Report
Sberbank
Andrew Keeley ...
  • Elena Tsareva

TCS Group - Still On Good Form, Boosted by Non-Credit Revenues

We recently caught up with TCS Group's management. The company looks to be in good shape to deliver strong results in 2018, with non-credit businesses in particular running ahead of our numbers. As a result, we have tweaked our forecasts, raising our 2018-20 EPS estimates by 1-4% per year, which puts us 6-11% ahead of the consensus. Higher EPS and a slightly stronger ruble lead us to raise our target price by 8% to $26 per GDR, and we keep our BUY recommendation on the stock. The share price has had a phenomenal run, but we think there's still more in the tank for this year.
08/02/2018 8 EN
Underlying
TCS Group Holding Plc Sponsored GDR Class A RegS
TCS Group Holding Plc Sponsored GDR Class A RegS

TCS Group Holding is a retail banking services group based in the Russian Federation. Co. is principally engaged in providing retail banking services in the Russian Federation through its subsidiaries, primarily Tinkoff Credit Systems. Co., through this subsidiary, fully licensed by the Central Bank of Russia and a member of the Deposit Insurance System, specializes in credit cards. Co. provides online retail financial services through a branchless operating platform. Co. also offers remote access to its financial products and services through its online banking as well as through mobile banking and high-volume call centers.

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US87238U2033 London Stock Exchange Cyprus
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
Andrew Keeley

Elena Tsareva

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