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Research

ATON Research provides independent analysis of equity and fixed income markets,
helping clients to better understand issues and trends
and take thoughtful investment decisions

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ATON DAILY (AGRO, AFLT, GLPR, Taxi Aggregators)
  • Moscow government obliges taxi aggregators to extend information provided to city information system
  • global ports reports 1h19 financials; debt burden contracts (glpr li; nr)
  • aeroflot reports operating results for aug 2019 (aflt rx; outperform; tp rub125)
  • RusAgro to pursue SPO plans (AGRO LI; NR)
May 18, 2018

Inter RAO: Own-Share Purchase – Win-Win for All?

Kommersant reported yesterday (17 May) that Inter RAO is in talks with RusHydro and Federal Grid Company regarding the possible purchase of its own shares that are held by these two electricity companies (4.9% and 18.6%, respectively)

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May 10, 2018

GAZPROM: Good Times Coming

Most investors have disliked Gazprom for years, if not decades, due to a solid number of flaws in its investment case, the biggest of which relates to its dividend policy

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April 25, 2018

ATON Real Estate Day: Meeting Summary: PIK, Etalon, LSR

Last week ATON held a Real Estate Day for portfolio investors, hosting the top management of LSR Group, PIK Group, and Etalon

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April 25, 2018

UC RUSAL: Thoughts on US Sanction Implications

The latest comments by the US Treasury that sanctions against RUSAL could be lifted if Oleg Deripaska relinquishes control, sent RUSAL’s price into the sky and the aluminium price to the floor

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April 20, 2018

Nornickel: Keep Calm and BUY Momentum

Surging Ni prices are beginning to reflect the increasing supply tightness in the metal, evidenced by falling LME inventories (-15% YtD) and rising premiums, we believe, together with speculative factors such as potential US sanctions and LME delisting of some Ni brands

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April 18, 2018

Flows and Exposure: Delusive Start to the Year

The year started with an impressive rally (RTS +14%) which came as a surprise in light of looming US sanctions on Russian debt, as well as the presidential elections

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Research Team

Victor
Dima

Senior Analyst
Retail,
Telecoms,
Media

Mikhail
Ganelin

Senior Analyst
Finance,
Transport,
Real Estate

Andrei
Lobazov

Senior Analyst
Metals & Mining,
Fertilizers

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