Eastern European companies

Eastern European companies — Screener  (at USDRUB exchange rate: 63.45)

Oil & Gas
Metallurgy
Mining
Chemistry
Food & Agro
Retail
Food & Agro
Transportation
Coal
Retail
IT
Banking
P/E:
Telecom
Building
Energy
Other
State

Market Attractiveness Index

chart technology by TradingView

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 240.2%
(good time to start investing)

Target portfolio structure

Company
Price
Share
Commodity
99.6%
23.0%
19.3%
14.6%
10.5%
10.0%
8.6%
5.6%
5.0%
3.0%
B2C
21.3%
10.1%
7.5%
3.7%
 
Download table (CSV)
 

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
+44.2%
+15.1%
2022
-21.3%
-35.4%
Annualized
+34.1%
+7.9%
Day
0.0%
+0.9%
Week
+4.2%
+6.4%
Year to date
-21.3%
-35.4%
Since inception
(2015-01-01)
+710.0%
+75.1%

Maximum drawdown 29.7%

Date of drawdown 2020-03-24

Sharpe ratio 1.08

Portfolio and Moscow Exchange Index dynamics (%)

Reviews

2022-05-18
#TGKA #reports

TGK-1 reported for 2021 q4:
- Revenue +11.9% YoY (vs +12.1% in previous quarter and historical rate +4.2%)
- EBITDA +31.0% YoY (vs -6.5% in previous quarter and historical rate +14.5%)
- EBITDA margin 29.9% increased compared to 25.6% same period last year
- Net Debt decreased by 2.6 bln rubles over the past reporting period (8.5% of market cap)
- FCF (LTM) +2.7 bln RUB (positive), 9.0% of market cap
- EV/EBITDA multiple is 2.4x compared to historical level (50th percentile) of 3.0x

2022-05-17
#TGKA #reports

TGK-1 reported for 2022 q1:
- Revenue +11.9% YoY (vs +12.1% in previous quarter and historical rate +4.2%)
- EBITDA +31.0% YoY (vs -6.5% in previous quarter and historical rate +14.5%)
- EBITDA margin 29.9% increased compared to 25.6% same period last year
- Net Debt decreased by 2.6 bln rubles over the past reporting period (8.8% of market cap)
- FCF (LTM) +2.7 bln RUB (positive), 9.2% of market cap
- EV/EBITDA multiple is 2.4x compared to historical level (50th percentile) of 2.8x

2022-05-16
#DSKY #reports

DetMir reported for 2022 q1:
- Revenue +6.1% YoY (vs +6.3% in previous quarter and historical rate +13.5%)
- EBITDA -9.8% YoY (vs -18.4% in previous quarter and historical rate +16.8%)
- EBITDA margin 6.7% decreased compared to 7.9% same period last year
- Net Debt increased by 6.1 bln rubles over the past reporting period (11.4% of market cap)
- FCF (LTM) +1.1 bln RUB (positive), 2.1% of market cap
- EV/EBITDA multiple is 4.6x compared to historical level (50th percentile) of 7.3x

2022-05-11
#AGRO #reports

Rusagro reported for 2022 q1:
- Revenue +23.2% YoY (vs +15.9% in previous quarter and historical rate +36.6%)
- EBITDA +51.2% YoY (vs +43.4% in previous quarter and historical rate +43.5%)
- EBITDA margin 27.5% increased compared to 22.4% same period last year
- Net Debt increased by 15.5 bln rubles over the past reporting period (13.1% of market cap)
- FCF (LTM) -46.1 bln RUB (negative), 38.8% of market cap
- EV/EBITDA multiple is 4.7x compared to historical level (50th percentile) of 6.0x

2022-05-03
#OZON #reports

OZON reported for 2021 q4:
- Revenue +75.6% YoY (vs +84.9% in previous quarter and historical rate +71.6%)
- EBITDA -1895300.0% YoY (vs -1421800.0% in previous quarter and historical rate 0.0%)
- EBITDA margin -28.6% decreased compared to -10.5% same period last year
- Net Debt increased by 16.9 bln rubles over the past reporting period (9.4% of market cap)
- FCF (LTM) -75.3 bln RUB (negative), 41.9% of market cap
- EV/EBITDA multiple is -3.6x compared to historical level (50th percentile) of 0.0x

2022-05-01
#GAZP #reports

Gazprom reported for 2021 q4:
- Revenue +74.0% YoY (vs +69.7% in previous quarter and historical rate +13.0%)
- EBITDA +92.2% YoY (vs +212.6% in previous quarter and historical rate +42.6%)
- EBITDA margin 45.1% increased compared to 40.8% same period last year
- Net Debt decreased by 571.7 bln rubles over the past reporting period (10.2% of market cap)
- FCF (LTM) +1211.5 bln RUB (positive), 21.5% of market cap
- EV/EBITDA multiple is 2.5x compared to historical level (50th percentile) of 4.9x

2022-05-01
#MGNT #reports

Magnit reported for 2022 q1:
- Revenue +37.7% YoY (vs +33.7% in previous quarter and historical rate +16.8%)
- EBITDA +36.1% YoY (vs +40.5% in previous quarter and historical rate +19.3%)
- EBITDA margin 6.9% has not changed compared to 7.0% same period last year
- Net Debt increased by 31.3 bln rubles over the past reporting period (6.7% of market cap)
- FCF (LTM) -14.9 bln RUB (negative), 3.2% of market cap
- EV/EBITDA multiple is 4.9x compared to historical level (50th percentile) of 6.2x

2022-05-01
#ENRU #reports

Enel Russia reported for 2022 q1:
- Revenue +19.2% YoY (vs +8.9% in previous quarter and historical rate -9.0%)
- EBITDA +26.6% YoY (vs -25.3% in previous quarter and historical rate -21.1%)
- EBITDA margin 22.4% increased compared to 21.1% same period last year
- Net Debt decreased by 1.3 bln rubles over the past reporting period (7.5% of market cap)
- FCF (LTM) -9.3 bln RUB (negative), 53.4% of market cap
- EV/EBITDA multiple is 6.1x compared to historical level (50th percentile) of 5.9x

2022-05-01
#OGKB #reports

OGK-2 reported for 2021 q4:
- Revenue +16.1% YoY (vs +33.7% in previous quarter and historical rate +0.5%)
- EBITDA -264.5% YoY (vs +21.3% in previous quarter and historical rate -5.7%)
- EBITDA margin -23.4% decreased compared to 16.5% same period last year
- Net Debt increased by 0.1 bln rubles over the past reporting period (0.3% of market cap)
- FCF (LTM) +10.6 bln RUB (positive), 24.0% of market cap
- EV/EBITDA multiple is 4.0x compared to historical level (50th percentile) of 3.5x

2022-05-01
#QIWI #reports

QIWI reported for 2021 q4:
- Revenue -14.8% YoY (vs +8.4% in previous quarter and historical rate +11.7%)
- Net Income -27.0% YoY (vs -7.2% in previous quarter and historical rate +43.4%)
- Net Income 28.5% decreased compared to 33.3% same period last year
- P/E multiple is 1.6x compared to historical level (50th percentile) of 5.7x

2022-04-30
#SELG #reports

Seligdar reported for 2021 H2:
- Revenue +5.6% YoY (vs +9.9% in previous half-year and historical rate +38.0%)
- EBITDA +27.5% YoY (vs +31.7% in previous half-year and historical rate +59.4%)
- EBITDA margin 49.5% increased compared to 41.0% same period last year
- Net Debt increased by 1.2 bln rubles over the past reporting period (2.6% of market cap)
- FCF (LTM) +0.3 bln RUB (positive), 0.6% of market cap
- EV/EBITDA multiple is 5.1x compared to historical level (50th percentile) of 5.7x

2022-04-28
#FIVE #reports

X5 Retail Group reported for 2022 q1:
- Revenue +19.1% YoY (vs +14.9% in previous quarter and historical rate +13.2%)
- EBITDA +19.6% YoY (vs +23.0% in previous quarter and historical rate +13.8%)
- EBITDA margin 6.9% has not changed compared to 6.9% same period last year
- Net Debt increased by 11.9 bln rubles over the past reporting period (3.9% of market cap)
- FCF (LTM) +5.6 bln RUB (positive), 1.8% of market cap
- EV/EBITDA multiple is 3.5x compared to historical level (50th percentile) of 6.3x

2022-04-28
#YNDX #reports

Yandex reported for 2022 q1:
- Revenue +44.9% YoY (vs +54.1% in previous quarter and historical rate +42.7%)
- EBITDA -167.2% YoY (vs -59.9% in previous quarter and historical rate -33.2%)
- EBITDA margin -4.7% decreased compared to 10.1% same period last year
- Net Debt decreased by 66.1 bln rubles over the past reporting period (11.6% of market cap)
- FCF (LTM) -109.2 bln RUB (negative), 19.1% of market cap
- EV/EBITDA multiple is 660.1x compared to historical level (50th percentile) of 40.0x

2022-04-28
#VKCO #reports

VK company reported for 2022 q1:
- Revenue +10.2% YoY (vs +23.3% in previous quarter and historical rate +18.9%)
- EBITDA -129.7% YoY (vs -9.2% in previous quarter and historical rate +12.0%)
- EBITDA margin -5.0% decreased compared to 18.7% same period last year
- Net Debt increased by 20.9 bln rubles over the past reporting period (23.1% of market cap)
- FCF (LTM) -42.0 bln RUB (negative), 46.6% of market cap
- EV/EBITDA multiple is 7.1x compared to historical level (50th percentile) of 13.2x

2022-04-15
#FESH #reports

FESCO reported for 2021 H2:
- Revenue +90.7% YoY (vs +73.2% in previous half-year and historical rate +30.4%)
- EBITDA +443.1% YoY (vs +244.0% in previous half-year and historical rate +68.1%)
- EBITDA margin 50.0% increased compared to 17.6% same period last year
- Net Debt increased by 3.6 bln rubles over the past reporting period (3.4% of market cap)
- FCF (LTM) +2.9 bln RUB (positive), 2.7% of market cap
- EV/EBITDA multiple is 2.7x compared to historical level (50th percentile) of 6.2x

2022-04-15
#OKEY #reports

OKEY reported for 2021 H2:
- Revenue +10.3% YoY (vs +4.2% in previous half-year and historical rate +5.1%)
- EBITDA +9.2% YoY (vs +0.2% in previous half-year and historical rate +25.2%)
- EBITDA margin 7.7% has not changed compared to 7.8% same period last year
- Net Debt decreased by 6.0 bln rubles over the past reporting period (85.3% of market cap)
- FCF (LTM) +0.8 bln RUB (positive), 11.0% of market cap
- EV/EBITDA multiple is 4.3x compared to historical level (50th percentile) of 5.2x

2022-04-13
#ETLN #reports

Etalon reported for 2021 H2:
- Revenue -1.1% YoY (vs +29.2% in previous half-year and historical rate +14.0%)
- EBITDA -12.8% YoY (vs +158.8% in previous half-year and historical rate +73.0%)
- EBITDA margin 15.0% decreased compared to 17.0% same period last year
- Net Debt increased by 23.0 bln rubles over the past reporting period (82.5% of market cap)
- FCF (LTM) -18.2 bln RUB (negative), 65.1% of market cap
- EV/EBITDA multiple is 5.5x compared to historical level (50th percentile) of 4.9x

2022-04-08
#AFKS #reports

Sistema reported for 2021 q4:
- Revenue +16.7% YoY (vs +21.8% in previous quarter and historical rate +4.0%)
- EBITDA +13.0% YoY (vs +4.7% in previous quarter and historical rate +0.7%)
- EBITDA margin 28.1% decreased compared to 29.1% same period last year
- Net Debt increased by 57.4 bln rubles over the past reporting period (44.1% of market cap)
- FCF (LTM) -151.7 bln RUB (negative), 116.5% of market cap
- EV/EBITDA multiple is 4.8x compared to historical level (50th percentile) of 4.8x

2022-04-08
#SPBE #reports

SPB Exchange reported for 2021 H2:
- Revenue +84.1% YoY (vs +234.9% in previous half-year and historical rate +180.7%)
- Net Income -239.9% YoY (vs +370.5% in previous half-year and historical rate +100.0%)
- Net Income -30.9% decreased compared to 40.6% same period last year
- P/E multiple is 271.3x compared to historical level (50th percentile) of 57.7x

2022-04-03
#FIXP #reports

Fix Price reported for 2021 H2:
- Revenue +16.0% YoY (vs +28.1% in previous half-year and historical rate +22.0%)
- EBITDA +17.2% YoY (vs +24.1% in previous half-year and historical rate +20.6%)
- EBITDA margin 19.6% increased compared to 19.4% same period last year
- Net Debt increased by 2.0 bln rubles over the past reporting period (0.6% of market cap)
- FCF (LTM) +31.4 bln RUB (positive), 9.2% of market cap
- EV/EBITDA multiple is 9.8x compared to historical level (50th percentile) of 13.7x

2022-03-31
#RUAL #reports

Rusal reported for 2021 H2:
- Revenue +40.2% YoY (vs +44.8% in previous half-year and historical rate +13.0%)
- EBITDA +125.9% YoY (vs +46.5% in previous half-year and historical rate +59.0%)
- EBITDA margin 24.1% increased compared to 15.0% same period last year
- Net Debt increased by 48.6 bln rubles over the past reporting period (4.9% of market cap)
- FCF (LTM) +61.2 bln RUB (positive), 6.2% of market cap
- EV/EBITDA multiple is 6.4x compared to historical level (50th percentile) of 9.8x