"Открытие Капитал": LUKOIL – four reasons to BUY
27 марта 2012 года
We see lower-than-previously-expected downstream profits for LUKOIL, but higher mid-term growth rates in hydrocarbon output. While we reduced our target price by 3% to $72/share, we maintain our BUY rating, driven by our anticipation of a turnaround in Russian crude production during 2012, as well as expectations of an attractive FCF yield (11% for 2012) and favourable exposure to ongoing oil tax reform.
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