Разборы эмитентов
6 articles
Abrau-Durso (ABRD): a metrics-based breakdownIn short: the stock is hard to read through a head-on comparison of its multiples with the market.5 min
Sberbank (SBER): a breakdown by the numbersSberbank cannot be analysed with the same multiples used for a factory or a retailer: a bank has no revenue or EBITDA in the usual sense; it has an interest margin, a cost of risk and capital, which by law constrains everything else, the dividend included.5 min
Rosneft (ROSN): a metric-by-metric breakdownRosneft is read not through its earnings multiple but through the link between debt, capital expenditure and the base from which the dividend is calculated: for a state-controlled company with a heavy investment programme and revenue that depends on the export price and the tax regime, net profit is the most volatile5 min
Ozon (OZON): a breakdown by the numbersAnalysing OZON with the same multiples that are applied to Sberbank or Gazprom produces a figure that is formally calculated but explains nothing.4 min
Gazprom (GAZP): a metric-by-metric breakdownGazprom's multiples cannot be read the way a bank's or a retailer's are: the holding's profit is built from segments with different economics, and non-cash items — revaluations, impairments, foreign exchange differences — regularly land on the bottom line.5 min
Acron (AKRN): a metrics-based breakdownAcron is not a "cheap or expensive stock" but a bet on the global fertiliser price cycle, multiplied by the rouble exchange rate and divided by the cost of gas.5 min