post-ipo analysis of russian issuers · change in the msci em index – from an ipo date to 30 june...

Post-IPO analysis of Russian issuers

www.pwc.ru/capital-markets

As of 30 June 2015

This publication contains historical data on changes in stock (shares and/or depository receipts) prices, market index, liquidity and other statistical information for a selection of Russia-based listed companies.

MSCI EM index – MSCI Emerging Markets Index, also referred to as the “market” in this publication.

Change in the MSCI EM index – from an IPO date to 30 june 2015 for issuers that listed after 31 December 2004. For issuers listed prior to 1 January 2005, change in MSCI EM index is calculated from 1 January 2005.

Liquidity /Average liquidity – average daily traded value of a stock on all listing platforms over trailing 12 months multiplied by the number of trading days of a listing venue in the last 12 months or since IPO (for recently listed companies), divided by average market capitalisation at each month end in the last 12 months.

Outperformer – a stock that had a higher increase or a lower decrease in price since IPO compared to a change in MSCI EM index.

Underperformer – a stock that had a lower increase or a higher decrease in price since IPO compared to a change in MSCI EM index.

Change in stock price – is defined as a change in an issuer’s stock price:

a) since IPO for companies listed after 31 December 2004;

b) from the first business day of 2005, for companies listed prior to 1 January 2005; or

c) since a significant corporate restructuring.

Analyst coverage for dual listed companies is taken as a sum for all listing venues.

Average LiquidityDaily traded value (Ave) Х N of trading days in the last 12 months

Market capitalisation (Ave) =

This analysis contains a selection* of IPOs by Russian issuers, and therefore is not a complete list of all Russian public companies.

The analysis covers post-IPO performance in the period from the date of an IPO (or from 1 January 2005 for pre 2005 IPOs) to 30 June 2015.

This is our second issue of Post-IPO analysis of Russian issuers. Our first issue covered post IPO period from IPO to 31 December 2013.

In this issue we also cover certain aspects of the impact of economic crisis on the Russian issuers performance.

Post-IPO analysis of Russian issuersPwC 2

*Selected issuers with market capitalisation greater than USD50 mln and available offer price, current price, trading value and other data. Information was compiled from public sources, including Bloomberg, msci.com, PREQVECA and company websites and has not been independently verified by AO PricewaterhouseCoopers Audit.

At the end of 2013, 27 of 88 Russian issuers outperformed the MSCI EM index on average by 120% compared to 61 issuers who underperformed by 52% over the same period.

Despite the economic crisis that began in early 2014, as of 30 June 2015, 12 out of 84 issuers have still outperformed the market by a staggering 189%.

Companies in the Retail sector showed best performance with Magnit as the market leader. Oil & Gas and Technology & Communications sectors also provided positive returns to investors.

Overview

Lenta – US$1,095 million/

Retail/January 2014/LSE

United Wagon Company – US$180 million/Transportation &

Logistics/April 2015/ MOEX

Credit Bank of Moscow* –

US$238 million/Financial Services/June 2015/MOEX

Only 3 IPOs were held since 31 December 2013 including:

*Excluded from analysis, as IPO was completed on 30 June 2015.

+189%

Underperformers

12 issuersstock price increased by 189%

Outperformers

72 issuers stock price decreased by 60%

-60%

+189%

Underperformers


Outperformers

72 issuersstock pricedecreased by 60%

-60%

+189%

Underperformers


Outperformers

72 issuers stock price decreased by 60%

-60%


Only sectors with more than 5 issuers are included in the analysis above

- number of companies (outperformers)- number of companies (underperformers)

Ave

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50%

100%

(100%)

(50%)

(150%)

0.20 0.40 0.60 0.80 1.00

9

Averageliquidity

Retail

Oil & Gas Technology &Communications

Financial services

Transportation & LogisticsMetals & Mining

Real Estate

Food & Beverage

Utilities

6

10 8

8

6

6

7

156

Sector analysis


Best performing sectors and companies remain largely unchanged from December 2013 to June 2015. Magnit, EPAM and Novatek are the best in their industries and top-3 outperformers.

Average liquidity of London listed issuers was negatively affected by the economic crisis. The US listed issuers saw improved liquidity while the liquidity in Moscow, on average, stayed relatively flat.

(0.9)

(0.6)

(0.3)

0

0.3

0.6

0.9

1.2

1.5

1.8

2.1

(90%)

(60%)

(30%)

0%

30%

60%

90%

120%

150%

180%

210%

Average change in stock price compared to change in the MSCI EM index for the same periodAverage liquidity for Russian issuers in each listing centre

3

Number of issuersAverage liquidity in this market (last 12 months ended 30 June 2015)

0.2

49**

LSE(Premium) LSE (GDRs) LSE (AIM) MOEXNASDAQ NYSE

MoscowLondonNew York

0.22

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Average liquidity in this market (last 12 months ended 31 December 2013)

387*

0.43

1.08

1.46

2

5

*Includes companies which moved up from LSE (GDRs) to LSE (Premium).** Includes issuers with dual listing on other stock exchanges.


Analysis by stock exchange

Companies listed on the US exchanges were ahead of other markets by both liquidity and post-IPO stock price change compared to change in the MSCI EM index, while London and Moscow have been the most popular markets for Russian issuers.


(50%) 50% 150% 250%... ...450% 550%

Magnit

EPAM Systems

NOVATEK

Luxoft

Tatneft

ALROSA

QIWI

M.video

MoscowExchange

PolymetalInternational

United WagonCompany

PhosAgro

Change in the MSCI EM index as of 30 June 2015

Change in stock price compared to change in the MSCI EM index as of 30 June 2015

Change in the MSCI EM index as of 31 December 2013

Change in stock price compared to change in the MSCI EM index as of 31 December 2013

0% 650%

Top 12 Russian IPOs by change in stock price compared to change in the MSCI EM index


Bottom 12 Russian IPOs by change in stock price compared to change in the MSCI EM index

(180%) (130%) (80%) (30%) 20% 70% 120%

Petropavlovsk

RBC

Mechel

VimpelCom

Irkut

Raven Russia

Belon

Sistema

Kuzbassenergo

Razgulay Group

CTC Media

Mobile TeleSystems

HALS-Development

Gazprom

TMK

X5 Retail Group

MirLand Development

AFI Development

RusHydro

Polyus Gold International

Change in the MSCI EM index asof 30 June 2015


Change in the MSCI EM index asof 31 December 2013


(180%) (130%) (80%) (30%) 20% 70% 120%

Petropavlovsk

RBC

Mechel

VimpelCom

Irkut

Raven Russia

Belon

Sistema

Kuzbassenergo

Razgulay Group

CTC Media

Mobile TeleSystems

HALS-Development

Gazprom

TMK

X5 Retail Group

MirLand Development

AFI Development

RusHydro

Polyus Gold International

Change in the MSCI EM index asof 30 June 2015


Change in the MSCI EM index asof 31 December 2013


0

6

12

18

24

30

36

42

0

20 000

40 000

60 000

80 000

100 000

120 000

140 000

Mar

ket

cap

ital

izat

ion

(U

SD

mn

)

Gazpro

m

Rosneft

LUKOIL

NOVATEK

Sberban

k

Mag

nit

VTB Bank

Tatneft

Mobile

TeleSy

stems

Sever

stal

VimpelC

om

Meg

aFon

Polyus G

old

ALROSA

NLMK

RUSAL

Uralka

li

PhosAgro

Yandex

Mail

.ru G

roup

An

alyt

ical

co

vera

ge

Issuer's market capitalisationas of 30 June 2015

Number of analysts

Issuer's market capitalisationas of 31 December 2013

33 32

37

34

31

29

26

30

33

16

22

27

14

21

25

18

21 21

24

22

Top 20 Russian issuers by market capitalisation


Analysts were mainly interested in Russian issuers with a large market capitalisation, regardless of the exchange or post-IPO stock price change.

Appendix

Company name Average change in stock price compared to change in the MSCI EM index since IPO

Average sector liquidity

Number of listed companies in sector

Average analyst coverage

Average company market capitalisation as of 30 June 2015 (USD mln)

Average company market capitalisation as of 31 December 2013 (USD mln)

Market cap change

Retail 69% 0.35 6 20 6,049 8,445 (28%)

Technology & Communications 30% 1.07 8 19 5,293 9,300 (43%)

Oil & Gas* 18% 0.61 10 19 18,802 27,206 (31%)

Financial services (35%) 0.96 8 17 6,964 13,068 (47%)

Transportation & Logistics (40%) 0.11 6 6 768 1,743 (56%)

Food & Beverage** (61%) 0.41 6 3 335 415 (19%)

Metals & Mining (63%) 0.48 15 11 3,506 3,504 0%

Utilities (85%) 0.22 6 10 1,142 2,322 (51%)

Real Estate (89%) 0.35 7 5 702 969 (28%)

Average (28%) 0.51 8 12 4,840 7,441 (35%)

* Including Oil & Gas services sector** Including Agricultural sector

Sector analysis

RetailCompany name Exchange Listing date Change in stock price

compared to change in the MSCI EM index since IPO

Change in stock price since IPO

Analyst coverage

Liquidity Market capitalisation as of 30 June 2015 (USD mln)

Market capitalisation as of 31 December 2013 (USD mln)

Market cap change

Magnit LSE (GDRs) 15.04.08 571% 555% 29 0.84 26,316 31,300 (16%)

M.video MOEX 01.11.07 38% 10% 12 0.28 613 1,629 (62%)

DIXY Group MOEX 18.05.07 (8%) (12%) 20 0.13 739 1,539 (52%)

Lenta LSE (GDRs) 28.02.14 (25%) (26%) 17 0.33 3,468 n/a n/a

O’KEY GROUP LSE (GDRs) 02.11.10 (64%) (79%) 18 0.14 636 3,202 (80%)

X5 Retail Group LSE (GDRs) 11.05.05 (98%) (22%) 21 0.40 4,522 4,554 (1%)

Average 69% 71% 20 0.35 6,049 8,445 (28%)

Median (16%) (17%) 19 0.30 2,103 3,202 (34%)



Retail

Oil & Gas

Technology &Communications

Financial services

Transportation & logistics

Metals & Mining

Real Estate

Food & beverage

Utilities


/ Increase/decrease in average liquidity for 12 months ended 30 June 2015 compared with 12 months ended 31 December 2013

–

Oil & Gas

Technology & Communications

Company name Exchange Listing date

Change in stock price compared to change in the MSCI EM index since IPO


Analyst coverage



Market cap change

NOVATEK LSE (GDRs) 21.07.05 445% 508% 34 0.43 30,910 41,567 (26%)

Tatneft LSE (GDRs) 13.12.96 198% 275% 30 0.59 11,612 13,881 (16%)

Eurasia Drilling Company LSE (GDRs) 02.11.07 (3%) (30%) 12 0.55 2,419 6,605 (63%)

Exillon Energy LSE (Premium) 14.12.09 (29%) (30%) 1 0.37 272 460 (41%)

LUKOIL LSE (GDRs) 04.12.02 (32%) 45% 37 1.06 37,429 53,118 (30%)

C.A.T. oil Deutsche Borse 04.05.06 (48%) (36%) 10 1.00 523 1,362 (62%)

Rosneft LSE (GDRs) 14.07.06 (77%) (45%) 32 0.29 43,664 80,705 (46%)

Volga Gas LSE (AIM) 20.04.07 (78%) (79%) 2 0.14 80 133 (40%)

RusPetro LSE (Premium) 18.01.12 (91%) (92%) 1 0.83 152 152 0%

Gazprom LSE (GDRs) 22.10.96 (101%) (24%) 33 0.85 60,959 101,204 (40%)

Average 18% 49% 19 0.61 18,802 29,919 (37%)

Median (40%) (30%) 21 0.57 7,016 10,243 (32%)




Analyst coverage



Market cap change

EPAM Systems NYSE 07.02.12 502% 494% 15 2.09 3,484 1,625 114%

Luxoft NYSE 26.06.13 225% 233% 9 1.57 1,860 1,244 49%

Mail.ru Group LSE (GDRs) 05.11.10 (8%) (25%) 22 0.79 4,589 9,326 (51%)

Yandex NASDAQ 23.05.11 (23%) (39%) 24 2.29 4,920 14,061 (65%)

MegaFon LSE (GDRs) 28.11.12 (27%) (31%) 27 0.23 8,618 20,770 (59%)

Mobile TeleSystems NYSE 29.06.00 (107%) (29%) 33 0.97 10,105 22,348 (55%)

VimpelCom NYSE 15.11.96 (153%) (76%) 22 0.33 8,731 22,732 (62%)

RBC MOEX 18.04.02 (167%) (90%) 1 0.29 37 63 (41%)

Average 30% 55% 19 1.07 5,293 11,521 (54%)

Median (25%) (30%) 22 0.88 4,754 11,693 (59%)



Retail

Oil & Gas


Financial services


Metals & Mining

Real Estate

Food & beverage

Utilities



Retail

Oil & Gas


Financial services


Metals & Mining

Real Estate

Food & beverage

UtilitiesPost-IPO analysis of Russian issuersPwC 10




Analyst coverage



Market cap change

NOVATEK LSE (GDRs) 21.07.05 445% 508% 34 0.43 30,910 41,567 (26%)

Tatneft LSE (GDRs) 13.12.96 198% 275% 30 0.59 11,612 13,881 (16%)

Eurasia Drilling Company LSE (GDRs) 02.11.07 (3%) (30%) 12 0.55 2,419 6,605 (63%)

Exillon Energy LSE (Premium) 14.12.09 (29%) (30%) 1 0.37 272 460 (41%)

LUKOIL LSE (GDRs) 04.12.02 (32%) 45% 37 1.06 37,429 53,118 (30%)

C.A.T. oil Deutsche Borse 04.05.06 (48%) (36%) 10 1.00 523 1,362 (62%)

Rosneft LSE (GDRs) 14.07.06 (77%) (45%) 32 0.29 43,664 80,705 (46%)

Volga Gas LSE (AIM) 20.04.07 (78%) (79%) 2 0.14 80 133 (40%)

RusPetro LSE (Premium) 18.01.12 (91%) (92%) 1 0.83 152 152 0%

Gazprom LSE (GDRs) 22.10.96 (101%) (24%) 33 0.85 60,959 101,204 (40%)

Average 18% 49% 19 0.61 18,802 29,919 (37%)

Median (40%) (30%) 21 0.57 7,016 10,243 (32%)




Analyst coverage



Market cap change

EPAM Systems NYSE 07.02.12 502% 494% 15 2.09 3,484 1,625 114%

Luxoft NYSE 26.06.13 225% 233% 9 1.57 1,860 1,244 49%

Mail.ru Group LSE (GDRs) 05.11.10 (8%) (25%) 22 0.79 4,589 9,326 (51%)

Yandex NASDAQ 23.05.11 (23%) (39%) 24 2.29 4,920 14,061 (65%)

MegaFon LSE (GDRs) 28.11.12 (27%) (31%) 27 0.23 8,618 20,770 (59%)

Mobile TeleSystems NYSE 29.06.00 (107%) (29%) 33 0.97 10,105 22,348 (55%)

VimpelCom NYSE 15.11.96 (153%) (76%) 22 0.33 8,731 22,732 (62%)

RBC MOEX 18.04.02 (167%) (90%) 1 0.29 37 63 (41%)

Average 30% 55% 19 1.07 5,293 11,521 (54%)

Median (25%) (30%) 22 0.88 4,754 11,693 (59%)

Financial Services

Transportation & Logistics

Food & Beverage

Company name Exchange Listing date Change in stock price compared to change in the MSCI EM index since IPO


Analyst coverage



Market cap change

QIWI NASDAQ 03.05.13 73% 65% 12 2.29 1,646 2,917 (44%)MOEX MOEX 15.02.13 37% 27% 15 0.81 2,879 4,668 (38%)Bank Vozrozhdenie MOEX 11.05.07 (30%) (33%) 11 0.10 207 319 (35%)Bank Saint Petersburg MOEX 01.11.07 (41%) (70%) 11 0.03 321 559 (43%)Sberbank LSE (GDRs) 18.09.12 (52%) (57%) 31 2.36 28,171 67,891 (59%)VTB Bank LSE (GDRs) 10.05.07 (70%) (74%) 26 1.07 17,691 19,408 (9%)TCS Group LSE (GDRs) 22.10.13 (76%) (84%) 11 0.30 530 2,845 (81%)Sistema LSE (GDRs) 09.02.05 (123%) (48%) 18 0.71 4,270 15,498 (72%)Average (35%) (34%) 17 0.96 6,964 14,263 (51%)Median (47%) (53%) 14 0.76 2,262 3,793 (40%)



Analyst coverage



Market cap change

United Wagon Company MOEX 29.04.15 14% 4% – 0.09 1,385 n/a n/aTransContainer LSE (GDRs) 09.11.10 (27%) (44%) 1 0 625 1,251 (50%)Globaltrans LSE (GDRs) 30.04.08 (46%) (64%) 15 0.46 849 2,842 (70%)Global Ports LSE (GDRs) 24.06.11 (54%) (67%) 11 0.07 944 2,671 (65%)Novorossiysk Commercial Sea Port LSE (GDRs) 02.11.07 (60%) (87%) 6 0.04 642 1,605 (60%)

FESCO MOEX 03.08.07 (66%) (78%) 2 0.02 163 348 (53%)Average (40%) (56%) 6 0.11 768 1,743 (56%)Median (50%) (66%) 4 0.06 746 1,605 (54%)



Analyst coverage



Market cap change

Rusagro LSE (GDRs) 08.04.11 (23%) (44%) 2 0.10 997 761 31%Synergy MOEX 15.11.07 (47%) (71%) 2 0.05 222 567 (61%)Cherkizovo Group LSE (GDRs) 11.05.06 (52%) (42%) 8 0.12 579 811 (29%)Russian Aquaculture MOEX 15.04.10 (61%) (70%) 1 0.02 76 82 (7%)Black Earth Farming NASDAQ OMX 19.12.07 (74%) (93%) 2 0.35 86 212 (59%)Razgulay Group MOEX 06.03.06 (111%) (89%) 1 1.84 52 55 (7%)Average (61%) (68%) 3 0.41 335 415 (19%)Median (57%) (71%) 2 0.11 154 390 (60%)



Retail

Oil & Gas


Financial services


Metals & Mining

Real Estate

Food & beverage

Utilities



Retail

Oil & Gas


Financial services


Metals & Mining

Real Estate

Food & beverage

Utilities



Retail

Oil & Gas


Financial services


Metals & Mining

Real Estate

Food & beverage

Utilities


–

–

–

Metals & MiningCompany name Exchange Listing date Change in stock

price compared to change in the MSCI EM index since IPO


Analyst coverage



Market cap change

ALROSA MOEX 28.10.13 86% 80% 21 0.21 8,396 7,813 7%

Polymetal International

LSE (Premium)*

07.02.07 24% 28% 20 0.41 3,449 3,710 (7%)

Severstal LSE (GDRs) 08.11.06 (30%) (15%) 16 0.24 8,863 8,277 7%

NLMK LSE (GDRs) 09.12.05 (49%) (8%) 25 0.31 7,971 10,123 (21%)

Kuzbasskaya Toplivnaya Company

MOEX 30.04.10 (50%) (56%) 1 0.07 151 165 (9%)

Raspadskaya MOEX 09.11.06 (55%) (40%) 4 0.78 454 644 (29%)

EVRAZ LSE (Premium)** 07.11.11 (59%) (62%) 18 0.44 2,728 2,730 0%

RUSAL HKEX 22.01.10 (63%) (64%) 18 0.05 7,565 4,507 68%

IRC (Petropavlovsk) HKEX 13.10.10 (63%) (76%) 4 0.23 273 456 (40%)

Chelyabinsk Zinc Plant

LSE (GDRs) 07.11.06 (63%) (48%) – 0.05 474 187 154%

MMK LSE (GDRs) 24.04.07 (71%) (73%) 15 0.09 2,897 2,576 12%

Polyus Gold LSE (Premium)* 18.12.06 (94%) (86%) 14 0.10 8,404 9,983 (16%)

Belon MOEX 05.06.06 (125%) (100%) 1 0.09 76 88 (14%)

Petropavlovsk LSE (Standard)*** 29.04.02 (176%) (99%) 5 2.14 381 238 60%

Mechel NYSE 28.10.04 (187%) (83%) 7 1.98 512 1,066 (52%)

Average (65%) (47%) 11 0.48 3,506 3,504 0%

Median (63%) (62%) 14 0.23 2,728 2,576 6%

* The company moved up to the Premium segment of the LSE subsequent to the IPO (GDRs) on the Standard segment. The listing date is the date of the initial offering. ** IPO (GDRs) in 2005. For the purpose of this analysis performance is tracked from the move up to the Premium segment of the LSE in 2011. *** The company moved up to the Standard segment of the LSE subsequent to the IPO on AIM. The listing date is the date of the initial offering.



Retail

Oil & Gas


Financial services


Metals & Mining

Real Estate

Food & beverage

Utilities


–



Analyst coverage



Market cap change

ALROSA MOEX 28.10.13 86% 80% 21 0.21 8,396 7,813 7%

Polymetal International

LSE (Premium)*

07.02.07 24% 28% 20 0.41 3,449 3,710 (7%)

Severstal LSE (GDRs) 08.11.06 (30%) (15%) 16 0.24 8,863 8,277 7%

NLMK LSE (GDRs) 09.12.05 (49%) (8%) 25 0.31 7,971 10,123 (21%)

Kuzbasskaya Toplivnaya Company

MOEX 30.04.10 (50%) (56%) 1 0.07 151 165 (9%)

Raspadskaya MOEX 09.11.06 (55%) (40%) 4 0.78 454 644 (29%)

EVRAZ LSE (Premium)** 07.11.11 (59%) (62%) 18 0.44 2,728 2,730 0%

RUSAL HKEX 22.01.10 (63%) (64%) 18 0.05 7,565 4,507 68%

IRC (Petropavlovsk) HKEX 13.10.10 (63%) (76%) 4 0.23 273 456 (40%)

Chelyabinsk Zinc Plant

LSE (GDRs) 07.11.06 (63%) (48%) – 0.05 474 187 154%

MMK LSE (GDRs) 24.04.07 (71%) (73%) 15 0.09 2,897 2,576 12%

Polyus Gold LSE (Premium)* 18.12.06 (94%) (86%) 14 0.10 8,404 9,983 (16%)

Belon MOEX 05.06.06 (125%) (100%) 1 0.09 76 88 (14%)

Petropavlovsk LSE (Standard)*** 29.04.02 (176%) (99%) 5 2.14 381 238 60%

Mechel NYSE 28.10.04 (187%) (83%) 7 1.98 512 1,066 (52%)

Average (65%) (47%) 11 0.48 3,506 3,504 0%

Median (63%) (62%) 14 0.23 2,728 2,576 6%

* The company moved up to the Premium segment of the LSE subsequent to the IPO (GDRs) on the Standard segment. The listing date is the date of the initial offering. ** IPO (GDRs) in 2005. For the purpose of this analysis performance is tracked from the move up to the Premium segment of the LSE in 2011. *** The company moved up to the Standard segment of the LSE subsequent to the IPO on AIM. The listing date is the date of the initial offering.

Real EstateCompany name Exchange Listing date Change in stock



Analyst coverage



Market cap change

Etalon Group LSE (GDRs) 15.04.11 (55%) (74%) 9 0.22 540 1,548 (65%)

LSR Group LSE (GDRs) 08.11.07 (60%) (86%) 13 0.17 1,041 2,156 (52%)

PIK Group LSE (GDRs) 31.05.07 (83%) (87%) 9 0.39 2,104 1,532 37%

AFI Development LSE (Premium)* 03.05.07 (97%) (98%) – 0.03 257 799 (68%)

MirLand Development LSE (AIM) 11.12.06 (97%) (89%) – 0.02 88 395 (78%)

HALS-Development LSE (GDRs) 03.11.06 (104%) (87%) 1 0.19 303 247 23%

Raven Russia LSE (Premium)** 29.07.05 (129%) (70%) 2 0.19 584 735 (21%)

Average (89%) (84%) 5 0.17 702 1,059 (34%)

Median (97%) (87%) 2 0.19 540 799 (32%)

UtilitiesCompany name Exchange Listing date Change in stock



Analyst coverage



Market cap change

TGC-7 MOEX 14.03.08 (61%) (74%) 3 0.01 591 1,710 (65%)

OGK-2 MOEX 28.09.07 (73%) (93%) 9 0.37 564 852 (34%)

Federal Grid Company LSE (GDRs) 28.03.11 (77%) (93%) 12 0.47 1,275 3,421 (63%)

Enel Russia MOEX 10.11.06 (84%) (69%) 12 0.04 554 1,201 (54%)

RusHydro LSE (GDRs) 06.07.09 (95%) (70%) 24 0.41 3,832 6,667 (43%)

Kuzbassenergo MOEX 01.10.08 (118%) (96%) – 0 39 79 (51%)

Average (85%) (83%) 10 0.22 1,142 2,322 (51%)

Median (80%) (84%) 11 0.20 578 1,456 (60%)



Retail

Oil & Gas


Financial services


Metals & Mining

Real Estate

Food & beverage

Utilities



Retail

Oil & Gas


Financial services


Metals & Mining

Real Estate

Food & beverage

Utilities


*The company moved up to the Premium segment of the LSE subsequent to the IPO (GDRs) on the Standard segment. The listing date is the date of the initial offering. ** The company moved up to the Standard segment of the LSE subsequent to the IPO on AIM. The listing date is the date of the initial offering.

–

–

Other sectors

Company name Sector Exchange Listing date



Analyst coverage



Market cap change

PhosAgro Chemicals & Fertilisers LSE (GDRs) 13.07.11 6% (9%) 21 0.16 4,973 3,802 31%

Uralkali Chemicals & Fertilisers LSE (GDRs) 12.10.07 (1%) (27%) 21 0.38 7 534 15,620 (52%)

Mostotrest Engineering & Construction MOEX 02.11.10 (39%) (53%) 6 0.22 457 1,142 (60%)

MD Medical Group Healthcare LSE (GDRs) 12.10.12 (49%) (52%) 4 0.06 430 849 (49%)

Acron Chemicals & Fertilisers LSE (GDRs) 05.08.08 (53%) (58%) 15 0.09 1,542 1,281 20%

Protek Group Pharmaceuticals MOEX 27.04.10 (54%) (61%) 2 0.03 382 807 (53%)

Pharmstandard Pharmaceuticals LSE (GDRs) 03.05.07 (68%) (70%) 5 0.04 668 1,499 (55%)

SOLLERS Industrial Manufacturing MOEX 22.04.05 (73%) 6% 7 0.12 275 887 (69%)

Rosinter Restaurants

Restaurants MOEX 01.06.07 (84%) (90%) 1 0.09 26 50 (49%)

TMK Industrial Manufacturing LSE (GDRs) 31.10.06 (99%) (80%) 16 0.35 1,066 2,764 (61%)

CTC Media Entertainment & Media NASDAQ 31.05.06 (111%) (84%) 13 1.16 354 2,164 (84%)

Irkut Industrial Manufacturing MOEX 26.03.04 (136%) (59%) 1 0.04 139 198 (30%)

Average (63%) (53%) 9 0.23 1,487 2,588 (43%)

Median (61%) (58%) 7 0.11 443 1 211 (63%)


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1207.25.11

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