Bonus report: the coming end of Gazprom's pipeline export monopoly?

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Bonus report: the coming end of Gazprom's pipeline export monopoly?

23 May 2019

What readers said about this report

The doubling of Gazprom's 2018 dividend is a development the market had not thought possible. Except, perhaps, the open-minded readers of this website. On 28 December 2018, I had set out the following:

"From 2019 onwards, Gazprom will produce increasing amounts of cash and initiate a long-term change to its dividend policy."

It's dangerous to assume that because I was right once, I'll be right again next time. That's why this bonus report about Gazprom is a "think piece" more than a prediction. It aims to add additional aspects to the public debate, and actively invites reader feedback.

Still, by looking at the evidence, I concluded that the following is well possible within the next 12-24 months:

  • A full liberalisation of Russia's gas export market. This would have transformative effects on Gazprom's business and finances, and probably unlock billions of savings as well as create billions of additional annual revenue.
  • Spinning off the company's pipeline network into a separate, publicly listed company (and/or other spin-offs).
  • The company using such changes to totally rejig its legal, strategic and operational position in the EU; with a solution to the problematic Ukraine pipeline possibly thrown in for good measure.

How realistic is such a development? What would it mean for Gazprom shareholders? What are Putin's ultimate interests?

This bonus report, which does not count towards my annual goal of providing Members with ten new investment ideas, is aimed at giving some initial answers.

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|  What readers said about this report

Markus W.
September 2021

Now the other analysts are coming out of the woodwork and praising Gazprom. You can rightly praise yourself for having known it beforehand.

Luis M. S. H.
June 2021

I'm actually familiar with your (excellent) work. I remember reading your work on Gazprom a few years ago. We even bought Gazprom back then for ourselves and also to some clients. We are holding tight to those stocks, it's still probably the cheapest large-cap stock in the world. So, thank you for that!

Manuel P.
June 2021

It looks like Gazprom is finally going up. Another one I will continue accumulating because it is still dirt cheap.

Vanes N.
June 2021

I've subscribed a while ago and plan to resubscribe soon, but a few of your tips have netted me quite a decent sum, especially good old Gazprom. 🙂

Steve P.
May 2021

Great email today on Gazprom, couldn't agree more on its bright future! In addition to everything else they have going on, I think their Amur plants helium production could be another massive boost that is currently not priced into its business once it comes online. The infrastructure Gazprom is currently building is just of phenomenal scale! Thankfully Russia's quick actions were able to avert the plans for a war in the Donbass - though it means the expected 'Russia is evil' crash of Russia's stocks I was expecting won't eventuate yet.

David S.
April 2021

It is really great that you were right on point with the Porsche AG and Gazprom shares!

Marko H.
February 2021

Regardless of whether it's Twitter, Porsche, Gazprom or (company name hidden by Undervalued-Shares.com), your reports are really great and regularly get me in front of the wave.

Michal B.
February 2021

Thanks for the recent updates, especial on Gazprom my first and so far most succesful investement.

Aaron W.
January 2021

And thanks again for all your great investigative-style analyses. I've been riding with you on (company name hidden by Undervalued-Shares.com) and Gazprom too – I missed the first Gazprom window (though that's how I found you) but bought a bit in early Q4. I also took a small (company name hidden by Undervalued-Shares.com) stake in 2019, then your insights and corroboration on it through the crisis helped me meaningfully increase the position near the lows last year. So thank you!!

Wulf S.
January 2021

I’m always happy to get news from Undervalued Shares, because it always opens up new horizons. It's not like I jump on it every time and buy straight away (e.g. not (company name hidden by Undervalued-Shares.com)), but things like (company name hidden by Undervalued-Shares.com), Gazprom, Twitter or Just Eat are also mega-interesting from a content point of view and of course convey a depth of information that one would normally never get without very deep research. Keep it up!

Matthias R.
November 2020

I opened a small position for Gazprom when it was lower than you initial analysis and are up 3 times more than your newsletter costs yearly.

Anders B. I.
October 2020

Saw you first when you analyzed gazprom with Sven Carlin - liked it alot. After being value investing for 3 years, Swen Lorenz is one of my go-to private investment analysers.

Shounak
September 2020

I really enjoyed your report on Gazprom. I thought it was inspired.

Silvano A.
May 2020

I have read your report on Gazprom with interest. There are indeed interesting ideas.

Chris P.
April 2020

I especially enjoyed your reports on Porsche Automobile Holding SE, Gazprom and (company name hidden by Undervalued-Shares.com).

Sebastian G.
April 2020

I've already had Gazprom in my portfolio and will continue to buy. However, I've only just come across IAG and Porsche because of your work and would like to thank you for it.

Thomas T.
March 2020

So far, I've implemented four of your investment ideas myself. I have since sold Gazprom and (company name hidden by Undervalued-Shares.com). Those were great trades!

Tyler K.
October 2019

Thank you for your fantastic service, I have already made enough from Gazprom to continue subscribing to your service for the next several years.

Tobias
August 2019

I couldn't resist the Gazprom report and bonus report. Nowhere else did I find that much information on this topic. That's how I became a Member of yours. It's fun. I like your business model and your approach.

Tyler H.
August 2019

Unrivaled value for retail investors in your reports. Gazprom actually helped me pay off one of my student loans, which I've been struggling with for a while. Your work is changing lives.

Thomas N.
July 2019

[...] Thanks to you, I also got into Gazprom (unfortunately too little) and (company name hidden by Undervalued-Shares.com) (unfortunately just after the mega dividend) and can already report some nice book profits on these positions! […]

Rüdiger S.
July 2019

I became aware of you and your website through the videos with Jens Rabe - which I sometimes watch depending on the topic - and have been your paying customer for some time because I have invested heavily in both Gazprom and Porsche SE for many years. I found it interesting to meet someone who apparently has a similar nose and is also waiting for Mr. Market to wake up …..

Tyler K.
July 2019

I heard about you from the video you did with Sven Carlin about Gazprom (ironically enough, you mention on your site that everyone's heard of Gazprom, not here in Canada!) and I've since invested a small position towards them, so thank you for your research!

Steve P.
June 2019

Your Gazprom report in particular resonates with me and I am currently reading up on books detailing the history of oil and energy on world geopolitics.

l  Report updates

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3 September 2021

Report Update (PDF - 0.7MB)

20 July 2021

Report Update (PDF - 0.2MB)

17 May 2021

Report Update (PDF - 1.3MB)

16 February 2021

Report Update (PDF - 0.9MB)

15 February 2021

Report Update (PDF - 1.1MB)

12 August 2019

Report Update (PDF - 0.8MB)

20 May 2019

Report Update (PDF - 0.2MB)

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