GZPFY - Gazprom Neft: Expectations Are Already Priced In

• We do not like state-owned companies, but Gazprom Neft is one of the most efficient oil companies in the world.
• The company maintained a strong balance even during the pandemic.
• We expect to see an increase in net profit margin and asset turnover.
• Although the company has excellent financial performance, in our opinion, the current price is fair.
• We are not buyers at the current price.

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