Research

Research tkbipApril 3, 2020 0

Russian equities are below fair price even if you assume a negative scenario for oil

Can you forecast oil prices at the end of April, May or June? We cannot. The answer depends on factors which are very hard to predict in the current chaotic…Continue Reading →

Russian equities: the worst is in the past

Russia is much better prepared for a drop in oil prices now than it was in 2014, 2008 or 1998.…

Growth boost mission is possible with the new prime minister of Russia

On 16th of January 2020, the President of Russia Vladimir Putin announced Mikhail Mishustin as the new prime minister of…

Research Anton EvdokimovNovember 28, 2019 0

Russian equities: fat-tire bike for riding the bumpy road of the global equity market

Three types of road representing the global equity market Imagine the various possible movements of the global equity market as types of road. * Options with low carbon footprint Let’s…Continue Reading →

Second round of Skripal case related sanctions from the US: small and late

On 1 August 2019, the US imposed new sanctions against Russia. It was the 54th time that new sanctions from…

Why Russian equities outperformed emerging markets in H1 2019?

The MSCI Russia 10/40 Net Return index has risen by 27% over the first half of the year in US…

Research tkbipApril 10, 2019 0

Russian equities: slow growth means higher yields

The consensus view is that Russia is not a growth story. We fully agree. Over the next three years, we expect annual sustainable free cash flow growth to be close…Continue Reading →

First lifting of sanctions: Rusal, En+ and EuroSibEnergo are no longer in the US special designated nationals list

On the 27 January the US Treasury Department excluded Rusal, En+ and EuroSibEnergo (ESE) from the special designated nationals (SDN)…

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