EME Strategy: X5 – the fifth-largest addition to MSCI EM index globally
In line with our predictions (EME Strategy_MSCI May 2018 SAIR Predictions_10May2018.pdf), the MSCI announced yesterday evening (14 May) that X5 (FIVE RX) will be added to the MSCI Russia index from the 31 May close/1 June opening, following the May Semi Annual Index Review (SAIR). We note that the company will be the fifth-largest addition (by weight) to the MSCI EM index (out of the 327 new joiners globally), and the largest one in the EME region. We expect active inflows of c.USD 877m (211x/52x 3M ADTV for local listing/GDR) and passive inflows of c.USD 358m, i.e., (86x/21x 3M ADTV for local listing /GDR) into the stock.X5 Retail Group is a holding company. The main activity of Co. is the development and operation of grocery retail stores. Co. operates a retail chain of soft-discount, supermarket and hypermarket stores under the brand names "Pyaterochka", "Perekrestok" and "Karusel" in major population centres in Russia, including but not limited to Moscow, St. Petersburg, Nizhniy Novgorod, Rostov-on-Don, Kazan, Samara, Lipetsk, Chelyabinsk, Perm, Ekaterinburg and Kiev, Ukraine.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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