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
Research Team

The Rear-View Mirror – EME markets: Turkish ISE30 still weak, down 9.6% in August

EME Equity Market – August 2020 Market performance – most indices end August in the black, but the ISE30 Index decline continues, down 9.6%. In August, the MSCI EM Europe Index declined by 1.2% in EUR terms, but stayed mostly flat (+0.1%) in local currency terms. Romania’s BET Index performed the best, up 7.2%; followed by the Greek ASE Index (+2.7%); the Czech Republic’s PX Index (+2.4%); Poland’s WIG20 Index (+2.3%); and the MOEX Index (+0.5%). The Hungarian BUX Index declined by 2.6%, followed by the ISE30 Index, the poor performance of which reflects the current weakness of Turki...

Alexey Kirichok ...
  • Andrey Kuznetsov
  • Andrey Krylov
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Ilyas Yerzhanov
  • Irina Lapshina
  • Mikhail Krasnoperov
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - 14 августа 2020

КОММЕНТАРИЙ И ПРОГНОЗ - ПРОДОЛЖАЕТСЯ ГОНКА ЗА МЕСТО В ИНДЕКСЕ MSCI RUSSIA 10-40; НЕОДНОЗНАЧНЫЕ МАКРОЭКОНОМИЧЕСКИЕ ДАННЫЕ ИЗ США И КИТАЯИндекс РТС вчера поднялся на 1,5% до 1 326 пунктов, MSCI EM прибавил 0,2%, а развитые рынки немного отступили. Норникель, по-видимому, лишь немного опередил Яндекс в борьбе за четвертое место в индексе MSCI Russia 10-40....

Alexey Kirichok ...
  • Andrey Kuznetsov
  • Andrey Krylov
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Ilyas Yerzhanov
  • Irina Lapshina
  • Mikhail Krasnoperov
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - August 14, 2020

MARKET COMMENT - RUSSIA 10-40 RACE CONTINUES; US AND CHINA SEND MIXED MACRO SIGNALSThe RTS gained 1.5% to reach 1,326, while the MSCI EM edged up 0.2% and DMs saw slight declines. Nornickel appears to be just barely leading Yandex in the race to the fourth spot in the MSCI Russia 10-40. Macro and political stories from the US and China have been mixed, setting an ambiguous backdrop for global markets this morning, though Russia indicators are slightly positive.STORIES> Russia inflation monitor: Still no upward pressure in July> Rusal 1H20 IFRS results in line; 2H20 outlook gradually improving>...

Research Team

WOOD Daily: FIVE LI, GPW PW, NLBR SV, TLV RO, EL RO, TEL RO, SNN RO, SNG RO, DIGI RO, M RO, TCELL TI, THYAO TI, MPARK TI, GSPARK HB

HEADLINES: • X5: 2Q20 results - decent as expected, optimistic outlook going forward POSITIVE • Warsaw Stock Exchange: 2Q20 EBITDA 4% below consensus amid write-off on BondSpot goodwill NEUTRAL • NLB: 2Q20 results review POSITIVE • Banca Transilvania: 2Q20 above expectations on financial assets revaluation POSITIVE • Electrica: 2Q20 significantly stronger on distribution beat POSITIVE • Transelectrica: 2Q20 results - small beat to our expectations NEUTRAL • Nuclearelectrica: 2Q20 beat on higher price and volume, and lower costs POSITIVE • Romgaz: 2Q20 results review NEUTRAL •...

X5 Company News - Expectedly strong profitability

Today, X5 released expectedly strong 2Q 20 IFRS results with revenue, EBITDA and net income being in line with our expectations yet exceeding the Interfax consensus net income expectations by 4.0%. Revenue increased by 12.9% yoy: Revenue was in line with our and consensus expectations as the net retail revenue was disclosed on July 16.

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. S...

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 conside...

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...

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 outp...

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

The Rear-View Mirror – EME markets: Turkish ISE30 still weak, down 9.6% in August

EME Equity Market – August 2020 Market performance – most indices end August in the black, but the ISE30 Index decline continues, down 9.6%. In August, the MSCI EM Europe Index declined by 1.2% in EUR terms, but stayed mostly flat (+0.1%) in local currency terms. Romania’s BET Index performed the best, up 7.2%; followed by the Greek ASE Index (+2.7%); the Czech Republic’s PX Index (+2.4%); Poland’s WIG20 Index (+2.3%); and the MOEX Index (+0.5%). The Hungarian BUX Index declined by 2.6%, followed by the ISE30 Index, the poor performance of which reflects the current weakness of Turki...

Research Team

WOOD Daily: FIVE LI, GPW PW, NLBR SV, TLV RO, EL RO, TEL RO, SNN RO, SNG RO, DIGI RO, M RO, TCELL TI, THYAO TI, MPARK TI, GSPARK HB

HEADLINES: • X5: 2Q20 results - decent as expected, optimistic outlook going forward POSITIVE • Warsaw Stock Exchange: 2Q20 EBITDA 4% below consensus amid write-off on BondSpot goodwill NEUTRAL • NLB: 2Q20 results review POSITIVE • Banca Transilvania: 2Q20 above expectations on financial assets revaluation POSITIVE • Electrica: 2Q20 significantly stronger on distribution beat POSITIVE • Transelectrica: 2Q20 results - small beat to our expectations NEUTRAL • Nuclearelectrica: 2Q20 beat on higher price and volume, and lower costs POSITIVE • Romgaz: 2Q20 results review NEUTRAL •...

X5 Company News - Expectedly strong profitability

Today, X5 released expectedly strong 2Q 20 IFRS results with revenue, EBITDA and net income being in line with our expectations yet exceeding the Interfax consensus net income expectations by 4.0%. Revenue increased by 12.9% yoy: Revenue was in line with our and consensus expectations as the net retail revenue was disclosed on July 16.

Evgeniy Kipnis ...
  • Olesya Vorobyeva

X5 Retail Group: Q2 20 IFRS results – Slightly positive

X5 (FIVE LI: O/W; TP $42.4/GDR, RUB2,841/GDR) reported its 2Q20 financial results. 2Q20 EBITDA came in strong as expected, bringing no surprise to the market, being well-guided by the company. Net income came in 8-4% above our and market estimates. Thus, we see the results as slightly positive. The market might be waiting for positive news from management regarding the July-August sales trends (earlier the company announced >10% y/y proximity format LfL sales growth in the first two weeks of...

Equity Weekly 060820

Company Events: (* preview included in the Equity Weekly) Friday, 07/08/2020 HU: MOL, 2Q Earnings Release* AT: Oesterreichische Post, 2Q Earnings Release* HU: OTP, 2Q Earnings Release* AT: Polytec, AGM AT: Polytec, 2Q Earnings Release* Monday, 10/08/2020 PL: Play Communications, 2Q Earnings Release Tuesday, 11/08/2020 CZ: CEZ, 2Q Earnings Release* RU: Unipro, 2Q Earnings Release* Wednesday, 12/08/2020 AT: DO & CO, 1Q Earnings Release AT: Kapsch TrafficCom, 1Q Preliminary results* PL: Lotos, 2Q Earnings Release AT: Wienerberger, 2Q Earnings Release* Thursday, 13/08/2020 PL: Netia, 2Q ...

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 Sout...

Alexey Kirichok ...
  • Andrey Kuznetsov
  • Andrey Krylov
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Ilyas Yerzhanov
  • Irina Lapshina
  • Mikhail Krasnoperov
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - 14 августа 2020

КОММЕНТАРИЙ И ПРОГНОЗ - ПРОДОЛЖАЕТСЯ ГОНКА ЗА МЕСТО В ИНДЕКСЕ MSCI RUSSIA 10-40; НЕОДНОЗНАЧНЫЕ МАКРОЭКОНОМИЧЕСКИЕ ДАННЫЕ ИЗ США И КИТАЯИндекс РТС вчера поднялся на 1,5% до 1 326 пунктов, MSCI EM прибавил 0,2%, а развитые рынки немного отступили. Норникель, по-видимому, лишь немного опередил Яндекс в борьбе за четвертое место в индексе MSCI Russia 10-40....

Alexey Kirichok ...
  • Andrey Kuznetsov
  • Andrey Krylov
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Ilyas Yerzhanov
  • Irina Lapshina
  • Mikhail Krasnoperov
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - August 14, 2020

MARKET COMMENT - RUSSIA 10-40 RACE CONTINUES; US AND CHINA SEND MIXED MACRO SIGNALSThe RTS gained 1.5% to reach 1,326, while the MSCI EM edged up 0.2% and DMs saw slight declines. Nornickel appears to be just barely leading Yandex in the race to the fourth spot in the MSCI Russia 10-40. Macro and political stories from the US and China have been mixed, setting an ambiguous backdrop for global markets this morning, though Russia indicators are slightly positive.STORIES> Russia inflation monitor: Still no upward pressure in July> Rusal 1H20 IFRS results in line; 2H20 outlook gradually improving>...

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

CIS Market Daily - 11 августа 2020

КОММЕНТАРИЙ И ПРОГНОЗ - КОММЕНТАРИИ КИТАЯ И США О ВНЕШНЕЙ ТОРГОВЛЕ И ПОДДЕРЖКЕ ЭКОНОМИКИ УЛУЧШИЛИ НАСТРОЙ ИНВЕСТОРОВ, РЫНКИ ПО-ПРЕЖНЕМУ СЛЕДЯТ ЗА СИТУАЦИЕЙ В БЕЛОРУССИИИндексы MSCI EM и РТС вчера потеряли по 0,3% (последний снизился до 1 268 пунктов). Китай подтвердил намерение соблюдать договоренности в торговой сфере, а в США появи...

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

CIS Market Daily - August 11, 2020

MARKET COMMENT - CHINESE AND US POLICY COMMITMENTS SUPPORT MARKETS, EYES STILL ON BELARUSThe MSCI EM and RTS (1,268) each edged down 0.3% yesterday. Reiterated trade commitments from China and hints of progress in US stimulus negotiations have supported markets this morning. Protests in Belarus remain in focus for East European markets.STORIES> MSCI Russia August 2020 rebalancing preview> Spot gas prices rebounding in August, well ahead of heating season> Alrosa's July sales show no recovery so far> CBR cuts risk-weight surcharges on unsecured loans> MTS 2Q20 results preview> X5 Retail Group 2...

Alexey Kirichok ...
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Krylov
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Nikolay Minko
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - 22 июля 2020

КОММЕНТАРИЙ И ПРОГНОЗ - РЫНКИ ПОД ДАВЛЕНИЕМ ИЗ-ЗА НОВОСТЕЙ ИЗ США И ВЕЛИКОБРИТАНИИ, ДАННЫХ ПО НЕФТИ И ПОЛИТИЧЕСКИХ ФАКТОРОВВо вторник в начале дня рынки были на подъеме. Индекс MSCI EM вырос на 2,0%, индекс РТС - на 1,9% (до 1 260 пунктов). Ближе к вечеру и сегодня утром рынки оказались под давлением из-за того, что переговоры по антикризисн...

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 we...

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