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NOVKY - Novatek: A Falling Knife Not Worth Catching
Novatek Joint Stock Co GDR Reg S
For the last few years, Novatek (OTC:NOVKY) (OTC:NSTKF) remained one of the most highly valued companies in Russia with a 12-15 EV/EBITDA multiple which was justified by outstanding (at least, on paper) growth prospects. However, at the beginning of the year, investors' patience started to melt, and the price war in the oil market will finally bring the stock down to earth.
The gas market will fully share the damage from the market panic as it has similar concerns: a huge oversupply and lack of demand. Cheaper oil will only deepen