RUEN
Eastern European companies

Eastern European companies — Screener  (at USDRUB exchange rate: 72.98)

Oil & Gas
Metallurgy
Mining
Chemistry
Food & Agro
Transportation
Retail
IT
Banking
P/E:
Telecom
Building
Energy
Other
Company
Price and
change
Year div-d yield
FCF Yield LTM
Last growth
Revenue/EBITDA
AVG growth
last/hist
EV /
LTM
EBITDA
(exp)  

(p75)
Express
potential
Next IFRS report
Operating results
State

Market Attractiveness Index

Market Attractiveness Index calculated as average express-upside for TOP-5 Eastern European commodity companies with highest potential

High values of index (>30%), indicate favorable moments for additional cash contributions to the stock market / stock purchases

Current value of the Index is 92.8%
(good time to start investing)

Target portfolio structure

Company
Price
Share
Commodity
89.0%
12.9%
11.7%
10.0%
9.6%
9.4%
7.3%
7.0%
6.4%
6.4%
5.4%
2.8%
B2C
29.5%
17.9%
6.8%
4.8%
 
Download table (CSV)
 

Additional companies on LSE

Company
Price

Currently the portfolio is 80% commodity strategy:
 
The strategy calculates how much profit (on EBITDA level) each company is probably earning at the moment
 
It takes into account real-time changes in market environment (production prices, currencies, etc)
 
The most undervalued companies in terms of multiples of enterprise value and mark-to-market earnings are included into target portfolio
 
Remaining 20% are the most attractive (under our frameworks) B2C companies in terms of financials growth trajectories and valuation combination

Actual Performance (RUB)

Period
Strategy
IMOEX
2015
+121.8%
+26.1%
2016
+54.3%
+26.8%
2017
+25.6%
-5.5%
2018
+29.6%
+12.3%
2019
+13.5%
+29.6%
2020
+21.6%
+8.0%
2021
+29.9%
+22.6%
Annualized
+40.8%
+17.1%
Day
0.0%
+1.5%
Week
+0.2%
-0.3%
Year to date
+29.9%
+22.6%
Since inception
(2015-01-01)
+893.5%
+188.6%

Maximum drawdown 29.7%

Date of drawdown 2020-03-24

Sharpe ratio 1.53

Portfolio and Moscow Exchange Index dynamics (%)

Reviews

2021-09-19
#NKNC

Nizhnekamsknef-m reported for 2021 H1:
- Revenue +73.1% YoY (vs -2.4% in previous half-year and historical rate +9.3%)
- EBITDA +161.6% YoY (vs +15.6% in previous half-year and historical rate +28.4%)
- Net Debt increased by 12.2 bln rubles over the past reporting period (5.2% of capitalisation)
- FCF (LTM) -25.0 bln RUB (negative), 10.7% of capitalisation
- EV/EBITDA multiple is 6.2x compared to historical 75th percentile 6.7x

2021-09-19
#SELG

Seligdar reported for 2021 H1:
- Revenue +9.9% YoY (vs +57.8% in previous half-year and historical rate +42.0%)
- EBITDA +31.7% YoY (vs +55.1% in previous half-year and historical rate +69.2%)
- Net Debt increased by 0.6 bln rubles over the past reporting period (1.6% of capitalisation)
- FCF (LTM) -2.5 bln RUB (negative), 6.7% of capitalisation
- EV/EBITDA multiple is 4.9x compared to historical 75th percentile 6.5x

2021-09-13
#dividend #NKNC

Nizhnekamsknef-m will pay dividends in the amount of 9.538 RUB per share on 2021-09-16, which is 6.1% of the current price 155.5. Together with previous payments, the annual dividend yield will be 6.6%

(2021-04-23: 0.73 RUB)
2021-09-13
#dividend #TRMK

TMK (pipe) will pay dividends in the amount of 17.71 RUB per share on 2021-09-15, which is 14.5% of the current price 121.99. Together with previous payments, the annual dividend yield will be 24.9%

(2021-04-22: 9.67 RUB)
(2020-12-03: 3 RUB)
2021-09-07
#MDMG

MD Medical reported for 2021 H1:
- Revenue +50.6% YoY (vs +33.9% in previous half-year and historical rate +18.7%)
- EBITDA +66.4% YoY (vs +50.4% in previous half-year and historical rate +24.1%)
- Net Debt decreased by 1.1 bln rubles over the past reporting period (1.7% of capitalisation)
- FCF (LTM) -0.1 bln RUB (negative), 0.2% of capitalisation
- EV/EBITDA multiple is 9.0x compared to historical 75th percentile 7.6x

2021-09-07
#dividend #AKRN

Acron will pay dividends in the amount of 30 RUB per share on 2021-10-07, which is 0.5% of the current price 6522. Together with previous payments, the annual dividend yield will be 0.9%

(2021-06-04: 30 RUB)
2021-09-07
#dividend #MDMG

MD Medical will pay dividends in the amount of 18 RUB per share on 2021-09-22, which is 2.1% of the current price 876.2. Together with previous payments, the annual dividend yield will be 4.2%

(2021-05-03: 19 RUB)
2021-09-05
#AFLT

Aeroflot reported for 2021 q2:
- Revenue +370.0% YoY (vs -39.1% in previous quarter and historical rate +2.4%)
- EBITDA + >200% YoY (vs -40.9% in previous quarter and historical rate -4.1%)
- Net Debt decreased by 6.1 bln rubles over the past reporting period (3.6% of capitalisation)
- FCF (LTM) -19.4 bln RUB (negative), 11.5% of capitalisation
- EV/EBITDA multiple is 14.7x compared to historical 75th percentile 15.8x

2021-09-05
#FEES

FGC UES reported for 2021 q2:
- Revenue +8.7% YoY (vs +5.6% in previous quarter and historical rate -1.0%)
- EBITDA +3.4% YoY (vs +2.9% in previous quarter and historical rate -5.2%)
- Net Debt decreased by 23.6 bln rubles over the past reporting period (9.2% of capitalisation)
- FCF (LTM) +5.9 bln RUB (positive), 2.3% of capitalisation
- EV/EBITDA multiple is 3.7x compared to historical 75th percentile 3.5x

2021-09-05
#GLTR

Globaltrans reported for 2021 H1:
- Revenue -9.4% YoY (vs -31.0% in previous half-year and historical rate -6.3%)
- EBITDA -28.0% YoY (vs -38.4% in previous half-year and historical rate -6.1%)
- Net Debt increased by 0.9 bln rubles over the past reporting period (0.9% of capitalisation)
- FCF (LTM) -17.5 bln RUB (negative), 16.9% of capitalisation
- EV/EBITDA multiple is 6.0x compared to historical 75th percentile 4.5x

2021-09-05
#KMAZ

Kamaz reported for 2021 H1:
- Revenue +40.2% YoY (vs +14.0% in previous half-year and historical rate +13.8%)
- EBITDA +49.6% YoY (vs +40.0% in previous half-year and historical rate +39.4%)
- Net Debt increased by 12.4 bln rubles over the past reporting period (15.5% of capitalisation)
- FCF (LTM) -8.2 bln RUB (negative), 10.3% of capitalisation
- EV/EBITDA multiple is 8.4x compared to historical 75th percentile 14.3x

2021-09-05
#LSRG

LSR Group reported for 2021 H1:
- Revenue +14.0% YoY (vs +9.6% in previous half-year and historical rate -3.1%)
- EBITDA +62.3% YoY (vs +44.6% in previous half-year and historical rate +12.4%)
- Net Debt increased by 30.8 bln rubles over the past reporting period (38.6% of capitalisation)
- FCF (LTM) -25.0 bln RUB (negative), 31.3% of capitalisation
- EV/EBITDA multiple is 4.7x compared to historical 75th percentile 5.3x

2021-09-05
#MRKU

IDGC Ural reported for 2021 q2:
- Revenue +14.2% YoY (vs +7.4% in previous quarter and historical rate +6.3%)
- EBITDA +363.4% YoY (vs +17.2% in previous quarter and historical rate +36.7%)
- Net Debt decreased by 0.7 bln rubles over the past reporting period (5.1% of capitalisation)
- FCF (LTM) -0.2 bln RUB (negative), 1.7% of capitalisation
- EV/EBITDA multiple is 2.3x compared to historical 75th percentile 3.3x

2021-09-05
#PIKK

PIK Group reported for 2021 H1:
- Revenue +36.6% YoY (vs +36.5% in previous half-year and historical rate +24.1%)
- EBITDA +47.6% YoY (vs +38.0% in previous half-year and historical rate +70.8%)
- Net Debt increased by 145.3 bln rubles over the past reporting period (15.8% of capitalisation)
- FCF (LTM) -137.9 bln RUB (negative), 15.0% of capitalisation
- EV/EBITDA multiple is 11.6x compared to historical 75th percentile 8.4x

2021-09-05
#POGR

Petropavlovsk reported for 2021 H1:
- Revenue -28.2% YoY (vs +24.7% in previous half-year and historical rate +29.8%)
- EBITDA -32.9% YoY (vs -12.8% in previous half-year and historical rate +86.3%)
- Net Debt increased by 3.3 bln rubles over the past reporting period (3.7% of capitalisation)
- FCF (LTM) -1.1 bln RUB (negative), 1.2% of capitalisation
- EV/EBITDA multiple is 6.1x compared to historical 75th percentile 6.0x

2021-09-05
#RSTI

Rosseti reported for 2021 q2:
- Revenue +14.4% YoY (vs +9.0% in previous quarter and historical rate +2.2%)
- EBITDA +53.3% YoY (vs +5.8% in previous quarter and historical rate -1.8%)
- Net Debt decreased by 35.0 bln rubles over the past reporting period (12.3% of capitalisation)
- FCF (LTM) -27.1 bln RUB (negative), 9.5% of capitalisation
- EV/EBITDA multiple is 4.0x compared to historical 75th percentile 4.3x

2021-09-05
#VEON

VEON reported for 2021 q2:
- Revenue +11.9% YoY (vs +5.5% in previous quarter and historical rate +3.2%)
- EBITDA +12.3% YoY (vs +6.0% in previous quarter and historical rate +9.8%)
- Net Debt decreased by 6.3 bln rubles over the past reporting period (2.4% of capitalisation)
- FCF (LTM) +0.5 bln RUB (positive), 0.2% of capitalisation
- EV/EBITDA multiple is 3.8x compared to historical 75th percentile 3.8x

2021-09-02
#GAZP

Gazprom reported for 2021 q2:
- Revenue +77.7% YoY (vs +31.3% in previous quarter and historical rate +5.8%)
- EBITDA +417.2% YoY (vs +91.9% in previous quarter and historical rate +34.2%)
- Net Debt decreased by 339.5 bln rubles over the past reporting period (4.7% of capitalisation)
- FCF (LTM) +628.1 bln RUB (positive), 8.7% of capitalisation
- EV/EBITDA multiple is 4.1x compared to historical 75th percentile 5.9x

2021-09-02
#NMTP

NMTP reported for 2021 q2:
- Revenue +23.8% YoY (vs -3.7% in previous quarter and historical rate -3.4%)
- EBITDA +28.7% YoY (vs -4.0% in previous quarter and historical rate -4.9%)
- Net Debt decreased by 10.6 bln rubles over the past reporting period (6.9% of capitalisation)
- FCF (LTM) +8.1 bln RUB (positive), 5.3% of capitalisation
- EV/EBITDA multiple is 5.7x compared to historical 75th percentile 6.4x

2021-08-31
#AFKS

Sistema reported for 2021 q2:
- Revenue +16.0% YoY (vs +8.0% in previous quarter and historical rate +1.3%)
- EBITDA +6.9% YoY (vs +6.1% in previous quarter and historical rate +6.6%)
- Net Debt decreased by 42.5 bln rubles over the past reporting period (14.8% of capitalisation)
- FCF (LTM) +251.9 bln RUB (positive), 88.0% of capitalisation
- EV/EBITDA multiple is 4.1x compared to historical 75th percentile 4.8x

2021-08-31
#dividend #ALRS

Alrosa will pay dividends in the amount of 8.79 RUB per share on 2021-10-15, which is 6.1% of the current price 144.57. Together with previous payments, the annual dividend yield will be 12.7%

(2021-07-01: 9.54 RUB)