ANALYST REPORT March 20, 2017
Date of first distribution to the public: Oct 25, 2017

BT Coverage Initiation - Transgaz <TGN> - Stop dawdling & Start building - 20/03/2017

Romanian gas market looks like a rather lowland panorama with flat perspectives from the demand side. Chemical industry downturn accounts for the largest part of local gas demand decline and its revival is not seen on the near horizon. Instead, higher demand from gas-based electricity producers, the exploration of the Black Sea reserves and the operational success of the BRUA pipeline are the key factors that might invigorate the company’s performance