The company demonstrates good reporting and competent management.

Picture 1.

And further, based on these data, I want to remind you what a strict FCF is, and in addition to the previous theoretical considerations, clarify it.

Strict FCF is some company’s free money that we receive by indirect calculation.

Strict FCF = CF * (equity/ balance sheet) * ( working capital / balance sheet).

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Having teased investors for a while, Gazprom returns itself to its usual place, where it should be.

Picture 1.

The strict FCF doubled in seven years is a good estimate indicator that gives some average conservative value to the company over the years.

A strong deviation from it means growing risks caused by momentary factors.

Sber continues to master large budget expenditures, which have led to an abundant influx of customer money.

But some problems are already visible on the horizon.

Picture 1.

Capital adequacy is on the verge of compliance with the dividend policy.

And the liquidity reserve is minimal for many years.

Picture 2.

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Credit growth resumed after the Central Bank raised its key interest rate.

Thus, banks do not consider the size of this key rate to be an obstacle.

Russian budget flies into space.

It was not easy to find this indicator because I did not find it on the Eurosystem portal.

But it can be extracted from the ECB's balance sheet.

To find it, you need to add up the currency in circulation and the ECB’s liability to euro area credit institutions related to MPOs( monetary policy operations).

So I have done it.

Figure 1.

This helps us calculate the speed of the p ... Читать дальше »

The consumer price index in the United States does not correspond to the Fed's views, so expectations of a rate cut are very optimistic.

China's central bank remains strict and unyielding.

The company has a very good financial condition, but it saves money on dividends.

Thus, the stock market, when money is in value, does not value shares by FCF.

The central bank monitors average inflation, and since historically the direction of inflation is downward, the average value is always higher.