X5 Retail Group N.V. GDR

X5 Retail Group is a holding company. The main activity of Co. is the development and operation of grocery retail stores. Co. operates a retail chain of soft-discount, supermarket and hypermarket stores under the brand names "Pyaterochka", "Perekrestok" and "Karusel" in major population centres in Russia, including but not limited to Moscow, St. Petersburg, Nizhniy Novgorod, Rostov-on-Don, Kazan, Samara, Lipetsk, Chelyabinsk, Perm, Ekaterinburg and Kiev, Ukraine.
  • TickerPJP
  • ISINUS98387E2054
  • SectorFood & Drug Retailers
  • CountryGermany

X5 Retail Group N.V.: 1 director sold

A director at X5 Retail Group N.V. sold 35,941 shares at 35.520USD and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names o...

Research Team

WOOD Daily: MGNT LI; FIVE LI; KTY PW; LVC PW; AFLT RX; PL Telecoms

HEADLINES: • Russian food retail: not relative winners, just winners (X5 stays BUY; Magnit's GDRs and locals upgraded to BUY) • Kety: Can I get my first PLN 500+, please (stays BUY) • LiveChat Software: strong set of 4Q19-20 (calendar 1Q20) results, with 9% beat POSITIVE • Aeroflot: secures RUB 31bn 5Y credit agreement with Sberbank POSITIVE • Polish telecoms: Poland may fail to relaunch 5G auction in 2020, according to acting head of UKE NEGATIVE • Short News (UKR Agriculture)

Jakub Mician ...
  • Lukasz Wachelko, CFA

Russian Food Retail: Not relative winners, just winners (X5 stays BUY; Magnit's GDRs and locals upgraded to BUY)

We maintain our preference for X5 (BUY, price target (PT) USD 46.3) over Magnit (upgraded to BUYs, PTs USD 16.7/RUB 5,861); however, at this juncture, we like both names. We see them as the clear winners of the global pandemic, with customer trends strengthening their lfls and easing the margin pressure. In the mid-to-long term, the story remains fairly intact, in our view: X5 not only holds the market leader position, but also outpaces the competition in terms of EBITDA growth potential and digital transformation. However, in a short time horizon, we expect Magnit to enjoy the equalising effe...

X5 RETAIL GROUP NV is slightly downgraded to Slightly Positive due to an increasingly adverse environment

The independent financial analyst theScreener just slightly lowered the general evaluation of X5 RETAIL GROUP NV (GB), active in the Food Retailers & Wholesalers industry. As regards its fundamental valuation, the title confirms its rating of 4 out of 4 stars while its market behaviour remains unchanged and can be qualified as defensive. However, a marginally less favourable environment forces theScreener to downgrade slightly the title, which now shows an overall rating of Slightly Positive. As of the analysis date June 30, 2020, the closing price was USD 35.40 and its potential was estimated...

Evgeniy Kipnis ...
  • Olesya Vorobyeva

X5 Retail Group: Key takeaways from CFO call

Alfa-Bank and Tellimer hosted a conference call with X5 Retail Group yesterday. The company was represented by Svetlana Demyashkevich (CFO) and Natalya Zagvozdina (Head of Corporate Finance). While the market might be pricing potential trading down by consumers and a pick-up in price competition in H2 20, we think management comments during the call suggest upside risks to our and market expectations on top line growth and profitability. We reiterate our positive stance on X5, seeing them as...

Andrey Krylov ...
  • Mikhail Krasnoperov

X5 Retail Group - Closing Our Trade Idea

Having concluded that all of the headwinds and negative news flow had passed, in October we suggested buying X5 Retail Group. The trade idea delivered positive results: the stock advanced 6.7% to $35.21 per GDR, outperforming the RTS Index by 1.9 pp. We have decided to close our trade idea. That said, we remain upbeat on the company's long-term fundamentals and maintain our BUY recommendation on the stock.INVESTMENT CASEIn October, we suggested buying X5 Retail Group, and the trade idea delivered good results. As we had expected, the stock advanced amid an absence of negative news flow. X5 rem...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Squarely in the neutral camp At this point in time the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, EM) have failed to break above their respective resistance levels, leaving us squarely in the neutral camp. • We need to see more from cyclical value. We believe the aforementioned major global indexes are likely to remain below resistance or have limited upside unless and until we see more definitive signs of bottoming within cyclical value areas of the market (e.g., Materials, Energy, banks, major autos & parts, etc.)... see page 2. • Indicators supportive of a neutral outlook. Sever...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Fed cut, now what? The Fed's 25 bps cut and Powell's evasiveness in committing to a new easing cycle was seen as more hawkish than expected. In our opinion Powell was essentially saying the Fed will act as appropriate moving forward, and we can't blame him considering this was largely an “insurance cut” as opposed to a rescue attempt to avoid recession, and we may or may not need additional insurance moving forward. Overall the weight of the evidence supports further consolidation - i.e., no breakouts for now - on the broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM), and considering...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

USD weakness a tailwind for int'l markets With markets showing signs of weakening at logical resistance as outlined in last week's Int'l Compass - we recommend being selective in new purchases. At the same time we are seeing a number of indicators that are giving signals conducive to higher equity prices, meaning global equities may be gearing up for an eventual breakout topside resistance. Below we highlight some attractive and actionable themes along with indicators that support our overall constructive outlook. • USD (DXY) breaking down; Euro, CAD breaking out. Throughout all of 2019 we h...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

MSCI EM in early stages of bottoming Our overall global outlook remains cautious and continued downward pressure on global equities remains our expectation. This belief is supported in part by the absence of bottoming price action for broad global indexes (MSCI ACWI, ACWI ex-U.S., and EAFE), which are still making lower highs and lower lows. However, one bright spot is EM (more on this below), which continues to give us hope that global equities can bottom out. • Emerging Markets. We began highlighting the MSCI EM index as leadership on a relative basis back in November, so continued outper...

X5 Retail Group N.V.: 1 director sold

A director at X5 Retail Group N.V. sold 35,941 shares at 35.520USD and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names o...

Jakub Mician ...
  • Lukasz Wachelko, CFA

Russian Food Retail: Not relative winners, just winners (X5 stays BUY; Magnit's GDRs and locals upgraded to BUY)

We maintain our preference for X5 (BUY, price target (PT) USD 46.3) over Magnit (upgraded to BUYs, PTs USD 16.7/RUB 5,861); however, at this juncture, we like both names. We see them as the clear winners of the global pandemic, with customer trends strengthening their lfls and easing the margin pressure. In the mid-to-long term, the story remains fairly intact, in our view: X5 not only holds the market leader position, but also outpaces the competition in terms of EBITDA growth potential and digital transformation. However, in a short time horizon, we expect Magnit to enjoy the equalising effe...

Evgeniy Kipnis ...
  • Olesya Vorobyeva

X5 Retail Group: Key takeaways from CFO call

Alfa-Bank and Tellimer hosted a conference call with X5 Retail Group yesterday. The company was represented by Svetlana Demyashkevich (CFO) and Natalya Zagvozdina (Head of Corporate Finance). While the market might be pricing potential trading down by consumers and a pick-up in price competition in H2 20, we think management comments during the call suggest upside risks to our and market expectations on top line growth and profitability. We reiterate our positive stance on X5, seeing them as...

BCS Equity Daily: Gazprom, Ferrexpo, Detsky Mir, X5 Retail

Central Banks vs mounting threats Ahead: Red day spooks the Fed. Predictably, the potential for a second day in the red for US markets spooked the Fed, who then announced further market stimuli – this time, purchasing individual corporate bonds. The Central Banks have battened down the hatches and stand pat against the grim reality at the door (second wave of COVID manifest in Beijing’s ‘war footing’) – to hell with the long-term consequences, for now the markets look green (excluding any sudden corporate or political shocks for the local market). Powell’s comments will again be in focus toda...

BCS Equity Daily: Index Alert, Transneft, Steel, Norilsk Nickel, Sberbank, Yandex, X5 Retail

Fed & COVID – Sell-off not exhausted Week Ahead: Thursday’s sell-off may suggest exuberance wearing thin. While Russia closed up shop for the holiday, following Thursday’s long overdue sell-off, European markets rose slightly on Friday. Still, room for a deeper correction remains and investors will be watching for all the usual warning signs – although another wave of COVID cases worldwide seems almost a guarantee, a second lockdown may not be, as the political will to impose restrictions again looks largely exhausted for now. Rather, economic risks may come from renewed fear among the gener...

Raiffeisen Centrobank Equity Daily 12.06.2020

 EU: Banks - ECB seems to work on a bad bank (positive)  FR: Verallia - EUR 0.85 DPS cash or share terms published (neutral)  HR: Valamar Riviera - Border opening between Croatia, Hungary and Austria (positive)  HU: OTP - Buying back 300k shares this week (neutral)  RO: Banca Transilvania, BRD-GSG, Erste Group - Constitutional Court postponed ruling on caps on interest rates to July 8 (neutral)  RO: Fondul Proprietatea - Parliament voted on law against potential listings of state-owned companies for the next two years (neutral)  RO: OMV Petrom, Romgaz - Media reports that the Government...

BCS Equity Daily: Oil, Gazprom Neft, Tatneft, TMK, Norilsk Nickel, VTB, X5 Retail

Brent, market weakness tempt Ahead: Stealth hunting. New headlines concerning the bundle of threats – Turkey contagion, US sanction v ‘world’, slower growth – that unsettle the risk trade have been soothingly quiet, again. In this eye of the storm, the Russia trade again appears set to see some select cherry picking. Still, any uptick will be capped in part by the outlook for Brent: US crude stockpiles unexpectedly rose (API) and deteriorating economic outlook – OECD's composite leading economic indicator (of advanced economies, plus China, India, Russia, Brazil, Indonesia and South Africa) ...

Research Team

WOOD Daily: MGNT LI; FIVE LI; KTY PW; LVC PW; AFLT RX; PL Telecoms

HEADLINES: • Russian food retail: not relative winners, just winners (X5 stays BUY; Magnit's GDRs and locals upgraded to BUY) • Kety: Can I get my first PLN 500+, please (stays BUY) • LiveChat Software: strong set of 4Q19-20 (calendar 1Q20) results, with 9% beat POSITIVE • Aeroflot: secures RUB 31bn 5Y credit agreement with Sberbank POSITIVE • Polish telecoms: Poland may fail to relaunch 5G auction in 2020, according to acting head of UKE NEGATIVE • Short News (UKR Agriculture)

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

CIS Market Daily - 15 июня 2020

КОММЕНТАРИЙ И ПРОГНОЗ - В ЦЕНТРЕ ВНИМАНИЯ - НОВОСТИ О РАСПРОСТРАНЕНИИ COVID-19 В США, НЕБЛАГОПРИЯТНАЯ МАКРОЭКОНОМИЧЕСКАЯ СТАТИСТИКА И СИТУАЦИЯ В КИТАЕВ четверг мировые рынки упали на фоне негативных новостей, связанных с эпидемией COVID-19, а также слабой макростатистики (в основном из США). В пятницу падение затормозилось, но сегодня утром котировки снова идут вниз, т. к. тревожные сообщения стали поступать из Китая и других стран. Помимо ситуации с коронавирусом на текущей неделе в центре внимания будут решения и комментарии ряда центробанков (в пятницу состоится заседание ЦБ РФ). НОВОСТИ> ...

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

CIS Market Daily - June 15, 2020

MARKET COMMENT - BEARISH COVID-19 AND MACRO HEADLINES FROM THE US, CHINA AND MOREMarkets sharply tumbled on Thursday on the back of bearish Covid-19 and macro headlines, primarily from the US. After a pause on Friday, markets abroad are again falling this morning after similarly negative headlines emerged from China and elsewhere. The other major theme of the week is central bank decisions and commentaries, with the CBR's due Friday.STORIES> EM equity outflow accelerates, with both GEM and APAC funds hit> Higher oil prices to boost macroeconomic balances> Russian budget revenues down 41% y-o-y...

Alexey Kirichok ...
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Andrey Krylov
  • Anna Kotelnikova
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Mikhail Krasnoperov
  • Research Team
  • Vladimir Lezhnev

CIS Market Daily - 5 июня 2020

КОММЕНТАРИЙ И ПРОГНОЗ - РЫНКИ ВЧЕРА КОНСОЛИДИРОВАЛИСЬ; СЕГОДНЯ В ЦЕНТРЕ ВНИМАНИЯ - ЦБ РФ, ОТЧЕТ ПО ЗАНЯТОСТИ В США, ОТНОШЕНИЯ МЕЖДУ США И КНРСегодня рынки торгуются либо в боковом тренде, либо с небольшим понижением. Россия показала один из худших результатов среди развивающихся рынков: после роста накануне индекс РТС отступил на 3,4% до 1 257 пунктов. Сегодня внимание инвесторов будет приковано в первую очередь к пресс-конференции ЦБ РФ, помесячной статистике по инфляции, а также к данным по рынку труда и числу буровых вышек в США. НОВОСТИ> Телефонная конференция ЛУКойла: основные выдержки> A...

Alexey Kirichok ...
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Andrey Krylov
  • Anna Kotelnikova
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Mikhail Krasnoperov
  • Research Team
  • Vladimir Lezhnev

CIS Market Daily - June 5, 2020

MARKET COMMENT - CONSOLIDATION YESTERDAY; CBR, US PAYROLLS, US/CHINA IN FOCUS TODAYMarkets tended toward flat or slightly lower performances yesterday. Russia was nearly the weakest EM, the RTS declining 3.4% to 1,257 after a string of outperformances. The CBR press conference, monthly inflation, and US payrolls and rig counts are among events to watch today.STORIES> GEM funds see first net inflow in 16 weeks> Lukoil 1Q20 conference call highlights> Alrosa partially suspends production at Severalmaz> X5 Retail Group says online sales soared 40% m-o-m in May> RusHydro 1Q20 IFRS results: EBITDA ...

X5 RETAIL GROUP NV is slightly downgraded to Slightly Positive due to an increasingly adverse environment

The independent financial analyst theScreener just slightly lowered the general evaluation of X5 RETAIL GROUP NV (GB), active in the Food Retailers & Wholesalers industry. As regards its fundamental valuation, the title confirms its rating of 4 out of 4 stars while its market behaviour remains unchanged and can be qualified as defensive. However, a marginally less favourable environment forces theScreener to downgrade slightly the title, which now shows an overall rating of Slightly Positive. As of the analysis date June 30, 2020, the closing price was USD 35.40 and its potential was estimated...

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...

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