Aton - ATON DAILY (Otkritie Rescue, LKOD, SGGD, POLY, TCS, IRAO, HYDR, RSTI, AKRN, GLTR, AFLT, ETLN) // August 30

Report

Aton

ATON DAILY (Otkritie Rescue, LKOD, SGGD, POLY, TCS, IRAO, HYDR, RSTI, AKRN, GLTR, AFLT, ETLN) // August 30

â— CBR initiates financial rehabilitation of Otkritie; fate of subordinated bonds remains unclear

â–² LUKOIL (LKOD LI; BUY, tp – $67) delivers strong 2Q17 earnings

â— Surgutneftegas (SGGD LI; HOLD, tp – $5.5) posts 1H17 IFRS earnings

â— Polymetal (POLY LN; BUY, tp – 1,250 pence) conference call takeaways

â–² TCS Group (TCS LI; BUY, tp — $15.2) posts strong 2Q17 IFRS results driven by comission income and falling CoR

â— Inter RAO (IRAO RX; HOLD, tp – RUB4.5) releases 1H17 IFRS earnings

â— Inter RAO (IRAO RX; HOLD, tp – RUB4.5) 2Q17 conference call

â— RusHydro (HYDR RX; BUY, tp – RUB1.20) 1H17 IFRS earnings

â–² RusHydro (HYDR RX; BUY – TP RUB1.20) 2Q17 conference call

â— Rosseti (RSTI RX; UR) releases 1H17 IFRS earnings

â— Rosseti (RSTI RX; UR) 2Q17 conference call

â— Acron (AKRN RX; HOLD, tp – RUB3,384) 2Q17 IFRS EBITDA -3% QoQ

â–² Globaltrans (GLTR LI; buy, TP – $8.4) reports outstanding 1H17 IFRS results: EBITDA 17% above consensus, 8.2% dividend yield

â–¼ Aeroflot (AFLT RX; hold, TP – RUB190) reports unimpressive 1H17 IFRS results

â–² Etalon (ETLN LI; buy, tp – $4.7/GDR) Analyst day: guidance reiterated, but growth potential remains

30/08/2017 5 EN

Provider

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.
Client-focused Service
We employ state-of-the art technology to ensure the highest quality of investment services as well as the highest level of data protection.

See profile

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

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

ATON DAILY (Otkritie Rescue, LKOD, SGGD, POLY, TCS, IRAO, HYDR, RSTI, AKRN, GLTR, AFLT, ETLN) // August 30

ATON DAILY (RSTI) // September 22

UNIPRO: A Finnished Story?

URALKALI: Next Buyback in March 2018?

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe