Список проголосовавших за комментарий "Clarification on capex received; TP back up to $10/GDR (from $9/GDR); BUY reiterated: Earlier this morning (21 June), we released Rosneft: Higher dividends, capex commitments, in which we cut our target price by 10% to $9/GDR due to what appeared to be an increase in downstream capex from $20bn to $30bn (RUB926bn) announced at yesterday’s AGM. We have since received clarification from the company that the $30bn figure includes approximately $5.2bn (RUB160bn) in investments made prior to 2012. It also includes approximately $200mn of annual maintenance costs (which should remain unchanged following the completion of the upgrade programme). We would also note that the $30bn figure includes 18% VAT (this was already adjusted for in this morning’s numbers). The lower downstream capital commitment also lowers the funding gap for the new higher 25% dividends, with net debt/EBITDA peaking at 0.85x.<br/> Having incorporated this latest information into our model, we are returning our TP to the $10/GDR level. We continue to expect Rosneft’s shares to benefit from the announcement of the higher dividend at the AGM, with the next step change coming once the government approves the additional dividend for 2011. Price performance should also be buoyed by the buyback payment made on 20 June, as some investors who have put the shares to the company redeploy the cash back into the stock, closing their previously underweight positions."