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LUKFY - Lukoil: Solid Q3 Results Ensure High Yields
PJSC Lukoil GDR - 144A
In the third quarter of 2019, Lukoil (OTCPK:LUKOY) (OTCPK:LUKFY) (OTC:LUKOF) has managed to generate 83 billion rubles of adjusted FCF vs. 113 billion rubles in H1 2019, which is an outstanding result. The outlook for 2019 seems stable, though I have some concerns about increased capex in 2020. Despite this, I remain bullish on Lukoil with its excellent track record of sustainable dividend growth, strong balance sheet and solid FCF generation.
Q3 Results
Lukoil's revenue fell by 15.3% in annual terms to 1.95 trillion rubles due to a decrease