Dividends and promising projects: why they choose Rosneft.
Rosneft shares are among the favorites of Alfa Investments analysts in the fourth quarter. because of that
The economic situation is stable.
Free cash flow remains positive even with large capital expenditures. Moderate debt load: net debt / EBITDA = 1.8x. While results for the first half of the year are mixed, they may improve in the second half of the year thanks to expensive oil.
Ruble oil is expensive.
Brent quotes remain significantly higher than levels at the beginning of the year. Even if the situation in the Middle East returns to normal, the raw materials will still not be much cheaper: countries have to return reserves.
Vostok Oil started working.
The first batch of oil was shipped from it on September 5. Shipments in 2027 are planned at 30 million tons, and should increase to 50 million by 2030. The launch of the project will help the company increase revenues.
There are regular dividends.
Rosneft pays investors 50% of profits according to international standards. So far the profitability is lower than that of the other representatives of the sector. But payments may be larger by the end of 2026 because of expensive oil.
The target price of Rosneft shares from Alfa-Bank analysts is 517 rubles for 12 months. That's +44% of quotes now.