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Analyst coverage

Alfa Bank Evgeniy Kipnis ekipnis@alfabank.ru +7 495 795 3742 Aton Victor Dima victor.dima@aton.ru +7 495 213 0344 Bank of America Merrill Lynch Ilya Ogorodnikov ilya.ogorodnikov@bofa.com +7 495 662 6073 BCS Dmitry Skryabin dskryabin@bcsgm.com +7 495 213 1509 Citi Alastair Birkby alastair.birkby@citi.com +44 79 865 180 Gazprombank Marat Ibragimov marat.ibragimov@gazprombank.ru +7 495 980 4187 Goldman Sachs Maxim Nekrasov maxim.nekrasov@gs.com +7 495 645 4013 HSBC Bulent Yurdagul bulentyurdagul@hsbc.com.tr +90 212 376 4612 JP Morgan Elena Jouronova elena.jouronova@jpmorgan.com +7 495 967 3888 Morgan Stanley Henrik Herbst henrik.herbst@morganstanley.com +44 20 76 77 1309 Raiffeisen Egor Makeev egor.makeev@raiffeisen.ru +7 495 221 9851 Renaissance Capital Kirill Panarin kpanarin@rencap.com +7 495 641 4216 Sberbank CIB Mikhail Krasnoperov mikhail_krasnoperov@sberbank-cib.ru +7 495 933 9838 SOVA Capital Artur Galimov artur.galimov@sovacapital.com +7 495 223 2323 UBS Ulyana Lenvalskaya ulyana.lenvalskaya@ubs.com +7 495 648 2093 VTB Capital Maria Kolbina maria.kolbina@vtbcapital.com +7 495 663 4648 Wood & Company Lukasz Wachelko lukasz.wachelko@wood.com +48 22 222 15 60

Target Price and Recommendations

Local Shares

6 614 ₽
average target price

GDRs

19,0 $
average target price

Analyst Consensus

Sales growth y-o-y 7.8% EBITDA margin 7.2% Net Income margin 2.6% Net debt/EBITDA 1.2x Capex, RUB billion 59.2