The annual rating of the most expensive public companies in Russia as of the end of 2019, compiled by the RIA Rating agency, was headed by Gazprom with a capitalization of $98 billion. In second place behind the gas corporation is Sberbank, whose capitalization at the end of 2019 amounted to $89 billion. Rounding out the top three is Rosneft with a capitalization of $77 billion.

As the agency clarifies, the rating was built according to the data of the Moscow Exchange, foreign exchanges, issuers and the Central Bank of the Russian Federation. Capitalization was estimated based on the value of issued ordinary shares or depository receipts for them, traded on stock exchanges at the end of December 2019. The conversion into US dollars was made at the exchange rate set by the Central Bank of the Russian Federation at the end of 2019. The change in capitalization was considered in US dollars.

In the top ten of the rating over the past year there have been quite strong changes. First, the leader has changed again. Now Gazprom has the largest capitalization, although a year earlier it was fourth. Such progress became possible due to the increase in the value of shares by almost 90%. The growth of Gazprom shares is associated with the imminent end of major investments in new pipelines and a promise to increase dividends in the medium term. Accordingly, in 2019, Rosneft Oil Company lost the leading position, while its capitalization grew by 18%, but this is only the ninth increase among the top 10 ratings. The newcomer to the top ten was the gold mining company Polyus (an increase in capitalization over the year by 47%), which displaced NMLK (now ranked 13th) from the top 10.

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In general, the capitalization of the top ten in dollar terms increased by 44% over the year. Thus, the leaders in total showed higher growth compared to the result of the market as a whole. At the same time, the minimum amount of market capitalization required to get into the top 10 increased over the year to $15.3 billion as of December 31, 2019, against $13.6 billion a year earlier.

According to experts, over the past year, the dollar capitalization of the top 100 most expensive companies Russia grew by 37% or $216 billion and amounted to $808 billion as of December 31, 2019. For comparison, the result at the beginning of 2020 is almost twice as much as at the beginning of 2016, that is, the market has doubled in four years. At the same time, at the end of 2013, the total capitalization of the top 100 most expensive companies in Russia was $813 billion, so the losses of the 2014-2016 crisis have not yet been won back.

In 2020, according to experts, we can expect a correction in the Russian and global stock markets. “This will slow down the growth in the value of most public companies, but in general, by the end of the year, the capitalization of most issuers is likely to grow. First of all, this will be caused by the improvement of macroeconomic indicators in Russia due to lower rates, higher budget spending and improved consumer and business confidence. The papers of retail companies, the real estate sector and metallurgy will trade better than the market,” the analysts conclude.

Market capitalization of the ten largest public Russian companies traded on the Moscow Exchange increased by 6% over the year, exceeding 16 trillion rubles. Despite the overall positive result, the past year was not successful for all of them. Shares of "Megafon" for the year fell by 11 percent, and the largest Russian oil and gas company "Gazprom" - by 6. Analysts predict a strong recovery Russian market securities in the second half of 2016 following the rise in oil prices and the strengthening of the ruble. This will primarily serve as a driver for the shares of oil and gas companies, banks and retail.

Gazprom

The capitalization of the most expensive Russian company, Gazprom, has decreased by about 6 percent over the year. On January 11, trading in ordinary shares of the oil and gas giant on the Moscow Exchange closed at 131.4 rubles per share, while on January 12, 2015, investors bought them at 140 rubles (January 11 then fell on Sunday, when trading is not held).

Gazprom is a Russian state-owned energy company engaged in the extraction, processing and sale of gas and oil. It has the richest natural gas reserves in the world: its share in world reserves is 17 percent, in Russian - 72 percent. In 2015, the company produced 418.47 billion cubic meters of gas, Interfax reported, citing a source.

Rosneft

Rosneft shares have risen noticeably in price. If on January 11 they were traded on the Moscow Exchange at 241 rubles, then a year earlier the cost of one share was only 204 rubles. The capitalization of the company thus increased by 18 percent, to 2.55 trillion rubles.

Rosneft is one of the world's largest public oil and gas companies. The main activities are exploration and production of oil and gas. The main shareholder with a share of 69.5 percent of the shares is the state-owned Rosneftegaz, 19.75 percent of the shares are owned by the British BP, the remaining 10.75 percent are in free float. In 2015, Rosneft produced 254 million tons of oil equivalent of hydrocarbons.

Sberbank

The country's largest bank showed an almost 45% increase in capitalization, to 1.97 trillion rubles. During the trading session on January 12, shares were bought up at 91 rubles apiece against 62.9 rubles a year ago.
Sberbank is the largest Russian bank controlled by the Central Bank. Its share in the total assets of the Russian banking sector is almost a third. In 2015, the bank issued consumer loans for 500 billion rubles, mortgage loans for 580 billion.

Lukoil

Shares of Lukoil, the largest private oil company, fell about 9 percent. Securities at the close of trading on the Moscow Exchange on January 11, 2016 cost about 2258 rubles apiece. Last year, on January 12, investors were ready to pay 2477 rubles for them. The capitalization of the company for the year decreased to 1.92 trillion rubles.

Novatek

Novatek shares have risen in price by 17 percent over the year: from 470.7 rubles on January 12 last year to 550.5 rubles in January of this year. The company's capitalization has grown over the year from 1.43 trillion to 1.67 trillion rubles.

Surgutneftegaz

The capitalization of Surgutneftegaz increased by almost a third over the year - by 30.5 percent, reaching 1.19 trillion rubles on January 11, 2016. Ordinary shares of the company at the beginning of this week were traded in Moscow at a price of more than 33 rubles per security.

Network "Magnet"

The shares of one of the largest Russian retailers - the Magnit network - in January 2016 were approximately at the level of the beginning of last year. The trading session on the Moscow Exchange on January 11 closed at 10,667 rubles per security, on January 12, 2015 - 10,689 rubles. Capitalization remained at the level of a trillion rubles.

Norilsk Nickel

One of the world's largest producers of nickel and palladium Norilsk Nickel» lost more than 12 percent of its capitalization over the year: the market value of the company decreased from 1.56 trillion to 1.36 trillion rubles. The holding's shares on the Moscow Exchange fell from 9,840 rubles per share to 8,600 rubles (January 11 this year to January 12, 2015).

Gazprom Neft

The capitalization of Gazprom Neft increased by 6 percent, amounting to 722 billion rubles as of January 11 of this year. Ordinary shares of the company that day traded at the level of 152 rubles per share against 143 rubles a year ago.

"Megaphone"

Almost 9 percent of the capitalization, or 50 billion rubles, was lost by one of the Big Three operators, MegaFon. On January 11, the company's shares were worth 825 rubles on the Moscow Exchange against 906 rubles a year earlier. The market capitalization of the company at the beginning of this year is 511.5 billion rubles.

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Bogdan Zvarich, an analyst at the Finam investment holding, notes that the past year was more favorable for Russian companies in terms of the geopolitical situation than 2014. The Minsk agreements contributed to the cessation of hostilities and the relative normalization of the situation in eastern Ukraine, which helped reduce tensions between Russia and the West. However, the sanctions regime continued to operate, and this is a negative factor for investors. And the main attention in the financial markets was riveted to oil prices. “If in the first half of the year the energy market managed to demonstrate recovery and rise to the level of $67.5 per barrel, then the second half of the year was marked by a decline in prices to multi-year lows,” Zvarich notes.

The expert believes that in 2016 the value of the shares of the largest Russian companies may go up in the second half of the year following the recovery of the energy market. According to him, then the decrease in investments in the development of new fields will already have an effect, and oil production will decrease. “As a result, oil prices will begin to recover and by the end of the year they may rise to the region of $55-60 per barrel. Also in the second half of the year, the easing of sanctions and the reduction of tensions in relations with Western partners may become a positive for the Russian economy,” he adds. First of all, this should have a positive impact on the papers of companies in the oil and gas and banking sectors. Following the restoration of the purchasing power of the population, retail financial indicators will move up, which will allow this sector to finish the year better than the market.

Veles Capital investment company expects oil quotations to recover only by the end of 2016. The company's analysts forecast Brent oil prices to rise to $55 per barrel under the baseline scenario. Following this, the national currency, according to their calculations, should strengthen to 57-63 rubles per dollar, and the Central Bank will reduce the base rate to 8.5 percent. Vasily Tanurkov, Deputy Head of the Equity Market Analysis Department at Veles Capital, expects demand for emerging markets to recover by the end of 2016. A serious factor in the attractiveness of Russian securities, he said, will be a high dividend yield.

“In addition to the main factors, the budgetary policy of the government should be noted. The main issue is the further dynamics of export duties on oil and the MET on gas for Gazprom after 2016. In close connection with the budget policy is the possibility of privatization of state assets,” he says. Weakening of European sanctions against Russia is unlikely. From the top 10 list greatest growth in 2016, according to Veles Capital analysts, Norilsk Nickel, Gazprom Neft and Lukoil can demonstrate.

Rosneft for the first time overtook Gazprom in terms of capitalization, both in Moscow and London. The ruble price of the oil company's shares reached a historic high

Rosneft on Monday for the first time overtook Gazprom in terms of market capitalization. At 13.40 Moscow time, the value of the oil company on the Moscow Exchange was 3.468 trillion rubles, the gas concern - 3.450 trillion rubles. By the end of the trading day, Rosneft lost its leadership on this site (its capitalization amounted to 3.44 trillion rubles against 3.49 trillion rubles from Gazprom). But at the close of trading on the London Stock Exchange, Rosneft was still ahead of its competitor: there, its capitalization at the end of the day amounted to almost $51.67 billion (plus 4.2% compared to the opening of trading), and Gazprom — $51.49 billion (plus 1.21%).

The ruble price of Rosneft shares on Monday also updated its historical maximum - at the close of trading on the Moscow Stock Exchange, the company's share was worth 325 rubles. a piece. The previous record is 318.05 rubles. per share was established on March 22. During the day, the company's shares rose by 2.69% while the MICEX index rose by 1.58%. The cost of Brent oil on Monday rose by 1.81% to $42.68 per barrel.

Rosneft owes the new record primarily to an increase in oil prices (from the lows of the beginning of the year, Brent has already risen in price by 50%), analysts interviewed by RBC say. Conjuncture on the gas market, on the contrary, plays against Gazprom - European prices are at a historical low of $130 per 1,000 cubic meters. m, says Alexander Kornilov, senior analyst at Aton, the concern also has no prospects for increasing supplies to Europe, taking into account the end of the heating season.

Financial results

Rosneft's revenue in 2015 decreased by 6% (to RUB 5.15 trillion), while EBITDA increased immediately by 17.8% (up to 1.25 trillion rubles). Net profit of the state-owned company in rubles increased by 2%, amounting to 355 billion rubles The devaluation helped: in dollar terms, Rosneft's profit fell by 34.4%. Rosneft's net debt in dollar terms decreased by 47% at the end of the year, to $23.2 billion, the ratio of debt to EBITDA was 1.12.

Gazprom has not yet reported under IFRS for 2015. According to Renaissance Capital forecasts, the gas concern's EBITDA will be RUB 1.98 trillion, net profit - RUB 780 billion

The growth in the capitalization of Rosneft is also due to the fact that the state-owned company is included in the privatization plan, said Ildar Davletshin, an analyst at Renaissance Capital. Investors expect that this year there may be 19.5% of the shares of the state-owned company for sale. Since the beginning of the year, Rosneft's receipts in London have risen in price by 40% against 18% for Gazprom. So far, the oil state-owned company is outpacing both the private LUKOIL (plus 30%) and the entire Russian energy sector (plus 22%) in terms of growth, the expert says. For comparison, over the same time, the quotes of the world oil majors in the oil industry grew by only 2%, and companies in developing countries - by 5%. Finally, in London, Rosneft's quotes are supported by the low liquidity of ADR - in a growing market, demand for its papers is growing faster than that of the gas monopoly, Davletshin notes.

Compared to Gazprom, Rosneft now looks more flexible, stable and promising company, even taking into account the large debt, says Sberbank CIB analyst Valery Nesterov . The gas concern's quotes are under pressure from large-scale infrastructure projects abroad, the prospects for the implementation of which remain in doubt. Bloomberg, citing interviewed experts, assumed that Rosneft could catch up with Gazprom in terms of capitalization as early as 2016. Gazprom is facing tougher competition and falling prices to the lowest levels in more than a decade on the European market, and must spend billions of dollars on new gas pipelines, Andrey Polishchuk, an analyst at Raiffeisenbank, noted in a recent commentary for Bloomberg.

What made it the most expensive company in Russia. Against the backdrop of rising oil prices, Rosneft shares hit new all-time highs on Monday. Monday morning on Moskovskaya stock exchange securities of the oil company added 3.19% and traded at 326.6 rubles. a piece. The capitalization of Rosneft amounted to 3.457125 trillion rubles. Gazprom at the same time was trading at 147.8 rubles. per share (+0.05), and its capitalization was at the level of only 3.448520 trillion rubles. In third place in terms of capitalization among Russian companies with 2.512289 trillion rubles.

On the London Stock Exchange, the papers of Rosneft showed even greater growth - 4.53%, to $4.89. The capitalization of the company, thus, amounted to $51.253 billion. Gazprom in London grew by 0.28% to $4.311. The capitalization of the gas monopoly amounted to $50.809 billion.

Growth quotes Rosneft shares are supported by oil prices. They are growing on expectations of the results of negotiations between countries and other manufacturers (including Russia), which are to be held on April 17 in Doha, Qatar. The issue of freezing the level of oil production will be discussed in order to reduce the excess supply in the market, which should push oil prices up.
Now the price of Brent North Sea oil, to which the price of Russian Urals is pegged, has approached $42 per barrel. The main growth lately was at the end of last week, when quotes jumped from $39.6 to $41.8 on Friday. On Monday, growth slowed down, but did not stop, a barrel of Brent was trading at $42.08 (+0.35%) on the ICE intercontinental exchange in London.

Over the past five years, the capitalization of the two largest Russian companies has changed significantly, with the quotes of Rosneft growing, while Gazprom, on the contrary, went down. At the beginning of 2010, the papers of the oil company were traded at 262 rubles. apiece, capitalization was at the level of 2.766722 trillion rubles. Shares of Gazprom at the same time cost 192.5 rubles, capitalization - 4.557151 trillion rubles.

Thus, in just over five years, Rosneft has risen in price by almost 700 billion rubles, while Gazprom has fallen in price by more than 1.1 trillion rubles.

Rosneft points out that the company "passed the test of the crisis", having managed to become one of the best in the industry in terms of fundamental indicators - and this at a level incomparable with world majors tax burden and existing sanctions. The representative of the company also noted the open communication strategy of Rosneft, which contributed to the improvement of the recommendations of investment bank analysts (now there are no “sell” recommendations among them).

“At the same time, the company is fundamentally undervalued, which is exacerbated by the country factor and politically motivated sanctions,” says Gazeta. Ru". “In the long term, the company has enormous potential for further capitalization growth.”

Alexander, senior analyst at IK Aton for the oil and gas sector, says that the recent growth in Rosneft's securities is due to the company's reporting for the fourth quarter of 2015, where Rosneft showed not only good free cash flow, but also a reversal in the dynamics of Yuganskneftegaz production ".

“This is the main asset of the company, providing about a third of its production,” Kornilov explains. “If earlier the production of YNG was falling, now the decline has not only stopped, but growth has also begun.”

In addition, Rosneft has a good margin of safety in terms of production in general. Mainly due to new projects in Eastern Siberia - primarily the fields of the Vankor cluster (for the development of which, by the way, Rosneft recently attracted Indian companies. - Gazeta.Ru).

The company's net debt also played a role, which at the end of last year almost halved, from $43.8 billion in 2014 to $23.2 billion. The ratio of EBITDA to net debt was 1.12 in dollar terms against 1, 51 in 2014. Rosneft plans to repay another $14.3 billion this year.

According to Kornilov, the issue of debt long time caused fears of investors, but now these risks have decreased. “The company has about $18 billion of liquid assets on its balance sheet, and Rosneft, according to our estimates, will be able to receive about $5 billion more from the sale of shares in the Vankor cluster projects to Indians,” the expert explains.

For Gazprom, the situation is reversed. According to Kornilov's forecasts, the company will reduce free cash flow. In addition, Gazprom will not be able to reduce capital expenditures now, given such large projects as the Power of Siberia gas pipeline to China and the development of the Chayandinskoye field. In addition, Gazprom has plans for a major pipeline project to Europe - Nord Stream 2.

The situation on the European market is worsening - the price of Gazprom's European contracts is tied to oil quotations with a lag of six to nine months, and if oil has already passed its "bottom", then gas is still waiting.

Gazprom is the largest joint stock company in Russia. The total number of accounts holding 23,673,512,900 Gazprom shares is over 470,000. The state controls over 50% of the Company's shares.

* Companies controlled by the Russian Federation

Gazprom shares are one of the most liquid instruments of the Russian stock market. The company's shares occupy the largest share in the RTS and MICEX indices. Gazprom shares are included in the first (highest) level of listing on the Russian stock exchanges of CJSC MICEX Stock Exchange and PJSC Saint Petersburg Stock Exchange.

The voting principle General meeting shareholders - "one voting share of the company - one vote", with the exception of cumulative voting in the case provided for by the Federal Law "On Joint Stock Companies".

History of share capital

May 20, 1993 Ministry of Finance Russian Federation registered under No. MF73-1p-0204 an issue of shares of RAO Gazprom in the amount of 236,735,129 shares, the nominal value of each of which was 1,000 rubles.

On October 21, 1994, the Russian Federal Property Fund, in accordance with Presidential Decree No. 1705 dated December 31, 1992, based on the results of a specialized voucher auction for the sale of shares of RAO Gazprom, held from April 25, 1994 to June 30, 1994 in 61 regions of the Russian Federation, share split of RAO Gazprom. The split was carried out as follows: 1 share with a par value of 1,000 rubles was split into 100 shares with a par value of 10 rubles.

August 19, 1998 by the Federal Commission for the Securities Market in accordance with Decree of the Government of the Russian Federation of February 18, 1998 No. 217 “On the Peculiarities of the Circulation of Securities in Connection with the Change in the Face Value of Russian Banknotes and the Price Scale”, Resolution of the Federal Commission for the Securities Market of Russia of April 20. 1998 No. 6 "On the procedure for amending the decision on the issue of securities, prospectuses for the issue of securities, privatization plans and constituent documents related to the change in the face value of Russian banknotes and the scale of prices" and the decision of the Federal Securities Commission of Russia dated 17.08.1998 were introduced and registered amendments to the prospectus for the issue of ordinary registered non-documentary shares (No. MF73-1p-0204 dated May 20, 1993), as a result of which the nominal value of ordinary registered shares amounted to 0.01 rubles.

After that, all ordinary registered non-documentary shares of OAO Gazprom (since July 17, 2015 - PJSC Gazprom) of the first issue (state registration number MF73-1p-0204 dated May 20, 1993) with a par value of 0.01 rubles. in the amount of 23,673,512,900 units were canceled on the basis of the conversion into ordinary registered uncertificated shares of OAO Gazprom of the second issue with a par value of 5 rubles carried out on December 30, 1998. in the amount of 23,673,512,900 pieces.

Capitalization

The market capitalization of PJSC Gazprom at the end of 2019 amounted to RUB 6.1 trillion, which corresponds to USD 98.1 billion.