The M2 monetary aggregate doesn't want to lower. The chances of raising the Central Bank's key rate to ... Читать дальше »

The weekly consumer price index looks charming and promising after the increase in tariffs for households.

NLMK does not publish a full report, and I try not to do review on these Companies.

But the dividends and the calculation of Strict FCF may be derived from reporting so I have done it.

Market data shows quite acceptable figures, and now the company is at its average.

The monetary base reached five percent year-on-year.

Figure 1.

The money supply is growing because loans are growing.

This can be seen from the ratio between M2 and the monetary base.

Figure 2.

As the growth rate of loans decreases, the Central Bank's rate will also decrease.

W ... Читать дальше »

Monthly inflation.

Unipro has a slight glitch with dividends, but this will allow you to see the price on the stock exchange in real numbers.

Phosagro is facing increasing risks associated with maintaining high debt levels and declining revenues.

Figure 1.

The company has been building up debts for a long time and paying large unearned dividends.

Now times are changing, and the reverse side of the coin can take revenge.

The valuation of shares based on these two indicators also differs significantly.

Figure 2. ... Читать дальше »

For comparison, it would be useful to describe another electric grid company similar to the previous one.

Figure 1.

The figure above shows the strict FCF and dividends over many years.

The same data is shown below, but it is presented in double form over seven years.

Figure 2.

Then the price on the stock exchange can be added to this.

... Читать дальше »

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).

... Читать дальше »

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.