Lenta GDR (Reg S)

Lenta is a hypermarket group based in Russia. Co. operates 87 hypermarkets in 50 cities across Russia and 16 supermarkets in the Moscow region with a total of approximately 571,328 sq.m. of selling space. Co. also operates four distribution centers for hypermarkets and one for supermarkets. operates three hypermarket formats: Standard, typically with approximately 7,000 sq. m. of selling space (smaller than many Western European hypermarkets) and 24,000 stock keeping unit (SKUs); Compact, typically with approximately 5,000 sq. m. of selling space and 20,300 SKUs; and Supercompact, typically with approximately 3,000 sq. m. of selling space and 15,000 SKUs.
  • TickerLNTA
  • ISINUS52634T2006
  • ExchangeLondon Stock Exchange
  • SectorFood & Drug Retailers
  • CountryBritish Virgin Islands
Andrew Keeley ...
  • Andrey Krylov
  • Fedor Kornachev
  • Kirill Rogachev
  • Mikhail Krasnoperov

Sberbank CIB Ivanov Consumer Confidence Tracker. May 2020 - Reserves Running Low

In this rapidly changing environment, we have decided to launch a special edition of the Ivanov survey focused on Covid-19 and the lockdown. We continue to track the Ivanovs' incomes, savings, but also identify changes in lifestyle and perceptions. We dedicated more time to the economy to see how sectors and individual companies are performing and might perform in the future. We also looked at competition among Russia's public food retailers. Here are the main conclusions from our most recent survey:> The field work for this survey took place over April 28-May 7. By that time, the lockdown had...

Anastasia Boyko ...
  • Yuri Golban

BCS Local Bonds Monitor: Lenta (Fitch: BB; ACRA: A+(ru)) – Fair yield at 6.5-6.6%

Today, Lenta will place a 3Y issue – Lenta 1P-04bo – worth Rb10bn. Initial coupon guidance was set at 6.45-6.65%, translating to a YTM of 6.55-6.76%. The book will open today at 11:00-15:00 MSK. YTM guidance looks appealing. The issuer’s outstanding bond, Lenta 1P-3bo – with a slightly shorter duration of 2.3Y – offers a YTM of c6.3% (OFZ +130-140bp). Bonds with slightly longer duration placed by Magnit (S&P: BB) and X5 Group (Ba1/BB/BB+) trade around these levels too. Given Lenta’s lower ratings and slightly longer duration, we see the fair premium of the new Lenta 1Р-4bo to X5-1P-8bo at 20-...

Alexey Kirichok ...
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Andrey Krylov
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Mikhail Krasnoperov
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev
  • Yuri Popov

CIS Market Daily - April 28, 2020

MARKET COMMENT - RENEWED COLLAPSE IN WTI; GAINS BUT EASING MOMENTUM IN GLOBAL STOCKSThe RTS edged up 0.2% to 1,084 amid a renewed slump in oil prices on storage concerns and ETF adjustments, and while global equities climbed (MSCI ACWI +1.8%). A busy day ahead holds several company events, expected government remarks on the current virus and economic environment, the start of the Fed meeting and quarterly reports from European banks, and more. STORIES> Russian economic activity: First signs of pain> Federal Reserve preview: Ready for another helicopter drop> Tatneft reportedly makes early outp...

Alexey Kirichok ...
  • Anastasia Khakhaeva
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Andrey Krylov
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Research Team
  • Rodion Lomivorotov
  • Svetlana Sukhanova
  • Vladimir Lezhnev

CIS Market Daily - April 24, 2020

MARKET COMMENT - RUSSIA LED EARLY, WHILE POOR DRUG TRIAL RESULTS SPURRED LATE GLOBAL SELLOFFRussia nearly led global markets yesterday, the RTS (1,100) climbing 3.2% while the MSCI ACWI edged up 0.3%. Rising oil helped. While major macro releases were negative, markets only faced downward pressure in the late evening after news of a failed Covid-19 drug trial.STORIES> EM equity flows reverse to sharpest outflow since 2015> Rosneft BoD recommends dividend for 2H19> Novatek 1Q20 preview: The pain sets in> Polyus 1Q20 trading update review and earnings preview> CBR releases banking sector data fo...

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

Sberbank CIB Ivanov Consumer Confidence Tracker. May 2020 - Reserves Running Low

In this rapidly changing environment, we have decided to launch a special edition of the Ivanov survey focused on Covid-19 and the lockdown. We continue to track the Ivanovs' incomes, savings, but also identify changes in lifestyle and perceptions. We dedicated more time to the economy to see how sectors and individual companies are performing and might perform in the future. We also looked at competition among Russia's public food retailers. Here are the main conclusions from our most recent survey:> The field work for this survey took place over April 28-May 7. By that time, the lockdown had...

Raiffeisen Centrobank Equity Daily 24.04.2020

 AT: Atrium - Malls likely to reopen on May 18, press reports (positive)  AT: BAWAG Group - Withdrawing FY targets and flagging extra provisioning for 1Q (neutral)  AT: IMMOFINANZ - Ronny Pecik will become new CEO, 3 year contract starting in May (positive)  AT: PORR - Company withdrew dividend proposal of EUR 0.40 (negative)  AT: SBO - Shareholders approved the 2019 DPS of EUR 1.20 (neutral)  AT: STRABAG - Dividend cut despite stellar net profit (negative)  AT: Warimpex - NAV growth, earnings ahead of estimates due to revaluation gains, no dividend will be proposed due to Covid-19 (neg...

BCS Equity Daily: Fund Flows, Rosneft, Polyus, TMK, Severstal, Phosagro, Mail.ru, Lenta

King Brent, Captain COVID v Fundamentals Ahead: Allegiance shifts. The price of oil is the visible King, the Captain of that King, however, is the less visible trajectory of COVID-19 and consequent impact on the global economy. Both were operative yesterday, driving markets higher with oil seen as an indicator of economic health, and lower headcounts on new COVID infections and deaths embraced as though the plague is easing. Heading into the weekend after a two-day bounce, allegiance of the players is certain to return to a thirst for fundamentals – in that light, in the wake of dismal econo...

Lenta 1Q 20 Trading Update Company News - Retail revenue grew by 7.5%, LFL sales increased by 4%

Today, Lenta released its 1Q 20 trading update featuring decent 7.5% yoy retail revenue growth on the back of 4.0% LFL sales growth. Nevertheless, we take the results neutrally as we think that they could have been anticipated due to customers stocking up in March as the COVID-19 situation developed and an additional day in February. The company did not provide any guidance for 2020e given the uncertain situation with COVID-19 and the RUB FX rate.

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

Sberbank CIB Ivanov Consumer Confidence Tracker. April 2020 - Large Players to Benefit from Market Consolidation

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 field work for this survey took place over March 2-12. Most of the responses were gathered in the first week of March, right before the virus began to escalate in Russia and the oil price dropped. Thus, we captured only the start of the deterioration. In the majori...

Anastasia Boyko ...
  • Yuri Golban

BCS Local Bonds Monitor: Lenta (Fitch: BB; ACRA: A+(ru)) – Fair yield at 6.5-6.6%

Today, Lenta will place a 3Y issue – Lenta 1P-04bo – worth Rb10bn. Initial coupon guidance was set at 6.45-6.65%, translating to a YTM of 6.55-6.76%. The book will open today at 11:00-15:00 MSK. YTM guidance looks appealing. The issuer’s outstanding bond, Lenta 1P-3bo – with a slightly shorter duration of 2.3Y – offers a YTM of c6.3% (OFZ +130-140bp). Bonds with slightly longer duration placed by Magnit (S&P: BB) and X5 Group (Ba1/BB/BB+) trade around these levels too. Given Lenta’s lower ratings and slightly longer duration, we see the fair premium of the new Lenta 1Р-4bo to X5-1P-8bo at 20-...

Alexey Kirichok ...
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Andrey Krylov
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Mikhail Krasnoperov
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev
  • Yuri Popov

CIS Market Daily - April 28, 2020

MARKET COMMENT - RENEWED COLLAPSE IN WTI; GAINS BUT EASING MOMENTUM IN GLOBAL STOCKSThe RTS edged up 0.2% to 1,084 amid a renewed slump in oil prices on storage concerns and ETF adjustments, and while global equities climbed (MSCI ACWI +1.8%). A busy day ahead holds several company events, expected government remarks on the current virus and economic environment, the start of the Fed meeting and quarterly reports from European banks, and more. STORIES> Russian economic activity: First signs of pain> Federal Reserve preview: Ready for another helicopter drop> Tatneft reportedly makes early outp...

Alexey Kirichok ...
  • Anastasia Khakhaeva
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Andrey Krylov
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Research Team
  • Rodion Lomivorotov
  • Svetlana Sukhanova
  • Vladimir Lezhnev

CIS Market Daily - April 24, 2020

MARKET COMMENT - RUSSIA LED EARLY, WHILE POOR DRUG TRIAL RESULTS SPURRED LATE GLOBAL SELLOFFRussia nearly led global markets yesterday, the RTS (1,100) climbing 3.2% while the MSCI ACWI edged up 0.3%. Rising oil helped. While major macro releases were negative, markets only faced downward pressure in the late evening after news of a failed Covid-19 drug trial.STORIES> EM equity flows reverse to sharpest outflow since 2015> Rosneft BoD recommends dividend for 2H19> Novatek 1Q20 preview: The pain sets in> Polyus 1Q20 trading update review and earnings preview> CBR releases banking sector data fo...

Alexey Kirichok ...
  • Anastasia Khakhaeva
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Andrey Krylov
  • Anna Kotelnikova
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Research Team
  • Svetlana Sukhanova
  • Vladimir Lezhnev

CIS Market Daily - 24 апреля 2020

КОММЕНТАРИЙ И ПРОГНОЗ - ВЧЕРА РОССИЯ БЫЛА СРЕДИ ЛИДЕРОВ, НО ВЕЧЕРОМ ГЛОБАЛЬНЫЕ РЫНКИ УПАЛИ ИЗ-ЗА НЕУДАЧНЫХ ИСПЫТАНИЙ ЛЕКАРСТВА ОТ КОРОНАВИРУСАРоссия вчера была в числе лидеров среди глобальных рынков по итогам торгов: индекс РТС поднялся на 3,2% до 1 100 пунктов, тогда как MSCI ACWI прибавил 0,3%. Поддержку оказал рост цен на нефть. Хотя макроэкономические публикации были неблагоприятными, рынки испытали давление только поздно вечером, после появления новости о неудачном тестировании препарата от COVID-19. Глобальные индикаторы сегодня утром указывают на вероятность снижения на открытии. Сегод...

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

CIS Market Daily - February 26, 2020

MARKET COMMENT - COVID-19 FEARS SPUR FOURTH DAY OF ESCALATING GLOBAL DECLINESThe RTS yesterday fell 5.2% to 1,446, its third sharpest drop in five years. Escalating Covid-19 fears have proven contagious for markets, Russia being no exception. APAC markets and RTS futures are down further this morning. STORIES> Economic Monthly: Sberbank deal to help fund additional social spending> Gazprom Neft reports weak 4Q19 results as expected> VTB to approve 50% payout for 2019 and split payment in two> Rostelecom 4Q19 IFRS preview> Yandex issues convertible notes> Lenta 2H19 IFRS: EBITDA in line, R2.8 b...

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

CIS Market Daily - 26 февраля 2020

КОММЕНТАРИЙ И ПРОГНОЗ - РЫНКИ В МИНУСЕ УЖЕ ЧЕТЫРЕ ТОРГОВЫХ ДНЯ, ПАДЕНИЕ УСИЛИВАЕТСЯ ИЗ-ЗА ЭПИДЕМИИ КОРОНАВИРУСАИндекс РТС вчера упал на 5,2% до 1 446 пунктов - за последние пять лет это третье по масштабу падение. Опасения, связанные с эпидемией коронавируса, продолжают "заражать" рынки, и Россия - не исключение. Рынки АТР и фьючерсы на индекс РТС также в минусе. НОВОСТИ> Экономика России. Ежемесячный обзор. Сделка по Сбербанку поможет профинансировать дополнительные соцрасходы> Газпром нефть: ожидаемо слабые показатели за 4К19> ВТБ одобрит выплату 50% чистой прибыли в виде дивидендов за 2019 ...

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