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INVESTMENT RESEARCH

ANALYTICAL OUTSOURCING

BUSINESS ANALYTICS

Globaltruck: Operating results update – FY19

March 30, 2020

Globaltruck (MOEX: GTRK) has reported its operating results for FY2019 in advance of the financial results next month. In 2019, the company operated a fleet averaging 1,346 units compared to 1,245 units in 2018. The total distance covered by trucks increased by 12% to 266.4mn km in 2019 from 237.8mn km in 2018. Globaltruck’s current business environment is supportive for its performance in 2020 due to stronger retail and online deliveries.

Uber Technologies 4Q19 results: no more growth at all costs

February 10, 2020

Uber released its 4Q19 and FY19 results, showing Gross bookings and Revenues above expectations. The company has reached 111mn of Monthly Active Platform Consumers (MAPCs), up 22% YoY in 4Q19. The number of trips increased by 32% YoY to 6,904mn in FY19.  Uber’s 5mn drivers service customers in over 900 cities by the end of 2019. We change our target price and recommendation.

Russian-focus ETFs - Eurobond opportunities for 2020

January 28, 2020

The Russian Eurobond market in 2019 followed the trend set by the central banks’ easing policy. The switch to easing mode by monetary authorities, including the US Federal Reserve, in more than 30 countries resulted in fixed income instruments rising 6-15%. The decreasing recession risks and pick-up in international trade in 4Q19, with an expected rebound in manufacturing activity to follow, have suspended the likelihood of a further reduction of the US Fed funds rate, which is now expected to remain at 1.50-1.75%.

Russian-focus ETFs - Equity choices for 2020

January 28, 2020

Russian stock market prospects in 2020 are supported by a positive macro outlook, healthy corporate finances and the appointment of a new government. The stable macro conditions and political changes aiming to accelerate growth create a favourable background for equities. The inflation rate was 3.0% in 2019 compared to the 4.0% target and down from 4.3% in 2018, driving expectations of a further key rate reduction by 0.5% to 5.75% by the end of 2020.

Globaltruck: Buyback program update

January 03, 2020

Globaltruck (MOEX: GTRK) reports on the progress of its buyback program. The company has disclosed that its 100% subsidiary Globaltruck Logistics purchased 194,250 of its common shares between 12 November and 29 November 2019.

Глобалтрак: Позитивная динамика показателей в 3кв. 2019г.

December 11, 2019

Глобалтрак (MOEX: GTRK) объявил результаты за 9 месяцев 2019г. Компания раскрыла квартальные показатели впервые, ранее публикуя только полугодовые показатели. Русская версия отчета доступна здесь.

Globaltruck: Stronger financial performance in 3Q19

December 10, 2019

Globaltruck (MOEX: GTRK) announces 9M2019 results. The company has disclosed quarterly figures for the first time in a change from its previous half-yearly model. The relatively weak economic environment resulted in slower growth in freight rates, but the bigger fleet and stable load run growth allowed the company to report revenue of RUB6,921mn and EBITDA of RUB994mn for January-September 2019. Net income came in at RUB117.6mn for 9M19 compared to a net loss of RUB2.3mn in 1H19.

Globaltruck: Share buyback program launch

November 15, 2019

Globaltruck (MOEX: GTRK) announces share buyback program. The group will buy up to 5% of the shares of Globaltruck Management. The total number of shares issued is 58,462,120, therefore 5% represents 2,923,106 shares. The price of the buyback will not exceed RUB132 per share - the price set during the group’s IPO.

Uber Technologies and Lyft 3Q19 results: growing rationality on the market

November 11, 2019

Uber and Lyft posted 3Q19 results, both stating growing rationality on the market. Uber’s top line came in line with our expectations while operating expenses were above forecasts. Lyft results were above expectations.

Moscow Exchange - Strategy 2024: marketplace in complex macro

November 05, 2019

Moscow Exchange presented its Strategy 2024. Over the past five years, MOEX has successfully executed its strategy focused on infrastructure unification, product range diversification, processes optimization, and higher penetration of the exchange services. As a result, the Moscow Exchange Group represents an integrated platform for trading equity, bonds, derivatives, Repo, FX, commodities, with incorporated Clearing and Depository connected to Euroclear/Clearstream. The platform offers a wide range of asset classes, in line with the largest benchmarks globally. The MOEX trading volume reached RUB861trln in 2018 and was growing with 15% p.a. CAGR in 2012-2018.

PhosAgro - Strategy: new targets for growth and sustainability

November 04, 2019

PhosAgro announced its 2025 production targets. The company said its 2020 strategy targets were achieved ahead of schedule. The output of phosphate rock to reach 10.5mt and fertilizer production to hit 9.5mt in 2019, up 36% and 61% respectively from 2013 levels. The company has completed the construction of ammonia and sulphuric acid units, reducing feedstock purchases from third parties, and improving self-sufficiency. PhosAgro added 500kt of urea and 760kt of ammonia capacity to its Cherepovetsk facilities, while the phosphate rock capacity reached 9mt per annum at Kirovsk mining facility. Overall, capex spent on three major expansion projects in Cherepovets, Kirovsk and Balakovo reached $1.33bn, with the expected EBITDA from these projects to reach $450mn.

Fertiliser sector outlook - September 2019

October 01, 2019

•The August and September soft commodities price performance was driven by USDA reports. Crop prices declined on August USDA WASDE reports; however, the September USDA report came supportive for soft commodities and fertiliser stock prices. Several producers announced about production cuts to reduce inventories.

Globaltruck: Reliable road solutions

September 30, 2019

We initiate coverage of Russian transportation company Globaltruck (MOEX: GTRK). The company is engaged in road cargo transportation in Russia and Europe. Its fleet consists of 1,359 trucks and 1,502 trailers. The average age of the fleet is 2.7 years. The company provides services to blue chip Russian and international retailers, consumer companies, industrial holdings, and e-commerce and logistics operators.

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