Equity Analysis /
Russia

Magnit: Magnit: Pricing in Dixy acquisition; raise TP

  • Following completion of the Dixy acquisition, we update our Magnit model to reflect the combined business potential

  • Following the transaction, Magnit adds 2,477 stores, 53% and 17% of which are located in Moscow, St Petersburg/Leningrad

  • 17-18% revenue growth over 2021-22F with stable-to-improving margins; dividend story remains intact

Evgeniy Kipnis
Evgeniy Kipnis

Senior Banking/Consumer Analyst

Olesya Vorobyeva
Olesya Vorobyeva

Analyst, TMT, Agro and Retail

Alfa
3 August 2021
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