Finam: : Investments : Research Notes : The agreement reached between Yukos and Sibneft over their de-merger allows us resume our appraisal of Sibneft’s stocks on the basis of a DCF model, since the possibility that future developments in the Yukos affair could somehow affect it is minimal. At the same time, the oil company’s performance in 1H 2004 is far from stellar, therefore we reiterate our Hold recommendation on its shares.

The agreement reached between Yukos and Sibneft over their de-merger allows us resume our appraisal of Sibneft’s stocks on the basis of a DCF model, since the possibility that future developments in the Yukos affair could somehow affect it is minimal. At the same time, the oil company’s performance in 1H 2004 is far from stellar, therefore we reiterate our Hold recommendation on its shares.

Maria Radina

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Sector: O&G
Company: Gazprom Neft

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