OGZPY - Gazprom: Even If The War Ends Tomorrow The Good Days Are Gone Forever

• After seeing tension simmer for years, sadly Ukraine now finds itself at war with Russia, which has seen Western nations slam sanctions across the Russian economy.
• Despite even targeting their central bank, they have avoided Gazprom which is responsible for their gas exports, as Europe is too reliant on these to run their economy.
• Whilst this has helped Gazprom in the short-term, looking into the long-term, this is a pivotal moment that will see Europe expedite sourcing their energy elsewhere.
• This will erode the medium to long-term profitability of Gazprom, along with its appeal and thus regardless of when this war ends, the good days are gone forever.
• Due to these never-before-seen short-term uncertainties, I believe that a hold rating is appropriate.

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