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Tatneft 4Q20/2020 review: FCF rose QoQ amid improved commodity environment

Name: 06/04/2021. Gazprombank: Tatneft 4Q20/2020 review: FCF rose QoQ amid improved commodity environment
Creator: Cbonds
License: https://creativecommons.org/licenses/by/4.0/

06/04/2021 | Gazprombank

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Tatneft published IFRS results for 4Q20/2020 and held a conference call last Thursday. We think that the released numbers should not have a material impact on the company’s share price performance. The main question now is the size of the 4Q20 DPS. During the conference call, the management confirmed its commitment to the dividend policy and indicated that the Board of Directors may make a recommendation on the 4Q20 DPS on April 28. We expect the 4Q20 DPS to total RUB 31.3, based on a payout of 100% of FCF in 2020.

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