PJSC Gazprom (OGZD:LN)

Energy/Integrated Oil and Gas Price: 9.89 USD Report Date: September 29, 2021 Business Description and Key Statistics

PJSC Gazprom is a gas company based in Russia. Co. is engaged Current YTY % Chg in oil production, oil refining, electric and heat energy generation. Co. is involved in the following activities: exploration and production Revenue LFY (M) 84,927 -25.3 of gas; transportation of gas; sales of gas within the Russian EPS Diluted LFY 0.08 -89.2 Federation and abroad; gas storage; production of crude oil and gas condensate; processing of oil, gas condensate and other Market Value (M) 233,755 hydrocarbons and sales of refined products; electric and heat energy generation and sales. Other activities include production of Shares Outstanding LFY (000) 23,645,000 other goods, other works and rendering of other services. Book Value Per Share 8.05 EBITDA Margin % 22.90

Net Margin % 2.4 Website: www.gazprom.com Long-Term Debt / Capital % 22.2 ICB Industry: Energy Dividends and Yield TTM 0.41 - 4.18% ICB Subsector: Integrated Oil and Gas Payout Ratio TTM % 100.0 Address: Nametkina St., 16;V-420, GSP-7 Moscow 60-Day Average Volume (000) 5,639 RUS 52-Week High & Low 9.89 - 3.83 Employees: 467,000 Price / 52-Week High & Low 1.00 - 2.58

Price, Moving Averages & Volume

10.2 10.2 PJSC Gazprom is currently trading at 9.89 which is 17.9% above its 50 day moving 9.4 9.4 average price of 8.39 and 42.9% above its 200 day 8.5 8.5 moving average price of 6.92. OGZD:LN is currently 0.0% 7.7 7.7 above its 52-week high price of 9.89 and is 158.2% above its 52-week low price of 3.83. 6.9 6.9 Over the past 52-weeks, OGZD:LN is up 132.2% while 6.0 6.0 on a calendar year-to-date basis it is up 76.7%.

5.2 5.2 The Relative Strength Index (RSI) indicator for OGZD:LN is currently 74.94. An RSI value 4.4 4.4 of 70 and above is considered overbought and 30 and below 3.5 3.5 oversold. 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21 Volume (000) 27,516 27,516

20,677 20,677

13,839 13,839

Mean (7419.15) 7,000 7,000

162 162 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21

Price Price (50-Day Simple Moving Average) Price (200-Day Simple Moving Average)

Energy/Integrated Oil and Gas Price: 9.89 USD Report Date: September 29, 2021 Price Performance, Technical Indicators & Risk Metrics

Difference Price Performance % Change vs FTSE 350 Technical Indicators 1-Day % 0.94 -0.01 50-Day Average Price 8.39 1-Week % 6.14 5.02 Price / 50-Day Average 1.18 4-Week % 16.03 16.89 200-Day Average Price 6.92 52-Week % 132.17 109.22 Price / 200-Day Average 1.43 RSI - Relative Strength Index 74.94 Quarter-to-Date % 29.70 29.22

Year-to-Date % 76.73 66.18 Risk Metrics Last Month % 6.68 4.76 Price Volatility 0.36 Last Quarter % 27.80 23.13 Sharpe Ratio 0.18 Last Calendar Year % -32.01 -19.02 Sortino Ratio 0.37

5-Year Price Performance vs. FTSE 350

PJSC Gazprom Current: 2.28 CAGR: 18.0% Over the past five years, PJSC FTSE 350 Index Current: 1.20 CAGR: 3.8% Gazprom's stock price is up 128.2% which is 108.0% 2.4 2.4 above the FTSE 350 Index performance of 20.2% over the OGZD:LN same period. PJSC 2.2 2.2 Gazprom's cumulative annualized growth rate 2.1 2.1 (CAGR) over the five year period has been 18.0% while that of the FTSE 350 Index 2.0 2.0 has been 3.8%.

Over the past year, PJSC 1.8 1.8 Gazprom's stock price performance of 132.2% has 1.7 1.7 outperformed that of the FTSE 350 Index by 109.2%. On a year-to-date basis, PJSC 1.6 1.6 Gazprom's stock price performance of 76.7% has 1.4 1.4 outperformed the FTSE 350 Index by 66.2%.

1.3 1.3 Over the past week, PJSC Gazprom's stock price ^NMX:LN performance of 6.1% has 1.2 1.2 outperformed that of the FTSE 350 Index by 5.0%. 1.0 1.0

0.9 0.9

0.8 0.8 2017 2018 2019 2020 2021 2022

Energy/Integrated Oil and Gas Price: 9.89 USD Report Date: September 29, 2021 Growth and Profitability Metrics

5-Year 10-Year Historical Growth 3-Year 5-Year 10-Year Profitability Current Average Average Revenues % -8.7 1.7 -2.7 Gross Margin % 63.7 Revenues Per Share % -10.2 1.2 -2.8 EBITDA Margin % 22.9 25.3 30.1 EBITDA % -7.2 -2.8 -7.4 Pre-Tax Margin % 0.3 14.8 18.4 EPS Diluted % -45.6 -28.5 -24.0 Net Margin % 2.4 12.8 15.6 Free Cash Flow % 999.9 -1.3 -9.6 Return on Equity % 1.2 8.0 9.5 Cash from Operations % 6.6 -2.0 -6.3 Return on Capital % 0.9 6.4 7.7 Book Value % -4.0 5.2 -1.0 Return on Assets % 0.7 5.1 6.3

Revenue (M) PJSC Gazprom's cumulative annualized revenue growth Current: 84926.88 Median: 112945.08 High: 122671.60 Low: 84926.88 CAGR: -4.0% rate over the charted period is 130,220.5 130,220.5 122,671.6 -4.0%. This compares to 118,260.0 cumulatative annualized 112,945.1 114,493.6 114,493.6 growth of -8.7% over the past 99,856.6 3 years. 98,766.6 98,766.6 84,926.9 83,039.6 83,039.6 2017 2018 2019 2020 2021 PJSC Gazprom's cumulative EPS Diluted annualized EPS growth rate Current: 0.08 Median: 0.69 High: 0.95 Low: 0.08 CAGR: -41.6% over the charted period is 1.12 1.12 -41.6%. This compares to 0.95 0.86 cumulatative annualized 0.76 0.69 0.76 growth of -45.6% over the past 0.56 3 years. 0.40 0.40 0.08 0.04 0.04 2016 2017 2018 2019 2020 2021

Net Profit Margin % PJSC Gazprom's net profit margin of 2.4% is 10.3% below Current: 2.37 Median: 13.22 High: 19.97 Low: 2.37 CAGR: -36.8% the period's mean net margin 20.9 20.9 of 12.6%. During the charted period, the observed net profit 14.4 Mean (12.64) 14.4 margin high and low were 20.0% and 2.4% respectively. 7.9 7.9

1.5 1.5 2016 2017 2018 2019 2020 2021 PJSC Gazprom's return on Return on Equity % equity of 1.2% is 6.6% below Current: 1.20 Median: 8.40 High: 12.40 Low: 1.20 CAGR: -42.1% the period's mean return on 13.0 13.0 equity of 7.8%. During the charted period, the observed 8.9 Mean (7.85) 8.9 ROE high and low were 12.4% and 1.2% respectively. 4.7 4.7

0.6 0.6 2016 2017 2018 2019 2020 2021

Energy/Integrated Oil and Gas Price: 9.89 USD Report Date: September 29, 2021 Valuation Metrics

5-Year 10-Year 5-Year 10-Year Current Median Median Current Median Median

Price / EPS TTM 99.9 7.3 7.1 Earnings Yield % 1.27 14.20 14.25

Price / Sales 2.6 1.0 1.2 Free Cash Flow Yield % 2.17 1.39 2.76

Price / Operating Cash Flow 18.6 4.5 4.7 Dividend Yield % 4.18 5.84 5.66

Price / Book Value 1.2 0.6 0.7 Enterprise Value / EBITDA 13.9 5.8 5.0

Price / EPS TTM PJSC Gazprom is trading at 99.90 times its EPS generated Current: 99.90 Median: 7.32 High: 99.90 Low: 4.34 CAGR: 71.1% during the latest fiscal year. 104.7 104.7 This multiple is above the historically observed median 69.6 69.6 of 7.32, while high and low observations have been 99.90 and 4.34. 34.6 34.6

Median (7.32) -0.4 -0.4 2016 2017 2018 2019 2020 2021 Price / Sales PJSC Gazprom is trading at a Price to Sales ratio of 2.61 Current: 2.61 Median: 1.04 High: 2.61 Low: 0.73 CAGR: 20.3% based on sales generated 2.70 2.70 during the latest fiscal year. This ratio is above the 2.01 2.01 historically observed median ratio of 1.04, while high and low observations have been 1.33 1.33 2.61 and 0.73. Median (1.04)

0.64 0.64 2016 2017 2018 2019 2020 2021 PJSC Gazprom is trading at a Price / Book Value Price to Book ratio of 1.23 Current: 1.23 Median: 0.60 High: 1.23 Low: 0.45 CAGR: 9.3% based on book value at the 1.3 1.3 latest fiscal year end. This ratio is above the historically observed median of 0.60, 1.0 1.0 while high and low observations have been 1.23 0.7 0.7 and 0.45. Median (0.60)

0.4 0.4 2016 2017 2018 2019 2020 2021 PJSC Gazprom has a Free Free Cash Flow Yield % Cash Flow Yield of 2.17% Current: 2.17 Median: 1.39 High: 3.89 Low: 0.00 CAGR: -10.7% based on free cash flow 4.1 4.1 generated during the latest fiscal year. This value is above the historically observed 2.7 2.7 median yield of 1.39%, while high and low observations Median (1.39) 1.2 1.2 have been 3.89 and 0.00.

-0.2 -0.2 2016 2017 2018 2019 2020 2021

Energy/Integrated Oil and Gas Price: 9.89 USD Report Date: September 29, 2021 Dividends Data

Dividends Per Share TTM 0.41 Payout Ratio TTM % 100.00% Dividend Yield TTM % 4.18%

Rate Ex Date Record Date Payment Date Currency Note 0.413 15-07-2020 16-07-2020 18-08-2020 USD GROSS FINAL RATE 0.504 17-07-2019 18-07-2019 22-08-2019 USD GROSS FINAL RATE 0.240 18-07-2018 19-07-2018 21-08-2018 USD GROSS FINAL RATE 0.268 19-07-2017 20-07-2017 21-08-2017 USD GROSS FINAL RATE 0.244 19-07-2016 20-07-2016 19-08-2016 USD FINAL RATE

Dividend Growth and Yield

Dividends Per Share TTM PJSC Gazprom's trailing 12- month dividend per share is Current: 0.41 Median: 0.27 High: 0.50 Low: 0.24 CAGR: 12.6% 0.41 and its dividend has 0.51 0.51 grown at a cumulative annualized rate of 12.6% over 0.47 0.47 the charted period. This compares to dividend growth 0.42 0.42 of -18.10% over the past year and cumulative annualized growth of 15.50% over the 0.37 0.37 past 3 years.

0.32 0.32

0.27 0.27

0.23 0.23 2016 2017 2018 2019 2020 2021

Dividend Yield TTM % PJSC Gazprom's current dividend yield is 4.18% based Current: 4.18 Median: 5.85 High: 11.72 Low: 3.08 CAGR: -5.8% on trailing 12 month 12.15 12.15 dividends. The current yield is below the historically observed 10.57 10.57 median of 5.85% and, over the charted time period, the 8.98 8.98 observed high yield has been 11.72% and the observed low yield has been 3.08%. 7.40 7.40

5.82 5.82

4.23 4.23

2.65 2.65 2016 2017 2018 2019 2020 2021

Energy/Integrated Oil and Gas Price: 9.89 USD Report Date: September 29, 2021 ICB Subsector Peer Comparisons

Price Change Year to Date % Price Change Last Calendar Year % 0.0 20.1 40.2 60.4 80.5 -51.8 -38.3 -24.9 -11.4 2.1

PJSC Gazprom 76.7 China Petroleum & Chemical Corp -8.3 Novatek Joint Stock Co 56.9 Novatek Joint Stock Co -19.5 Gazprom Neft PJSC 53.6 Rosneft Oil Co OJSC (Moscow) -21.7 Rosneft Oil Co OJSC (Moscow) 50.4 TotalEnergies SE -28.0 PJSC Lukoil 41.4 PJSC Lukoil -31.2 Peer Group Average 33.4 PJSC Gazprom -32.0 BP PLC 32.8 Peer Group Average -32.0 Royal Dutch Shell Plc 27.2 Gazprom Neft PJSC -36.0 TotalEnergies SE 15.4 Royal Dutch Shell Plc -41.9 Tatneft PJSC 7.0 Surgutneftegas PJSC -42.7 Surgutneftegas PJSC 4.5 Tatneft PJSC -44.8 China Petroleum & Chemical Corp 1.8 BP PLC -46.0 0.0 20.1 40.2 60.4 80.5 -51.8 -38.3 -24.9 -11.4 2.1

Price / EPS TTM Price / Book Value 0.0 26.2 52.4 78.7 104.9 0.0 13.1 26.2 39.3 52.3

PJSC Gazprom 99.9 China Petroleum & Chemical Corp 49.9 Novatek Joint Stock Co 99.9 Novatek Joint Stock Co 35.6 PJSC Lukoil 99.9 Peer Group Average 9.9 Gazprom Neft PJSC 99.9 Tatneft PJSC 8.3 China Petroleum & Chemical Corp 99.9 Gazprom Neft PJSC 5.6 Tatneft PJSC 72.8 Surgutneftegas PJSC 2.5 Peer Group Average 62.5 Rosneft Oil Co OJSC (Moscow) 1.4 Rosneft Oil Co OJSC (Moscow) 42.4 PJSC Gazprom 1.2 Royal Dutch Shell Plc 32.2 BP PLC 1.2 TotalEnergies SE 20.3 TotalEnergies SE 1.2 Surgutneftegas PJSC 20.1 PJSC Lukoil 1.1 BP PLC 0.2 Royal Dutch Shell Plc 1.1 0.0 26.2 52.4 78.7 104.9 0.0 13.1 26.2 39.3 52.3

EPS 5-Year Growth Rate % Revenue 5-Year Growth Rate % -205.0 110.6 426.1 741.7 1,057.3 -5.6 -2.0 1.6 5.2 8.8

Royal Dutch Shell Plc 999.9 Novatek Joint Stock Co 8.1 Gazprom Neft PJSC 6.7 BP PLC 999.9 Tatneft PJSC 5.7 Peer Group Average 242.6 Rosneft Oil Co OJSC (Moscow) 2.0

China Petroleum & Chemical Corp 17.6 Peer Group Average 1.8 PJSC Gazprom 1.7 TotalEnergies SE 13.0 TotalEnergies SE 1.5 Surgutneftegas PJSC -3.0 Surgutneftegas PJSC 1.1

Rosneft Oil Co OJSC (Moscow) -14.6 PJSC Lukoil -0.6 Royal Dutch Shell Plc -1.4 PJSC Gazprom -28.5 BP PLC -1.5 PJSC Lukoil -43.3 China Petroleum & Chemical Corp -3.8 -205.0 110.6 426.1 741.7 1,057.3 -5.6 -2.0 1.6 5.2 8.8

Energy/Integrated Oil and Gas Price: 9.89 USD Report Date: September 29, 2021 Abbreviations: CAGR - Cumulative annual growth rate. EBIT - Earnings before interest and taxes. EBITDA - Earnings before interest, taxes, depreciation & amortization. LFY - Last fiscal year M - Million LON - London Stock Exchange

Definitions: Market Value - Weekly Price times latest Shares Outstanding times any applicable ADR factor. Revenue - Sum of the last four quarters of Revenues. Revenue Per Share - Sum of the last four quarters of Total Revenue divided by Weighted Average Shares Outstanding. Operating EPS LFY - EPS excluding non-recurring, non-operating items, fiscal year aligned TTM value. 60-Day Average Volume (000) - The average of the last 60 daily volume values in thousands of shares. Price 52-Week High - The high closing price from the last 52 weeks of daily closing prices. Price 52-Week Low - The low closing price from the last 52 weeks of daily closing prices. Price / 52-Week High - Latest price divided by the high price from the past 52 weeks of daily closing prices. Price / 52-Week Low - Latest price divided by the low price from the past 52 weeks of daily closing prices. 50-Day Average Price - Mean of last 50 daily closing prices. 200-Day Average Price - Mean of last 200 daily closing prices. Price / 50-Day Average Price - Latest closing price divided by mean of last 50 daily closing prices, as a percentage. Price / 200-Day Average Price - Latest closing price divided by mean of last 200 daily closing prices, as a percentage. Relative Strength Index - Relative Strength Index or RSI measures the magnitude of gains over a given time period against the magnitude of losses over that period. The equation is RSI = 100 - 100 / (1 + RS) where RS = (total gains / n) / (total losses / n) and n = number of RSI periods. In this item, 14 days is used and one year of daily prices are considered. A value of 30 or below may imply oversold and 70 or above may imply overbought. Price Volatility - The standard deviation of the last 20 days of daily closing prices. Sharpe Ratio - The 5 year average of the excess monthly return over the risk - free rate(1 - month T - bill) over the 5 year standard deviation of the same series. Sortino Ratio - The same calculation as the Sharpe Ratio but with positive excess returns set to zero for the standard deviation denominator, so only negative volatility weighs in. Dividends Per Share TTM - Sum of the last four quarters of Dividends Per Share. Payout Ratio - Dividends Per Share TTM divided by Operating EPS TTM. Dividend Yield TTM % - Sum of the last four quarter of Dividends Per Share divided by Weekly Price. EBITDA - Sum of the last four quarters of EBITDA (Operating Income + Depreciation & Amortization). Free Cash Flow - Sum of the last four quarters Net Cash from Operations minus Capital Expenditures (Purchase of Property, Plant & Equipment), from the Cash Flow Statement. Book Value Per Share - Total Common Equity last quarter divided by Shares Outstanding last quarter. Gross Margin % - Sum of the last four quarters Gross Profit divided by the sum of the last four quarters Revenues. EBITDA Margin % - Sum of the last four quarters EBITDA divided by the sum of the last four quarters Revenues. Pre-Tax Margin % - Sum of the last four quarters of Earnings Before Taxes divided by sum of the last four quarters Revenues. Net Profit Margin % - Sum of the last four quarters of Operating EPS divided by sum of the last four quarters Revenues Per Share. Return on Equity % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Book Value. Return on Capital % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Capital Per Share. Return on Assets % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Assets Per Share. Price / EPS TTM - Weekly Price divided by the sum of the last four quarters of Operating EPS (capped at 99.9). Price / Sales - Weekly Price divided by Revenues Per Share TTM. Price / Book Value - Weekly Price divided by Book Value Per Share last quarter. Book Value Per Share is Total Common Equity last quarter divided by Shares Outstanding last quarter (capped at 49.9). Free Cash Flow Yield % - Free Cash Flow Per Share TTM divided by Weekly Price. Enterprise Value - Market Value plus Total Debt last year plus Preferred Equity last year minus Cash & Cash Equivalents last year. Enterprise Value / Sales - Enterprise Value divided by the sum of the last four quarters of Revenue. Enterprise Value / EBITDA - Enterprise Value divided by EBITDA TTM. Enterprise Value / EBIT - Enterprise Value divided by trailing four quarters of Operating Income. Enterprise Value / Free Cash Flow- Enterprise Value divided by the sum of the last four quarters of Free Cash Flow. Russell 1000 Index - The largest 1,000 stocks by market cap, the index comprehensively covers the US large cap universe. EPS 5-Year Growth Rate % is capped at 999.9%. Revenue 5-Year Growth Rate % is capped at 999.9%.

Energy/Integrated Oil and Gas Price: 9.89 USD Report Date: September 29, 2021

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