Capitalization growth of state and private companies in russia. Ria rating General analysis of the cryptocurrency and assets market

"I cited figures by which one could see that in Russia, mainly pensions, education, medicine, the army and other officials are financed by state-owned companies, their daughters, as well as numerous budgetary institutions controlling 70% of the Russian economy in total. They are mainly a source of replenishment of the RF budget. Individuals in the Russian Federation form approximately 10% of the budget, while in the USA this share is approximately 64%.

Below we will see how the capitalization of the most expensive has changed in recent years. Russian companies:

Company	Share controlled by the state,%	Owners	Change in capitalization in $ per,%			Change in capitalization in $ from 2014 to 2017 ,%	Capitalization at the end of 2017, $ million
			2017 Nov.	2016 Nov.	2015
Sberbank	50% + 1 share	* Central Bank of the Russian Federation - 50% + 1 share; * other shareholders are more than 8273 legal entities and individuals ( individuals- 2.84%, foreign investors - over 45%)	37,9	104,1	44,9	307,83	84 311
Gazprom	more than 50%	* Federal Property Management Agency - 38.37%; * OJSC Rosneftegaz * -10.97%; * OJSC Rosgazifikatsiya * -0.89%; * Holders of ADRs - 25.20%; * other registered persons -24.57%	-11	35,4	-20	-3,60	53 349
Rosneft	50%	* OJSC Rosneftegaz - 50%, * British BP - 19.75%, * Swiss-Qatari consortium QHG Oil Ventures - 19.5%	-23,7	87,7	1,2	44,93	53 304
Lukoil	h		1,9	75,1	-18,1	46,13	48 933
NOVATEK	h		-9,4	58,1	5,4	50,97	35 543
Norilsk Nickel	h		12,6	31,5	-13,2	28,52	29 511
Gazprom Neft	95.68% Gazprom	* Gazprom - 95.68%; * in free circulation - 4.32%	19,4	68,9	-15,8	69,80	20 165
Tatneft	h *		18,8	58,4	6,2	99,85	17 959
Surgutneftegaz	h		-5,6	8,8	10,7	13,70	17 191
NLMK	h		35,8	119	-25,5	121,56	15 349
Severstal	h		1,2	82,5	-5,1	75,27	12 985
Yandex	h		64,7	48,7	-9,5	121,64	10 669
RUSAL	h		62,7	41,2	-54,4	4,76	10 569
VTB Bank	60,90%	* Federal Property Management Agency - 60.9%; * The rest of the shares are distributed between GDR holders and minority shareholders - individuals and legal entities.	-33,1	12,4	-7,4	-30,37	10 595
Pole	h		-25	84,5	123,9	209,82	10 482
Magnet	h		-38,9	17,8	-12,8	-37,24	10 382
X5 Retail Group	h		16,4	71,2	51,6	202,10	10 256
ALROSA	33%	* in free circulation-34%; * RF - 33%.	-18,3	106,7	-30,3	17,71	9 584
MTS	h		13,1	41,7	-5,2	51,93	9 578
MMK	h		34,7	115,2	35,8	293,65	8 210
En + Group	h		-				7 771
VEON	h		-1,2	17,4	-21,5	-8,95	6 685
Mail.ru Group	h		57,5	-13,9	37,7	86,73	6 360
Inter RAO	* PJSC "FGC UES" - 9.24%; * JSC Inter RAO Capital (quasi-treasury shares) - 29.39%;	* Rosneftegaz Group - 27.63%; * PJSC "FGC UES" - 9.24%; * JSC Inter RAO Capital (quasi-treasury shares) - 29.39%; * in free circulation - 33.74%.	-7	317,8	n.d.		6 079
Uralkali	h		-25,4	11,4	5,7	-12,16	5 966
Bashneft	Rosneft	The main shareholder is Rosneft	-33,8	117,2	24,1	78,44	5 793
PhosAgro	h		0,5	10,1	31,6	45,62	5 555
Megaphone	h		-6,9	-18,7	-21,5	-40,58	5 503
EVRAZ	h		41,4	152,8	-54,8	61,57	5 470
RusHydro	60.6%, VTB Bank (13.3%)	* Federal Property Management Agency - 60.6%; * VTB Bank - 13.3%; * LLC "Aviatrans" - 6%	-8,5	66	-2	48,85	5 373
Polymetal	h		17,1	25,4	-3,8	41,26	5 298
UAC	90,30%	* Federal Property Management Agency - 90.3%; * Vnesheconombank - 5.6%; * private shareholders - 4.1%	42,6	128,1	324	1279,15	4 899
Moscow Exchange	Central Bank of the Russian Federation (11.779%), Sberbank (10.002%), Vnesheconombank (8.404%), RDIF Investment Management-6 (5.003%)	* Central Bank of the Russian Federation - 11.779%; * Sberbank - 10.002%; * Vnesheconombank - 8.404%; * EBRD - 6.069%; * RDIF Investment Management-6 - 5.003%; * in free circulation - 57%	-7,6	61,1	17,8	75,35	4 315
PIK Group	h		13,2	62,7	-10,2	65,39	3 654
FGC UES	80.13% Rosseti	* PJSC Rosseti - 80.13%; * Federal Property Management Agency-0.59%; * minority shareholders -19.28%	-15,4	313,4	3	260,23	3 591
Tinkoff Bank	h		78,7	245,9	-4,4	490,93	3 443
VSMPO-Avisma Corporation	h		29,5	33,7	14	97,38	3 375
NK "Russneft"	h		15	-			3 118
Rostelecom	Previously: 48.71%, Vnesheconombank (4.29%)	* Federal Property Management Agency - 45.04%; * Vnesheconombank - 3.96%; * LLC Mobitel (subsidiary of Rostelecom) - 12.01%	-20,2	10,4	-20,6	-30,05	2 840
Rosseti	88,89%	* Federal Property Management Agency - 88.89%	-23,1	261,7	-15,8	134,20	2 839
RIBBON	h		-29	21,5	12,9	-2,61	2 835
"Unipro"	h		-6,8	-	9,5		2 795
Acron Group	h		14,7	14,3	56,4	105,04	2 733
"Aeroflot - Russian Airlines"	61,17%	* Federal Property Management Agency - 61.17%; *legal entities(including from subsidiary LLC Aeroflot-Finance - 5.13158%) - 34.04%; * individuals - 4.79%; * in free float (ticker AFLT on the Moscow Exchange) - part of the shares.	-4,3	227,6	36,1	326,69	2 681
Novorossiysk Commercial Sea Port	Previously: 50.1% of shares - Novoport Holding Ltd. (JV Transneft and Summa Group), 20% owned by Rosimushchestvo	* PJSC Transneft - 62%; * Federal Property Management Agency-20%; * the structure of JSC "Russian Railways" -5%; * free circulation on the Moscow and London stock exchanges-13%	26,7	112	155,3	585,75	2 642
state			-6,17	134,67	29,31	207,18	255 819
private			13,62	54,47	5,24	85,09	310 407
public-private			0,27	93,27	47,60	226,27	16 541

* h-private company

I classified ALROSA, the Moscow Exchange, and the Novorossiysk Commercial Sea Port as public-private companies.

As can be seen from the table, from 2014 to 2017 capitalization state companies in $ increased by an average of 207.18%, and private by 85.09%.

1. UAC - 1279.15%
2. Novorossiysk Commercial Sea Port - 585.75%
3. Tinkoff Bank - 490.93%
4. Aeroflot - Russian Airlines - 326.69%
5. Sberbank - 307.83%
6. MMK - 293.65%
7. FGC UES - 260.23%
8. Pole - 209.82%
9.X5 Retail Group - 202.10%
10. Rosseti - 134.20%
11. Yandex - 121.64%
12. NLMK - 121.56%
13. Acron Group - 105.04%
14. Tatneft - 99.85%
15. Corporation "VSMPO-Avisma" - 97.38%
16. Mail.ru Group - 86.73%
17. Bashneft - 78.44%
18. Moscow Exchange - 75.35%
19. Severstal - 75.27%
20. Gazprom Neft - 69.80%
21. PIK Group - 65.39%
22. EVRAZ - 61.57%
23. MTS - 51.93%
24. NOVATEK - 50.97%
25. RusHydro - 48.85%
26. Lukoil - 46.13%
27. PhosAgro - 45.62%
28. Rosneft - 44.93%
29. Polymetal 41.26%
30. Norilsk Nickel - 28.52%
31. ALROSA - 17.71%
32. Surgutneftegas - 13.70%
33. RUSAL - 4.76%

UAC became the fastest growing company. Apparently this was facilitated by the introduction of advanced technologies. industrial production... For example, the United Aircraft Corporation (UAC) has implemented the concept of a virtual design office, when engineers from several design bureaus and production sites work on the design of an aircraft model in a single digital environment.

Moscow, January 31 - “Vesti. Economy". The total market capitalization of the 100 most expensive Russian public companies at the end of 2017 increased by 1.3% to $ 643 billion.

Below are the ten most expensive Russian companies.

The leading position in the rating is now occupied by Sberbank, whose capitalization over the past year has grown by almost 40% to $ 84 billion. The share of market capitalization attributable to companies in the financial sector rose to 16.9% over the year against 15.8% in the previous rating, and their market value approached $ 110 billion.

According to the results of the past year, the long-term leader Gazprom with a capitalization of $ 53.35 billion is on the second line. The capitalization of Gazprom fell by 11%, but this still allowed it to slightly (by only $ 45 million) overtake Rosneft.

3. Rosneft

Rosneft, which in 2016 removed its long-term leader, Gazprom, from the pedestal, could not stay in first place in 2017 and took the third place at the end of the past year. This is due to the decrease in the capitalization of Rosneft by 24% over the year, to $ 53.3 billion.

Among the 100 most valuable companies, market capitalization in 2017 increased for 55, which is significantly less than last year's result (91 companies). In general, the capitalization growth of five companies in 2017 was multiple, which in most cases was due to additional issues. For comparison, in 2016, 25 companies showed a multiple increase in capitalization, which was most often determined by the dynamics of shares.

The minimum market capitalization required to enter the top 10, on the contrary, became less during the year - $ 15.3 billion versus $ 15.9 billion a year earlier.

According to RIA Rating experts, in 2018, the growth of quotations for most companies, which began in mid-2017, is likely to continue. At the same time, for many of them the effect of a low base has already been exhausted and growth should not be very strong.

As before, the largest contribution to the total value of the most expensive companies in 2017 was made by corporations associated with oil and gas production and oil refining. They account for 39.9% of the total capitalization of the Top 100 most expensive companies in Russia, which is 4.2 percentage points less than a year earlier. The decrease in the share is associated with the negative dynamics of the value of the number largest companies from this sector.

The number of the ten largest Russian companies in terms of capitalization, the retailer "Magnit" and VTB, have left. VTB moved from tenth place at the end of 2016 to 14th place at the beginning of 2018, which is due to a decrease in capitalization by 33%. Over the past year, the capitalization of the Magnit retail chain has decreased even more - by 39%, or by $ 6.6 billion, which led to the loss of eight places in the rating, and now this company is in 16th place.

Metallurgy became the third industry in terms of total capitalization. Metallurgical companies account for 13.9% of the market value of the largest Russian companies in terms of capitalization. In general, 2017 can be called the “year of metallurgists”, since, following the prices of steel and coal, their stock quotes showed a rapid positive trend.

To assess the changes that have occurred among Russian issuers and in Russian stock market In general, the experts of the RIA Rating agency have prepared the next annual, fifth in a row, Rating of the 100 most expensive public companies in Russia as of the beginning of 2018.

The main ruble index (Moscow Exchange) dropped 5.5% over the year, while the dollar index (RTS) rose only 0.2%. Nevertheless, despite the decline in the index, among the largest companies in terms of capitalization, most of them showed an increase in quotations in 2017. According to the rating, the total capitalization of the TOP-100 Russian companies over the past year increased by 1.3% or by $ 8.4 billion to $ 643 billion as of December 29, 2017. For comparison, in 2016 the growth was much higher - + 58% or +233 billion dollars. The median capitalization of 100 Russian public companies has not changed and amounted to $ 1.8-1.9 billion. In turn, minimum size capitalization, with which it was possible to get into the TOP-100 of the most expensive companies at the end of 2017, amounted to $ 318 million, against $ 267 million in the last year's rating and 157 as of December 31, 2015. (Thus, the bottom bar for joining the top 100 most expensive companies in Russia has doubled in two years.

According to the rating, the following companies are also in the top ten: Sberbank, Gazprom, Rosneft, LUKOIL, NOVATEK, Norilsk Nickel, Gazprom Neft, Tatneft, Surgutneftegaz and NLMK. It is worth noting that two companies at once left the TOP-10 at the end of the year, and, accordingly, there are two newcomer companies in the top ten. Magnit and VTB Bank have left the ten largest companies in Russia in terms of capitalization.

Among the 100 most valuable companies, market capitalization in 2017 increased for 55, which is significantly less than last year's result (91 companies). The leader in terms of market capitalization growth among the TOP-100 companies in the rating in 2017 was the development company Ingrad. The capitalization of this company has increased more than 8 times during the year. The second company in terms of growth rates was Lenenergo, whose capitalization increased 4.7 times, which is also mainly related to the additional issue. In general, the capitalization growth of 5 companies in 2017 was multiple, which in most cases was due to additional issues. For comparison, in 2016, 25 companies showed a multiple increase in capitalization, which was most often determined by the dynamics of shares.

The largest decrease in capitalization in 2017 among the companies included in the rating was demonstrated by the financial sector company FG "Future". The companies with a significant decrease in market capitalization also included AFK Sistema, Magnit, Bashneft, VTB Bank, Nizhnekamskneftekhim, Lenta, Chelyabinsk Zinc Plant, Rusagro, Uralkali and Polyus.

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The Russian concern has displaced the American corporation ExxonMobil, which led this rating for 12 years. In addition to Gazprom, one more Russian company got into the top 10 of the S&P rating - (6th place). ranked 14th, Rosneft ranked 22nd.

The sites and almost simultaneously published materials with the headlines: “What are the sanctions? "Gazprom" removed ExxonMobil ". The author of a note in Forbes notes that the first place of the Russian gas concern testifies to the ability of its management to resist low prices for hydrocarbons and the ban on obtaining cheap loans in the West, and at the same time maintain a leading position in the European gas market, in which American companies are unsuccessfully trying to gain a foothold. ...

Recall that the United States recently passed a law on new sanctions against Russia. The financing period for Russian energy companies will be reduced from 90 to 60 days. The maximum financing period for sanctioned Russian banks will be reduced from 30 to 14 days.

A separate line was announced about opposition to the construction of the Nord Stream-2 gas pipeline, which is being led by Gazprom.

At the end of September, he announced November 28 as the date for the introduction of new restrictions on the financing of banks and companies in the Russian oil and gas sector, specified in this law.

But there is one essential detail that darkens the joy of the success of the "national heritage", which does not care about sanctions. Gazprom is a cheap asset. Analyst at Alor Broker Evgeny Koryukhin compared the capitalization of companies from the top ten of the S&P Global Platts rating for Gazeta.Ru.

In this top ten, Gazprom takes only 5th place in terms of capitalization. Moreover, the ExxonMobil corporation is worth almost 7 times more than Gazprom, and takes only 9th place in the rating.

The French one closes the top ten, but its capitalization exceeds Gazprom's by 2.6 times, the Chinese China Petroleum is twice as expensive, and the Indian Reliance Industries is one and a half times more expensive.

Evgeny Koryukhin notes that Gazprom's proven gas reserves are worth more than $ 10 trillion (with an average gas price of $ 200 per 1,000 cubic meters). By comparison, Exxon Mobil's proven hydrocarbon reserves (the world's largest oil company) are estimated at just over $ 1.2 trillion (with an average oil price of $ 50 per barrel).

“Russian companies have been rated lower than their counterparts from developed countries for a long time. Even at the household level, we are accustomed to the cost of eighteen Gazprom. At the same time, Gazprom's EBITDA is only 1.5 times lower. Compare - it costs 18 times cheaper, and EBITDA is only 1.5 times lower, ”

- says the deputy general director for development retail business Investment Company Veles Capital.

It should be emphasized that, naturally, not only Gazprom is underestimated, but also domestic companies from other sectors.

If we talk about the Russian market, then according to many fundamental and technical factors, it looks underestimated, agrees, an analyst at Alfa Capital.

“If we compare the dynamics of Russian stock indices with developed and developing countries, then Russian ones, to a large extent, are lagging behind. But there are practically no prerequisites for this, since unemployment in Russia is one of the lowest in the world, GDP growth is more than 2%, and what is important - companies' profits are growing, ”he notes.

Moreover, if you look at financial indicators"Gazprom" and compare them with the indicators of competitors, then "Gazprom" obviously wins. The Russian company has a high dividend yield of 6.5%, with an average dividend yield foreign analogues at 3.5%. If we talk about the P / E multiplier (price / earnings ratio - capitalization / net profit), then Gazprom has one of the lowest, 3.9, which indicates a strong underestimation of the company's market value relative to its current profit.

For example, this figure is 30 for Exxon, 29, even for 22. Return on capital is significantly higher than foreign peers and is about 5.9% against the industry average of 3%. The same can be said for the return on investment.

At the same time, Evgeny Koryukhin recalls that before the start of the world financial crisis In June 2008, Gazprom was worth $ 360 billion. And its capitalization lagged behind Exxon Mobil's capitalization not so much - the gap was only about $ 50 billion. At that time, the company's management predicted its capitalization would grow to $ 1 trillion.

These plans never came true - oil and gas prices fell, bubbles in financial markets collapsed, speculative money left Russian assets. And they never returned.

Today analysts say that underestimating Russian market is chronic and the situation is unlikely to be drastically changed in the near future. There are several reasons for this. This is also bad working conditions for foreign investors, underdeveloped financial market, relatively low efficiency operating activities companies themselves, as well as instability course national currency.

“Investors are scared off by the total state control over the industry, economic sanctions, not always obvious investment policies of companies and quality corporate governance", - believes Artem Kopylov.

But, perhaps, the main factor is political problems. The confrontation with the West leaves almost no chance that Gazprom or someone else has become the leader in terms of capitalization.

“I think that Western investors should become more inclined to buy our shares, it is necessary for the political situation to improve significantly,” says Alexei Bushuev.

In order for investors to massively buy securities of Russian companies, it is necessary that they believe that there will be no devaluation of the local currency, that Russia will not get involved in geopolitical conflicts in other countries, thereby bringing on a wave of sanctions, that the government will be able to create conditions under which the economy will reach GDP growth rates above 3% per year, Evgeny Koryukhin lists.

The only thing left for Russian companies to increase capitalization is to improve their operating and investment efficiency, analysts say. Quotes can support programs of buyback by companies of their own shares, an increase in dividends, and a stable ruble exchange rate.

The chief analyst believes that a 20-25% increase in Gazprom's shares is quite possible. Firstly, due to the fact that the shares remain fundamentally undervalued, and secondly, due to the expected increase in export prices in the European direction this fall and an increase in purchases.

But globally for Russian assets, the situation is unlikely to change in the near future, sums up Alexei Bushuev.

Apple shares are up 70% since the beginning of 2019. This is the largest percentage increase among peers. Capitalization has grown strongly despite declining iPhone sales

Market value Apple exceeded the total capitalization of all US oil and gas companies. At the time of writing, Apple is worth $ 1.19 trillion. companies included in the energy index S&P 500 Energy is $ 1.1 trillion.

The S&P 500 Energy index includes 28 US oil and gas companies, including Apache, ConocoPhillips, Exxon Mobil, Chevron, Schlumberger and many others.

Since the beginning of the year, Apple's quotes have added 70%. The company was the leader in growth among the participants in the Dow Jones Industrial Average. At the same time, the smartphone manufacturer managed to overtake Microsoft: in 2019, Bill Gates' company rose in price by 50%, being in second place.

Apple's capitalization exceeded $ 1 trillion for the first time on August 2, 2018. On that day, the shares of the iPhone manufacturer rose to $ 207.39. Apple managed to gain a foothold above $ 1 trillion recently - in September 2019.

In 2020, we should expect further growth in Apple shares, analysts are sure. In their opinion, the slowdown in iPhone sales will not greatly affect the company's results: instead, the quotes will support the new revenue models that Apple has come up with. First of all, we are talking about services.

Apple has already managed to get iPhone owners to pay for services such as Apple Music and Apple TV +. Apple services revenues rose 18% in the last quarter, while device sales declined. Now revenues in this area account for just under 20% of total Apple sales.

Judging by the comments of industry experts, expectations for the iPhone segment are low. "Apple will continue to focus on services and installed base growth," said Citigroup analyst Jim Suva.

At Citigroup, the target price for Apple shares is from $ 250 to $ 300 per share. IN financial company recommend buying securities. According to Jim Suv, wireless AirPods and Apple Watch smartwatches will provide strong sales and profits for Apple during the holiday season. JP Morgan predicts that Apple shares will rise 11% over the next year to $ 296 per share.

“We believe the consensus is underestimating the demand for Apple Watch and Apple AirPods,” Jim Suwa explained his expectations. Sales in the wearable segment are likely to top $ 10 billion this quarter, Citi predicted.

Not all experts are as positive about the future of Apple. Maxim Group analyst Nehal Chokshi doubts the tech giant will continue to generate high service revenues. In his opinion, buyers may choose Android, ditching the iPhone due to the growing portfolio of paid services.

Plans to switch to Android were reported by 9% of people interviewed by Maxim Group this year. In 2017, 5% answered a similar question in the affirmative. Perhaps this is not so much. But Choksha said it’s enough to defy the optimists' argument that an iPhone user will remain an iPhone user for the foreseeable future, and a growing portfolio of services will drive sales.

Apple analyst's target price of $ 190 per share is one of the lowest on the market. It assumes a 29% reduction in the price of shares in the coming year. Some of the experts in the Refinitiv consensus appear to agree with Maxim Group's arguments.

The consensus forecast expects Apple's stock price to decline 2% over the year horizon, to $ 261.63 per share. 26 people surveyed by Refinitiv recommend buying the tech giant's stock. Another 13 respondents believe that securities are worth holding, four advise selling.

You can visit RBC Quote right now. The project was implemented jointly with VTB Bank.

The notional value of a publicly traded company. Capitalization is equal to the price of shares multiplied by their number. It is often used to assess the effectiveness of investments in securities.Exchange traders who sell securities to make a profit when quotes fall. In other words, "bears" seek to profit by using a short position.