Maybe this is not a complete list, but I think it should reflect almost every company. If you know of any more, or have corrections, feel free to message me. To be on this list a company should make their business in Russia, CIS or former eastern block (Baltics, Ukraine) which are usually not very accssible to western investors. I leftt out a few that are only partially into Russia and have huge other segments. I discard Polish companies as they are very easy to trade and there are a lot and I'll look into them in a separate research list eventually.
Obviously a lot of companies are listed in London and also trade in Frankfurt. I do, however, only note down one listing per company here.
Ratings are mostly first glance at company and balance sheet. Personal opinion. I don't like some sectors like Oil, so if it offends you, please just discard my rating.
| Rating | Meaning |
|---|---|
| 👍👍👍 | I am probably invested or very interested |
| 👍👍 | Looks great to me |
| 👍 | Looks okay to me, will be worth a closer look |
| 👎 | Does not look promissing to me, probably because of too much government ownership |
| 👎👎 | Shitty, not my sector (all of Oil) |
| 👎👎👎 | Garbage, why would you invest into this?! |
| ❓ | Hard to tell, not sure |
| Name | Listing | Country | Sector | Rating | Notes |
|---|---|---|---|---|---|
| AB Inter Rao Lietuva | Warsaw | Lithuania | Energy | 👍 | Subsidiary of Inter RAO, Cashflow-cow |
| AFK Sistema | London | Russia | Finance | 👍👍 | Superior capital allocator for VC/PE imho. They have some good hits like Ozon and I like how they do business, but they use a lot of debt. |
| AUGA group | Warsaw | Lithuania | Food Production | ❓ | |
| Acron PJSC | London | Russia | Fertilizer | 👍❓ | |
| Aeroflot | Frankfurt | Russia | Airline | 👎👎 | Airline, no thanks. |
| AgroGeneration | Paris | Ukraine | Agriculture | ||
| Agroton | Warsaw | Ukraine | Agriculture | 👍❓ | |
| Amur Minerals Corporation | London | Russia | Exploration | 👎👎👎 | wtf even |
| Arricano Real Estate | London | Ukraine | Real Estate | 👎❓ | Hard to value, very small |
| Astarta | Warsaw | Ukraine | Agriculture | 👎❓ | Looks complicated to me. Employee count going down / revenue down since 2016, not profitable |
| AvangardCo | London | Ukraine | Food Production | 👎👎 | Very small. No idea. |
| Cadogan Petroleum | London | Ukraine | Oil | 👎👎 | Oil, no thanks. |
| Cherkizovo | London | Russia | Food Production | 👍 | Looks decent enough. |
| Don Agro | Singapur | Russia | Agriculture | 👍❓ | Looks quite interesting, but illiquid and very small. |
| EN+ Group Intl. PJSC | London | Russia | Metals | 👍❓ | RusAl in another name essentially. Cashflow questionable due to suspended dividends by RusAl. |
| Etalon Group PLC | London | Russia | Real Estate | 👍 | Looks okay to me |
| EURASIA MINING PLC | London | Russia | Metalurgy | Does not seem to trade on my broker for some reason | |
| Evraz | London | Russia | Metals | 👍❓ | Too much debt and looks a bit unsafe |
| Exillon Energy | London | Russia | Oil | 👎👎 | Oil, no thanks. |
| FGC "Federal Grid Company" UES | London | Russia | Energy | 👍 | Usually I do not like state control, but here it seems to keep the cash cow's milk flowing freely without it getting stupid ideas. I can see this being interesting if you like fat cash flow assets with a natural monopoly. |
| Ferrexpo Plc | London | Ukraine | Metals | 👍❓ | Looks okay, but the business model is not so interesting. There is some fraud allegations over charity donations recently, but what's investing in Eastern Europe without a few such allegations?! |
| Ferro-Alloy | London | Kazachstan | Metals | 👎 | No idea about vanadium, small cap. This seems really hard unless you know about the industry. |
| Ferronordic | Stockholm | Russia | Import of Equipment | 👎❓ | Is it a Russian company? They import mostly Volvo heavy equipment into Russia at a continiously improving margin. I do not see much of a moat and dividend and share price history are not super exciting. |
| Fix Price Group | London | Russia | Retail | New IPO 2021 | |
| Freedom Holding Corp | Nasdaq | Kazachstan | Finance | 👍❓ | Promising, but lots of hype |
| Gazprom | London | Russia | Oil, Gas | 👎👎 | Oil, no thanks. |
| Gazprom Neft | London | Russia | Oil | 👎👎 | Oil, no thanks. |
| Global Ports Investments | London | Russia | Transport | 👎 | I am going to go 'no' on this one. Looks maybe okay in theory, but highly leveraged, steadily deleveraging. But their Equity base is pretty static, which I think means their assets are depreciating overall. So depreciating with no significant stock approciation and no dividend seems pretty risky for me. |
| Globaltrans | London | Russia | Transport | 👍 | How the hell does the stock chart look like that if the balance sheet is so good?! Only reason I see is competition in Russia is big. |
| HMS Hydraulic Machs & Sys | London | Russia | Manufacturing | 👎 | Small market cap <100M$; low margin business with a lot of competition; I think this is only if you really know Oil sector trends well |
| Halyk Bank | London | Kazachstan | Bank | 👍 | Looks intereting to me. |
| Headhunter Group | Nasdaq | Russia | Service | 👍 | Pricy by Russian standards but you can see why with very good margins (it's a mix of SAAS and service at 15-20%) and a clear growth idea |
| IG Seismic Services | London | Russia | Manufacturing | 👎👎👎 | Can't find much about it. |
| IRC | Hong Kong | Russia | Minerals | 👎👎 | Mostly owned by Petropavlovsk. Can't really see anything here to make a direct investment worth it. |
| Industrian Milk Co | Warsaw | Ukraine | Agriculture | ||
| JSC Kaspi.kz | London | Kazachstan | Fintech | 👍❓ | Promising, but lots of hype |
| KAZ Minerals | London | Kazachstan | Metals | ||
| KDM Shipping | Warsaw | Ukraine | Transport | 👎👎👎 | Reporting WAY out of date |
| KSG Agro | Warsaw | Ukraine | Agriculture | ||
| Kazatomprom | Frankfurt | Kazachstan | Mining | 👍❓ | Looks good to me, but I know nothing about the sector. |
| Kcell | London | Kazachstan | Telecommunications | 👎 | Looks expensive and lame to me |
| Kernel Holding | Warsaw | Ukraine | Agriculture | ||
| LSR Group PAO | London | Russia | Real Estate | ||
| Lenta | London | Russia | Retail | 👍 | New CEO imposed by SeverGroup, looking interesting. |
| Lukoil | London | Russia | Oil | 👎👎 | Oil, no thanks. |
| MD Medical Group | London | Russia | Medical | 👍👍 | Looks great to me overall |
| MTS | New York | Russia | Telecommunications | 👍 | Boring and stable if you are into it |
| Magnit | London | Russia | Retail | 👎 | Margins are so slim |
| Magnitagorsk Iron (MMK) | London | Russia | Metals | 👎 | I like steel companies, but I like NLMK and Severstal more. Magnitagorsk is well known for being a polluted one-company-city, so the image is not so good. |
| Mail.ru | London | Russia | Technology | 👎 | Feels outdated |
| Mechel PAO | New York | Russia | Metals | 👎👎 | Balance sheet is terrible |
| Milkiland | Warsaw | CIS | Food Production | 👎👎 | Looks not promising to me at all. Are they going bankkrupt?! |
| Mironivsky Hliboproduct "MHP" | London | Ukraine | Agriculture | 👍 | Looks good to me. |
| Mosenergo | Frankfurt | Russia | Energy | ||
| Nornickel | London | Russia | Metals | 👎👎 | Too dirty, too much polution. |
| Novatek | London | Russia | Oil | 👎👎 | Oil, no thanks. |
| Novolipetsk Steel (NLMK) | London | Russia | Metals | 👍👍👍 | Lisin is my hero |
| Novorossiysk Commercial Sea Port | London | Russia | Transport | 👍❓ | Cheap, Dividend good. Earings and state control bad... not so sure about this. |
| O'Key | London | Russia | Retail | 👎👎 | Balance sheet is shitty |
| Ovostar Union | Warsaw | Ukraine | Food Production | ||
| Ozon | Nasdaq | Russia | E-Commerce | 👍 | Not interesting for me, but if you like e-commerce could be huge upside due to low penetration in Russia so far |
| Petro Welt Technologies AG | Frankfurt | Russia | Oil | 👎👎 | Oil, no thanks. |
| Petropavlovsk | London | Russia | Gold | 👍❓ | I'm not much into gold. |
| Phosagro | London | Russia | Fertilizer | 👍❓ | |
| Polymetal | London | Russia | Metals | 👍❓ | |
| Polyus | London | Russia | Gold | 👍❓ | I'm not much into gold. |
| Qiwi | Nasdaq | Russia | Fintech | 👎❓ | Recent controversy |
| ROS AGRO PLC | London | Russia | Agriculture | 👍 | Basically 'Sanctions? Yes please!' |
| Raven Property Group | London | Russia | Real Estate | 👎❓ | |
| Rosneft | London | Russia | Oil | 👎👎👎 | Oil, no thanks. Plus involvment in corruption. |
| Rosseti | London | Russia | Energy | 👍 | If you do not mind state-ownership, this looks like a cheap value play to me. |
| Rostelecom | London | Russia | Telecommunications | Too much state control | |
| RusHydro | Frankfurt | Russia | Energy | ||
| Sadovaya Group | Warsaw | Ukraine | Minerals | 👎👎👎 | In bankruptcy as all its assets are in eastern Ukraine (rebel-controlled zone). |
| Sberbank | London | Russia | Bank | 👍 | Too much state control for me, but attactive dividend and great managment. |
| Severstal | London | Russia | Metals | 👍👍 | Like the management, looks well run. |
| Steppe Cement | London | Kazachstan | Raw Materials | ||
| Surgutneftegas | London | Russia | Oil | 👎👎👎❓ | Balance sheet is complete bananas, just look yourself or read analysis. It's basically a big pile of USD and nobody knows who owns it. |
| TMM REAL ESTATE DEVELOPM | London | Ukraine | Real Estate | 👎👎👎 | No info on it. |
| Tatneft | London | Russia | Oil | 👎👎 | Oil, no thanks. |
| Tinkoff Bank | London | Russia | Fintech | 👍👍👍 | Superior Neobank globally. |
| Trans-Siberian Gold plc | London | Russia | Gold | 👍❓ | I'm not much into gold. |
| Ukrtelecom | Frankfurt | Ukraine | Telecommunications | ||
| United Co Rusal | Hong Kong | Russia | Metals | 👍❓ | I'd be into it. Too much debt and no dividend, but they are working on cleaning their sheet up. |
| VEON | Nasdaq | Russia | Telecommunications | ||
| VTB Bank | London | Russia | Bank | 👎👎 | Cheap, but comparable low dividend. High state ownership, lots of corruption rumors. If you do not mind state ownership, then I think Sberbank is the much better investment here. |
| Volga Gas | London | Russia | Gas | 👎👎 | Gas, no thanks. |
| X5 RETAIL GROUP | London | Russia | Retail | ||
| Yandex | Nasdaq | Russia | Technology | 👎 | I do not see a huge growth here as far as their core product is concerned. |
| ZAIM CREDIT | London | Russia | FinTech | 👎👎 | Micro credit is garbage |