Maybe this is not a complete list, but I think it should reflect almost every company. If you know of any more, or have corrections, feel free to message me. To be on this list a company should make their business in Russia, CIS or former eastern block (Baltics, Ukraine) which are usually not very accssible to western investors. I leftt out a few that are only partially into Russia and have huge other segments. I discard Polish companies as they are very easy to trade and there are a lot and I'll look into them in a separate research list eventually.
Obviously a lot of companies are listed in London and also trade in Frankfurt. I do, however, only note down one listing per company here.
Ratings are mostly first glance at company and balance sheet. Personal opinion. I don't like some sectors like Oil, so if it offends you, please just discard my rating.
Rating | Meaning |
---|---|
πππ | I am probably invested or very interested |
ππ | Looks great to me |
π | Looks okay to me, will be worth a closer look |
π | Does not look promissing to me, probably because of too much government ownership |
ππ | Shitty, not my sector (all of Oil) |
πππ | Garbage, why would you invest into this?! |
β | Hard to tell, not sure |
Name | Listing | Country | Sector | Rating | Notes |
---|---|---|---|---|---|
AB Inter Rao Lietuva | Warsaw | Lithuania | Energy | π | Subsidiary of Inter RAO, Cashflow-cow |
AFK Sistema | London | Russia | Finance | ππ | Superior capital allocator for VC/PE imho. They have some good hits like Ozon and I like how they do business, but they use a lot of debt. |
AUGA group | Warsaw | Lithuania | Food Production | β | |
Acron PJSC | London | Russia | Fertilizer | πβ | |
Aeroflot | Frankfurt | Russia | Airline | ππ | Airline, no thanks. |
AgroGeneration | Paris | Ukraine | Agriculture | ||
Agroton | Warsaw | Ukraine | Agriculture | πβ | |
Amur Minerals Corporation | London | Russia | Exploration | πππ | wtf even |
Arricano Real Estate | London | Ukraine | Real Estate | πβ | Hard to value, very small |
Astarta | Warsaw | Ukraine | Agriculture | πβ | Looks complicated to me. Employee count going down / revenue down since 2016, not profitable |
AvangardCo | London | Ukraine | Food Production | ππ | Very small. No idea. |
Cadogan Petroleum | London | Ukraine | Oil | ππ | Oil, no thanks. |
Cherkizovo | London | Russia | Food Production | π | Looks decent enough. |
Don Agro | Singapur | Russia | Agriculture | πβ | Looks quite interesting, but illiquid and very small. |
EN+ Group Intl. PJSC | London | Russia | Metals | πβ | RusAl in another name essentially. Cashflow questionable due to suspended dividends by RusAl. |
Etalon Group PLC | London | Russia | Real Estate | π | Looks okay to me |
EURASIA MINING PLC | London | Russia | Metalurgy | Does not seem to trade on my broker for some reason | |
Evraz | London | Russia | Metals | πβ | Too much debt and looks a bit unsafe |
Exillon Energy | London | Russia | Oil | ππ | Oil, no thanks. |
FGC "Federal Grid Company" UES | London | Russia | Energy | π | Usually I do not like state control, but here it seems to keep the cash cow's milk flowing freely without it getting stupid ideas. I can see this being interesting if you like fat cash flow assets with a natural monopoly. |
Ferrexpo Plc | London | Ukraine | Metals | πβ | Looks okay, but the business model is not so interesting. There is some fraud allegations over charity donations recently, but what's investing in Eastern Europe without a few such allegations?! |
Ferro-Alloy | London | Kazachstan | Metals | π | No idea about vanadium, small cap. This seems really hard unless you know about the industry. |
Ferronordic | Stockholm | Russia | Import of Equipment | πβ | Is it a Russian company? They import mostly Volvo heavy equipment into Russia at a continiously improving margin. I do not see much of a moat and dividend and share price history are not super exciting. |
Fix Price Group | London | Russia | Retail | New IPO 2021 | |
Freedom Holding Corp | Nasdaq | Kazachstan | Finance | πβ | Promising, but lots of hype |
Gazprom | London | Russia | Oil, Gas | ππ | Oil, no thanks. |
Gazprom Neft | London | Russia | Oil | ππ | Oil, no thanks. |
Global Ports Investments | London | Russia | Transport | π | I am going to go 'no' on this one. Looks maybe okay in theory, but highly leveraged, steadily deleveraging. But their Equity base is pretty static, which I think means their assets are depreciating overall. So depreciating with no significant stock approciation and no dividend seems pretty risky for me. |
Globaltrans | London | Russia | Transport | π | How the hell does the stock chart look like that if the balance sheet is so good?! Only reason I see is competition in Russia is big. |
HMS Hydraulic Machs & Sys | London | Russia | Manufacturing | π | Small market cap <100M$; low margin business with a lot of competition; I think this is only if you really know Oil sector trends well |
Halyk Bank | London | Kazachstan | Bank | π | Looks intereting to me. |
Headhunter Group | Nasdaq | Russia | Service | π | Pricy by Russian standards but you can see why with very good margins (it's a mix of SAAS and service at 15-20%) and a clear growth idea |
IG Seismic Services | London | Russia | Manufacturing | πππ | Can't find much about it. |
IRC | Hong Kong | Russia | Minerals | ππ | Mostly owned by Petropavlovsk. Can't really see anything here to make a direct investment worth it. |
Industrian Milk Co | Warsaw | Ukraine | Agriculture | ||
JSC Kaspi.kz | London | Kazachstan | Fintech | πβ | Promising, but lots of hype |
KAZ Minerals | London | Kazachstan | Metals | ||
KDM Shipping | Warsaw | Ukraine | Transport | πππ | Reporting WAY out of date |
KSG Agro | Warsaw | Ukraine | Agriculture | ||
Kazatomprom | Frankfurt | Kazachstan | Mining | πβ | Looks good to me, but I know nothing about the sector. |
Kcell | London | Kazachstan | Telecommunications | π | Looks expensive and lame to me |
Kernel Holding | Warsaw | Ukraine | Agriculture | ||
LSR Group PAO | London | Russia | Real Estate | ||
Lenta | London | Russia | Retail | π | New CEO imposed by SeverGroup, looking interesting. |
Lukoil | London | Russia | Oil | ππ | Oil, no thanks. |
MD Medical Group | London | Russia | Medical | ππ | Looks great to me overall |
MTS | New York | Russia | Telecommunications | π | Boring and stable if you are into it |
Magnit | London | Russia | Retail | π | Margins are so slim |
Magnitagorsk Iron (MMK) | London | Russia | Metals | π | I like steel companies, but I like NLMK and Severstal more. Magnitagorsk is well known for being a polluted one-company-city, so the image is not so good. |
Mail.ru | London | Russia | Technology | π | Feels outdated |
Mechel PAO | New York | Russia | Metals | ππ | Balance sheet is terrible |
Milkiland | Warsaw | CIS | Food Production | ππ | Looks not promising to me at all. Are they going bankkrupt?! |
Mironivsky Hliboproduct "MHP" | London | Ukraine | Agriculture | π | Looks good to me. |
Mosenergo | Frankfurt | Russia | Energy | ||
Nornickel | London | Russia | Metals | ππ | Too dirty, too much polution. |
Novatek | London | Russia | Oil | ππ | Oil, no thanks. |
Novolipetsk Steel (NLMK) | London | Russia | Metals | πππ | Lisin is my hero |
Novorossiysk Commercial Sea Port | London | Russia | Transport | πβ | Cheap, Dividend good. Earings and state control bad... not so sure about this. |
O'Key | London | Russia | Retail | ππ | Balance sheet is shitty |
Ovostar Union | Warsaw | Ukraine | Food Production | ||
Ozon | Nasdaq | Russia | E-Commerce | π | Not interesting for me, but if you like e-commerce could be huge upside due to low penetration in Russia so far |
Petro Welt Technologies AG | Frankfurt | Russia | Oil | ππ | Oil, no thanks. |
Petropavlovsk | London | Russia | Gold | πβ | I'm not much into gold. |
Phosagro | London | Russia | Fertilizer | πβ | |
Polymetal | London | Russia | Metals | πβ | |
Polyus | London | Russia | Gold | πβ | I'm not much into gold. |
Qiwi | Nasdaq | Russia | Fintech | πβ | Recent controversy |
ROS AGRO PLC | London | Russia | Agriculture | π | Basically 'Sanctions? Yes please!' |
Raven Property Group | London | Russia | Real Estate | πβ | |
Rosneft | London | Russia | Oil | πππ | Oil, no thanks. Plus involvment in corruption. |
Rosseti | London | Russia | Energy | π | If you do not mind state-ownership, this looks like a cheap value play to me. |
Rostelecom | London | Russia | Telecommunications | Too much state control | |
RusHydro | Frankfurt | Russia | Energy | ||
Sadovaya Group | Warsaw | Ukraine | Minerals | πππ | In bankruptcy as all its assets are in eastern Ukraine (rebel-controlled zone). |
Sberbank | London | Russia | Bank | π | Too much state control for me, but attactive dividend and great managment. |
Severstal | London | Russia | Metals | ππ | Like the management, looks well run. |
Steppe Cement | London | Kazachstan | Raw Materials | ||
Surgutneftegas | London | Russia | Oil | πππβ | Balance sheet is complete bananas, just look yourself or read analysis. It's basically a big pile of USD and nobody knows who owns it. |
TMM REAL ESTATE DEVELOPM | London | Ukraine | Real Estate | πππ | No info on it. |
Tatneft | London | Russia | Oil | ππ | Oil, no thanks. |
Tinkoff Bank | London | Russia | Fintech | πππ | Superior Neobank globally. |
Trans-Siberian Gold plc | London | Russia | Gold | πβ | I'm not much into gold. |
Ukrtelecom | Frankfurt | Ukraine | Telecommunications | ||
United Co Rusal | Hong Kong | Russia | Metals | πβ | I'd be into it. Too much debt and no dividend, but they are working on cleaning their sheet up. |
VEON | Nasdaq | Russia | Telecommunications | ||
VTB Bank | London | Russia | Bank | ππ | Cheap, but comparable low dividend. High state ownership, lots of corruption rumors. If you do not mind state ownership, then I think Sberbank is the much better investment here. |
Volga Gas | London | Russia | Gas | ππ | Gas, no thanks. |
X5 RETAIL GROUP | London | Russia | Retail | ||
Yandex | Nasdaq | Russia | Technology | π | I do not see a huge growth here as far as their core product is concerned. |
ZAIM CREDIT | London | Russia | FinTech | ππ | Micro credit is garbage |