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General information

Gazprom Neft PAO is an integrated oil company engaged in the exploration, development, production, transportation, and sale of crude oil and gas. The Company is involved in oil refining, marketing of petroleum products, oilfield services, and construction and development of exploration wells. Gazprom sells its products through its sales network in Russia as well as exports worldwide.
  • Dividend yield for the last twelve months 15.3%
  • Free cash flow yield -23.0% (LTM), projected -33.2%
  • Share of USD-denominated sales in revenue of the company (estimate) 48.0%
  • Share price is 54.7% higher than minimum and 44.4% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (3.8x vs
    )
  • The company is overvalued by EV / projected EBITDA multiple compared to target level (
    vs
    )
  • Taking into account the impact of the key rate 18.0% on the change in financial parameters: EBITDA adjustment is -93 436 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 580 457 mln rub, expected mult is 7.2x, target mult is 3.8x, potential is -79.1%

Key Financials (Download financials)

Ticker: SIBN
Share price, RUB:  (-2.0%)519
year average price 578.04  


year start price 675.50 2024-09-15

max close price 730.50 2024-09-23

min close price 495.45 2025-07-11

current price 519.00 2025-09-14
Common stocks: 4 741 300 000
Dividend Yield:  15.3%
FCF Yield LTM / expected: -23.0% / -33.2%
EV / LTM EBITDA:3.8x
EV / EBITDA annualized: 4.7x
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 2 460 735
Net Debt (m RUB): 1 345 964
EV (Enterprise Value): 3 806 699
EBITDA LTM (m RUB): 989 822
Net Income LTM (m RUB): 320 692
EV / LTM EBITDA: 3.8x
Net Debt / LTM EBITDA (if EBITDA > 0): 1.4x
Average daily trading volume for the week, RUB mln: 268
P / E 7.7x
P / E ann-d10.0x
P / B 0.8x
EBITDA margin ann-d 23.1%
Net income margin ann-d 6.9%

Revenue and EBITDA

Quarterly values (m RUB)

Change (y/y)

Cash Flow

FCF (m RUB), before FX effects elimination

Net Debt / Cash and Equivalents (m RUB)

Share price and dividends (Download history)

Share price

Payment RUB per share

Multiple and potential

EV / LTM EBITDA and 50% percentile

Potential dynamics

Daily trade volumes

Millions of RUB

P/B and P/E multipliers

P / B

P / E

MSFO data *The values are shown in mln RUB The % change shows the difference from the same period last year

View as Pivot Table       Export as Pivot Table (xlsx)



Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 q2 884 037-15%   91 975-52% 61 407-65% 12 761+23% -30 783+103%
2025 q1 890 916-9%   112 736-44% 99 298-40% 4 625-26% -24 122+45%
2024 q4 1 040 377+6%   142 730-21% 79 994-52% 19 110-46% -19 618-54%
2024 q3 1 040 377+6%   142 730-21% 79 994-52% 19 110 -19 618
2024 q2 1 041 656+27%   193 243+9% 174 311+23% 10 362+121% -15 151+74%
2024 q1 977 298+19%   200 135+13% 166 464+18% 6 276+34% -16 582+90%
2023 q4 983 773+23%   181 213-79% 165 358-78% 35 195 -43 041
2023 q3 983 773   181 213 165 358    
2023 q2 821 617-2%   177 409-29% 141 441-42% 4 696-21% -8 707>+200%
2023 q1 821 617   177 409 141 441 4 696 -8 707
2022 q4 797 175-9%   870 352>+200% 736 462>+200%    
2022 q2 835 807+15%   248 578+83% 245 123+80% 5 947+78% -2 572-61%
2021 q4 ( 2259 , 2260 ) 873 620+44%   172 488+161% 151 421+81% 8 500>+200% -5 736-26%
2021 q3 ( 2261 , 2262 ) 823 790+53%   156 231+176% 144 772>+200% 4 634+156% -5 615-17%
2021 q2 ( 2263 , 2264 ) 726 780+82%   135 904>+200% 136 538>+200% 3 346-8% -6 638-13%
2021 q1 610 980+19%   96 714>+200% 86 632<-100% 2 084-52% -7 642+16%
2020 q4 ( 2266 , 2267 , 2268 ) 604 841-1%   66 005-27% 83 591<-100% 1 595-70% -7 740+20%
2020 q3 536 741-18%   56 635-52% 29 898-73% 1 812-70% -6 780-13%
2020 q2 ( 2270 , 2271 ) 398 265-37%   8 446-93% 19 769-91% 3 621-43% -7 658-18%
2020 q1 514 568-12%   14 091-88% -12 625<-100% 4 350-15% -6 568-29%
2019 q4 ( 2273 , 2274 ) 613 870-7%   90 008-7% -16 922<-100% 5 357+84% -6 451+24%
2019 q3 ( 2275 , 2276 ) 656 764-5%   119 052-21% 111 299-21% 6 047>+200% -7 813+60%
2019 q2 ( 2277 , 2278 ) 628 315+2%   122 842-2% 215 039+109% 6 406>+200% -9 299+70%
2019 q1 ( 2279 , 2280 ) 586 359+13%   114 666+35% 112 672+52% 5 096+176% -9 209+55%
2018 q4 ( 2281 , 2282 , 2283 , 2284 ) 661 999+21%   96 473+20% 83 592+21% 2 911+59% -5 196-11%
2018 q3 ( 2285 , 2286 ) 689 557+40%   149 896+69% 140 262+70% 1 665-45% -4 870-19%
2018 q2 617 103+34%   125 201+73% 102 994+93% 1 082-60% -5 465-16%
2018 q1 520 633+15%   85 172+40% 74 145+15% 1 848-26% -5 945-12%
2017 q4 ( 2289 , 2290 , 7337 ) 545 179-68%   80 703-66% 69 179-67% 1 832-83% -5 839-83%
2017 q3 493 524+10%   88 608+24% 82 448+36% 3 0410% -6 026-23%
2017 q2 459 638+13%   72 485+37% 53 317+6% 2 7130% -6 543-25%
2017 q1 454 694+24%   60 727+22% 64 734+56% 2 512-1% -6 719-31%
2016 q4 ( 2293 , 2294 , 2295 , 2296 , 2297 ) 1 695 764>+200%   238 316>+200% 209 725<-100% 11 071+161% -34 282+173%
2016 q3 450 249+4%   71 400+21% 60 527>+200% 3 038-14% -7 845+2%
2016 q2 405 075-4%   52 934-30% 50 155-34% 2 717-23% -8 714+28%
2016 q1 366 002-4%   49 791-1% 41 592+10% 2 547-26% -9 724+40%
2015 q4 ( 2301 , 2302 , 2303 , 2304 ) 417 527-6%   21 374-12% -17 096+4% 4 239+81% -12 542+126%
2015 q3 434 988+1%   58 968-19% 20 090-62% 3 547+69% -7 663+97%
2015 q2 423 225-1%   75 675+26% 75 539+47% 3 524>+200% -6 815+131%
2015 q1 380 035-1%   50 104-10% 37 665-4% 3 422+118% -6 923+139%
2014 q4 ( 2308 , 2309 , 2310 , 2311 , 2312 , 2313 , 2314 ) 444 402+196%   24 210-54% -16 423<-100% 2 341+36% -5 544+127%
2014 q3 431 647+7%   72 776+5% 52 579-13% 2 099+32% -3 893+35%
2014 q2 429 338+20%   60 007+21% 51 216+28% 1 065-11% -2 946+4%
2014 q1 ( 2317 , 2318 ) 385 170+8%   55 652+10% 39 284-3% 1 570+4% -2 896-6%
2013 q4 ( 2319 , 2320 , 2321 , 2322 , 2323 , 2324 ) 150 257-27%   53 020-25% 45 581-16% 1 724+112% -2 437-28%
2013 q3 402 312+6%   69 148+39% 60 662+32% 1 585+100% -2 886+3%
2013 q2 ( 2326 , 2327 ) 359 080+19% 2 0130% 49 584-3% 39 950+18% 1 191+6% -2 820+10%
2013 q1 355 954+3%   50 365+7% 40 527-19% 1 511+178% -3 090+32%
2012 q4 207 094-44%   70 250+16% 54 157+16% 815+25% -3 402+48%
2012 q3 379 267+2%   49 686-18% 46 038-2% 794+22% -2 790+22%
2012 q2 301 753-6% 2 012 50 881+10% 33 869-15% 1 124+197% -2 559-4%
2012 q1 344 535+20%   47 109-6% 50 088+23% 543+44% -2 338-23%
2011 q4 370 517+50%   60 768+69% 46 822+77% 652+77% -2 293-11%
2011 q3 370 517+50%   60 768+69% 46 822+77% 652+77% -2 293-11%
2011 q2 321 055   46 357 39 958 379 -2 664
2011 q1 288 311   49 922 40 768 376 -3 019
2010 q4 246 664+33%   35 856>+200% 26 426+9% 369-56% -2 586-11%
2010 q3 246 664+33%   35 856>+200% 26 426+9% 369-56% -2 586-11%
2009 q4 185 400-27%   1 113-98% 24 155-34% 847+8% -2 893+121%
2009 q3 185 400-27%   1 113-98% 24 155-34% 847+8% -2 893+121%
2008 q4 254 094+53%   48 992+28% 36 519+12% 784+6% -1 309+12%
2008 q3 254 094   48 992 36 519 784 -1 309
2007 q4 166 576   38 408 32 481 737 -1 168


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (30 783 - 12 761) * 4 / (1 345 964 - 90 603)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q2 3 142 231-2% 6 200 322>+200% 1 345 964+51% 5.7% 1.36x
2025 q1 3 210 722 6 063 525 1 354 969 6.2% 1.26x
2024 q4 3 168 749 6 140 642+1% 1 303 606>+200% 0.2% 1.13x
2024 q3         0.93x
2024 q2 3 220 609+6% 1 233 182-76% 892 597-4% 2.3% 0.72x
2024 q1         0.65x
2023 q4   6 053 578 305 307 10.3% 0.55x
2023 q3         0.64x
2023 q2 3 051 870 5 174 844 934 121 1.9% 0.74x
2023 q1         0.56x
2022 q4         0.37x
2022 q2         0.34x
2021 q4 ( 2259 , 2260 ) 2 538 193+12% 4 960 473+16% 909 783+9% -1.5% 0.44x
2021 q3 ( 2261 , 2262 ) 2 566 416+16% 4 735 890+18% 846 528-10% 0.6% 0.76x
2021 q2 ( 2263 , 2264 ) 2 416 013+13% 4 513 559+17% 915 918+6% 1.8% 1.12x
2021 q1 2 344 398+4% 4 380 318+11% 1 057 530+25% 2.5% 1.80x
2020 q4 ( 2266 , 2267 , 2268 ) 2 262 447+2% 4 259 174+11% 837 473+7% 3.7% 2.23x
2020 q3 2 212 436-1% 4 030 124+8% 944 540+41% 2.6% 2.40x
2020 q2 ( 2270 , 2271 ) 2 145 071+1% 3 869 536+6% 867 825+30% 2.3% 1.93x
2020 q1 2 255 993+10% 3 961 766+10% 846 622+18% 1.3% 1.51x
2019 q4 ( 2273 , 2274 ) 2 213 197 3 825 483+9% 781 862-6% 0.7% 1.17x
2019 q3 ( 2275 , 2276 ) 2 224 846+11% 3 748 000+13% 668 047-11% 1.4% 1.01x
2019 q2 ( 2277 , 2278 ) 2 116 668+15% 3 646 451+17% 668 777-14% 2.2% 0.96x
2019 q1 ( 2279 , 2280 ) 2 047 566+17% 3 606 670+20% 715 035-10% 2.9% 1.02x
2018 q4 ( 2281 , 2282 , 2283 , 2284 )   3 520 926+20% 835 448+29% 1.1% 1.11x
2018 q3 ( 2285 , 2286 ) 2 000 930+23% 3 330 994+19% 751 972+1% 2.1% 1.17x
2018 q2 1 838 637+20% 3 113 394+15% 781 873+6% 2.6% 1.39x
2018 q1 1 743 457+16% 2 997 879+16% 792 435+8% 2.4% 1.57x
2017 q4 ( 2289 , 2290 , 7337 )   2 930 008+15% 650 149-10% 2.5% 1.54x
2017 q3 1 622 498+16% 2 793 692+12% 741 992-9% 1.9% 1.52x
2017 q2 1 534 766+15% 2 717 525+10% 739 551-8% 2.4% 1.61x
2017 q1 1 509 185+16% 2 580 437+6% 733 603-10% 2.6% 1.88x
2016 q4 ( 2293 , 2294 , 2295 , 2296 , 2297 )   2 548 811+3% 724 039-14% 12.8% 1.91x
2016 q3 1 397 279+11% 2 497 676+5% 814 970+14% 2.6% 2.27x
2016 q2 1 336 435+8% 2 476 487+12% 800 758+32% 3.3% 3.24x
2016 q1 1 302 775+12% 2 437 055+12% 815 192+31% 3.9% 4.96x
2015 q4 ( 2301 , 2302 , 2303 , 2304 ) 1 248 489 2 485 466 845 538 4.4% 11.06x
2015 q3 1 254 088+15% 2 389 083+31% 716 994+116% 2.6%  
2015 q2 1 232 813+16% 2 207 053+28% 604 837+125% 2.5%  
2015 q1 1 165 136+12% 2 181 073+27% 621 583+177% 2.5%  
2014 q4 ( 2308 , 2309 , 2310 , 2311 , 2312 , 2313 , 2314 )          
2014 q3 1 089 487+15% 1 820 992+25% 332 453+95% 2.5%  
2014 q2 1 060 371+17% 1 730 465+21% 269 046+63% 3.4%  
2014 q1 ( 2317 , 2318 ) 1 042 312 1 710 809 224 524 3.0%  
2013 q4 ( 2319 , 2320 , 2321 , 2322 , 2323 , 2324 ) 998 021+14% 1 563 633+20% 219 358+18% 1.6%  
2013 q3 949 530 1 452 808 170 824 4.0%  
2013 q2 ( 2326 , 2327 ) 907 882+16% 1 426 323+18% 165 030-11% 5.3%  
2013 q1          
2012 q4 875 431+9% 1 300 108+10% 186 516-14% 7.1%  
2012 q3          
2012 q2 781 302 1 207 844 185 841 4.3%  
2012 q1 784 626 1 173 435 180 188 5.4%  
2011 q4 801 266+26% 1 178 258+20% 216 360-8% 3.9%  
2011 q3          
2011 q2          
2011 q1          
2010 q4 635 795+100% 980 196+100% 234 655+100% 5.2%  
2010 q3          
2009 q4 00% 00% 00%    
2009 q3          
2008 q4 0 0 0    
2008 q3          
2007 q4          


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q2 154 342-39% -55 626-60% -4 407-76%
2025 q1 104 805-39% -175 274+34% -6 346-98%
2024 q4 199 425-14% -104 525-27% -173 724>+200%
2024 q3 199 425 -104 525 -173 724
2024 q2 252 908+46% -138 555+1% -18 110-89%
2024 q1 172 020-1% -130 859-4% -353 455+124%
2023 q4 230 738 -143 054 -55 171
2023 q3      
2023 q2 173 433+18% -136 567+17% -157 988-5%
2023 q1 173 433 -136 567 -157 988
2022 q4      
2022 q2 146 989-43% -116 645+14% -166 813>+200%
2021 q4 ( 2259 , 2260 ) 941 923+82% -460 062+23% -143 204+16%
2021 q3 ( 2261 , 2262 ) 275 526+101% -67 971+63% -67 684-32%
2021 q2 ( 2263 , 2264 ) 257 943>+200% -102 266-12% -55 522>+200%
2021 q1 129 508-3% -121 772+20% -32 052+110%
2020 q4 ( 2266 , 2267 , 2268 ) 517 057-15% -374 165+3% -123 957-55%
2020 q3 136 902-13% -41 775-44% -99 553+129%
2020 q2 ( 2270 , 2271 ) 38 656-71% -115 800+189% -13 904-76%
2020 q1 133 711-21% -101 616+35% -15 284-82%
2019 q4 ( 2273 , 2274 ) 609 076+13% -363 589+9% -276 720>+200%
2019 q3 ( 2275 , 2276 ) 157 196-13% -74 896-17% -43 468+58%
2019 q2 ( 2277 , 2278 ) 134 509+6% -40 116-49% -58 219-31%
2019 q1 ( 2279 , 2280 ) 168 596+103% -75 347+44% -86 212>+200%
2018 q4 ( 2281 , 2282 , 2283 , 2284 ) 537 523>+200% -335 038>+200% -56 543<-100%
2018 q3 ( 2285 , 2286 ) 181 347+25% -90 233+3% -27 542-52%
2018 q2 127 180+10% -78 495-10% -84 968>+200%
2018 q1 83 109+28% -52 218-15% -24 927<-100%
2017 q4 ( 2289 , 2290 , 7337 ) 95 919-70% -77 228-76% 3 620<-100%
2017 q3 144 653+61% -87 643-17% -57 314+138%
2017 q2 115 973+86% -86 846+15% -3 150<-100%
2017 q1 65 155-22% -61 172+53% 6 323<-100%
2016 q4 ( 2293 , 2294 , 2295 , 2296 , 2297 ) 321 297>+200% -323 854>+200% -68 430<-100%
2016 q3 89 819+19% -105 275+31% -24 075<-100%
2016 q2 62 299-30% -75 362-38% 7 987+98%
2016 q1 83 496+51% -39 936+3% -67 169<-100%
2015 q4 ( 2301 , 2302 , 2303 , 2304 ) 65 548+17% -72 695-34% 61 120<-100%
2015 q3 75 629-8% -80 623-24% 2 937<-100%
2015 q2 88 561+19% -122 403-6% 4 027<-100%
2015 q1 55 437-22% -38 790+109% 14 109-74%
2014 q4 ( 2308 , 2309 , 2310 , 2311 , 2312 , 2313 , 2314 ) 55 789-2% -110 255+33% -19 716<-100%
2014 q3 82 617-12% -105 942+47% -18 505-63%
2014 q2 74 582-9% -130 036+104% -6 053<-100%
2014 q1 ( 2317 , 2318 ) 70 977+62% -18 559-50% 54 847<-100%
2013 q4 ( 2319 , 2320 , 2321 , 2322 , 2323 , 2324 ) 56 824-17% -83 106+45% 46 879<-100%
2013 q3 94 027+77% -72 068+66% -50 283>+200%
2013 q2 ( 2326 , 2327 ) 81 957+20% -63 763+43% 6 658<-100%
2013 q1 43 928-24% -36 788+5% -16 264>+200%
2012 q4 68 316+38% -57 456+20% -6 628+80%
2012 q3 53 009+7% -43 310-9% -3 305-10%
2012 q2 68 556+77% -44 539+63% -3 050-75%
2012 q1 57 867 -35 151 -3 050
2011 q4 49 519+19% -47 821+28% -3 680+55%
2011 q3 49 519+19% -47 821+28% -3 680+55%
2011 q2 38 734 -27 380 -12 430
2011 q1      
2010 q4 41 506+52% -37 349-2% -2 379<-100%
2010 q3 41 506+52% -37 349 -2 379<-100%
2009 q4 27 236-25% -38 259+41% 1 450<-100%
2009 q3 27 236-25%   1 450
2008 q4 36 519+12% -27 150-39% -4 437
2008 q3 36 519 -27 150  
2007 q4 32 481 -44 186  
RSBU data *The values are shown in mln RUB The % change shows the difference from the same period last year

View as Pivot Table       Export as Pivot Table (xlsx)



Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 q2 657 750-22% 62 659-57% 905-99% 249 596-34% 13 122-20% -69 397+56%
2025 q1 767 660-5% 82 212-51% 17 803-76% -21 323<-100% 6 659-55% -63 597+53%
2024 q4 ( 9332 , 9887 ) 954 703+7% 151 697+91% 75 187<-100% 11 926-74% 19 837-21% -56 075+73%
2024 q3 919 237+8% 130 696-32% 54 109-33% 7 230-93% 23 515+87% -45 727+129%
2024 q2 844 888+20% 146 312-29% 63 011-41% 375 899+122% 16 348+76% -44 515+170%
2024 q1 808 781 167 495 74 187 36 917 14 885 -41 492
2023 q4 890 023 79 267 -11 960 45 752 24 975 -32 435
2023 q3 854 131+15% 191 863+2% 81 238-25% 100 0870% 12 559+114% -19 970+84%
2023 q2 704 956-21% 205 061-4% 106 384-25% 169 390-3% 9 308-47% -16 510-11%
2022 q4            
2022 q3 744 725+5% 187 941+66% 107 652+141% 99 953-13% 5 876 -10 867
2022 q2 887 852+40% 213 819+149% 141 328>+200% 174 667+3% 17 683 -18 448
2021 q4 793 224+90% 131 321>+200% 48 662<-100% 69 869+23%    
2021 q3 708 652+66% 113 363+199% 44 699<-100% 115 069<-100%    
2021 q2 633 006+114% 85 726+177% 18 936>+200% 170 052+10%    
2021 q1 540 362+45% 60 241+38% 4 110<-100% -10 877-55%    
2020 q4 417 008+3% 40 206-25% -24 688>+200% 56 947>+200%    
2020 q3 427 623-6% 37 962-44% -4 520<-100% -25 159<-100%    
2020 q2 295 257 30 905 5 339 154 970    
2020 q1 372 904-23% 43 651-30% -11 075<-100% -24 206>+200%    
2019 q4 403 125-28% 53 585-38% -6 282<-100% 1 292-85%    
2019 q3 456 245-19% 67 333+10% 115-95% 146<-100%    
2019 q2            
2019 q1 484 975+12% 62 665+23% 4 570<-100% -2 803-79%    
2018 q4 557 075 86 611 11 917 8 672    
2018 q3 566 597 61 155 2 280 -4 023    
2018 q2 514 239 62 097 5 418 98 997    
2018 q1 432 098 51 005 -5 279 -13 474    


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (69 397 - 13 122) * 4 / (1 160 492 - 0)

Q Total equity Total assets Net debt
 
2025 q2 802 246-16% 3 020 587-4% 1 160 492+78%
2025 q1 681 661 2 803 695 1 153 752
2024 q4 ( 9332 , 9887 ) 733 351 2 945 166 1 047 983+118%
2024 q3 721 420-27% 3 048 107+6% 574 788-6%
2024 q2 960 5470% 3 162 591+21% 650 780-14%
2024 q1      
2023 q4     481 151-9%
2023 q3 987 622+46% 2 870 313+13% 609 878+16%
2023 q2 956 838+42% 2 619 557+3% 760 994+44%
2022 q4     526 874+23%
2022 q3 675 704 2 546 044 526 874+33%
2022 q2 675 704 2 546 044 526 874+7%
2021 q4     427 090-32%
2021 q3     395 971-37%
2021 q2     490 556-22%
2021 q1     575 082-8%
2020 q4     625 804-3%
2020 q3     625 804-3%
2020 q2     625 804-3%
2020 q1     625 804-3%
2019 q4     642 612+13%
2019 q3     642 612+13%
2019 q2     642 612+13%
2019 q1     642 612+13%
2018 q4     567 340
2018 q3     567 340
2018 q2     567 340
2018 q1     567 340
More information for subscribed users:
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Potential and Created Value,
commodities affecting the company