>>64014372
The price at a specific point in time isn't just the current state of the company, but future expectations of things.
1. Before 2014 the profits and scale of operation only grew for more than a decade. More pipelines were built, more contracts made, price increased year after year, gas extraction grew year after year, new gas extraction platforms were built and launched, export volumes grew. They planned to build more than a dozen of new export pipelines, with multiple pipes going into China, pipes in India, Turkey, pipes into Bulgaria, Greece and Serbia, etc. All with long-term insane export levels. Sky was the limit for Gazprom.
2. On top of that, the consensus in russia was that oil prices would keep going up in the same way they did during 2000-2010. $250 per barrel of oil was something they expected before 2020. Why oil? Because most of their long-term natural gas contracts had price formulas which made the price dynamic and the biggest component was the price of oil, i.e. the price of natural gas was a derivative of the oil prices.
3. Thus, the expectations were pic related: capitalization of more than a trillion USD was expected by 2015-2016.