PJSC Aeroflot Russian Airlines is an international air transport company which is engaged in operations in Russia. The principal activity of Co. is the provision of passenger and cargo air transportation services both domestically and internationally and other aviation services from its base at Moscow Sheremetevo Airport. Co. and its subsidiaries also includes activities comprising airline catering, the operation of a hotel and insurance services. Associated undertakings mainly comprise hotel and duty-free retail businesses. The principal business segments are airline operations, airline catering, hotel operations and other.
  • TickerAFLT
  • ISINRU0009062285
  • ExchangeMoscow Exchange MICEX-RTS
  • SectorTravel & Leisure
  • CountryRussia

Analysts

BCS Equity Daily: Index Alert, NLMK, Etalon, Aeroflot

Local rally may continue Ahead: Geopolitical risks weaken, upside from local politics remains. The Russian market may continue to benefit from the cabinet reshuffle, Mishustin apparently perceived as a better bet on future growth – today, the rest of the cabinet should be announced – demand will likely be pivoted towards the stocks of those companies focused on the domestic market. Internationally, economic considerations are more in focus this week and, as such, US markets will be driven by financial reporting – expectations are fairly positive, though the tide may be balanced in favor of S...

Andrew Keeley ...
  • Andrey Krylov
  • Fedor Kornachev
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Svetlana Sukhanova

Sberbank CIB Ivanov Consumer Confidence Tracker. January 2020 - Rebound in Consumer Confidence Picks Up Steam

We continue to track the Ivanovs' savings and spending patterns, as well as their perceptions, to get an idea of how entire sectors and individual companies are performing and might perform in the future. We also look at competition among Russia's public food retailers. Here are the main conclusions from our most recent survey:> The overall consumer confidence index continued improving in 4Q19, coming in at -15%, up from -16% in 3Q19 and -24% in 4Q18. Meanwhile, individual index components changed only slightly. We attribute the improving sentiment to a stronger ruble, lower interest rates and...

Anastasia Khakhaeva ...
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Andrey Krylov
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Rodion Lomivorotov
  • Svetlana Sukhanova

CIS Market Daily - 16 января 2020

КОММЕНТАРИЙ И ПРОГНОЗ - ВЛАДИМИР ПУТИН ПРЕДЛОЖИЛ ПОПРАВКИ В КОНСТИТУЦИЮ И КАНДИДАТУРУ НОВОГО ПРЕМЬЕР-МИНИСТРАВчера главным событием для российского рынка стало послание Владимира Путина Федеральному Собранию, в котором содержался ряд предложений о проведении реформ, включая изменения в конституции, предусматривающие расширение полномочий законодательной ветви власти. Кроме того, президент предложил меры, нацеленные на борьбу с бедностью и улучшение демографической ситуации в стране. После этого выступления премьер-министр Дмитрий Медведев объявил, что уходит в отставку вместе с правительством,...

Anastasia Khakhaeva ...
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Andrey Krylov
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Rodion Lomivorotov
  • Svetlana Sukhanova

CIS Market Daily - January 16, 2020

MARKET COMMENT - PUTIN ANNOUNCES CONSTITUTIONAL PROPOSALS, NEW PM NOMINATIONThe main event for the Russian market yesterday was clearly President Vladimir Putin's speech to the Federal Assembly, in which he laid out a series of proposals including constitutional changes that would shift some powers to the legislative branch, as well as measures to combat poverty and improve the country's demography. Prime Minister Dmitri Medvedev and his cabinet resigned, with Medvedev remarking that the government would do so to assist the president in achieving the mentioned reforms. Later in the evening, ne...

BCS Equity Daily: Fund Flows, Lukoil, Aeroflot

Relief Rally Ahead: Optimism, but geopolitical risks remain. Movement on the Russian market will remain dependent on the geopolitical background and oil price dynamics – with a possible catastrophe apparently averted in the M.East, markets may continue their recent climb. That said, parties on both sides on the US-Iran conflict are still banging the drum and, while next week’s signing looks priced in, the actual terms of the US-China Phase 1 deal may disappoint, as could any breakdown of communication in the days preceding, however unlikely. As such, L-T investors will be fighting with those ...

BCS Equity Daily: Index Alert, NLMK, Etalon, Aeroflot

Local rally may continue Ahead: Geopolitical risks weaken, upside from local politics remains. The Russian market may continue to benefit from the cabinet reshuffle, Mishustin apparently perceived as a better bet on future growth – today, the rest of the cabinet should be announced – demand will likely be pivoted towards the stocks of those companies focused on the domestic market. Internationally, economic considerations are more in focus this week and, as such, US markets will be driven by financial reporting – expectations are fairly positive, though the tide may be balanced in favor of S...

Andrew Keeley ...
  • Andrey Krylov
  • Fedor Kornachev
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Svetlana Sukhanova

Sberbank CIB Ivanov Consumer Confidence Tracker. January 2020 - Rebound in Consumer Confidence Picks Up Steam

We continue to track the Ivanovs' savings and spending patterns, as well as their perceptions, to get an idea of how entire sectors and individual companies are performing and might perform in the future. We also look at competition among Russia's public food retailers. Here are the main conclusions from our most recent survey:> The overall consumer confidence index continued improving in 4Q19, coming in at -15%, up from -16% in 3Q19 and -24% in 4Q18. Meanwhile, individual index components changed only slightly. We attribute the improving sentiment to a stronger ruble, lower interest rates and...

BCS Equity Daily: Fund Flows, Lukoil, Aeroflot

Relief Rally Ahead: Optimism, but geopolitical risks remain. Movement on the Russian market will remain dependent on the geopolitical background and oil price dynamics – with a possible catastrophe apparently averted in the M.East, markets may continue their recent climb. That said, parties on both sides on the US-Iran conflict are still banging the drum and, while next week’s signing looks priced in, the actual terms of the US-China Phase 1 deal may disappoint, as could any breakdown of communication in the days preceding, however unlikely. As such, L-T investors will be fighting with those ...

Research Team

The Rear-View Mirror – EME markets: Healthcare and materials end 2019 strong

EME Equity Market – December 2019 Market performance – all markets in the black, with the BUX recording the highest increase. The MSCI EME rose by 4.0% in December, while the BUX index reported a very solid performance, up 6.6% mom, followed by the MOEX (+5.8% mom), Prague’s PX index (+3.8% mom), the Greek ASE (+1.7% mom), the Polish WIG20 (+1.0% mom), Romania’s BET (+0.8% mom), and the Turkish ISE30 (+0.2% mom) (all in EUR terms).

BCS Equity Daily: Economics, Acron, Financials, Aeroflot

‘Big picture’ AND prudence at play: Modicum of profit taking The ‘big picture’ is still supportive. The US-Sino trade deal (albeit not ideal, it removes some uncertainty and offers a ray of hope for future negotiations) and a likely Brexit elevate speculation that core causes of slowing global growth are being addressed and the economy may be en route to a recovery. That said, markets retain a healthy prudence – irrational exuberance is not operative – and after the recent uptick trade may see some profit taking; Russia’s November industrial production print gives further incentive for cautio...

Anastasia Khakhaeva ...
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Andrey Krylov
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Rodion Lomivorotov
  • Svetlana Sukhanova

CIS Market Daily - 16 января 2020

КОММЕНТАРИЙ И ПРОГНОЗ - ВЛАДИМИР ПУТИН ПРЕДЛОЖИЛ ПОПРАВКИ В КОНСТИТУЦИЮ И КАНДИДАТУРУ НОВОГО ПРЕМЬЕР-МИНИСТРАВчера главным событием для российского рынка стало послание Владимира Путина Федеральному Собранию, в котором содержался ряд предложений о проведении реформ, включая изменения в конституции, предусматривающие расширение полномочий законодательной ветви власти. Кроме того, президент предложил меры, нацеленные на борьбу с бедностью и улучшение демографической ситуации в стране. После этого выступления премьер-министр Дмитрий Медведев объявил, что уходит в отставку вместе с правительством,...

Anastasia Khakhaeva ...
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Andrey Krylov
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Rodion Lomivorotov
  • Svetlana Sukhanova

CIS Market Daily - January 16, 2020

MARKET COMMENT - PUTIN ANNOUNCES CONSTITUTIONAL PROPOSALS, NEW PM NOMINATIONThe main event for the Russian market yesterday was clearly President Vladimir Putin's speech to the Federal Assembly, in which he laid out a series of proposals including constitutional changes that would shift some powers to the legislative branch, as well as measures to combat poverty and improve the country's demography. Prime Minister Dmitri Medvedev and his cabinet resigned, with Medvedev remarking that the government would do so to assist the president in achieving the mentioned reforms. Later in the evening, ne...

Research Team

Focus: EME Macro – the ECB, the UK elections and the EC Green Deal; Romania macro/politics – first look at the 2020E budget; Turkey macro – CBT – so far, so good; Gazprom’s management proposes new dividend policy, plans to cut capex

HEADLINES: • EME Macro: the ECB, the UK elections and the EC Green Deal • Romania macro/politics: first look at the 2020E budget • Turkey macro: CBT - so far, so good • Gazprom: management proposes new dividend policy, plans to cut capex POSITIVE • Wizz Air: surprise announcement - a base in Abu Dhabi POSITIVE • Aeroflot: takeaways from 2019 Capital Markets Day • Fondul Propietatea: special dividends approved for Bucharest Airports • PKN Orlen: demands compensation for contaminated crude oil • EME Strategy: ECP/PPK participation rate may stand at c.30% NEGATIVE • EME Strategy: Saudi Ara...

Research Team

Focus: initiating coverage on Russian tech stocks Yandex, Mail.ru and QIWI with BUY recommendations; maintaining our BUY on X5 and HOLD on Magnit (locals and GDRs); Bank Pekao – reshuffle of the management board

HEADLINES: • Russian technology: digital battleground (initiating on Yandex, Mail.ru and QIWI, with BUYs) • Russian food retail: too early to switch horses (X5 stays BUY; Magnit (locals and GDRs) stay HOLD) • Bank Pekao: reshuffle of the management board NEGATIVE • Yapi Kredi: Koc gets a Black Friday deal NEGATIVE • MONETA: targeting the acquisition of Wustenrot - stavebni sporitelna and Wustenrot hypotecni banka POSITIVE • PPC: solid 3Q19 results on tariff adjustments • Aeroflot: 3Q19 broadly in-line - we expect more clarity on fleet development at the upcoming CMD NEUTRAL • NLB: solid 3Q...

Aleksey Ryabushko ...
  • Andrew Keeley
  • Andrey Kuznetsov
  • Cole Akeson
  • Fedor Kornachev
  • Kirill Rogachev

CIS Market Daily - November 25, 2019

MARKET COMMENT - CHINESE IP PROMISES IMPROVE GLOBAL SENTIMENTThe RTS finished Friday flat at 1,455, leaving its weekly gain at 0.4%. The MSCI EM gained 0.4% to finish the week flat. Some positive signs have emerged from the US/China trade war, most importantly weekend plans from Beijing to increase penalties for intellectual property violations. Most indicators, except RTS futures, point up this morning. MTS's investor day, Hong Kong's local election outcome and Fed remarks are among events to watch today, while the MSCI rebalancing takes effect tomorrow night. STORIES> Senators remark on pros...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Anastasia Egazaryan

BCS Trade Idea Closed: Long Aeroflot – 21% relative return ain’t bad, taking profit; L-T fundamentals sound, Buy call retained

We close our Long Aeroflot Trade Idea as the drivers we anticipated have already generated 21% return relative to RTS. - Fixing profits as return achieved the target o Generated 17% & 19% absolute return in USD, Rb since opened 13 June … … and 21% return relative to RTS - Drivers anticipated still working: o Lower oil price, inter-regional flights zero VAT, +ive yields in 2Q19 o Consensus view split 70%/30% Buy/ Hold vs 20%/80% 2 months ago - Valuation: 2019e P/E 7.1x, close to 1Yr 12M average - L-T Buy call retained on fundamentals; margins set to recover Anastasia Egazaryan,...

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