Research Reports

  • 09.12.12 Metals and Mining

    A fall in benchmark iron ore prices of 28% YtD coupled with high production costs will deliver a body blow to Ferrexpo’s 2012 earnings. We project tha...> read more

  • 09.11.12 Fixed Income

    Yields for Ukrainian long-term sovereigns contracted notably last week, bottoming out at around 8.1%. Quotes for Ukraine-­21s jumped by 4.0% during th...> read more

  • 08.29.12 Agriculture

    Favorable poultry pricing dynamics allowed MHP to report an outstanding set of 2Q12 financials. The company’s top line was up by 27% YoY to USD 357mn,...> read more

  • 08.29.12 Fixed Income

    Ukrainian bond yields saw a moderate decline last week amid European sovereign risk revision. We suspect that a drop in Spanish 10­year bond yields t...> read more

  • 08.20.12 Fixed Income

    Eavex Ukraine FI Market Monitor: Aug 20...> read more

  • 08.13.12 Fixed Income

    Eavex Ukraine FI Market Monitor: Aug 13...> read more

  • 08.06.12 Fixed Income

    Yields on Ukrainian corporate Eurobonds contracted sharply in 1H12 amid a reassessment of the country’s sovereign risk by investors. Prices for most b...> read more

  • 07.17.12 Metals and Mining

    Trading idea for Ukrainian Steel Stocks...> read more

  • 07.05.12 Macroeconomics

    With the NBU having maintained a strict monetary policy throughout 1H12, the money supply in the Ukrainian economy is currently uncomfortably tight. R...> read more

  • 06.14.12 Machinery

    Following the recent steep slide in Ukrainian blue chips, Motor Sich is now trading at multiples of just 1.7x for 2012E EV/EBITDA and 2.2x for 2012E P...> read more