Обзор Verizon Communications: инвестируем в мирового телеком-оператора

Обзор Verizon Communications: инвестируем в мирового телеком-оператора

Verizon CommunicationsVZ44,98 $КупитьСервис в партнерстве с Тинькофф Инвестициями. Quotes are updated every 15 minutes

About company

История Verizon берет начало от компании Bell Atlantic, которая образовалась в результате разделения монополиста AT&T в 1983 year. Компания ведет деятельность в основном в США. Continue reading “Обзор Verizon Communications: инвестируем в мирового телеком-оператора”

Alibaba Quarterly Report: revenue began to stagnate, profits continued to fall

AlibabaBABA93,24 $Купить

Alibaba998894,40 HKDКупитьСервис в партнерстве с Тинькофф Инвестициями. Quotes are updated every 15 minutes

Ситуация с китайским ретейлом

Впервые квартальная выручка Alibaba не выросла год к году и осталась прежней — 206 billion yuan (31 billion dollars). Все из-за проблем в китайском ретейле. Continue reading “Квартальный отчет Alibaba: revenue began to stagnate, прибыль продолжила падать”

We study the reporting of "Polymetal": first negative effects of sanctions

PolymetalPOLY252,40 РКупитьСервис в партнерстве с Тинькофф Инвестициями. Quotes are updated every 15 minutes

В середине июля «Полиметалл» представил отчет за 1 half a year 2022 of the year, который зафиксировал первый негативный эффект от международных санкций против российского золота. Continue reading “Изучаем отчетность «Полиметалла»: первые негативные эффекты санкций”

Eurobonds for IT companies: the state helped with payments to "Yandex", Ozon and VK

YandexYNDX1885,20 РКупить

Ozon Holdings PLCOZON1296,50 РКупить

VKVKCO393,40 РКупитьСервис в партнерстве с Тинькофф Инвестициями. Quotes are updated every 15 minutes

Что за еврооблигации

Целый ряд крупных российских компаний имеет крупные обязательства по еврооблигациям — то есть облигациям, номинированным в иностранных валютах. Continue reading “Еврооблигации для ИТ-компаний: the state helped with payments to "Yandex", Ozon и VK”

ZIM Overview: chance for high dividends

ZIM Integrated Shipping ServicesZIM50,06 $КупитьСервис в партнерстве с Тинькофф Инвестициями. Quotes are updated every 15 minutes

Типы контейнеров и грузов компании:

  1. Сухогрузные контейнеры — 93,35%. Транспортировка товаров потребления в связках, cardboard boxes, free cargo, насыпной груз и мебель. TEU — 3 249 958. Continue reading “Обзор ZIM: шанс на высокие дивиденды”

Trailers and construction sites: invest in WillScot Mobile Mini

WillScot Mobile Mini WSC41.06 $BuyService in partnership with Tinkoff Investments. Quotes are updated every 15 minutes

What do they earn

WSC leases its customers portable storage and modular spaces - these are containers and folding trailers of the type of, what can be found on construction sites. Continue reading “Вагончики и стройки: инвестируем в WillScot Mobile Mini”

Moscow Exchange and "SPb-Exchange" summed up the results of trading for July

Moscow ExchangeMOEX82,99 RBuy

SPB ExchangeSPBE1,46 $BuyService in partnership with Tinkoff Investments. Quotes are updated every 15 minutes

What are the results of the Moscow Exchange

Trading volume. As reported by the exchange, в июле общий объем торгов на всех рынках составил 75,7 trillion rubles. It's on 3% more, than in June. Continue reading “Московская биржа и «СПб-биржа» подвели итоги торгов за июль”

Exploring Severstal's semi-annual operating results

SeverstalCHMF696.80 BuyService in partnership with Tinkoff Investments. Quotes are updated every 15 minutes

Current status of the sector

Against the background of new EU sanctions, almost all companies in the Russian metallurgical sector faced a drop in sales. Continue reading “Изучаем полугодовые операционные результаты «Северстали»”

Grocery retail in 2022 year: overview of the Russian market and analysis of the leading players X5 Group, "Magnet", Fix Price, "Tape" and "Okay

X5 Group

X5 Group (MOEX: FIVE) — Russian grocery retailer, which is actively developing stores near the Pyaterochka house, Supermarkets "Crossroads", hypermarkets "Karusel", discounters "Chizhik", online hypermarket "Perekrestok Vprok", 5Post delivery service, express delivery of groceries from stores and a ready-made meal service “A lot of salmon”.

X5 Group в 1 Half 2022 showed strong results: total revenue increased by 18,8% - to 1,25 трлн рублей — благодаря росту цифровых бизнесов на 59% and confident sales of Pyaterochka, а также ввиду роста среднего чека на 9,2% по всей группе на фоне ускорения инфляции в России.

The main segment of X5 Group — Pyaterochka — increased by 19,5% due to the growth of the average check, which added 9,8%, and network expansion: в первом полугодии компания открыла 586 new stores, on 27 more, than last year.

The digital business has grown by 59% - to 33,5 млрд рублей — на фоне сильного спроса на услуги экспресс-доставки продуктов из «Пятерочки» и «Перекрестка», who grew up on 70% year to year. But the results of the Perekrestok Vprok online hypermarket added significantly less - only 36% due to the reduction in real incomes of the population.

As for the current growth drivers of X5 Group, then all of them are connected with the further development of digital businesses and the Chizhik discounter, which in the medium term should grow at a faster pace against the backdrop of the transformation of the Russian food market.

Shareholders of the company will have to put up with the lack of dividends for some time due to the blocking of the European financial infrastructure for coupon and dividend money transfers.. X5 Group is registered in the Netherlands, so now payments are not possible due to technical reasons.

X5 Group results, billion rubles

6м20216m2022The change
Offline sales10301210+18%
Online sales2133,5+59%
General Sales10501250+18,8%
LFL sales3,1%11,7%+8,6 P. P.
Total average check434 R474 R+9,2%
Total number of stores18 32419 779+8%

"Magnet"

"Magnet" (MOEX: MGNT) — the second largest Russian grocery retailer in terms of market share, which develops a network of convenience stores, self-service stores, supermarkets and pharmacies. В середине 2021 года компания приобрела 2612 магазинов сети «Дикси» и почти догнала лидера сектора.

IN 1 Half 2022 года «Магниту» удалось обогнать главного конкурента в лице Х5 Group по темпам роста: total revenue increased by 39%, to 960 billion rubles, and excluding Dixy stores - by 19,8%. The main reason is the growth of the average check per 14,1% - against 9,2% in H5 Group.

Almost all key trends of the two leading players in the Russian food market are similar. Основной сегмент «Магнита» — магазины у дома — также показал опережающую динамику и вырос на 20,9% благодаря росту среднего чека. В отчетный период компания открыла 750 новых магазинов и закрыла 96 old Dixy stores.

The main difference between Magnit and X5 Group is the three-digit growth of the online segment, оборот которого в первом полугодии 2022 года увеличился на 718% against 59% in H5 Group. The discrepancy is explained by, что «Магнит» вышел в онлайн-коммерцию в конце 2020 of the year, and X5 Group at that time was already the market leader.

IN 2022 году «Магнит» может вернуться к дивидендным выплатам, because the retailer closed its GDR program: 20 мая менеджмент компании отправил J. P. Morgan Chase уведомление о расторжении депозитарного соглашения и объявил об уходе с зарубежных фондовых площадок. Now nothing prevents Magnit from paying net profit on ordinary shares, which are traded on the Moscow Exchange.

Magnit results, billion rubles

6м20216m2022The change
total revenues8001110+39%
Online sales turnover2,316,5+718%
LFL sales4,7%13,1%+8,4 P. P.
Total average check342 R390 R+14,1%
Total number of stores22 34426 731+19,6%

Fix Price

Fix Price (MOEX: FIXP) is an international retailer for the whole family with a wide range of household goods at low fixed prices. Сеть компании состоит из более чем 5250 магазинов в России, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Latvia and Uzbekistan.

IN 1 Half 2022 года Fix Price представила неплохие результаты: the retailer's total revenue increased by 24,2% - to 131,8 млрд рублей — благодаря расширению сети магазинов и росту среднего чека, which added 16,5% year on year on the back of strong consumer demand.

The total number of Fix Price stores increased by 363, which is fully in line with previous management forecasts: behind 2022 год компания намерена открыть 750 new stores. EBITDA margin in the reporting period amounted to 19,2%. При выручке в 131,8 млрд рублей получаем показатель EBITDA, equal 25,3 billion rubles, - against 15 млрд рублей в первом полугодии 2021 of the year.

The main growth driver of Fix Price should be considered a long-term business plan of management, according to which the retailer intends to open at least 15 500 stores in Russia and the CIS, and with 2023 года динамика роста сети должна увеличиться с 750 to 800 новых магазинов в год.

Regarding the dividend issue, then the company has an identical situation with X5 Group: management is unable to pay out net income on GDRs, as the payment will be blocked by European regulators. Fix Price has a permanent registration in the Republic of Cyprus.

Fix Price Results, billion rubles

6м20216m2022The change
total revenues106,1131,7+24,2%
EBITDA margin14,1%19,2%+5,1 P. P.
EBITDA14,9825,3+68,8%
LFL sales11,9%13,5%1,6 P. P.
Total number of stores45855267+14,8%

"Ribbon"

"Ribbon" (MOEX: LENT) - grocery chain, which operates hypermarkets, supermarkets and convenience stores under the Mini-Lenta brand, and also develops online sales. At the beginning 2022 года компания приобрела онлайн-ретейлера «Утконос».

Tape in 1 Half 2022 года продемонстрировала неоднозначные показатели: On the one side, revenue increased by 20,3% - to 262 млрд рублей — за счет слияний, acquisitions of other small companies and development of small formats, On the other hand, EBITDA and net income decreased by 12 And 37% соответственно из-за роста операционных расходов.

"Lenta" opened 62 new and closed 10 old shops. However, the retailer's network almost doubled year-on-year, mainly due to acquisitions by other retailers - in 3 quarter 2021 года «Лента» выкупила региональных конкурентов: Semya group of companies and Billa Rossiya supermarket chain.

The company has two main growth drivers. The first is the development strategy, в рамках которой ретейлер планирует удвоить свою выручку к 2025 году и достигнуть отметки в триллион рублей. The second is a new dividend policy, under which the company intends to pay all free cash flow in the medium term. But for 2022 год дивидендов, probably, will not, according to management forecasts.

Lenta results, billion rubles

6м20216m2022The change
Revenue218262+20,3%
EBITDA margin8%5,9%-2.1 p. P.
EBITDA1715−11,8%
Net profit5,363,35−37,4%
LFL sales−0,7%5,2%+5,9 P. P.
Total number of stores406809+99,3%

"OK"

"OK" (MOEX: OKEY) - retail network, which specializes in the food trade. The company works with three formats: hypermarkets "OK", discounters "Yes!» and an online store with delivery.

"OK" in 1 Half 2022 года представил неплохие результаты, increasing your revenue by 10,4% - to 96,8 млрд рублей — благодаря впечатляющим показателям дискаунтера «Да!», whose sales increased by 63%. The main segment of hypermarkets performed much worse, его результаты год к году снизились на 1% на фоне сильного падения количества покупателей.

Based on current results, the company successfully continues its transformation, within which management wants to rebuild its business through the development of discounters — in the reporting period, management opened 13 new stores: 12 discounters "Yes!"and hypermarket" Okay ".

With regard to dividends, the company recently announced a payment for 1 half a year 2022 years in the amount 0,03159 € per share. Current dividend yield - 6,6%. The register for this payment is already closed, so new investors can't get it.

Results of the network "Okay", billion rubles

6м20216m2022The change
Hypermarkets "OK"72,06171,3−1,1%
Discounters "Yes!»15,6325,51+63,2%
total revenues87,6996,81+10,4%
LFL sales0,5%4,8%+4,3 P. P.
Total number of stores199243+22%

What's the bottom line?

All representatives of retail are interesting in their own way:

  1. "Magnet" is the safest option, as the company may return to dividend payments this year. The negative side is the fact, that the value of shares practically did not fall on the Moscow Exchange.
  2. X5 Group is the most balanced option with good growth potential, but no dividend. The retailer not only leads the Russian offline market, but also among the top 3 leading players in the online grocery industry.
  3. Fix Price is the fastest growing business, which for a while, as well as X5 Group, will not be able to pay dividends. The retailer's current growth rate is 25-30% versus 10-20% for other companies.
  4. Lenta is an inexpensive business with an ambitious business plan. Ретейлер намерен до 2025 года увеличить свою выручку с 483 млрд рублей до триллиона. In this case, the average annual growth rate will be 20%.
  5. Okay is the cheapest asset in the sector, which is in the process of transformation due to the opening of new discounters.

Retailer results in 1 Half 2022 of the year

Revenue dynamicsLFL salesNetwork GrowthDividend restrictions
"Magnet"39%13,1%+654 the storeNot
Fix Price24,2%13,5%+363 the storeYes, sanctions
"Ribbon"20,3%5,2%+52 the storeNot, но выплаты в 2022 году не запланированы
Х5 Group18,8%11,7%+658 storesYes, sanctions
"OK"10,4%4,8%+13 storesYes, sanctions, but the company announced them anyway

GDR X5 RetailGroupFIVE1326.50 RKbuy

MagnetMGNT4935,50 RKbuy

Fix Price GroupFIXP329,60 RKbuy

TapeLENT770,50 RKbuy

O'Key Group SAOKEY30,78 РКупитьСервис в партнерстве с Тинькофф Инвестициями. Quotes are updated every 15 minutes

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rural honor: investing in Tractor Supply Company

Tractor SupplyTSCO$188.40BuyService in partnership with Tinkoff Investments. Quotes are updated every 15 minutes

What do they earn

TSCO — это сеть магазинов с ярко выраженной земледельческой направленностью. Continue reading “Сельская честь: инвестируем в Tractor Supply Company”