BFW) Gazprom May Keep Positive M-T Cash Flow by Cutting Divs: F
itch
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Gazprom May Keep Positive M-T Cash Flow by Cutting Divs: Fitch
2015-01-15 08:38:14.247 GMT
By Elena Mazneva
(Bloomberg) -- Gazprom free cash flow seen positive in
2015-17 as co. may cut divs, optimize capex plans amid lower gas
demand, prices in main European mkt, Fitch Ratings analyst Maxim
Edelson says by e-mail.
* Net debt/operating cash flow ratio seen no higher than 1.5
in next 3 yrs
* Net debt/Ebitda ratio seen lower still
* NOTE: Gazprom 2015 investment plan, approved in Dec., 840b
rubles vs 1.03t rubles last yr; co. revises plans twice/yr
* NOTE: Gazprom div., based on 2014 results, may decline 40%
to 4.3 rubles/shr, “although much depends on treatment of
provisions” in 4Q, Renaissance Capital analyst Ildar
Davletshin said earlier this wk
* NOTE: Russia 2014 Gas Export Seen Lowest in Decade as Demand
Falls
* NOTE: Russia’s Gas Flows to EU May Rise on Oil, Gazprom
Nota degli analisti di Fitch (non di noialtri.......) che porta a BBB- il rating (di riflesso all'abbassamento della Russia) ma nota come Gaz abbia diverse opzioni per rinforzare un cash flow già robusto e comunque visto positivo fino al 2017....a fronte di ratio di liquidità comunque solidi.....cifre, non opinioni
