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4-Traders Homepage  >  Equities  >  MOSCOW INTERBANK CURRENCY EXCHANGE  >  AFK Sistema PAO    AFKS   RU000A0DQZE3

AFK SISTEMA PAO (AFKS)
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Russia's Sistema countersues Rosneft for $5.6 billion in growing row

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12/08/2017 | 05:12pm CET
The logo of Russia's Rosneft oil company is pictured at the central processing facility of the Rosneft-owned Priobskoye oil field outside the West Siberian city of Nefteyugansk

Russian conglomerate Sistema said on Friday it had filed a 330.5 billion rouble (£4.1 billion) lawsuit against Rosneft, retaliating against $4.5 billion in legal claims made against it by Russia's top oil producer.

Shares in Sistema, which groups the assets of Russian businessman Vladimir Yevtushenkov and includes the country's largest mobile operator MTS, hit a three-year low after Rosneft filed its second lawsuit on Thursday. [L8N1O73P5]

Rosneft is seeking the return of dividends paid out by mid-sized oil company Bashneft in the years between 2009 and 2014, when Sistema was its controlling shareholder.

"Sistema has been forced to take actions to defend the legitimate interests of the corporation, its employees, partners and shareholders, and has asked the court to compensate the losses incurred," Sistema said on Friday.

A spokesman for the group said it had not ruled out further lawsuits to counter the actions of Rosneft and Bashneft, raising the stakes in a long and bitter dispute which has resurrected fears about the risk of doing business in Russia.

The Russian government seized Sistema's stake in Bashneft in 2014, saying its privatisation had been illegal. Rosneft later bought a controlling stake in Bashneft and in May filed its first lawsuit, alleging Sistema had removed assets from the company - something Sistema denies.

A Russian court ruled in August that Sistema should pay Rosneft more than 136 billion roubles in compensation.

Russian news agencies reported Rosneft spokesman Mikhail Leontyev as saying Sistema's legal action was "absurd".

President Vladimir Putin has fuelled speculation about the Kremlin's role in such disputes by calling on Rosneft and Sistema to settle out of court, saying this would benefit both companies and the wider Russian economy.

But the president's intervention appears to have been ignored, with both companies accusing one another of not making compromise proposals.

(Reporting by Denis Pinchuk and Anastasia Teterevleva; writing by Maria Tsvetkova and Denis Pinchuk; Editing by Katya Golubkova and Alexander Smith)

Stocks treated in this article : NK Rosneft' PAO, Mobil'nye Telesistemy PAO, AFK Sistema PAO
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Financials ($)
Sales 2017 12 936 M
EBIT 2017 1 576 M
Net income 2017 -
Debt 2017 9 298 M
Yield 2017 11,6%
P/E ratio 2017 -
P/E ratio 2018
EV / Sales 2017 0,88x
EV / Sales 2018 0,83x
Capitalization 2 139 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 0,37 $
Spread / Average Target 65%
Managers
NameTitle
Mikhail Valerievich Shamolin President, Chief Executive Officer & Director
Vladimir Petrovich Evtushenkov Chairman
Vsevolod Valeryevich Rozanov Chief Financial Officer & Senior Vice President
Vladimir Semenovich Shukshin VP, Head-Information Technologies & Security
Robert Sedrakovich Kocharyan Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
AFK SISTEMA PAO2 139
3M5.44%147 818
GENERAL ELECTRIC COMPANY-6.82%141 008
SIEMENS6.50%128 482
HONEYWELL INTERNATIONAL3.48%120 098
ILLINOIS TOOL WORKS3.34%59 071