Investment Thesis
Gazprom (OTCPK:OGZPY) is extremely cheap with a P/E around 4, it has been so for a while. This is likely due to the higher political risk, sanctions and high capital investments. We have seen Nord Stream 2 get approval from several countries and partners coming on board. The project has been viewed as very risky, but the recent approvals clearly lowers the overall risk of the project. The other projects are also progressing according to plan.
Gazprom's sales and earnings are already at multi-year highs. With the projected completion of a