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Market Research Report
European Utilities Key Player Profiles: Gazprom
| Published by |
Datamonitor |
| Published |
February, 2007 |
Product code |
49800 |
| Content info |
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| Price |
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This publication has been discontinued on July 19, 2011.
Abstract
Introduction
The Performance pillar combines 5 financial metrics to measure business
performance. The Scale pillar combines financial and operational metrics to
measure the size of a utility. The Growth pillar measures the rate of growth
of a utility' s financial and energy resources. The Exposure pillar combines
both operational and financial measurements of risk.
Scope
- A thorough review of the key operational and financial metrics that drive
utility performance.
- A comparison and ranking of key metrics across Europe' s leading utilities.
Report Highlights
The Finnish utility Fortum leads on the Performance pillar and Russia' s
Gazprom on the Scale pillar whilst Denmark' s Dong leads in both the Growth and
Exposure pillars
Reasons to Purchase
- See where a company ranks in European utility scorecard
- Gain a comprehensive assessment of a company' s market share across Europe
- Acquire a wealth of company data from retail volumes to structural hedge
positions
Table of Contents
- CATALYST
- SUMMARY
- METHODOLOGY
- ANALYSIS
- European Utilities Key Player Profile: Gazprom
- Key Player Scorecard examines 31 leading utilities drawn from across
Europe' s competitive arenas
- Key Players dominate power generation capacity market share in the
Wmed competitive arena
- Key Players dominate power generation output market share in the Wmed
and CEE competitive arenas
- Despite ongoing industry consolidation, in no competitive arenas do
Key Players dominate power supply volume market share
- Despite ongoing industry consolidation, in no competitive arenas do
Key Players dominate gas volume market share
- The Key Player Scorecard assesses utilities across four pillars:
Performance, Scale, Growth and Exposure
- The Performance pillar combines 5 financial metrics to measure
business performance
- The Scale pillar combines financial and operational metrics to measure
the size of a utility
- The Growth pillar measures the rate of growth of a utility' s financial
and energy resources
- The Exposure pillar combines both operational and financial
measurements of risk
- Gazprom scores 54.9/100 on Datamonitor' s European Utility Scorecard and
ranks 1 out of the 31 Key Players covered
- Gazprom tops the Key Player scorecard
- Gazprom achieves an overall ranking of 1, with a utility score of 54.9
- Gazprom' s strong Scale and Exposure scores contributes to its overall
high ranking
- Gazprom has an above average level of Performance, yet a lower than
average level of risk
- In terms of Scale, Gazprom far surpasses the Key Player average, while
in Growth it is also a leading Key Player
- Gazprom' s Performance rank of 11 is due mainly to its strong return on
sales and operating profit margin
- Gazprom' s overall financial Performance score of 12.1 is just above
the Key Player average of 10.9
- Gazprom' s operating profit margin is 25.9%, compared to the Key Player
average of 19.7%
- Gazprom underperforms the Key Player average in both return on
investment and return on energy volume
- Gazprom tops the Scale pillar, attaining a score of 15.8
- In terms of Scale, Gazprom ranks 1
- Gazprom has a 30% share of Key Player gas customers
- Gazprom has a 54.4% market share of Key Player gas supply volume
- Gazprom ranks 6 and 1 in terms of revenue and net income respectively
- Despite topping all Key Players in profit growth, Gazprom' s ranks 4 in
the Growth pillar
- Gazprom' s operating cash flow and power volume growth metrics are
below average, resulting in a Growth ranking of 4
- Gazprom price earnings ratio of 63 suggests that its share price is
overvalued relative to the other Key Players
- From 2001 to 2005, Gazprom' s annual profit growth (77.8%) outpaced its
revenue growth (7.6%)
- From 2004 to 2005, Gazprom' s cash flow growth of 52.3% surpassed its
gas volume growth of 3%
- Gazprom has a positive gas NTR, leading to an Exposure ranking of 2
- With the largest gas equity holding of all Key Players, Gazprom has
the highest positive gas NTR
- With gas equity amounting to 6,000 TWh, Gazprom maintains a slightly
positive (long) NTR position
- Gazprom is lightly leveraged, with a debt to equity ratio of 20.1%
- Gazprom ranks 7 in of debt leverage
- Gazprom' s operating cash flow growth has exceeded its growth in energy
volume
- Gazprom markets its gas principally in the NWE competitive arena, though
Germany is its largest single market
- Although Germany accounts for the bulk of Gazprom' s gas sales, the
company has a presence across Europe
- With the second highest number of gas customers, Gazprom has a 30%
share of Key Player gas customers
- APPENDIX
- Databook
- Definitions
- List of Tables
- Table 1: The Key Players are drawn from across a diverse range of
markets
- Table 2: The Performance pillar combines 5 financial metrics to
measure business performance
- Table 3: The Scale pillar combines financial and operational metrics
to measure the size of a utility
- Table 4: The Growth pillar measures the rate of growth of a utility' s
financial and energy resources
- Table 5: The Exposure pillar combines both operational and financial
measurements of risk
- Table 6: Gazprom scores 54.9/100 on Datamonitor' s European Utility
Scorecard and ranks 1 out of the 31 Key Players covered
- Table 7: Gazprom scores 12.1/25 on the Performance pillar, and ranks
11 out of 31 on this measurement
- Table 8: Gazprom scores 15.8/25 on the Scale pillar, and ranks 1 out
of 31 on this measurement
- Table 9: Gazprom scores 11.3/25 on the Growth pillar, and ranks 4 out
of 31 on this measurement
- Table 10: Gazprom scores 15.6/25 on the Exposure pillar, and ranks 2
out of 31 on this measurement
- Table 11: Gazprom' s Performance rank of 11 is due mainly to its strong
return on sales and operating profit margin
- Table 12: Gazprom tops the Scale pillar, attaining a score of 15.8
- Table 13: Despite topping all Key Players in profit growth, Gazprom' s
ranks 4 in the Growth pillar
- Table 14: Gazprom has a positive gas NTR, leading to an Exposure
ranking of 2
- Table 15: Return on fixed assets
- Table 16: Return on sales
- Table 17: Operating profit margin
- Table 18: Return on energy volume
- Table 19: Return on investment
- Table 20: Generation Capacity / EU25 market total
- Table 21: Power Supply Volume / EU25 market total
- Table 22: Gas Supply Volume / EU25 market total
- Table 23: Net income / Net income of 94 leading utilities
- Table 24: Revenue / Revenue of 94 leading utilities
- Table 25: Revenue growth, 2001-2005 CAGR
- Table 26: Profit growth, 2001-2005 CAGR
- Table 27: Growth in operating cash flow, 2004 to 2005
- Table 28: Gas supply volume growth, 2004-2005
- Table 29: Growth in power supply volume, 2004 to 2005
- Table 30: Power NTR / Power supply volume
- Table 31: Gas NTR / Gas supply volume
- Table 32: Debt leverage
- Table 33: Growth in operational cash flow - Growth in energy volume
- List of Figures
- Figure 1: Datamonitor' s Key Player Scorecard examines 31 leading
utilities drawn from across Europe' s competitive arenas
- Figure 2: Key Players dominate power generation capacity market share
in the Wmed competitive arena
- Figure 3: Key Players dominate power generation output market share in
the Wmed and CEE competitive arenas
- Figure 4: Despite ongoing industry consolidation, in no competitive
arenas do Key Players dominate power supply volume market share
- Figure 5: Despite ongoing industry consolidation, in no competitive
arenas do Key Players dominate gas volume market share
- Figure 6: Gazprom achieves an overall ranking of 1, with a utility
score of 54.9
- Figure 7: Gazprom' s strong Scale and Exposure scores contributes to
its overall high ranking
- Figure 8: Gazprom has an above average level of Performance, yet a
lower than average level of risk
- Figure 9: In terms of Scale, Gazprom far surpasses the Key Player
average, while in Growth it is also a leading Key Player
- Figure 10: Gazprom' s overall financial Performance score of 12.1 is
just above the Key Player average of 10.9
- Figure 11: Gazprom' s operating profit margin is 25.9%, compared to the
Key Player average of 19.7%
- Figure 12: Gazprom underperforms the Key Player average in both return
on investment and return on energy volume
- Figure 13: In terms of Scale, Gazprom ranks 1
- Figure 14: Gazprom has a 30% share of Key Player gas customers
- Figure 15: Gazprom has a 54.4% market share of Key Player gas supply
volume
- Figure 16: Gazprom ranks 6 and 1 in terms of revenue and net income
respectively
- Figure 17: Gazprom' s operating cash flow and power volume growth
metrics are below average, resulting in a Growth ranking of 4
- Figure 18: Gazprom price earnings ratio of 63 suggests that its share
price is overvalued relative to the other Key Players
- Figure 19: From 2001 to 2005, Gazprom' s annual profit growth (77.8%)
outpaced its revenue growth (7.6%)
- Figure 20: From 2004 to 2005, Gazprom' s cash flow growth of 52.3%
surpassed its gas volume growth of 3%
- Figure 21: With the largest gas equity holding of all Key Players,
Gazprom has the highest positive gas NTR
- Figure 22: With gas equity amounting to 6,000 TWh, Gazprom maintains a
slightly positive (long) NTR position
- Figure 23: Gazprom is lightly leveraged, with a debt to equity ratio
of 20.1%
- Figure 24: Gazprom ranks 7 in of debt leverage
- Figure 25: Gazprom' s operating cash flow growth has exceeded its
growth in energy volume
- Figure 26: Although Germany accounts for the bulk of Gazprom' s gas
sales, the company has a presence across Europe
- Figure 27: With the second highest number of gas customers, Gazprom
has a 30% share of Key Player gas customers
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