Company Valuation: Gazprom

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Market Cap 1 1,982,268 1,495,370 2,570,366 1,841,435 1,841,435 1,841,435
Change - -24.56% 71.89% -28.36% 0% 0%
Enterprise Value (EV) 1 2,562,981 2,136,910 2,823,276 2,027,703 2,146,742 2,778,318
Change - -16.62% 32.12% -28.18% 5.87% 29.42%
P/E 4.95x 12.7x 5.11x 2.45x 2.87x 3.84x
PBR 0.96x 0.72x 1.09x 0.67x 0.62x 0.6x
PEG - -0.2x 0x 0x -0.2x -0.2x
Capitalization / Revenue 0.82x 0.84x 0.84x 0.54x 0.52x 0.45x
EV / Revenue 1.06x 1.19x 0.92x 0.59x 0.61x 0.68x
EV / EBITDA 4.17x 6.09x 3.66x 1.72x 1.98x 2.42x
EV / EBIT 5.79x 15.3x 5.09x 2.33x 2.98x 4.09x
EV / FCF -18.3x 15.6x 6.58x 2.24x 2.41x 54x
FCF Yield -5.47% 6.43% 15.2% 44.6% 41.5% 1.85%
Dividend per Share 2 37.96 15 56 - 102.4 79.17
Rate of return 9.03% 4.73% 10.3% - 26.2% 20.3%
EPS 2 84.82 24.95 106.7 159.3 135.9 101.6
Distribution rate 44.8% 60.1% 52.5% - 75.4% 77.9%
Net sales 1 2,415,183 1,789,271 3,068,442 3,412,129 3,519,959 4,099,708
EBITDA 1 614,304 350,804 770,771 1,180,745 1,085,624 1,149,571
EBIT 1 442,485 139,237 554,818 870,352 721,049 678,837
Net income 1 400,201 117,699 503,445 751,473 641,110 479,450
Net Debt 1 580,713 641,540 252,910 186,268 305,307 936,883
Reference price 2 420.15 316.95 544.80 390.30 390.30 390.30
Nbr of stocks (in thousands) 4,718,000 4,718,000 4,718,000 4,718,000 4,718,000 4,718,000
Announcement Date 2/25/20 2/18/21 2/17/22 3/14/24 3/14/24 2/14/25
1RUB in Million2RUB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 22.36B
13.25x3.29x6.36x5.21% 1,725B
11.88x1.63x5.53x3.96% 356B
7.95x0.56x3.72x6.6% 265B
7.72x0.82x3.76x3.78% 230B
7.2x1.03x3.97x4.83% 189B
5.69x1.61x2.58x7.97% 148B
3.03x1.45x2.8x13.47% 105B
6.92x0.75x1.75x4.62% 85.06B
8.66x0.72x3.69x4.98% 75.09B
Average 8.03x 1.32x 3.80x 6.16% 319.88B
Weighted average by Cap. 10.93x 2.30x 5.24x 5.44%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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