• 09/10/2015
    TMK: Steel In; Oil Out

    We reinitiate coverage of TMK, one of Russia’s leading producers of pipes and related premium equipment and services, with a BUY rating and target prices of RUB75.9...

  • 09/09/2015
    PHOSAGRO: Investor Meeting Overview

    On 2 Sep 2015 Aton arranged for investors to meet with the management of PhosAgro, one of the leading fertiliser producers both in Russia and globally. PhosAgro was repre...

  • 08/11/2015
    RUSSIAN FOOD RETAIL: Eat… Like Nothing Else Matters

    With this report we initiate coverage of four Russian food retailers: Magnit and Lenta with BUY ratings, and X5 Retail Group and Dixy Group with HOLDs. These companies ac...

  • 07/21/2015
    RUSSIAN CONSUMER LENDERS: Subordinate Bonds

    In this note we review Russia’s consumer lenders’ ‘new,’ that is, issued after 1 Apr 2013, subordinate bonds. We look at those of Russian Standard...

  • 06/26/2015
    RUSSIAN EQUITY STRATEGY: The Party is Over

    After a shaky start to the year, the Russian economy gave investors and government officials some reasons to cheer: oil prices recovered, the rouble strengthened, inflati...

  • 06/05/2015
    YANDEX: Investor Meeting Overview

    On 3 June Aton hosted an investor meeting with Yandex’s Katya Zhukova. This short note details our key takeaways, touching on Yandex’s solid operating perform...

  • 06/04/2015
    CONSUMER GOODS: Sector Day Feedback

    On 27 May, Aton held its annual Consumer Goods Sector Day at the InterContinental Hotel in Moscow. We aimed to update clients on changing consumer patterns and recent sig...

  • 05/26/2015
    RUSSIAN STEEL SECTOR CONFERENCE: Sector Braces Itself for Tough Times Ahead

    On 21 May we attended a Russian steel sector conference held by independent industry event organiser, MAXConference. It brought together representatives of major Russian ...

  • 05/20/2015
    RUSSIAN MINISTRY OF FINANCE: Investor Meeting Overview

    On 13 May 2015 Aton hosted an investor meeting with Deputy Finance Minister Alexei Moiseev. In this short note we outline the main topics discussed at the meeting, includ...

  • 05/12/2015
    UC RUSAL: Investor Meeting Overview

    On 22 Apr 2015 Aton held an investor meeting with representatives of United Company Rusal. Ahead of the company’s 1Q15 results release tomorrow (13 May), we would l...