"Открытие Капитал": LUKOIL – 4Q11 US GAAP results preview // ПОКУПАТЬ
28 февраля 2012 года
LUKOIL is slated to report its 4Q11 US GAAP results on Thursday, 1 March. We forecast 16% YoY revenue growth to $33.3bn, mainly driven by a 28% rise in the oil price amidst a 2.9% YoY decline in the company's total production of hydrocarbons. We believe LUKOIL's EBITDA will increase 7% YoY to $4,3bn, translating into an EBITDA margin of 13% (reflecting a slight decrease in both YoY and QoQ terms). We estimate LUKOIL's net financing costs at $92 mn, and its tax rate at 20%. This should produce a net income of $2,5 bn and profit before tax of $3,1 bn, representing YoY growth rates of 13% and 9%, respectively.
- PDF 180 КБ