Report

Raiffeisen Research Institutional Equity Daily 28.02.2022

 MSCI February Index Review - No changes in constituents in our Coverage Universe
 AT: Erste Group - Q4 21 net profit slightly ahead of expectations / DPS proposal of EUR 1.6 below RBIe and double digit ROTE guidance for 2022 (neutral)
 EU: Utilities - German Ministry of the Economy to examine the delay of nuclear power plant shutdowns, German utilities object (neutral)
 RO: Electrica - Significant increase in electricity expenses, 101% yoy, led to a loss of RON 625 mn in Q4 21 (negative)
 RO: Fondul Proprietatea - Proposes a special dividend for 2021 of RON 0.125, implying a DY of 6.25% (positive)
 RO: One United Properties - Q4 net profit up 232% yoy on the back of gains from investment property (positive)
 RU: MMK - Q4 21 steel sales grew by 27% qoq due to release of inventories (neutral)
 RU: Rosneft - BP exiting Rosneft (negative)
 RU: Russia - Sanctions imposed on Central Bank of Russia and sanctioned banks cut off from SWIFT (negative)
 RU: VEON - Q4 21 results mixed, no FY 22e guidance provided, strategic targets in jeopardy due to Russia-Ukraine situation (negative)
Underlyings
Erste Group Bank AG

Erste Group is a financial services provider based in Austria. As of Dec 31 2015, Co.'s total assets amounted to Euro199,743 million and the number of customers was approximately 16.5 million. Co.'s key business is the retail business, covering the entire spectrum from lending, deposit and investment products to current accounts and credit cards. In addition to providing financial services to private individuals, Co.'s core activities also include advisory services and support for corporate clients in financing, investment and access to international capital markets, public sector funding and interbank market operations.

Magnitogorsk Iron & Steel Works PJSC

Magnitogorskiy Metallurgicheskiy Kombinat PAO, formerly Magnitogorskiy metallurgicheskiy kombinat OAO, is a Russia-based company, active in the steel industry. Its main products are sinter, coke, iron, crude steel, rolled products and ore materials. The Company offers a wide range of products such as wire rod, rebars, square bars, strips, round bars, among others. It is also involved in the coal ore mining, processing of ore materials, sale of ferrous metal products and others. Magnitogorskiy metallurgicheskiy kombinat OAO operates as a supplier for such industries as: pipelines, vehicles, railway, construction and shipbuilding, among others. Its subsidiaries include Lys'venskaya Metallurgicheskaya Kompaniya OOO, among others. The Company operates domestically, as well as exports its products to the Commonwealth of Independent States (CIS) countries, Asia, the Middle East and Europe.

ONE UNITED PROPERTIES SA

Rosneft Oil Co.

OJSC OC Rosneft is a vertically-integrated Russian oil and gas company with upstream and downstream operations in each of Russia's oil-producing regions. Headquartered in Moscow, Co. operates ten oil and gas producing enterprises across Russia and is involved in over ten exploration projects. In addition to its upstream operations, Co. also owns two refineries, which have a combined capacity of 10 million tons per year, as well as four main oil export terminals and a nationwide network of over 600 service stations. Co.'s downstream operations consist of its crude oil export structure, refining operations and nationwide network of marketing subsidiaries.

S.C. Fondul Proprietatea S.A.

Societatea Comerciala de Distributie si Furnizare a Energiei Electrice Electrica

VEON Ltd. Sponsored ADR

Provider
Raiffeisen Bank International AG - Institutional Equity
Raiffeisen Bank International AG - Institutional Equity

The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.

The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.

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