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Riedel Research Coverage by Region
Russia

Recent Reports

GlobalTrans - Recent Transactions Highlight Opportunity in Russian Rail Industry - BUY - Archived 11/15/2012
We initiate coverage of Globaltrans, one of the largest Russian independent railcar operators with a BUY. The Russian railcar market is highly fragmented, only 100 out of approximately 1,500 operators own more than 1,000 wagons each. Globaltrans could be a sector consolidator.
MTS - Undervalued Play on Russian Consumers - 6% DivYld - BUY - Archived 7/23/2012
We are initiating coverage of Mobile Telesystems “MTS”, a Russian-based telecom company which also operates in other CIS countries such as Ukraine, Uzbekistan, Belarus and Armenia with a BUY recommendation.
Pharmastandard - Russian Focus on Domestic Growth and Health Benefits Leading Local Pharma Play - Archived 3/16/2012
We initiate coverage of Pharmstandard with a BUY recommendation. The company is a leader in the high growth Russian pharma market and has a strong track record in M&A's, a good attribute in the highly fragmented market.
Uralkali/Silvinit Merger: A Potash Giant - BUY - Archived 6/21/2011
Merger of two low cost producers Uralkali and Silvinit resulted in the creation of third largest global potash producer. Well positioned to benefit from increased demand in 2011.
Mail.ru - High Value Social Media - Archived 4/19/2011
We initiate coverage of Mail.ru with a HOLD suggesting caution. Mail.ru is a promising but largely unproven company and we are concerned about valuations.
Aeroflot - Russia Airline with Multiple Triggers for Growth - Archived 3/1/2011
Aeroflot has numerous triggers for growth in the coming years.  Significant share price upside.
Gazprom - Corporate Governance Review - Archived 12/20/2010
This review of corporate governance at Gazprom highlights some of the issues and concerns facing the company.
RusHydro - Largest Listed Alternative Energy Company in the World - BUY - Archived 7/1/2010
RusHydro is well positioned to grow as Russia uses more hydro power.  Recent meetings with management provided details of their growth strategy.
MBT - $17BN MARKET CAP RUSSIAN CELLULAR ADR TRADES AT 5X FV/EBITDA - ACQUISITIONS FUEL GROWTH - BUY - Archived 6/19/2009
Mobile TeleSystems “MTS” (52.8% controlled by AFK Sistema) is the largest wireless operator in Russia and the CIS with 92 mn consolidated customers and a 34 percent share of the Russian GSM market. MTS and its subsidiaries have licensed coverage of 98 percent of Russia's population and 225 mn people including Ukraine, Armenia, Belarus, Turkmenistan and Uzbekistan.

URALKALI - SHARES CURRENTLY TRADING AT DEEP DISCOUNT TO PEERS AND FMV EVEN UNDER MOST CONSERVATIVE ASSUMPTIONS - BUY - Archived 3/23/2009
On March 4th, Belarusian Potash Company (BPC), a joint venture of Uralkali and Belaruskali, announced a revised price range for granular potash for the Brazilian market of US$750/t (a price which was considered a sustainable level in 2008) effective from May 2009.
ISRAEL CHEMICALS – 3Q08 NUMBERS REFLECT SLOWDOWN – BUY - Archived 11/25/2008
Israel Chemicals: 3Q08 revenues and operating margin were slightly below our expectations but still phenomenally strong. However, the slowdown in the agriculture market was visible in the numbers, and 4Q08 will be weak.
RUSHYDRO – RUSSIA’S ELECTRICITY DEREGULATION – BUY - Archived 7/27/2008
RUSHYDRO – RUSSIA’S ELECTRICITY DEREGULATION – BUY
MECHEL – HARD TO QUANTIFY THE RISK - Archived 7/25/2008
MECHEL – HARD TO QUANTIFY THE RISK
BLACK EARTH FARMING LTD – UPDATE; MAINTAIN RATING – BUY - Archived 6/24/2008
BLACK EARTH FARMING LTD – UPDATE; MAINTAIN RATING – BUY
URALKALI – UPDATE NOTE; RU WILLING TO BET ON IT? - Archived 5/7/2008
URALKALI – UPDATE NOTE; RU WILLING TO BET ON IT?
CHANGES IN RECOMMENDATIONS – URKA LI & ICL IT - Archived 4/22/2008
CHANGES IN RECOMMENDATIONS – URKA LI & ICL IT
CHANGES IN RECOMMENDATIONS – URKA LI & ICL IT - Archived 4/22/2008
CHANGES IN RECOMMENDATIONS – URKA LI & ICL IT
LEBEDYANSKY – PEPSICO ACQUISITION – HOLD - Archived 4/18/2008
LEBEDYANSKY – PEPSICO ACQUISITION – HOLD
BLACK EARTH FARMING LTD – A PURE AGRICULTURAL PLAY – BUY - Archived 4/7/2008
BLACK EARTH FARMING LTD – A PURE AGRICULTURAL PLAY – BUY
ISRAEL CHEMICAL – A PLAY ON POTASH & AGRICULTURE – BUY - Archived 4/7/2008
ISRAEL CHEMICAL – A PLAY ON POTASH & AGRICULTURE – BUY
URALKALI – POTASH PRODUCER, A PLAY ON AGRICULTURE - BUY - Archived 4/7/2008
URALKALI – POTASH PRODUCER, A PLAY ON AGRICULTURE - BUY
BLACK EARTH FARMING LTD - A PURE AGRICULTURAL PLAY - BUY - Archived 2/15/2008
BLACK EARTH FARMING LTD - A PURE AGRICULTURAL PLAY - BUY
MAGNITOGORSK – A PURE RUSSIAN STEEL PLAY - BUY - Archived 2/6/2008
MAGNITOGORSK – A PURE RUSSIAN STEEL PLAY - BUY
LEBEDYANSKY ZAVOD – H1 2007 RESULTS – BUY - Archived 12/20/2007
LEBEDYANSKY ZAVOD – H1 2007 RESULTS – BUY
OPEN INVESTMENTS – GROWING IN A BOOMING MARKET – BUY - Archived 12/20/2007
OPEN INVESTMENTS – GROWING IN A BOOMING MARKET – BUY

Coverage

Aeroflot (AFLT.RTS) Add to my Watch List
Black Earth Farming Ltd. (BEFSDB) Add to my Watch List
Evraz Group (EVR LI) Add to my Watch List
Gazprom (GAZP) Add to my Watch List
Globaltrans (GLTRQ.L) Add to my Watch List
Israel Chemical (ICL.TA) Add to my Watch List
Lebedyansky Zavod (LEKZ RU) Add to my Watch List
Magnitogorsk Steel (MAGNq.L) Add to my Watch List
Mail.ru (MAILRq.L) Add to my Watch List
Mechel (MTL US) Add to my Watch List
Mobil'nye TeleSistemy OAO (MBT.N) Add to my Watch List
Mobile TeleSystems (MBT) Add to my Watch List
Open Investments (OIVS.RTS) Add to my Watch List
Pharmstandard (PHSTq.L) Add to my Watch List
RusHydro (HYDR.RTS) Add to my Watch List
Uralkali (URKA.LI) Add to my Watch List