22 февраля 2018 г.

During its regular business breakfast, CFA Association Russia focused on stock prices and everything that had to do with the fluctuation of their market price. An invited expert, Igor Baryshnikov, CFA, PhD, a director for strategy and capital markets at Pipe Metallurgical Co., a leading global manufacturer of steel pipes for the oil and gas industry, discussed key factors that determine share prices of companies and gave his thoughts on how companies could increase the value of their stocks.

When it comes to attracting capital, Russian companies issue their shares on both local and international exchanges. As for their buyers, there are several types of funds that strategically invest into Russian companies. According to Igor, they include global emerging market funds, Russia-dedicated funds, CEE and EMEA funds, a list of Eastern European funds, and industry-specific (gold, metals, energy and others) stock funds.

Emerging markets, such as Russia, provide investors with a solid potential growth and oftentimes deliver strong financial results, Igor said. However, to avoid losses investors, which buy the shares of Russian companies, follow careful screening criteria. It includes a range of characteristics from good corporate governance and liquidity to a proper analytical coverage of investment decisions.

The speaker also talked about valuation and popular methods to calculate a company’s value and financial performance. Igor said that the most popular methods of valuation are based on discounted cash flow (DCF), dividend payments (DDM), and multiple-based valuation (EV/EBITDA, P/E).

A long Q&A session followed the presentation and Igor spent around 20 minutes answering questions from an audience. A full video of the event, like all other videos from CFA Russia professional events, will be sent to all registered participants who attended the business breakfast. Otherwise, it can be found in the members-only section on our website.

Valuation is one of the topics on which CFA Russia focuses its regular trainings. Please follow this link to find out more about our upcoming trainings this spring.

Tags: Business BreakfastCorporate FinanceEmerging Markets

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