Report
Sberbank
Mikhail Krasnoperov

Obuv Rossii - Shoe-ting for the Stars

Obuv Rossii is the largest player in the mid-price segment of the Russian shoe market, which remains highly fragmented. Its unique mix of services and products has translated into faster growth, superior margins and resilience to market downturns. With customers' appreciation of the store concept, a market in recovery and ROIC exceeding that of competitors, Obuv Rossi is poised to grow its store base 82% by 2020. This should drive both revenues and EBITDA to grow at a CAGR of 25%. The company's ROIC is comparable to that of food retailers, though its FCF should remain negative through 2020 due to its rapid expansion. We initiate coverage of Obuv Rossii with a target price of R185 per share and a BUY recommendation.
30/11/2017 66 EN
Underlying
Detsky Mir
Detsky Mir

Detskiy Mir PAO is a Russia-based company, which is primarily engaged in the children products retail sector. The Company offers a wide range of products, such as toys, clothing and footwear, baby goods, stationery, school and learning related products, creative kits, sport related products, food, car seats, furniture, among others. The Company's structure includes the chain of stores Detskiy Mir and the retail network ELC (Early Learning Center). The Company's Detskiy Mir chain comprises over 480 stores located on the territory of the Russian Federation and Kazakhstan, as well as more than 40 ECL stores. Detskiy Mir PAO is primarily active domestically and in the Commonwealth of Independent States (CIS) countries. In addition, the Company sells products online via its Website. The Company's major shareholder is AFK Sistema PAO.

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RU000A0JSQ90 Moscow Exchange MICEX-RTS Russia
Provider
Sberbank
Sberbank

​Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.

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Analysts
Mikhail Krasnoperov

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