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Мы начинаем аналитическое покрытие российской транспортной компании Глобалтрак Менеджмент (MOEX: GTRK). Глобалтрак предоставляет услуги грузовых автоперевозок по маршрутам в России и за рубежом. Парк компании состоит из 1,359 тягачей и 1,502 полуприцепов. Средний возраст парка составляет 2.7 лет.

Initiation of coverage, 1 October 2019

Глобалтрак:Надежное решение для дорог

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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.

Initiation of coverage, 1 October 2019

Globaltruck: Reliable road solutions

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We terminate the coverage of United Wagon Company with immediate effect. Going forward, investors should not make investment decisions based on our previously published estimates, indicative fair price range or financial forecasts.

Termination of coverage, 10 July 2019

United Wagon Company: Termination of coverage

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United Wagon Company has announced the restructuring of several loans by Otkritie Bank. The restructuring involves changing credit terms for loans to RPC UWC, TD UWC, TWSZ, Tyazhmash plant, TSZ Titran- Express, which amount to RUB39bn as of 28 February 2019.

Corporate update

United Wagon Company: Debt restructuring

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United Wagon Company shareholders have elected a new board of directors. The EGM held on 11 March 2019 elected a new board of directors comprising seven members. The board comprises four representatives of Bank Otkritie.

Corporate update

United Wagon Company: New Board Election

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United Wagon Company reports strong 4Q18 operating figures, beating expectations. UWC increased its total railcar production by 5% YoY to 5,682 cars in 4Q18. This led to a FY18 production figure of 19,668 railcars, up 3% YoY. We had expected 5,025 cars in 4Q18 and 19,011 cars in FY2018.

Operating update

United Wagon Company: 4Q18 operating results review

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United Wagon Company reports 3Q18 operating results in line with expectations. The company produced 5,025 railcars in 3Q18, up 14.6% YoY. The product mix change in favor of higher value-added railcars, including 88% growth in hopper output from 682 in 3Q17 to 1,281 in 3Q18 and 141% growth in tank car output to 246 cars. Overall output was 5% above the second-quarter level.

Operating update

United Wagon Company: 3Q18 operating results review

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We initiate coverage of United Wagon Company (UWC), a Russian producer of the modern rolling stock. The combination of new capacities and innovative products make the company a leader in the railcar market in Russia.

Initiation of coverage

United Wagon Company: Rolling through the cycle