An Assessment of the Financial Indicators of PJSC Gazprom

Peter Brusov, Tatiana Filatova () and Andrey Kashirin
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Tatiana Filatova: Department of Financial and Investment Management, Financial University under the Government of Russian Federation, Moscow 125167, Russia
Andrey Kashirin: Faculty of International Economic Relations, Financial University under the Government of Russian Federation, Moscow 125167, Russia

JRFM, 2023, vol. 16, issue 7, 1-14

Abstract: This assessment of the financial performance of PJSC Gazprom was carried out within the framework of modern theories of the cost of capital and capital structure: the Brusov–Filatova–Orekhova (BFO) theory and the Modigliani–Miller (MM) theory. Various methods for estimating the main parameter of both theories (BFO and MM), k0, the cost of equity, and WACC at zero leverage are discussed and applied. The analysis is based on data from official financial statements of PJSC Gazprom for the period from 2018 to 2022. Using the calculated values of k0, the main financial indicators were estimated, such as the cost of raising capital, the value of the company, and the cost of equity. The dependences of k0, k 0 * , WACC(L), V(L), and ke(L) of PJSC Gazprom on leverage level, L, for 2018–2022 were investigated. The results obtained are of forecast value, allowing a forecast of the values of financial indicators based on the particular capital structure of PJSC Gazprom.

Keywords: financial performance; capital structure; PJSC Gazprom; Modigliani–Miller (MM) theory; Brusov–Filatova–Orekhova (BFO) theory (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2023
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