Russian Equity Market Detailed and Consensus Estimates

CapitalLogica Consensus Estimates is an on-line analytical tool at RUSTOCKS.com. The tool provides estimates of key indicators by major brokers, working on the Russian stock market. Currently, CapitalLogica Consensus Estimates cover over 130 Russian companies.

What are consensus estimates?

Consensus estimates are aggregated forecasts from major brokers of key indicators of a company’s activities and stock performance. Aggregated forecasts mean that we collect estimates from several brokers and “average” them to arrive at consensus, the figure on which most analysts tend to agree.

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Why consensus? Aggregated or individual estimates?

Individual estimates are useful when you have a trusted, preferred broker whose recommendations you follow. In this case, consensus estimates give you a valuable supplement to see how close your broker is to the “average” market opinion.

If you don’t have a preferred broker, then consensus estimates are a useful and reliable tool in decision-making as it takes into account a broad base of opinion and provides more complete analysis.

Which parameters are estimated and how far into the future?

We give consensus estimates for:

• P/E
• Net Sales
• EBITDA
• Net Profit

These are estimated through 2011.

In addition to these fundamental indicators, we give:

• Target Price
• “BUY” Recommendations
• “HOLD” Recommendations
• “SELL” Recommendations

Detailed estimates

Detailed estimates give a breakdown of what a particular broker estimates for given stock.

Coverage

At present, over 130 Russian companies traded domestically or internationally are covered.

List of companies

Methodology

CapitalLogica’s methodology of calculation envisages that consensus is made up of only those estimates less than 180 days old. Any estimates that have not been changed or actively validated within the last 180 days are excluded from the consensus calculation. By introducing a time dimension to our consensus methodology we ensure that CapitalLogica consensus is more responsive to the flow of news in the financial markets.

Our consensus is a mean or median of analysts’ estimates or recommendations. We recommend the use of median estimates rather than mean data, since the latter are sensitive to extremes within a given sample. Indeed, median estimates are the most often used by market professionals. Unless and until our customers express a different preference, the data we supply are median data.

Participating brokers

We collect estimates from all major domestic brokers:

Alfa-Bank

Deutsche UFG

Renaissance Capital

Sberbank CIB

UBS

UniCredit Securities

URALSIB

Frequency of up-date and access

CapitalLogica Consensus Estimates are updated as soon as one of the brokers revises his recommendation or forecast. Our clients can access confirmation and initiation/revision dates for all forecast items. The product is available at RUSTOCKS.com under subscription.

How to subscribe?

Please click here to subscribe and receive pricing information.