Aton - ATON DAILY (NVTK,ROSN,OGZD,MTL,TMKS,VTBR,URKA,AKRN,YNDX) // July 14

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Aton

ATON DAILY (NVTK,ROSN,OGZD,MTL,TMKS,VTBR,URKA,AKRN,YNDX) // July 14

â–² Dutch Groningen field might be shut down, positive for Gazprom (OGZD LI; BUY — TP $5.3/share)

â–² Gas transportation tariff for independents likely to be left flat

â–¼ Court orders Mechel to pay RUB12.7bn (MTL US; UR)

â–² TMK reports solid 2Q17 operating results (TMKS LI; BUY — TP $6.0/share)

â— VTB Bank: interview with chairman Andrey Kostin (VTBR RX; SELL — RUB0.062/share)

â— Uralkali agrees on potash deal with China at $230/t (URKA RX; SELL — RUB140/share)

â— Acron reports 2Q17 production figures (AKRN LI; HOLD — $5.2/share)

â–² Yandex.Taxi and Uber to merge in Russia and neighboring countries (YNDX US; NR)

14/07/2017 3 EN

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Aton

Since its inception in 1991, ATON has built a reputation for combining in-depth local knowledge of the Russian market with the highest international standards in research, sales and trade execution. As a result, we have been able to attract many of the leading domestic and international institutional fund management groups as our clients. As one of the leading independent investment banks in Russia, we offer the full range of institutional brokerage service, including:

Detailed fundamental analysis of economics, sectors and companies, with the widest coverage universe in Russia and the CIS;
Timely trading ideas to help clients take advantage from short-term pricing discrepancies;
Competitive prices and prompt execution of trades;
An on-line platform providing easy access to all our research products and tools.
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We employ state-of-the art technology to ensure the highest quality of investment services as well as the highest level of data protection.

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Other Reports from Aton

ATON DAILY (RSTI) // September 22

â— Rosseti (RSTI RX; UR) to enter Crimea

September 22, 2017 September 22, 2017 2 EN

Alexander Kornilov

Alexander Kornilov

UNIPRO: A Finnished Story?

Finland’s Fortum is buying Germany’s Uniper from E.ON with a view to concluding the deal in early-2018. Apart from increasing Fortum’s footprint in the Russian power market, the deal means a change in Unipro’s ultimate beneficiary, with sizeable related risks to Unipro’s currently compelling investment case. A potential adverse amendment to the dividend policy, changes in the management team, a forced asset sale, and a possible stock delisting are the key risk factors implied by the Fortum/Uniper deal. Until there is more clarity, we leave our BUY rating and RUB3.18 target price unchanged.

September 22, 2017 September 22, 2017 7 EN

Andrey Lobazov

Andrey Lobazov

URALKALI: Next Buyback in March 2018?

We believe Uralkali is on track to reduce its net leverage to below 4.0x EBITDA by YE17. The latter is the ratio level prescribed by its covenant, and being freed of this restriction would open the door for another buyback in Mar 2018. On MtM potash price and RUB FX, sales should amount to 6.2mt in 2H17 which, in our view, is easily achievable, and implies a 6% HoH decrease and 94% capacity utilisation. The free float market cap is $410mn, slightly above Uralkali’s semi-annual FCF of $250-300mn, and we believe that another market buyback would be favoured above a tender offer. We have a SELL r...

September 22, 2017 September 22, 2017 3 EN

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ATON DAILY (NVTK,ROSN,OGZD,MTL,TMKS,VTBR,URKA,AKRN,YNDX) // July 14

ATON DAILY (RSTI) // September 22

UNIPRO: A Finnished Story?

URALKALI: Next Buyback in March 2018?

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