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    Evaluation of Russian oil sector

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    Author
    Dmitri, Romaev
    Date
    2001
    Degree
    MBA in Finance
    URI
    http://hdl.handle.net/10788/2738
    Publisher
    Dublin Business School
    Rights holder
    http://esource.dbs.ie/copyright
    Rights
    Items in eSource are protected by copyright. Previously published items are made available in accordance with the copyright policy of the publisher/copyright holder.
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    Abstract
    The topic of the dissertation is the valuation of oil companies in Russia. Thus the dissertation is dealing in its first part with methodologies of valuation of companies. The different approaches to valuation are analyzed and main strengths and weaknesses of all methodologies are about to be defined. The main focus is in the DCF cash flow valuation model. Some special features of valuation in emerging markets are discussed. The next chapter will be concentrated on analyzing Russian oil sector. The main attention is paid to its development, investment, cost, and fiscal policy, its competitiveness in global market. In the third chapter current situation in oil sector is analyzed and complete valuation of the major Russian oil company LUKoil is implemented. For valuation the probability-scenario weighted DCF approach is used. In the conclusion some common steps to improve investment attractiveness are suggested. The hypothesis of the research is that Russian oil sector is strongly undervalued by security market. The first goal is to prove it and the second is to understand the nature and main reasons for undervaluation.
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