Company Valuation: Gazprom

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 5,028,951 8,116,688 4,681,614 4,681,614 4,681,614 4,681,614
Change - 61.4% -42.32% 0% 0% 0%
Enterprise Value (EV) 1 9,109,726 11,043,315 8,810,487 10,115,204 10,869,204 11,179,254
Change - 21.23% -20.22% 14.81% 7.45% 2.85%
P/E 37.6x 3.9x 3.87x -7.18x 4.03x 3.77x
PBR 0.36x 0.51x 0.3x 0.31x 0.29x 0.27x
PEG - 0x -0.1x 0x -0x 0.54x
Capitalization / Revenue 0.8x 0.79x 0.4x 0.55x 0.44x 0.48x
EV / Revenue 1.44x 1.08x 0.75x 1.18x 1.01x 1.14x
EV / EBITDA 6.74x 3.02x 2.28x 6.57x 3.54x 3.77x
EV / EBIT 15.8x 3.85x 2.99x 18.2x 6.29x 7.04x
EV / FCF -14.9x 18.8x -39.4x -54x -23.9x -12x
FCF Yield -6.73% 5.32% -2.54% -1.85% -4.19% -8.33%
Dividend per Share 2 12.55 52.53 51.03 - - -
Rate of return 5.9% 15.3% 25.8% - - -
EPS 2 5.66 88.07 51.11 -27.58 49.15 52.57
Distribution rate 222% 59.6% 99.9% - - -
Net sales 1 6,321,559 10,241,353 11,673,950 8,541,818 10,714,686 9,770,671
EBITDA 1 1,350,892 3,660,200 3,859,282 1,538,635 3,072,262 2,964,405
EBIT 1 575,427 2,869,328 2,946,734 557,271 1,726,973 1,587,238
Net income 1 135,341 2,093,071 1,225,807 -629,085 1,218,543 1,306,777
Net Debt 1 4,080,775 2,926,627 4,128,873 5,433,590 6,187,590 6,497,640
Reference price 2 212.69 343.28 198.00 198.00 198.00 198.00
Nbr of stocks (in thousands) 23,644,513 23,644,513 23,644,513 23,644,513 23,644,513 23,644,513
Announcement Date 4/29/21 4/28/22 4/24/23 5/2/24 4/30/25 4/29/26
1RUB in Million2RUB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.63x7.55x9.85x4.78% 11.68B
11.86x - - 4.07% 7.9B
10.18x0.48x3.87x5.59% 7.81B
21.79x5.47x11.39x2.75% 6.72B
16.49x4.53x12.88x3.25% 5.94B
16.77x3.39x10.09x3.39% 5.04B
14.49x0.9x9.27x4.34% 3.44B
12.37x1.88x5.74x - 3.5B
Average 14.70x 3.46x 9.01x 4.02% 6.5B
Weighted average by Cap. 14.50x 4.13x 9.09x 4.15%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA