Sberbank - HeadHunter (HHR) CIS Market Daily - 9 Ð´ÐµÐºÐ°Ð±Ñ€Ñ 2019

Report

Sberbank

Anastasia Khakhaeva ...

Andrey Kuznetsov
Anton Stroutchenevski
Artem Vinogradov
Cole Akeson
Rodion Lomivorotov
Svetlana Sukhanova

CIS Market Daily - 9 Ð´ÐµÐºÐ°Ð±Ñ€Ñ 2019

09/12/2019 15 RU

Underlying

HeadHunter

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Provider

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.

See profile

Analysts

Anastasia Khakhaeva

Andrey Kuznetsov

Anton Stroutchenevski

Artem Vinogradov

Cole Akeson

Rodion Lomivorotov

Svetlana Sukhanova

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CIS Market Daily - November 10, 2021

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November 10, 2021 November 10, 2021 15 EN

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HeadHunter - Positive 2021 Trends Persisting, Upgrading to BUY

We have updated our model for HeadHunter to incorporate the most recent results, as well as the positive trends that still seem to be in place. We expect another robust set of quarterly results on November 15, with top-line growth slightly higher than 90% y-o-y and a healthy 56.5% EBITDA margin in 3Q21. The latter would not be far from the 2Q21 level despite higher marketing spending. We have also updated our valuation of HeadHunter, switching to a two-stage DCF model that produces a $64.93 per share 12-month target price and warrants an upgrade to BUY.> Positive 2021 trends persisting. The si...

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Sberbank

CIS Market Daily - November 9, 2021

MARKET COMMENT - NEW DM RECORDS ON IMPROVED MACRO SENTIMENT; MORE CONSERVATIVE OUTLOOK TODAYUS and European indexes set new records, and cyclicals clearly led the day. The lack of material new catalysts suggests the gains were mainly driven by improved macro sentiment following Friday's US jobs numbers. The RTS climbed 0.9% to 1,865, led by TCS and metals stocks, while real estate lagged. An indecisive APAC session and slightly lower futures point to consolidation early this morning, while results and a heavy calendar of central bankers' speeches are in focus. STORIES> TCS Group: New co-CEO ap...

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Russian Consumer - Unemployment and Income: The Outlook for 2022

In its modern history, Russia has not suffered any major spikes in joblessness. Its unemployment rate has ranged from between 4.8% and 8.3% since 2005 (versus 3.6-9.9% in the US for the same period). However, considering the sectors currently affected and companies scaling down operations in Russia, we see 1.1 mln out of the total 71 mln jobs at risk. But because this comes amid a labor shortage, which emerged in late 2021, companies are aiming to hold on to personnel, while the government is announcing extra social support measures. In a conservative scenario, the unemployment rate could go u...

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In this note, we sum up a few thoughts on the current situation for Russia's banks.> Immediate pressure weathered... Since the initial brief depositor panic in late February, deposit flows have stabilized and even turned into net inflows as banks have hiked short-term deposit rates to around 20%, in line with the key rate.> ... and the CBR has experience of crises. The CBR is well versed in supporting the banking system through crises and has already made important moves in providing liquidity and capital forbearance. The banking sector recapitalization that we saw in 2008-09 and 2014-15 is no...

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Russia FX/Rates Snapshot - March 24, 2022. Ruble Could Take a Pause After Sharp Gains

This morning, the ruble has weakened somewhat offshore, sliding to USD/RUB 98, whereas on the Moscow Exchange it is trading at 95.5. In focus today will be EU and NATO summits at which comments about Russia's plan to switch to ruble settlement for gas could be forthcoming. It is possible that the rhetoric toward Russia will become harsher. Against this backdrop, we think the ruble's advance will take a pause and that it will remain around 96.

March 24, 2022 March 24, 2022 1 EN

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CIS Market Daily - 9 Ð´ÐµÐºÐ°Ð±Ñ€Ñ 2019

CIS Market Daily - November 10, 2021

HeadHunter - Positive 2021 Trends Persisting, Upgrading to BUY

CIS Market Daily - November 9, 2021

Russian Consumer - Unemployment and Income: The Outlook for 2022

Russian Banks - What We Know at This Stage

Russia FX/Rates Snapshot - March 24, 2022. Ruble Could Take a Pause After Sharp Gains

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CIS Market Daily - 9 Ð´ÐµÐºÐ°Ð±Ñ€Ñ 2019