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.($)
21x3.28x14.17x5.15% 16.18B
13.7x7.57x9.88x4.75% 11.77B
14.67x5.96x21.2x9.05% 8.42B
11.79x - - 4.1% 7.85B
9.04x0.19x2.29x5.56% 7.5B
9.71x0.46x3.73x5.86% 7.45B
21.6x5.51x11.59x2.77% 6.66B
6.69x0.45x4.23x7.57% 5.96B
16.38x4.49x12.96x3.27% 5.91B
Average 13.84x 3.49x 10.01x 5.34% 8.63B
Weighted average by Cap. 14.64x 3.77x 10.71x 5.35%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA