Moscow: TRCN

Market CapRUB114,215m

Last Close RUB8220

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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Investment summary

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)
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 27/04/2020
Content on TransContainer
TransContainer – Mandatory tender offer to be launched
Industrials | research Update | 10 December 2019
TransContainer – Another beat, with structural and cyclical drivers
Industrials | research Update | 11 September 2019
TransContainer – Q1 growth trend exceeds our expectations again
Industrials | research Update | 31 May 2019
View more
Share price graph
Balance sheet
Forecast net debt (RUBm) 7661
Forecast gearing ratio (%) 14
Price performance
Actual (2.4) (4.4) 30.3
Relative* (8.8) 14.7 29.9
52-week high/low RUB9025.0/RUB6065.0
*% relative to local index
Key management
Alexander Shakhanov Deputy Director for Capital Markets & IR