Russian equity research, for Russian portfolios only

We follow a sectoral approach throughout Europe and our reference index is the DJ Stoxx 600. Our list of recommended securities comprises between 30 and 40 companies. Our recommendation codes are drawn up in a spirit of relative performance against the sectoral indexes, but the general aim of our recommendations is to outperform the DJ Stoxx 600:

As long as we recommend a stock ("Plus" code), we issue follow-up information sheets and commentaries on every important event. When we adopt a "Minus" code, we continue to monitor the stock for three months before suspending our work. Our analyses are based on traditional quantitative (valuation ratios, balance sheets, profit and loss accounts, prospects etc) and qualitative methods (products, contacts with management, seminars, visits to competitors etc). We systematically compare our conclusions with the consensus view before issuing a rating.

To verify and make a critical assessment of our recommendations, each one of them is placed before the team of analysts.