Guideline for the Moscow Exchange index: 3650-3700 points

Market the day before

Positive dynamics prevailed. At the beginning of trading on the news about the purchase of the Dixy network, shares of Magnit were in the lead (MGNT 5,277, + 2.53%), which then yielded to TMK (TRMK 74.28, + 5.36%). The outsiders were VTB shares (VTBR 650.5, -6.67%), which owns a stake in Magnit. The USD / RUB pair was trading below 74 amid rising oil prices.

Market and company news

Phosagro (PHOR 4,528, + 4.23%) will report for the first quarter. Revenue is expected in the amount of RUB 87 billion. with EBITDA at the level of 37 billion rubles. At the end of the year, revenue may reach RUB 308 billion. The company previously reported strong operating results, noting price increases and high demand for fertilizers amid food shortages in selected countries. We have not yet raised the target for the company’s securities, which is close to the current price. However, we do not rule out its revision, provided that the quarterly results of Phosagro turn out to be significantly better than the forecast.

Trading Ideas

Mail.Ru (MAIL 1 545.0, + 1.86%), spec. purchase, purpose: 1800 rubles. We believe that the negative in the company’s shares as a whole has been won back. Fundamental factors do not correspond to the decline in quotations by 37% in eight months and by 12% in a year. Mail.Ru quotes are declining on the back of negative dynamics for high-tech companies in the US, but Russian IT giants have never been as overvalued in terms of profit and book value as the US.


We expect mixed dynamics. Forecast for the USD / RUB pair: range 73.00-74.00. The benchmark for the Moscow Exchange index: 3650-3700 points.

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