Equity Analysis /
Russia

X5 Retail Group: Concerns exaggerated, catalysts ahead

  • X5 GDRs have declined 16% YTD vs -7% by MGNT RX and +22% by the MOEX Index

  • Digital business monetisation is an essential near-term catalyst

  • 10%+ revenue CAGR achievable with stable-to-increasing EBITDA margin not priced-in

Evgeniy Kipnis
Evgeniy Kipnis

Senior Banking/Consumer Analyst

Olesya Vorobyeva
Olesya Vorobyeva

Analyst, TMT, Agro and Retail

Alfa
13 September 2021
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