May
27
MTS: Cellular communication still standing - May 27, 2009
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Last Friday MTS output US GAAP report for 1Q 2009. Sales of the company for the quarter totaled 1.8 bn USD. OIDBA – 832 mn USD. By the end of the quarter net loss was gained in the volume of 58 mn USD. The main reason for negative operating was loss from currency exchange, which [...]
May
27
According to European Business Association (AEB) selling of passenger cars in RF dropped in April by 53% versus April last year to the level of 135,733 items, and by the results for four months the reduction totaled 44%. LADA cars selling volume in 1Q 2009 lowered by 38.7% versus 1Q 2008 and totaled 88,720 vehicles. [...]
May
27
We revised our fundamental estimation of Power Machines considering the results of 2008. Note, last year was completed by the company rather positively. Sales of the Power machines added 70.4% and totaled 1.3 bn USD. At the same time the expenses of the group grew less aggressively, which in the end leaded to net profit [...]
May
20
Severstal: First quarter did not justify hopes - may 20, 2009
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Severstal completed the first quarter with net loss by IAS in the amount of 644 mn USD versus 470 mn USD of profit within the similar period year before. According to the message of the company, net loss includes 381 mn USD of loss from currency exchange before tax payoff (in 4Q the net loss [...]
May
20
We up-dated our model of NOVATEK. The output report of the company by IAS for 1Q 2008 was the reason for than.
Results for the first quarter totally turned out to better than we expected. So the net profit of NOVATEK (62 mn USD) did reduce by 79.9% in 1Q 2008, but still it [...]
May
8
On April 30 Tatneft provided its financial report for 2008 by US GAAP. Having conducted analysis of the report we updated the model of the company introducing several changes to it.
Particularly, we lowered our forecast on oil and oil products distribution prices by 19.2% and 37% respectively. In the long-term period we expect [...]
May
7
We revised our estimation of Gazprom’s shares. The reason for updating the company’s model was the output financial report according to IAS for 2008.
Within 2008 the sales of Gazprom grew by 45.2% to 3,500 bn RUR versus 2007, operating profit – by 79.6% to 1,260 bn RUR, and net profit – 12.9% to [...]
Apr
29
Gazprom Neft: Financial results of 2008 - April 28, 2009
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In 2008 Gazprom Neft upped its net profit by US GAAP by 12.4% versus 2007 to 4.66 bn USD, sales grew by 52% to 33.08 bn USD, EBITDA – by 27.7% to 7.97 bn USD. We consider the output report to be moderately positive.
In 4Q 2008 Gazprom Neft gained minor operating loss in the [...]
Apr
11
GAZ Group: More questions than answers - April 10, 2009
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We revised our financial estimation of GAZ considering the new fundamentals. Worsening of the economic conditions leaded to rapid reduction of demand for equipment, manufactured by GAZ. In 2008 the selling dropped in all groups of produced vehicles, but the segment of medium- and heavy-duty commercial motor vehicles was most vulnerable – 67% in natural [...]
Apr
11
By the given research we start the analytic coverage of the distributing sector of power energy. We evaluated 8 intra-regional distributing companies using the discount cash flow approach.
Due to introduction of the new regulating model based on invested capital yield the distributing sector will become more clear, foreseeable, stable and hence attractive for [...]