Anna Kurbatova


Senior Analyst, TMT & Agro @ Alfa

Anna joined the Alfa-Bank Research team in 2019. Prior to Alfa-Bank, she worked at Ernst&Young for five years in the assessment and business modeling area on projects for a range of telecoms, internet and media, and consumer companies, including the creation of pre-IPO financial models. Anna has also worked at BCS, Gazprombank, UniCredit Securities, as well as an IR manager in Rostelecom.

Anna Kurbatova
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Latest articles from Anna Kurbatova
Flash Report / Russia to rebrand as VK – Neutral (MAIL LI: O/W, TP $42.2) announced plans to rebrand as VK. VK Combo, VK Clips, VK Pay, VK Connect). All of the new internal products will be launched under the ‘VK’ brand. The rebranding will not impact the operational structure of the busine...
Alfa Anna
Anna Kurbatova @ Alfa 12 October 2021

Segezha Group: TP update – Awaiting new records

With this note, we raise our 12-months TP for Segezha Group by 15% to RUB11.5 per share and reiterate our Overweight (O/W) rating on the stock. Segezha Group’s 2Q21 results mirrored its strong business fundamentals, as the rebound in global demand an...
Alfa Anna
Anna Kurbatova @ Alfa 13 September 2021
Flash Report / Global

Veon sells mobile towers in Russia to Service-Telecom for cUS$970mn – Positive

VEON (VEON US, N/R) announced that it has reached an agreement to sell 15.4k mobile towers in Russia to Service-Telecom for a total consideration of RUB70.65bn (c. The deal is expected to be closed in 4Q21. The sale price comes close to earlier indic...
Alfa Anna
Anna Kurbatova @ Alfa 6 September 2021

Yandex NV: Will consolidate 100% stake in food tech assets Eats and Lavka – Positive

Yandex (YNDX US, O/W, TP $79.5) announced the deal on consolidation of 100% stakes in food tech assets Eats and Lavka, as well as logistics project Delivery and Self driving cars by acquiring minority stakes from Uber totaling $1bn. The news is posit...
Alfa Anna
Anna Kurbatova @ Alfa 31 August 2021

Segezha Group: Delivers ahead of consensus estimates in 2Q21 – Positive

Segezha Group (SGZH RX: TP RUB10/share, O/W) reported expectedly strong 1H21 and 2Q21 results: 2Q21 revenue came at RUB24.5bn, 2-3% above our and consensus estimates. Also, no formal update on future dividend payment was given at this stage. We expec...
Alfa Anna
Anna Kurbatova @ Alfa 27 August 2021

MTS: Reports healthy 2Q21 results, upgrades guidance – Neutral

MTS (MBT US/MTSS RX, E/W, TP $8.7/RUB330) 2Q21 results came in 1.4-1.6% better than consensus estimates on revenue and OIBDA. MTS upgraded its 2021 guidance to high-single-digit revenue and 5%+ OIBDA growth (vs 4%+ y/y top-line and EBITDA growth guid...
Alfa Anna
Anna Kurbatova @ Alfa 19 August 2021

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