| Uralkali/Silvinit Merger: A Potash Giant - BUY |
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.
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| Mail.ru - High Value Social Media |
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 |
3/1/2011 |
Aeroflot has numerous triggers for growth in the coming years. Significant share price upside.
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| Gazprom - Corporate Governance Review |
12/20/2010 |
This review of corporate governance at Gazprom highlights some of the issues and concerns facing the company.
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| RusHydro - Largest Listed Alternative Energy Company in the World - BUY |
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.
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| 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.
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| 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.
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| 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 |
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