reports
BCS GM Equity Daily: Strategy, Gazprom, Novatek , Norilsk Nickel, EVRA...
Brent bliss, UST-10 gasp, CBR hold Ahead: Going softly into May-Day mode. The 12 May deadline for the US to say yea or nay on whether to restore sanctions against Iran, which were lifted as part of the denuclearization deal, is fast approaching. The dynamic has provided support to Brent, offsetting rising US supply and recent builds in US crude stockpiles – the threat is supportive again; Brent is just under $75/bbl. Looser-for-longer liquidity via the ECB also adds a modest boost to the risk...
PJP EVRAZ PLC
NVTK HIGHLAND GOLD MINING LTD.
GAZP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
GMKN NOVATEK JSC
PHOR GAZPROM PJSC
ENRU MMC NORILSK NICKEL PJSC
NNIC NOVATEK JSC SPONSORED GDR REGS
OGZD PHOSAGRO PJSC
EVR ENEL RUSSIA
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
GAZPROM (GDR)
EVRAZ
- Aleksey Ryabushko
- Alex Fak
- Alexander Kudrin
- Andrey Kuznetsov
- Cole Akeson
- Igor Vasilyev
- Irina Lapshina
- Mikhail Krasnoperov
- Nikolay Minko
- Tom Levinson
CIS Market Daily - April 27, 2018
MARKET COMMENT - WEAK RUBLE, STRONG OIL AND PLENTY OF CENTRAL BANK ACTION TO COMEThe RTS and MSCI EM gained 0.8% (to 1,147) and 0.4% yesterday, respectively. Indicators look decent this morning, though investors may seek to position cautiously ahead of Russia's long May holidays. Key events in coming days include the CBR meeting today and Fed meeting next Wednesday.STORIES> Inflows decelerate after two heavy weeks> US 10y hits 3% - trouble ahead > CBR preview: Cut to be put on hold> Gazprom 4Q17...
- Aleksey Ryabushko
- Alex Fak
- Alexander Kudrin
- Andrey Krylov
- Cole Akeson
- Igor Vasilyev
- Irina Lapshina
- Mikhail Krasnoperov
CIS Market Daily - 27 Ð°Ð¿Ñ€ÐµÐ»Ñ 2018
КОММЕÐТÐРИЙ И ПРОГÐОЗ - РУБЛЬ СЛÐБЕЕТ, ÐЕФТЬ ДОРОЖÐЕТ, ЦЕÐТРОБÐÐКИ ГОТОВЯТСЯ ДЕЙСТВОВÐÐ¢Ð¬Ð˜Ð½Ð´ÐµÐºÑ Ð Ð¢Ð¡ вчера Ð²Ñ‹Ñ€Ð¾Ñ Ð½Ð° 0,8% до 1 147 пунктов, MSCI EM - на 0,4%. Утренние индикаторы выглÑдÑÑ‚ обнадеживающе, Ñ…Ð¾Ñ‚Ñ Ð² преддверии длинных майÑких праздников в РоÑÑии инвеÑторы могут предпочеÑÑ‚ÑŒ Ð...
- Igor Goncharov
BCS GM Trade Ideas Reiterated: Short RSTI; ENRU v RSTI – Rostec entr...
We reiterate our Trade Ideas Short RSTI and ENRU v RSTI. Since opening the Trade Ideas on RSTI’s unjustified outperformance post-FY17 results, the market overreacted to Rostec’s potential purchase of up to 30% in RSTI at a premium. - Rostec might purchase up to 30% in RSTI via a new share issue o At Rb1.0/s, deal would represent c18% premium to the market price o Market excessively positive on the deal – RSTI up 6% on media indications - Minorities’ economic stake faces dilution ...
- Igor Goncharov
BCS GM Trade Ideas Opened: ENRU v RSTI; Short RSTI – RSTI overbought...
We open Pair ENRU v RSTI and Short RSTI. The latter’s outperformance since its release of IFRS results was unjustified, whereas, our Long ENRU call offers a hedge against upwards correction in the market. - Market over-reacted to the solid growth in RSTI’s IFRS net profit for 2017 o Net profit up c40%, but largely on non-cash items (+10-15% on adj. basis) o Dividends not directly linked to net income, adjusted for CapEx, M&A - RSTI Valuation: S-T divi is the key valuation metric, likel...
- Igor Goncharov
BCS GM Under Review: Enel Russia – Re-assessing post-CSA outlook
We have taken Enel Russia Under Review to assess the ability of the newly developed wind-generating projects to compensate for the expiration of the Capacity Supply Agreements for new thermal units (2021). Our re-assessment will focus on: - Implication of expiration of CSA on financials, dividends starting 2021 … … Impact on the expiration on EBITDA, FCF, Net profit, DPS - Ability of wind-generating projects to compensate for lower EBITDA, … … driven by expiration of thermal CSAs ...
- Aleksey Ryabushko
- Igor Vasilyev
Russian Gencos - Modernization on the Agenda
We have updated our valuation models for Inter RAO UES, Enel Russia, Unipro and RusHydro and reinitiated coverage of OGK-2, Mosenergo and TGK-1. We take into account their latest operating and financial results, as well as our new macro forecasts. In the next few years, the key factor for the financials will still be payments for new capacity built under capacity supply agreements (CSAs). This will entail varying performances for the different companies. We have two BUY recommendations: InterRAO...
Enel Russia (ENRU) - Power - Deals and Alliances Profile
Summary Enel Russia, formerly, Enel OGK-5, is a producer of electricity and heat. It generates electricity and heat through four thermal power plants: Konakovskaya GRES, Nevinnomysskaya GRES, Reftinskaya GRES and Sredneuralskaya GRES. The company sells its wholesale power through three markets: Regulated contracts (RC), Day Ahead Market (DAM), and Balancing market (BM), serving its customers in Moscow, Ural and South regions. The company is a subsidiary of Enel Investment Holding B.V. Enel Russ...
Enel Russia (ENRU) - Power - Deals and Alliances Profile
Summary Enel Russia, formerly, Enel OGK-5, is a producer of electricity and heat. It generates electricity and heat through four thermal power plants: Konakovskaya GRES, Nevinnomysskaya GRES, Reftinskaya GRES and Sredneuralskaya GRES. The company sells its wholesale power through three markets: Regulated contracts (RC), Day Ahead Market (DAM), and Balancing market (BM), serving its customers in Moscow, Ural and South regions. The company is a subsidiary of Enel Investment Holding B.V. Enel Russ...
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