Investment summary
The investment case for Lukoil (LUKOY) is straight forward. Based on both a stand-alone and peer analysis, Lukoil is probably the cheapest integrated oil firm in the world. Lukoil is an unleveraged low-cost producer with ample reserves, has a collection of profitable downstream assets, and a long-documented history of returning capital to its shareholders. All of the above makes Lukoil a compelling value play and an investment opportunity.
Assets overview
Lukoil is an integrated oil behemoth with one of the finest collection of assets in the energy sector. The firm has