Moscow Exchange 3Q 20 - Almost in line, cash position strong, no big surprises
Moscow Exchange has released its 3Q 20 IFRS results which were close to our expectations (though slightly below consensus mainly on interest income) on top line, EBITDA adj, and net income. As for FCF, it fell short because of non-cash derivative revaluation (to be cashed out later this year) in net interest income and a raised capex guidance (from RUB 2.3-2.7 bn to RUB 2.6-2.8 bn for FY2020e). Nevertheless, the cash position is more representative of cash available for the future dividend payments and it grew exceeding our FCF expectations. Overall, we treat the results as neutral and disregard a slight increase in opex (from 7-8.5% yoy to 7.5-8.5% yoy) and capex for FY2020e.Moskovskaya Birzha MMVB-RTS PAO. Moskovskaya Birzha MMVB-RTS PAO (MMVB-RTS OAO) is a Russia-based integrated stock exchange that provides electronic trade organization, clearing and settlements on trades, depository and information services. The Company provides trading and settlement services in such segments of the financial market as foreign exchange (FX) market, federal bonds market, market of derivative financial instruments, cash equities market, corporate and regional fixed income market, commodities market, as well as market for state and municipal orders. The Company was established as a result of the merger between MMVB ZAO and RTS OAO. It operates through six branches and three representative offices. As of February 27, 2013, the Company's major shareholder was the Central bank of the Russian Federation with a stake of 22.47%. In January 24, 2014, the Company sold its whole stake in MMVB-IT ZAO.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.