03 maj: Edison CEO: Edf-A2A Deal Will "Certainly" Be Re..
03 maj: Oil Cos See US Limiting LNG Exports To Keep Low Gas Price
03-05-2012 13:02:00

Novatek Shares Pressured By Gas Tax, But Some See Future Benefits

By Alexander Kolyandr

Of DOW JONES NEWSWIRES

MOSCOW -(Dow Jones)- Shares in Novatek (NVTK.RS), Russia's largest independent natural gas producer, fell 4% early Thursday, extending losses to more than 12% in just two days on the back of the country's new tax regime for gas companies, but analysts are considering whether the tax rise will have benefits.

As President-elect Vladimir Putin seeks ways to fund a new wave of social spending promised during his election campaign without further straining the country's overstretched budget, Russia's government late Wednesday approved gradual mineral extraction tax rises for gas companies till 2015.

While the doubling of tax for state-controlled OAO Gazprom (GAZP.RS) had been broadly expected, and pushed the company's stock down only slightly, Novatek's tax rise is to be much faster and was generally unexpected. Novatek, which is paying lower extraction tax now, will face an almost four-times tax increase in three years, taking it to Gazprom's level.

Analysts estimate Novatek's earnings before interest, tax, depreciation and amortization, or Ebitda, will drop by between 10% and 20% in 2015 due to the tax rise. Brokerages lowered the company's target price and some of them cut recommendation on the stock.

"In the short term we expect Novatek's stock to continue to be under the pressure," said VTB Capital, which has a buy recommendation on the stock.

However, the leveling of taxes for Gazprom and independent producers may open up the lucrative export market to the latter.

"The question is highly political, but independents now have a very strong argument against Gazprom's export monopoly," UralSib bank notes.

The effect of the higher taxes may also be partly mitigated by a possible rise in domestic gas prices, which remain regulated by the government.

"The Russian government appears to be doing what it always does: penalizing the Russian consumer via higher gas prices and penalizing producers by raising taxes," Troika Dialog said.

Shares in Novatek bounced back Thursday and were up 0.4%, at RUB342.00, as of 1042 GMT.

-By Alexander Kolyandr, Dow Jones Newswires; +7 495 232-9192 alexander.kolyandr@dowjones.com

(END) Dow Jones Newswires

May 03, 2012 07:02 ET (11:02 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
26 okt
VWS
Fra tid til anden lytter jeg til Solveig Bjørnestad’s P1 Business. Hun er dygtig til at lave en 360 ..
36
27 okt
VWS
Normal 0 21 false false false DA X-NONE X-NONE ..
26
28 okt
I:SP500
Det ser grundlæggende ganske fint ud makroøkonomisk, hvilket ikke er det samme som at der ikke finde..
16
26 okt
BAVA
Jeg synes du skulle lade være med at bekymre dig om kortsigtede udsving, og ganske enkelt gå lang i ..
16
29 okt
VWS
Hej Pokerchamp, det du kalder 'amatør-detektiv'-arbejde er langt mere informativt end dine ukonstruk..
14
28 okt
VWS
 Fredag d. 3. okt. i år var den norske Olie- og energiminister Tord Lien og næstformand for det nors..
14
30 okt
VWS
Jeg sad ellers lige og kiggede endnu en ordre i Polen   34 MW Postolin Wind Farm   Den ordre må være..
13
29 okt
FING-B
Swift - det er jo fuldkommen ligegyldigt hvad vi siger eller gør så synes du og dit slæng det er for..
12
31 okt
 
Hej alle,   Hermed en lille service mail til alle jer udbytte investorer (ligesom mig selv). Herunde..
11
30 okt
DANSKE
Og pludselig savner jeg alligevel den der "røde tommel ned"  der endgang var her på EI 
11

SAS: Ryanair-boss forudser konkurrenters kollaps

31-10-2014 15:26:57
SAS er blandt en række flyselskaber, som Ryanairs topchef, Michael O'Leary, venter vil skrumpe eller indgå i fusion med andre selskaber inden for de næste fem å..

GN går glip af Siemens høreapparater - bureau - NY

31-10-2014 13:47:16
Ifølge rygter skulle den svenske kapitalfond EQT have de bedste chancer for at overtage høreapparatdivisionen fra Siemens.Det skriver Reuters med henvisning til..

Aktier/middag: På vej mod forsigtigt punktum på solid uge

31-10-2014 11:35:58
Efter en stærkt positiv start på fredagens danske aktiehandel er investorerne igen gået ned i et lavere, men tilsyneladende meget stabilt gear. Dermed peger det..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge
1
Veloxis får væsentlig forsinkelse i USA
2
Novo/Swedbank: Sænker anbefaling og kursmål
3
Danske Bank: Analytikere finpudser kursmål efter regnskab
4
Asien: Overraskende japansk beslutning trækker kraftigt op
5
Aktier/tendens: C20 går grøn åbning i møde med TDC i rampelyset
Euroinvestor i andre lande: Euroinvestor.com | Euroinvestor.se | Euroinvestor.no | Euroinvestor.fr | Forexinvestor.com| Wisselkoersen.nl | Valuta.se | Valutaveksel.no | Divisas.es | Valute.it
Copyright Euroinvestor A/S 2014  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
 
1. november 2014 04:59:51
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20141028.2 - EUROWEB7 - 2014-11-01 04:59:51 - 2014-11-01 04:59:51 - 1 - Website: OKAY

Når du besøger Euroinvestor.dk accepterer du, at der anvendes cookies, som vi og vores samarbejdspartnere benytter til funktionalitet, statistik og markedsføring. Læs mere om cookies på Euroinvestor.dk her

x