Moscow Exchange 4Q 19 - Slightly above expectations from top to bottom
Moscow Exchange has reported 4Q 19 and FY19 results with EBITDA (incl. interest) and NI above both our and consensus expectations supported on all three sides: higher than expected fees, interest income and slightly lower than expected opex. Even excl. the pass-through grain costs, the opex grew by only 8% yoy for FY19, at the lower end of the guidance. At the same time, in 4Q 19, we saw an extra one-off support on the FCF side from cashing out on the previous portfolio gains and interest accruals in 1Q-3Q. Yet more accumulated unrealized gains could translate to FCF in 2020e.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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