【出版时间及名称】：2010年1月俄罗斯食品零售行业研究报告
        【作者】：德意志银行
        【文件格式】：pdf
        【页数】：46
        【目录或简介】：
Table of Contents
Investment summary ........................................................................ 3
Valuation update: resetting target prices after peer re-rating....................................................3
Russian food retailers soundly outperformed the market in 2009 ............................................3
Strong performance due to structural nature of investment case.............................................4
Russian consumption now showing signs of turnaround…......................................................5
…but Russian food retailers are not levered to consumption...................................................5
Sector growth outlook remains strong…..................................................................................6
Why Russian retailers are not levered to consumption ................. 7
Consumption finally showing signs of stabilization… ...............................................................7
…but is stabilization enough to support a return to historical valuation premiums?.................7
Even if consumption surprises on the upside, we do not see Russian retailers as levered to
consumption….........................................................................................................................8
…but the structural growth story still holds............................................................................11
FY10 outlook: return to growth ...............................................................................................12
Estimate revisions...................................................................................................................13
DB vs. consensus ...................................................................................................................14
Comparable valuations ................................................................... 15
Magnit .............................................................................................. 17
Valuation update .....................................................................................................................17
Key questions for FY10 ...........................................................................................................17
Why Magnit remains our top pick in the sector ......................................................................21
X5 Retail Group................................................................................ 24
Valuation update .....................................................................................................................24
Key questions for FY10 ...........................................................................................................24
Dixy................................................................................................... 29
Valuation update .....................................................................................................................29
Key questions for FY10 ...........................................................................................................29
Seventh Continent........................................................................... 31
Valuation update .....................................................................................................................31
Key questions for FY10 ...........................................................................................................31
Company valuations........................................................................ 34
Magnit....................................................................................................................................34
X5 Retail Group .......................................................................................................................34
Dixy........................................................................................................................................34
Seventh Continent ..................................................................................................................35