TransContainer - Q1 growth trend exceeds our expectations again
Following TransContainer’s strong Q1 results, with adjusted revenues growing by more than 30% y-o-y, we have further increased our forecasts for FY19–20 (revenue up 6–9%). The growth in Q1 was boosted by increased sales to customers located outside Russia. We have increased our valuation to RUB7,100/share on the back of higher forecasts.PJSC Transcontainer is engaged in the arrangement of rail-based container shipping and other logistics services. Rail-based transportation services primarily include arranging the transportation of its own and third-party containers by rail. Integrated freight forwarding and logistics services are service packages including rail container transportation, terminal handling, truck deliveries, freight forwarding and logistic services. As of Dec. 31, 2012, Co. owns and operates 46 container terminals along the Russian railway network, operated 17 branches in Russia, had a truck fleet of 860 units, fleet of 25,086 container flatcars and 19,425 medium-duty (3-ton and 5-ton) containers.
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