Edison Investment Research - FG Budushcheye PAO (FTRE) e-Commercial

Report

Edison Investment Research

Fiona Orford-Williams

e-Commercial

Future’s H1 trading update shows continued good progress in diversifying the group’s revenue streams, reinforcing the strategy of building a global platform for specialist media. e-Commerce and events both performed notably strongly in the period, up 70% and 15% on the prior year (albeit off lower bases). Cash performance was also better than expected. The acquisitions of Imagine Publishing and the magazines of Team Rock have played out to plan and the benefits should accrue more strongly in FY18, as built into our (unchanged) forecast figures. This faster earnings growth brings the rating down to attractive levels. Interims are due on 19 May.

11/04/2017 3 EN

Underlying

FG Budushcheye PAO

FG Budushcheye PAO is a Russia-based company, which is engaged in the investment management. The Company has two main operating segments: Non-state pension provision services and Mandatory pension insurance services. Non-state pension provision services include accumulation of pension contributions, investment of pension reserves, accounting for pension liabilities of the funds, appointment and payment of non-state pensions to participants of the funds. Mandatory pension insurance services include accumulation of pension savings, arrangement of pension savings investment, accounting for pension savings, awarding and payment of the accumulated portion of the retirement pension, making regular and non-recurring pension payments to insured persons, and payments to successors of insured persons.

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RU000A0JWNX4 Russia

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Fiona Orford-Williams

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e-Commercial

S&U - PBT ahead, encouraging volume trends

Ceres Power Holdings - Strategic partnerships powering growth

Zalaris - Commencement of strategic review

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