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

  • Gazprom is good value based on assets compared to the DE Oil and Gas industry average.
X
Value checks
We assess Gazprom'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. Gazprom has a total score of 5/6, 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 Gazprom expected to perform in the next 1 to 3 years based on estimates from 16 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
-10%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Gazprom expected to grow at an attractive rate?
  • Gazprom's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Gazprom's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Gazprom's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:GAZ Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:GAZ Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts -10%
DB:GAZ Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 16 Analysts 2.7%
Europe Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 13.8%
Europe Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 1.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*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
DB:GAZ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below
All numbers in RUB Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:GAZ Future Estimates Data
Date (Data in RUB Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 11,056,478 2
2023-12-31 9,306,921 1,989,703 1,257,988 4
2022-12-31 8,710,600 1,737,481 1,144,001 7
2021-12-31 8,115,379 1,678,122 1,087,045 13
2020-12-31 7,382,909 1,695,240 822,631 16
2020-04-08
2019-12-31 8,833,317 2,400,244 1,532,967 17
DB:GAZ Past Financials Data
Date (Data in RUB Millions) Revenue Cash Flow Net Income *
2019-09-30 8,020,925 1,813,610 1,487,306
2019-06-30 8,329,373 1,926,543 1,661,963
2019-03-31 8,377,667 1,840,364 1,620,555
2018-12-31 8,224,177 1,617,384 1,456,270
2018-09-30 7,806,138 2,000,553 1,149,718
2018-06-30 7,307,764 1,687,939 963,760
2018-03-31 6,869,173 1,543,560 752,472
2017-12-31 6,546,143 1,187,022 714,302
2017-09-30 6,431,283 1,007,665 824,150
2017-06-30 6,256,613 1,086,308 725,823
2017-03-31 6,188,988 1,002,398 922,781
2016-12-31 6,111,051 1,571,323 951,637

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Gazprom's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Gazprom's revenue is expected to grow by 2.7% 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
DB:GAZ Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below

All data from Gazprom Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:GAZ Future Estimates Data
Date (Data in RUB Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 45.31 45.31 45.31 1.00
2021-12-31 54.57 68.65 41.73 4.00
2020-12-31 33.63 61.40 15.45 6.00
2020-04-08
2019-12-31 68.62 79.34 54.22 6.00
DB:GAZ Past Financials Data
Date (Data in RUB Millions) EPS *
2019-09-30 66.85
2019-06-30 75.20
2019-03-31 73.33
2018-12-31 65.89
2018-09-30 52.02
2018-06-30 43.61
2018-03-31 34.05
2017-12-31 32.32
2017-09-30 37.22
2017-06-30 32.77
2017-03-31 41.24
2016-12-31 42.11

*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.
  • Gazprom is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Gazprom'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 Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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.
Gazprom 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 Gazprom 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 Gazprom'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.
  • Gazprom has delivered over 20% year on year earnings growth in the past 5 years.
  • Gazprom's 1-year earnings growth exceeds its 5-year average (29.4% vs 26.1%)
  • Gazprom's earnings growth has exceeded the Europe Oil and Gas industry average in the past year (29.4% vs 1.9%).
Earnings and Revenue History
Gazprom'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 Gazprom Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:GAZ Past Revenue, Cash Flow and Net Income Data
Date (Data in RUB Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 8,020,925.00 1,487,306.00 713,480.00 16,031.00
2019-06-30 8,329,373.00 1,661,963.00 708,947.00 15,429.00
2019-03-31 8,377,667.00 1,620,555.00 705,711.00 12,991.00
2018-12-31 8,224,177.00 1,456,270.00 713,406.00 13,591.00
2018-09-30 7,806,138.00 1,149,718.00 836,858.00 14,762.00
2018-06-30 7,307,764.00 963,760.00 823,298.00 17,497.00
2018-03-31 6,869,173.00 752,472.00 806,559.00 14,592.00
2017-12-31 6,546,143.00 714,302.00 784,735.00 16,175.00
2017-09-30 6,431,283.00 824,150.00 761,411.00 14,522.00
2017-06-30 6,256,613.00 725,823.00 747,361.00 22,121.00
2017-03-31 6,188,988.00 922,781.00 738,311.00 29,113.00
2016-12-31 6,111,051.00 951,637.00 736,671.00 28,990.00
2016-09-30 6,188,465.00 822,473.00 748,950.00 32,739.00
2016-06-30 6,224,238.00 718,312.00 731,324.00 30,329.00
2016-03-31 6,162,429.00 767,253.00 711,960.00 32,253.00
2015-12-31 6,073,318.00 787,056.00 686,280.00 30,588.00
2015-09-30 5,788,506.00 276,654.00 579,159.00 25,121.00
2015-06-30 5,629,331.00 384,330.00 656,074.00 24,430.00
2015-03-31 5,679,327.00 318,109.00 642,861.00 20,529.00
2014-12-31 5,589,811.00 159,004.00 625,595.00 19,653.00
2014-09-30 5,380,251.00 836,742.00 720,490.00 23,307.00
2014-06-30 5,451,207.00 1,007,156.00 613,819.00 17,805.00
2014-03-31 5,242,693.00 981,603.00 594,760.00 16,758.00
2013-12-31 5,145,397.00 1,139,261.00 585,041.00 16,738.00
2013-09-30 5,087,595.00 1,256,059.00 142,191.00 -6,718.00
2013-06-30 5,004,705.00 1,289,760.00 131,596.00 -4,199.00

*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.
  • Gazprom has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Gazprom used its assets more efficiently than the Europe Oil and Gas industry average last year based on Return on Assets.
  • Gazprom has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Gazprom'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.
Gazprom has a total score of 5/6, 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 Gazprom'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 Gazprom's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Gazprom is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Gazprom's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Gazprom'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 1x 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 Gazprom Company Filings, last reported 6 months ago.

DB:GAZ Past Debt and Equity Data
Date (Data in RUB Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 14,427,726.00 3,818,352.00 1,402,510.00
2019-06-30 14,082,760.00 3,710,613.00 1,692,256.00
2019-03-31 14,145,649.00 3,899,850.00 1,872,037.00
2018-12-31 13,776,153.00 3,863,822.00 1,672,418.00
2018-09-30 13,325,760.00 3,512,327.00 1,369,542.00
2018-06-30 12,682,539.00 3,367,321.00 1,460,353.00
2018-03-31 12,431,884.00 3,360,756.00 1,553,416.00
2017-12-31 12,015,481.00 3,266,518.00 1,228,033.00
2017-09-30 11,794,828.00 3,138,428.00 1,020,887.00
2017-06-30 11,625,304.00 3,072,105.00 1,296,923.00
2017-03-31 11,644,640.00 2,730,059.00 1,172,454.00
2016-12-31 11,441,839.00 2,829,623.00 1,052,126.00
2016-09-30 11,114,173.00 2,968,118.00 799,378.00
2016-06-30 11,146,415.00 3,084,759.00 1,334,405.00
2016-03-31 11,188,914.00 3,347,583.00 1,575,748.00
2015-12-31 10,914,622.00 3,442,215.00 1,497,777.00
2015-09-30 10,789,114.00 3,147,881.00 1,135,050.00
2015-06-30 10,517,439.00 2,554,159.00 1,114,288.00
2015-03-31 10,452,168.00 2,676,411.00 1,236,808.00
2014-12-31 10,120,021.00 2,688,824.00 1,047,772.00
2014-09-30 10,054,357.00 2,018,894.00 763,611.00
2014-06-30 9,905,774.00 1,838,429.00 967,304.00
2014-03-31 9,896,813.00 1,926,681.00 980,293.00
2013-12-31 9,634,354.00 1,801,928.00 711,485.00
2013-09-30 9,334,633.00 1,728,516.00 589,481.00
2013-06-30 9,053,112.00 1,619,630.00 729,433.00
  • Gazprom's level of debt (26.5%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (20.2% vs 26.5% today).
  • Debt is well covered by operating cash flow (47.5%, greater than 20% of total debt).
  • Gazprom earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Gazprom'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. Gazprom has a total score of 4/6, 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 Gazprom'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
8.56%
Current annual income from Gazprom dividends. Estimated to be 9.12% next year.
If you bought €2,000 of Gazprom shares you are expected to receive €171 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?
  • Gazprom's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.63%).
  • Gazprom's dividend is above the markets top 25% of dividend payers in Germany (4.61%).
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
DB:GAZ 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 16 Analyst Estimates (S&P Global) See Below
Europe Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 68 Stocks 8.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 314 Stocks 3.6%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.6%
Germany Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

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

DB:GAZ Future Dividends Estimate Data
Date (Data in RUB) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31 22.52 1.00
2022-12-31 22.68 3.00
2021-12-31 19.57 5.00
2020-12-31 13.56 7.00
2020-04-08
2019-12-31 18.30 8.00
DB:GAZ Past Annualized Dividends Data
Date (Data in RUB) Dividend per share (annual) Avg. Yield (%)
2019-04-12 16.610 7.554
2018-06-29 8.040 5.241
2017-05-18 8.040 6.126
2016-05-19 7.890 5.637
2015-08-10 7.200 5.106
2015-05-06 7.200 4.982
2014-05-15 7.200 5.079
2013-05-23 5.990 4.474
2012-04-27 8.970 6.183
2011-12-20 8.390 4.608
2011-04-28 2.390 1.318
2010-03-01 2.390 1.351
2010-01-25 0.360 0.205

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Gazprom's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.1x coverage).
X
Income/ dividend checks
We assess Gazprom's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Gazprom afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Gazprom has a total score of 5/6, 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 Gazprom'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
Alexei Miller
AGE 57
CEO Bio

Mr. Alexey Borisovich Miller, also known as Alexei, serves as the Chairman of Gazprom for Russia at GAZPROMAVIA Aviation Company Ltd. Mr. Miller has been the Chief Executive Officer at Public Joint Stock Company Gazprom since 2001. Mr. Miller served as the Chairman and Member of the Council at Gazprombank (Joint - Stock Company) (formerly known as Gazprombank Open Joint Stock Company). He served as Chairman of ManagementBoard of Gazprom Neft since 2001. Since 1990, he served as Researcher of Leningrad Finance and Economics Institute and Head of Section, Leningrad City Council. From 1991 to 1996, he served as the Head of Markets Monitoring Section, Foreign Economic Relations Department. From 1996 to 1999, he served as Director of Development and Investments at Morskoy Port of St. Petersburg Open Joint Stock Company. He also served as General Director of Balttiiskaya Truboprovodnaya Sistema (Baltic Pipeline System) from 1999 to 2000. He served as an Engineer-economist, the General planning division of Leningrad Civil Construction Research and Design Institute. Mr. Miller has been Chairman of the Board of JSC Gazprom-Media Holding since October 26. 2007. He has been Chairman of the Board at OAO Rosgeologiya (also known as JSC Rosgeologiya0 since December 16, 2011. He has been Chairman of Public Joint Stock Company Gazprom Neft since December 2005. He has been the Deputy Chairman of PJSC Gazprom and Open joint stock company Gazprom gazoraspredelenie Syktyvkar since June 2002. He served as Deputy Chairman of the Board of SC Gazprom from June 2005 to June 2008. He has been a Director of Public Joint Stock Company Gazprom since 2002. Mr. Miller serves as Deputy Chairman of Shtokman Development AG, Open joint stock company Gazprom gazoraspredelenie Syktyvkar, and JSC "Gazprom gazoraspredelenie Tula". He serves as a Member of Supervisory Board at South Stream Transport B.V. He serves as a Director of Gazprom Media, JSC Gazprom-Media Holding and JSC SOGAZ. He serves as the Chairman of JSC SOGAZ. Since 2000, he served as Deputy Minister of Energy of the Russian Federation. Since 1990, he was junior researcher, Leningrad Finance and Economics Institute and Section Head. Mr. Miller was awarded with 4th Degree Order for the Outstanding Services to the Fatherland, the Medal of the Outstanding Services to the Fatherland II Degree Order, II Class Order of the Hungarian Republic Cross for his outstanding services to the energy cooperation, St. Mesrop Mashtots Order (Republic of Armenia), the Dostyk (Friendship) Order of the 2nd Degree (Republic of Kazakhstan), Sergiy Radonezhsky II Degree Order of the Russian Orthodox Church and Patriarchal Merit Certificate. He graduated from high school in 1979 and became a student of N. A. Voznesenskii Leningrad Finance and Economics Institute. Mr. Miller holds post-graduate at N. A. Voznesenskii Leningrad Finance and Economics Institute from 1986 to 1989 and obtained Ph. D. in Economics degree in 1989.

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

Average tenure and age of the Gazprom management team in years:

3.1
Average Tenure
57
Average Age
  • The tenure for the Gazprom management team is about average.
Management Team

Alexei Miller

TITLE
Chairman of Management Committee & Deputy Chairman
AGE
57

Famil Kamil Sadygov

TITLE
Deputy Chairman of Management Committee
AGE
51
TENURE
1 yrs

Gennady Sukhov

TITLE
Head of Department 314 & Member of the Management Board
AGE
58
TENURE
1 yrs

Mikhail Rosseyev

TITLE
Chief Accountant
AGE
44
TENURE
0.2 yrs

Vyacheslav Koptelov

TITLE
Head of Management Committee Administration
TENURE
0.2 yrs

Ivan Khromushin

TITLE
Head of Investors Relations Division
TENURE
5.4 yrs

Sergey Khomyakov

TITLE
Deputy Chairman of Mgmt. Committee & Director General of Corporate Security Svc Branch - Moscow
AGE
66
TENURE
13.2 yrs

Elena Lobatcheva

TITLE
Deputy Head of Information For Gazprom Stockholders

Oleg Aksyutin

TITLE
Deputy CEO & Head of Department 623
AGE
52
TENURE
11.5 yrs

Kasyan Kasyanova

TITLE
Head of Department 715
AGE
58
TENURE
5.3 yrs
Board of Directors Tenure

Average tenure and age of the Gazprom board of directors in years:

8.8
Average Tenure
57
Average Age
  • The tenure for the Gazprom board of directors is about average.
Board of Directors

Victor Zubkov

TITLE
Chairman
AGE
78
TENURE
11.8 yrs

Alexei Miller

TITLE
Chairman of Management Committee & Deputy Chairman
AGE
57
TENURE
17.8 yrs

Vitaly Markelov

TITLE
Deputy Chairman of the Management Committee & Director
AGE
56
TENURE
8.3 yrs

Karen Oganyan

TITLE
Head of Department 822 & Member of Audit Commission
AGE
45

Margarita Mironova

TITLE
First Deputy Head of Mgmt Committee Admin

Mikhail Sereda

TITLE
Director
AGE
49
TENURE
18.3 yrs

Victor Martynov

TITLE
Independent Director
AGE
66
TENURE
7.3 yrs

Timur Kulibaev

TITLE
Independent Director
AGE
53
TENURE
8.8 yrs

Andrey Akimov

TITLE
Director
AGE
66
TENURE
8.8 yrs

Vladimir Mau

TITLE
Independent Director
AGE
60
TENURE
8.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Gazprom'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. Gazprom 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

Company Info

Description

Public Joint Stock Company Gazprom, an energy company, engages in the geological exploration, production, processing, storage, transportation, and sale of gas, gas condensates, and oil in Russia and internationally. The company operates through Production of Gas, Transportation, Distribution of Gas, Gas Storage, Production of Crude Oil and Gas Condensate, Refining, and Electric and Heat Energy Generation and Sales segments. It also produces coalbed methane; and owns Unified Gas Supply System, a gas transmission system totaling approximately 172.1 thousand kilometers that comprises 254 compressor stations with a total capacity of 46.7 thousand megawatts in Russia. In addition, the company operates underground gas storage facilities; operates oil refining and petrochemical complexes; generates and sells electric and heat energy; and produces and markets liquefied natural gas. Public Joint Stock Company Gazprom was founded in 1993 and is headquartered in Moscow, Russia.

Details
Name: Public Joint Stock Company Gazprom
GAZ
Exchange: DB
Founded: 1993
RUB53,098,974,322
22,820,000,000
Website: http://www.gazprom.com
Address: Public Joint Stock Company Gazprom
16 Nametkina Street,
GSP-7,
Moscow,
117997,
Russia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
MISX GAZP Ordinary Shares Micex - Rts RU RUB 01. Feb 1995
KAS RU_GAZP Ordinary Shares Kazakhstan Stock Exchange KZ KZT 01. Feb 1995
LSE OGZD SPON ADR-EACH REPR 2 ORD SHS London Stock Exchange GB USD 29. Oct 1996
BASE OGZD CEDEAR EACH REPR 2 ADR RUB5 Buenos Aires Stock Exchange AR ARS 17. Jan 2008
OTCPK OGZP.Y SPON ADR-EACH REPR 2 ORD SHS Pink Sheets LLC US USD 29. Oct 1996
DB GAZ SPON ADR-EACH REPR 2 ORD SHS Deutsche Boerse AG DE EUR 29. Oct 1996
XTRA GAZ SPON ADR-EACH REPR 2 ORD SHS XETRA Trading Platform DE EUR 29. Oct 1996
WBAG OGZD SPON ADR-EACH REPR 2 ORD SHS Wiener Boerse AG AT EUR 29. Oct 1996
BMV OGZD N SPON ADR-EACH REPR 2 ORD SHS Bolsa Mexicana de Valores MX MXN 29. Oct 1996
MISX OGZD SPON ADR-EACH REPR 2 ORD SHS Micex - Rts RU USD 29. Oct 1996
BATS-CHIXE OGZDL SPON ADR-EACH REPR 2 ORD SHS BATS 'Chi-X Europe' GB USD 29. Oct 1996
Number of employees
Current staff
Staff numbers
466,100
Gazprom employees.
Industry
Integrated Oil and Gas
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/08 20:53
End of day share price update: 2020/04/08 00:00
Last estimates confirmation: 2020/04/06
Last earnings filing: 2019/11/30
Last earnings reported: 2019/09/30
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.