IFC METROPOL : Equity Research : Team

Team

IFC METROPOL’s equity research team offers clients a broad range of cutting edge research products characterized by strong fundamental analysis and exceptional insight. We provide actionable ideas and stock recommendations based on deep analysis of company specific details combined with the current economic and industry conditions that impact stock value. Our analysts are noted for their objectivity, and in 2009 were quoted extensively in the business and financial media in Russia, CIS, Europe, the USA and the UAE – both by international news agencies such as Bloomberg and Reuters as well as in the Wall Street Journal, the Financial Times, and a wide variety of other prestigious newspapers and periodicals. With an impressive track record of accuracy in forecasting and successful stock picks, the team offers investors the insight and information they need to make informed and profitable investment decisions.

Since 2005, METROPOL has focused on reinforcing its research effort with some of the most experienced professionals in the industry. Our analysts are professionals who have graduated from some of the world’s most respected schools, such as New York City University, London Business School, California State University, Vanderbilt University, London Metropolitan University, and Moscow’s Lomonosov State University and hold professional qualifications such as the Chartered Financial Analyst (CFA) designation. Moreover, our analysts have previous experience in some of the world’s leading firms including KPMG, PWC, and Morgan Stanley. Since 2007, our analysts have been recognized in the rankings of notable institutions including Institutional Investor, Invest Guru and RosBusinessConsulting.

Automotive, Infrastructure, Telecommunications, Transportation, Engineering & Machinery

Andrey Rozhkov
Analyst
+7 (495) 933 3316 ext. 1420

Andrei Rozhkov graduated from the State University – Higher School of Economics, Moscow, with a Master of Economics degree. Rozhkov also has a Ph.D. in Economics, and has worked in the equity markets since 2000. Prior to joining IFC METROPOL, he worked for CentreInvest Securities, Kapital Investment Group and Zerich Capital Management.

Sergey Libin
Analyst
+7 (495) 933 3316 ext. 1374

Graduated from Finance Academy under the Government of Russian Federation with degrees of BA in “Economics” (2007) and MA in “Financial markets and financial engineering” (2009). Also has a degree of BA in “Finance and Investment Management” (2007) of Newcastle Business School at Northumbria University. Before joining IFC Metropol worked for OJSC CB SOTSGORBANK as a specialist of Debt department of Treasury.

Banking, Economics, Strategy

Mark Rubinstein
Head of Research, Senior Analyst
+7 (495) 223 0886

Mark Rubinstein studied at the Russian Economical Academy in Moscow. He then later graduated with a Bachelor of Business Administration from New York City University. He also holds an MBA in Finance from Zicklin School of Business at Baruch College in New York. In addition Mark received Certificate in International Business and Finance from the NYU Stern School of Business. Rubinstein began his career in 1995 as a financial analyst in New York. He then worked for Salomon Smith Barney Inc. as Assistant Vice President in the Global Fixed Income Credit Research Unit, and for the New School University in New York as a Director of Capital and Facilities Budget. Rubinstein joined IFC METROPOL in 2006. In both 2008 and 2009, Mark was a top-15 ranked analyst in the Institutional Investor All Russia Analyst Survey in the Financial Services category.

Ivan Kachkovski
Junior Analyst
+7 (495) 933 3316 ext. 1406

Ivan Kachkovski graduated from the Lomonosov Moscow State University in 2004 and is currently finishing his postgraduate studies preparing to defend his PhD in Math thesis. Before joining IFC Metropol, Ivan taught Mathematics and Statistics in Financial Academy and Higher School of Economics in Moscow.

Nadezhda Krupennikova
Junior Analyst
+7 (495) 933 3316 ext. 1430

Chemicals, Metals & Mining

Andrey Lobazov
Analyst
+7 (495) 933 3316 ext. 1422

Andrey Lobazov graduated from the Plekhanov Academy of Economics, and holds a postgraduate diploma in International Trade Law from London Metropolitan University as well as a PhD in Economics. Prior to Joining IFC METROPOL, Lobazov worked for KPMG for three years as an auditor in the Industrial Markets Group.

Consumer Goods

Nadezda Timokhova
Analyst
+7 (495) 933 3316 ext. 1427

Nadezhda Timokhova graduated from the State University of Management in Moscow with a PhD in Economics. Prior to joining IFC METROPOL, Timokhova worked for two years as a consultant in the finance department of the Russian Ministry of Transportation.

Oil & Gas

Alexander Nazarov
Senior Analyst
+7 (495) 223 0889

Alexander Nazarov graduated from the Moscow State University in Economics. Prior to joining IFC METROPOL, Nazarov worked for PricewaterhouseCoopers.

Alexei Kokin
Senior Analyst
+7 (495) 933 3316 ext. 1417

Alexei Kokin graduated from the Moscow State University, Department of Mathematics, in 1994. He also holds a Master’s degree in Economics from Vanderbilt University. Kokin started his career as an equities analyst at Renaissance Capital, where he worked from 1996 to 1998. He also worked a strategic analyst with the Russian regional oil company KomiTEK in 1998-1999. Prior to joining Metropol, Kokin was head of corporate finance at Transnefteproduct (TNP), Russia’s state-owned oil product pipeline operator. He was employed by TNP full time from 2003-2007 and as a consultant in 2002-2003. Kokin has been with Metropol since July 2007.

Dmitry Maslov
Junior Analyst
+7 (495) 933 3316 ext. 1372

Dmitry Maslov graduated from Finance Academy in 2009 with Master’s degree in Financial Engineering with honors; he also holds BA degree in Finance and Investment Management from Northumbria University (Newcastle-upon-Tyne) with 1st class honors and BA degree in Economics with honors from Finance Academy. Previously, Dmitry was responsible for Basel II requirements implementation at Unicredit Bank and market risks at Bank of Moscow.

Utilities

Sergey Beyden
Senior Analyst
+7 (495) 933 3316 ext. 1446

Sergey Beyden graduated from the Moscow institute of Physics and Technology in 1990 with an MS in applied mathematics and physics, gained a PhD in theoretical physics from the California State University in 1993, and an MBA in finance in 2004. Prior to joining IFC Metropol, Beyden worked at Dresdner Kleinwort, IFD Kapital, Carana Corporation, and the US Food and Drug Administration (FDA).

Dmitry Dzuba
Analyst
+7 (495) 933 3316 ext. 1448

Dmitry Dzuba graduated from the Moscow State Open University in 2006, having gained a qualification certificate from the Russian Federal Financial Market Service (FFMS). Before joining IFC Metropol, Dzyuba worked for IFC Solid and Bank ZENIT as an equities analyst.

ANALYST CERTIFICATION

Each research analyst primarily responsible for the content, in whole or part, of this research report certifies that with respect to each security or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about those securities or issuers; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in the research report. Global Disclaimer. This report was produced by: “METROPOL” Investment Financial Company Ltd (“METROPOL” IFC Ltd) a member of all leading Russian exchanges: MICEX, RTS and Stock Exchange “Saint-Petersburg”. “METROPOL” IFC Ltd is an affiliate of Metropol (UK) Limited. Head Office: 13 bld 1 Donskaya Street, Moscow, Russia, 119049. This document has been prepared by “METROPOL” IFC Ltd and, except as otherwise specified herein, is communicated by “METROPOL” IFC Ltd. This document is for distribution only under such circumstances as may be permitted by applicable law. The information and opinions contained in this document have been compiled or arrived at based on information obtained from sources believed to be reliable and in good faith. Such information has not been independently verified and no representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of such information and opinions, except with respect to information concerning “METROPOL” IFC Ltd, its subsidiaries and affiliates. All such information and opinions are subject to change without notice and “METROPOL” IFC Ltd is not under any obligation to update or keep current the information contained in the document. Opinions expressed in this document may differ or be contrary to opinions expressed by other business areas or groups of “METROPOL” IFC Ltd as a result of using different assumptions and criteria. This document is for information purposes only. Descriptions of any company or companies or their securities or the markets or developments mentioned herein are not intended to be complete. This document should not be regarded by recipients as a substitute for the exercise of their own judgment. This document has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. This document is not and should not be construed as an offer, or a solicitation of an offer, to buy or sell any securities or other financial instruments, and cannot be relied upon as a representation that any particular transaction necessarily could have been or can be effected at the stated price. “METROPOL” IFC Ltd and its affiliates, their directors, representatives, employees or clients may have or have had interests or long or short positions in any of the securities or other financial instruments mentioned in this document or of issuers described herein at any time and may make a purchase and/or sale, or offer to make a purchase and/or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case as principals or as agents.

“METROPOL” IFC Ltd and its affiliates may act or have acted as Market Maker in the securities or other financial instruments described in this publication, and may have or have had a relationship with or may provide or have provided investment banking and/or other financial services to the relevant companies. Employees of IFC Metropol or its affiliates may serve or have served as officers or directors of the relevant companies. “METROPOL” IFC Ltd may rely on information barriers, such as "Chinese Walls", to control the flow of information contained in one or more areas within “METROPOL” IFC Ltd, into other areas, units, groups or affiliates of “METROPOL” IFC Ltd. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Options, derivative products and futures are not suitable for all investors and trading in these instruments is considered risky. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related instrument mentioned in this report. For investment advice, trade execution or other enquiries, clients should contact their local sales representative. Neither “METROPOL” IFC Ltd nor any of its affiliates, nor any of Metropol (UK) Limited or any of its affiliates, directors, employees or agents accept any liability for any direct or consequential loss or damage arising out of the use of all or any part of this document or the information contained herein. This document may not be reproduced, distributed or published, in whole or in part, for any purpose without the written permission of “METROPOL” IFC Ltd and “METROPOL” IFC Ltd accepts no liability whatsoever for the actions of third parties in this respect.
This document should not be distributed, published, reproduced or otherwise made available in whole or in part or disclosed by recipients to any other person and, in particular, should not be distributed to persons with addresses in Canada, Australia, the Republic of South Africa, the Republic of Ireland, Japan, or the United States or in any other country outside the United Kingdom where such distribution may lead to a breach of any law or regulatory requirements.
This document has been approved and communicated by Metropol (UK) Limited in the United Kingdom as non-objective research for the purpose of the Financial Services Authority rule 12.3. It is communicated to persons who are Eligible Counterparties or Professional Clients as defined under the rules of the Financial Services Authority. Circulation must be restricted accordingly. The information contained herein does not apply to, and should not be relied upon by, Retail Customers. Metropol (UK) Limited is incorporated under the laws of England and Wales (Company Number: 03642330), is authorized and regulated by the Financial Services Authority (FRN 191231), and is a member of the London Stock Exchange. Additional information and supporting documentation is available upon request. ©2005 by “METROPOL” IFC Ltd. All rights reserved. Metropol UK Limited, Princes House, 38 Jermyn Street. London, SW1Y6DN.