TransContainer owns and operates rail freight assets across Russia. Its assets comprise rail flatcars, handling terminals and trucks, through which it provides integrated end-to-end freight forwarding services to its customers.
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Following the sale of a majority stake in TransContainer to Delo Group as a result of the planned auction (at c RUB8,680/share), there is a legal requirement for Delo Group to launch a tender offer to minority shareholders. TransContainer’s Q319 results showed strong earnings growth, albeit at lower rates than previous quarters. We slightly reduced our DCF-based valuation to RUB9,100/share.
Y/E Dec |
Revenue (RUBm) |
EBITDA (RUBm) |
PBT (RUBm) |
EPS (fd) (RUB) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 27782.0 | 10252.0 | 8147.0 | 448.2 | 1834.0 | 1070.8 |
| 2018A | 31288.0 | 13342.0 | 10263.0 | 560.9 | 1465.5 | 800.6 |
| 2019E | 39090.0 | 20297.0 | 16110.0 | 919.2 | 894.3 | 538.6 |
| 2020E | 46560.0 | 26179.0 | 20620.0 | 1172.3 | 701.2 | 419.0 |
Industry outlook
Containerisation is a structural trend for the Russian market and should support revenue and profit growth for TransContainer, in our view. Currently, only c 7% of Russia’s potentially containerisable rail cargo is transported in containers and, although this figure rose from 2.2% in 2001, it is still much lower than in the US (18%), India (16%) and Europe (14%).
Last updated on 27/04/2020Content on TransContainer
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Industrials
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Share price graph
Balance sheet |
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| Forecast net debt (RUBm) | 7661 |
| Forecast gearing ratio (%) | 14 |
Price performance
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Key management |
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| Alexander Shakhanov | Deputy Director for Capital Markets & IR |