The most expensive Russian companies. Ria rating. Industry concentration remains high

To assess the changes that have occurred among Russian issuers and the Russian stock market as a whole, RIA Rating experts have prepared the next annual, fifth in a row, Rating of the 100 most expensive public companies in Russia as of the beginning of 2018.

The main ruble index (MosBirzi) for the year decreased by 5.5%, while the dollar (RTS) index increased only by 0.2%. Nevertheless, despite the decline in the index, among the largest companies by capitalization, the majority showed growth in quotations in 2017. According to the rating, the total capitalization of the TOP-100 Russian companies over the past year increased by 1.3% or by $ 8.4 billion to $ 643 billion as of December 29, 2017. For comparison, in 2016 the growth was much larger - + 58% or +233 billion dollars. The median capitalization of the Russian 100 public companies has not changed and amounted to 1.8-1.9 billion dollars. In turn, the minimum amount of capitalization with which you could get into the TOP-100 of the most expensive companies by the end of 2017 amounted to $ 318 million, against $ 267 million in last year’s rating and 157 as of December 31, 2015. (Thus, the lower bar for becoming one of the 100 most expensive companies in Russia doubled in two years.

In the top ten, according to the rating, there are also companies: Sberbank, Gazprom, Rosneft, LUKOIL, NOVATEK, Norilsk Nickel, Gazprom Neft, Tatneft, Surgutneftegas and NLMK. It is worth noting that two companies left the TOP-10 at the end of the year, and accordingly, two dozen new companies in the top ten. Magnit and VTB Bank left the number of the ten largest capitalization companies in Russia.

Among the 100 most expensive companies, market capitalization in 2017 grew at 55, which is noticeably less than last year's result (91 companies). The leader in terms of market capitalization growth among the TOP-100 rating companies in 2017 was the development company Ingrad. The capitalization of this company during the year increased by more than 8 times. The second company in terms of growth rate was Lenenergo, whose capitalization grew 4.7 times, which is also mainly associated with additional issue. In general, 5 companies had a multiple increase in capitalization in 2017, which in most cases was due to additional issues. For comparison, in 2016, 25 companies showed a multiple increase in capitalization, which was most often determined by the dynamics of stocks.

The largest decrease in capitalization in 2017 among the companies that were included in the rating was demonstrated by the financial sector company of the Future Financial Group. Among the companies with a significant reduction in market capitalization were also AFK Sistema, Magnit, Bashneft, VTB Bank, Nizhnekamskneftekhim, Lenta, Chelyabinsk Zinc Plant, Rusagro, Uralkali and Polyus.

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OIL AND GAS BANKS FINANCE METALLURGY MINING CHEMISTRY ELECTRICITY ELECTRICITY ELECTRICITY RETAIL RETAIL TELECOM HIGH TECH MEDIA TRANSPORT CONSTRUCTION MACHINE BUILDING THREE-ELECTRONELECTRELECTURAL RESOURCES

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Moscow, January 31 - “News. Economy". The total market capitalization of the 100 most expensive Russian public companies in 2017 increased by 1.3%, to $ 643 billion.

Below are the ten most expensive Russian companies.

The leading position in the ranking is now taken by Sberbank, whose capitalization over the past year has grown by almost 40%, to 84 billion dollars. The share of market capitalization attributable to companies in the financial sector increased to 16.9% over the year compared to 15.8% in the previous rating, and their market value approached $ 110 billion.

According to the results of the last year, Gazprom ranks second with a capitalization of $ 53.35 billion. Gazprom’s capitalization fell by 11%, but it still allowed it to overtake Rosneft a little (just $ 45 million).

3. Rosneft

Rosneft, which in 2016 moved the long-standing leader Gazprom out of the pedestal, was unable to hold first place in 2017 and took the third place in the past year. This is due to a decrease in Rosneft's capitalization by 24% per year, to $ 53.3 billion.

Among the 100 most expensive companies, market capitalization in 2017 grew at 55, which is noticeably less than last year's result (91 companies). In general, five companies had a multiple increase in capitalization in 2017, which in most cases was due to additional issues. For comparison, in 2016, 25 companies showed a multiple increase in capitalization, which was most often determined by the dynamics of stocks.

The minimum volume of market capitalization, which is necessary to get into the top 10, for the year, on the contrary, became less - 15.3 billion dollars against 15.9 billion dollars a year earlier.

As before, the largest contribution to the total cost of the most expensive companies in 2017 was made by corporations associated with oil and gas production and oil refining. They account for 39.9% of the total capitalization of the Top 100 most expensive companies in Russia, which is 4.2 percentage points less than a year earlier. The reduction in the share is due to the negative dynamics of the value of a number of the largest companies from this sector.

The retailer Magnit and VTB left the number of the ten largest Russian companies by capitalization. VTB moved from tenth place at the end of 2016 to 14th place at the beginning of 2018, due to a 33% reduction in capitalization. Over the past year, the Magnit retail chain has reduced its capitalization even more - by 39%, or by $ 6.6 billion, which has led to the loss of eight places in the ranking, and now this company is in 16th place.

The third largest total capitalization industry was metallurgy. Metallurgical companies account for 13.9% of the market value of the largest Russian companies by capitalization. On the whole, 2017 can be called the “year of metallurgists”, since, following the prices for steel and coal, their stock quotes showed rapid positive dynamics.

In February 2017, RIA Rating released another rating of the hundred most expensive Russian companies. Their total capitalization for 2016 amounted to 635 billion dollars, which is 58% (233 billion dollars) higher than in 2015. At the same time, the cost of all Russian companies that made it into the top 100 corresponds to the capitalization of Apple alone ($ 630 billion). However, the potential of many companies is not revealed to the end and their shares in the market may still soar in price.

Top 10 most expensive public companies in Russia in 2017

10. VTB Bank

Capitalization - $ 15,827 million.

The main shareholders of this bank are government agencies - the Federal Property Management Agency and the Ministry of Finance of the Russian Federation. They own 60.9% of the voting shares. In terms of authorized capital, VTB Bank ranks first among the country's credit institutions, and second in terms of assets. In 2016, VTB Bank and Russian Post entered into an agreement on the establishment of Post Bank. Its head was Dmitry Rudenko, who intends to increase the bank's loan portfolio to 4 billion rubles by 2023.

9. Gazprom Neft

Capitalization - $ 16,888 million.

The company was founded in 1995 by order of B. Yeltsin and was then called the Siberian Oil Company. In 2005, Gazprom acquired its controlling stake. Gazprom Neft was the first company to start producing oil on the Russian shelf of the Arctic. By 2020, the company plans to increase total oil production to 100 million tons of oil equivalent per year.

8. Magnet

Capitalization - 17,005 million dollars.

Almost all Russian cities are covered by a “magnetic” network. The total number of Magnit stores in July 2016 reached 12.9 thousand. The first of the “Magnets” was opened in 1998 in Krasnodar, and originally household chemicals were sold there. And the development of a chain of hypermarkets began in 2006. In 2007, the first of them was also opened in Krasnodar. Apparently, this is a happy city for Magnit owners.

7. Surgutneftegas

Capitalization - 18,217 million dollars.

The largest enterprise in Surgut and one of the largest players in the Russian oil market. For the whole of 2016, Surgutneftegas produced 61 million 848.6 thousand tons of oil and produced 9 billion 663 million cubic meters of gas. A non-state pension fund under the brand of the same name has become one of the most profitable in.

6. MMC Norilsk Nickel

Capitalization - 26,201 million dollars.

The Russian mining and metallurgical giant, which produces 100% platinum in the Russian market, 96% nickel, 95% cobalt and 55% copper. MMC accounts for 1.9% of Russia's GDP. Vladimir Potanin, who holds the post of general director of Norilsk Nickel, at a meeting with Vladimir Putin said that he intends to invest about 1 trillion rubles in the development of production by 2023. This will allow the company to rejuvenate the capacities and make them the largest in the world.

5. NOVATEK

Capitalization - 39,220 million dollars.

It ranks second in Russia in terms of gas production. Together with companies such as Rosneft, Gazprombank and Vnesheconombank are included in the US sanctions list. This means that NOVATEK cannot borrow on the US market for longer than three months.

4. LUKOIL

Capitalization - 48,076 million dollars.

Until 2007, LUKOIL was a leader in oil production in Russia, but then lost this title to Rosneft. In 2017, the company produced its first millionth ton of oil in the Caspian Sea, at the field named after V. Filanovsky. And in 2016, LUKOIL took fourth place in the annual environmental performance rating of Russian oil and gas companies according to the World Wide Fund for Nature and 2 place in.

3. Gazprom

Capitalization - 59,932 million dollars.

A corporation whose dreams come true takes third place in the list of the most expensive Russian companies in 2017. In her area of \u200b\u200binterest is not only exploration and production of gas, but also its transportation, storage and sale. From December 2013, Gazprom retained the right to export pipeline gas; until that time, the corporation had the right to export any gas from the Russian Federation.

2. Sberbank

Capitalization - 61,159 million dollars.

According to the Central Bank, Sberbank -. You don’t have to worry about the deposits placed there, the Central Bank is unlikely to withdraw the license from Sberbank in the foreseeable future. And in terms of accessibility, Sberbank takes the highest step on the banking pedestal - it has almost 17.5 thousand branches and 14 regional banks in 83 regions of Russia.

1. Rosneft Oil Company

Capitalization - 69 907 million dollars.

The controlling stake in Rosneft is owned by Rosneftegaz, and the executive director of the corporation is Igor Sechin. In 2016, the Glencore consortium and the Qatar Qatar Investment Authority fund acquired a 19.5% stake in Rosneft for 10.2 billion euros. However, Rosneft retains 50% + 1 share. Last year, Rosneft was mentioned in the press in connection with the loud arrest of the head of the Ministry of Economic Development Alexei Ulyukaev. He is suspected of threats and extortion of a bribe in the amount of two million dollars from a representative of Rosneft. In this amount, Ulyukaev assessed a positive assessment, allowing Rosneft to acquire a state-owned stake in Bashneft.

MOSCOW, Jan 30 - PRIME. The rating agency "RIA Rating" prepared the next rating of the 100 most expensive Russian companies. The composition of the first three most capitalized companies has not changed, but the leader has changed, which in 2018 became Sberbank.

In economic terms, the past 2017 was quite successful for Russian companies. Macroeconomic statistics were moderately positive, consumer spending began to rise, and oil prices for most of the year were relatively high and comfortable for the Russian economy. However, this did not have a significant positive impact on the Russian stock market - most companies in the first half of the year showed a decline that was not offset by growth that began in June 2017. The main ruble index (MosBirzi) for the year decreased by 5.5%, while the dollar (RTS) index increased only by 0.2%. Nevertheless, despite the decline in the index, among the largest companies by capitalization, the majority showed growth in quotations in 2017.

To assess the changes that took place among Russian issuers and the Russian stock market as a whole, RIA Rating experts prepared the next annual, fifth in a row, Rating of the 100 most expensive public companies in Russia as of the beginning of 2018. According to the rating, the total capitalization of the TOP-100 Russian companies over the past year increased by 1.3% or by $ 8.4 billion to $ 643 billion as of December 29, 2017. For comparison, in 2016 the growth was much larger - + 58% or +233 billion dollars.

Over the past year, the list of the hundred largest Russian public companies has not changed very much. By the end of 2017, 9 new companies were able to get on this list, including five companies due to IPO and SPO (En + Group, Detsky Mir, Lenenergo, INGRAD and Pharmacy Chain 36.6). At the same time, most of the newcomers managed to show the result, which placed them at the bottom of the rating, and only one of the nine new companies immediately occupied the position at the top of the rating of the hundred most expensive companies in Russia - this is En + Group, which had not previously been public, ranking 21 place with a capitalization of 7.8 billion dollars.

The median capitalization of the Russian 100 public companies has not changed and amounted to 1.8-1.9 billion dollars. In turn, the minimum amount of capitalization with which you could get into the TOP-100 of the most expensive companies by the end of 2017 amounted to $ 318 million, against $ 267 million in last year’s rating and 157 as of December 31, 2015. (Thus, the lower bar for becoming one of the 100 most expensive companies in Russia doubled in two years.

Capitalization Leader Changes Again

The composition of the first three of the most expensive companies in Russia, as in 2016, has not changed, but all three companies have switched places. Rosneft, which in 2016 moved the perennial leader (Gazprom) off the pedestal, didn’t hold onto the first place in 2017, and last year ranked third. This is due to a decrease in Rosneft's capitalization by 24% per year to $ 53.30 billion. The leading position in the ranking is now taken by Sberbank, whose capitalization over the past year has grown by almost 40% to 84 billion dollars. According to the results of the last year, Gazprom ranks second with a capitalization of $ 53.35 billion. At the end of 2017, Gazprom's capitalization decreased by 11%, which allowed it to slightly (all by $ 45 million) overtake Rosneft.

In the top ten, according to the rating, LUKOIL, NOVATEK, Norilsk Nickel, Gazprom Neft, Tatneft, Surgutneftegas and NLMK are also located. It is worth noting that two companies left the TOP-10 at the end of the year, and accordingly, two dozen new companies in the top ten.

Magnit and VTB Bank left the number of the ten largest capitalization companies in Russia. VTB Bank lost 4 places in the rating (it moved from 10th place at the end of 2016 to 14th place at the beginning of 2018), which is due to a 33% reduction in capitalization. Over the past year, the retail chain Manit has decreased even more - by 39% or $ 6.6 billion, which led to the loss of 8 places in the ranking, and now this company is in 16th place. Magnit showed the second result in absolute volume of capitalization reduction, yielding only to Rosneft, and in the relative reduction it became the third in the TOP-100 after AFK Sistema (-44.6%) and FG Future (-52.3%).

Instead of the retired companies, Tatneft (8th place, growth in capitalization over the year by 19%) and NLMK (10th place, + 36%) entered the TOP-10. In addition, among the ten largest companies in the country, Gazprom Neft improved its position, which moved from 9th to 7th place due to an increase in capitalization of 19% per year. At the same time, Surgutneftegas lost two places in the capitalization rating in 2017 and now is in the 9th position, which is associated with a decrease in its capitalization by 5.6% or $ 1 billion.

In general, in 2017, the capitalization of the top ten companies grew by 2.6%. Thus, leaders on average grew somewhat faster than other companies. At the same time, the minimum volume of market capitalization, which is necessary for getting into the TOP-10, for the year, on the contrary, became less - $ 15.3 billion as of December 29, 2017 compared to $ 15.9 billion as of December 31, 2016. In many ways, the good overall dynamics of the TOP-10 companies is explained by the result of the rating leader - Sberbank. Its capitalization over the year increased by $ 23 billion, and without its result, all other companies from the TOP-10 in total showed a decrease in capitalization.

The sectoral composition of the top ten over the year has become even more uniform, although previously the diversity was not very large. Seven of the ten most expensive companies represent the oil and gas sector (it was 6 a year earlier), also one bank is represented in the top ten (previously there were two), and two metallurgical companies (according to the results of 2016, there was one metallurgical company in the ten).

Additional issues and SPOs provided a multiple increase in capitalization

Among the 100 most expensive companies, market capitalization in 2017 grew at 55, which is noticeably less than last year's result (91 companies). But in previous years there were fewer companies with positive dynamics - in 2015 and 2014 there were only 45 and 12 such companies, respectively. The leader in terms of market capitalization growth among the TOP-100 rating companies in 2017 was the development company Ingrad. The capitalization of this company during the year increased by more than 8 times. Such a significant increase in capitalization was due to the growth of quotations and additional issue of shares in the amount of about 26 billion rubles as part of the merger of OPIN and Ingard. The second company in terms of growth rate was Lenenergo, whose capitalization grew 4.7 times, which is also mainly associated with additional issue. In general, 5 companies had a multiple increase in capitalization in 2017, which in most cases was due to additional issues. For comparison, in 2016, 25 companies showed a multiple increase in capitalization, which was most often determined by the dynamics of stocks.

The largest decrease in capitalization in 2016 among the companies that entered the rating was demonstrated by the financial sector company of the Future Financial Group. Its capitalization has more than halved over the year. The main reason for the decrease in capitalization, according to RIA Rating experts, was significant problems for other financial companies (Otkrytie, BIN and Promsvyazbank). FG Future suffered losses in this regard, which led to a decrease in its quotes. Among the companies with a significant reduction in market capitalization were also AFK Sistema, Magnit, Bashneft, VTB Bank, Nizhnekamskneftekhim, Lenta, Chelyabinsk Zinc Plant, Rusagro, Uralkali and Polyus. According to RIA Rating analysts, the decrease in capitalization among the leaders in the negative dynamics was mainly due to individual reasons.

In 2017, there were two relatively large IPOs, as a result of which the list of the largest Russian companies was replenished with new names. Firstly, En + Group, the holding company of Oleg Deripaska’s assets, conducted an IPO. Its capitalization is mainly determined by the value of RUSAL (En + Group owns 48% of the shares) and energy assets. In the ranking, En + Group is located in 21st place with a capitalization of 7.8 billion dollars. Another major placement was held by the Detsky Mir trading network (capitalization at the beginning of 2018 was $ 1.2 billion, 61 place in the rating). We can say that in 2017 the placements were quite successful, however, according to RIA Rating experts, there are probably no prerequisites for a radical expansion of geography, industry diversity, and the list of public companies as a whole.

Industry concentration remains high

As before, the largest contribution to the total cost of the most expensive companies in 2017 was made by corporations associated with oil and gas production and oil refining. They account for 39.9% of the total capitalization of the TOP-100 of the most expensive Russian companies, which is 4.2 percentage points less than a year earlier. The reduction in the share is associated with negative dynamics in the value of a number of the largest companies from this sector.

The share of market capitalization attributable to companies in the financial sector increased to 16.9% over the year against 15.8% in the previous rating, and their market value approached $ 110 billion (+ 8.7% from the previous year). The third largest total capitalization industry was metallurgy. Metallurgical companies account for 13.9% of the total market value of the largest Russian companies by capitalization (11.6%). On the whole, 2017 can be called the “year of metallurgists”, since, following the prices for steel and coal, their stock quotes showed rapid positive dynamics.

At the same time, the results of the current rating indicate that the Russian financial sector sharply reduced its representation in the rating, although last year it was the leader in the largest number of issuers in the rating. At the beginning of 2018, only 10 companies from this sector were among the TOP-100 of the most expensive companies in Russia, compared to 16 at the end of 2016. Thus, financial companies became only the fourth in terms of representation among all sectors. This dynamics in the number of public financial companies is associated with the reorganization of three large Russian banking groups, which RIA Rating wrote in detail in the material devoted to the analysis of the results of the banking sector in 2017. http://riarating.ru/banks/20171227/630079927.html

It is worth noting that, despite a sharp reduction in the number of financial institutions, the share of the three largest industries by capitalization still exceeds 70% of the total capitalization of the TOP-100 companies in the ranking. Thus, industry concentration remains relatively high.

At the same time, the leading branch in terms of capitalization growth rates in the ranking was the Information Technologies industry, whose share over the year grew by 1.6 percent points to 2.6% of total market capitalization. This became possible due to a 1.6-fold increase in the market capitalization of companies representing this industry. The worst dynamics in 2017 were demonstrated by companies representing industries such as agribusiness and food processing and trade.

According to RIA Rating experts, in 2018, most companies are likely to see continued growth in quotes, which began in mid-2017. At the same time, for many of them, the low base effect has already been exhausted and growth should not be very strong. It is noteworthy that external risks remain high, in particular, a tightening of sanctions on the part of the United States is possible, which could become a “black swan” for the Russian stock market. At the same time, a number of sectors and companies from them will continue to benefit from stabilizing the economy, reducing inflation and easing monetary policy.

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