The rouble has lost value to the euro. Oil price has decreased as well. Price per share has followed.
And what about the fundamentals of Gazprom?
Tangible book value per share keeps increasing, even though not at the same rate as normal because of a temporary decrease in earnings.
What is this business worth?
With a requirement of a 10% yearly return and an average of 14,74% ROE the last 10 years. Gazprom is at least wort its tangible book value. That would mean an upside of 270%.
Disclosure: The author had a long position when this post/analysis was written.