Analyst Research Report Snapshot

Title:

ATON EQUITY RESEARCH. GLOBALTRANS: Still on Track

Price:

$184.00

Provider:

ATON LLC

Date:

05 Feb 2013

Pages:

17

Type:

AcrobatPDF

Companies referenced:

GLTRq.L

Available for Immediate Download
Summary:

In this note we reduce our DCF-based 12M target price for Globaltrans’s GDRs to $19.10 from $23.40. We see a number of fundamental risks for the company and increase our WACC estimate to reflect our adjusted view on the risk associated with the company’s controlling shareholders. However, investors seem to be overly pessimistic about the company and the stock looks oversold. Therefore despite our target price revision we change our rating from Hold to BUY. NIKITA MELNIKOV +7 (495) 213 0336 nikita.melnikov@aton.ru MIKHAIL PAK +7 (495) 213 0337 mikhail.pak@aton.ru

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