X5 GDRs have declined 16% YTD vs -7% by MGNT RX and +22% by the MOEX Index. Our 12M TP of $40.4 / RUB3,031 suggests 28-31% upside and our O/W rating remains unchanged. Excluding digital business investment, X5 already generates an EBITDA margin of 7....

Fomento Económico Mexicano (FEMSA) announced that it has agreed to acquire Penn Jersey Paper Co. (PJP), an independent specialty distribution company located in Philadelphia, through its subsidiary Envoy Solutions, which operates in the same industry...

In the 1994 film Forrest Gump, the title character played by actor Tom Hanks becomes an overnight success in shrimp farming in Louisiana when his competition gets wiped out by a hurricane and his boat is the only one standing. There could be parallel...

Fomento Económico Mexicano (FEMSA) announced that it has reached an agreement through Envoy Solutions, its specialized distribution subsidiary in the US, to acquire Daycon Products, a company from Marlboro, Maryland, which operates in the same indust...

Engro Corporation (ENGRO) announced 2QCY21 consolidated NPAT of PKR8.72bn (EPS: PKR15.13) as compared with PKR5.74bn (EPS: PKR9.96) in SPLY, up 52% yoy and 5% qoq. The result announcement was accompanied by an interim cash dividend of PKR7.0/sh, in a...

EBITDA of TL75.0mn was lower than our estimate of TL78.1mn. Adjusted for net financial expenses related to operations, adj-EBITDA of TL36.5mn was lower than our est. In 2Q21, tobacco revenues were down by 10.8% y/y to TL338mn whereas main category re...