Moscow Exchange raised to HOLD, TP RUB 180 - New initiatives to support top line but DY not very impressive
FCF, NI estimates raised to account for latest operating statistics and new global equity segment development plans We incorporate Equity volumes doubling in 2024e vs 2021e despite the high base and currently increasing interest rates, with 2022-24e top line CAGR of 10-11% close to the strategic target
We still estimate DY of 6-7.5% for 2021-23e (vs 8% for MSCI RU) and FCFY of 7-8.5, respectively
Stock upgraded to HOLD from REDUCE, TP up to RUB 180/share
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.
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