Analysts

Below you may find analyst recommendations and target prices. VTB is covered by the following analysts:

Equity Analysts

Company Analyst
Alfa-Bank Evgeny Kipnis
Aton Mikhail Ganelin
Bank of America - Merrill Lynch Olga Veselova
BCS Elena Tsareva
Citi Maria Semikhatova
Gazprombank Andrey Klapko
Goldman Sachs Andrey Pavlov-Rusinov
HSBC Andrzej Nowaczek
KBW Hadrien De Belle
Morgan Stanley Neri Tollardo
Renaissance Capital Ivan Kachkovski
Société Générale Alan Webborn
Sova Capital Andrey Mikhailov
Sberbank CIB Andrew Keeley
UBS Bob Kommers
Wood and Co. Can Demir
Uralsib Natalia Berezina

Credit Analysts

Company Analyst
BNP Paribas Tatiana Tchembarova
Commerzbank Apostolos Bantis
J.P. Morgan Bank Maxim Miller
Bank of America - Merrill Lynch Kay Hope
UBS Kseniya Mishankina
Raiffeisenbank Denis Poryvay

The forecasts are provided to VTB by contributing investment analysts, and are, as such, publicly available information. These forecasts are not, in any way, based on VTB proprietary forecasts, not endorsed by VTB, neither does VTB assume any obligation to revise them to reflect circumstances arising after the date below.

Investment Bank Recommendation Target price of GDR, USD Target price of ordinary share, RUB Update
Citi Hold 1,52 - 17 August 2018
Goldman Sachs Hold 1,70 - 9 November 2018
HSBC Hold 1,26 0,043 31 August 2018
KBW Hold 1,47 - 21 June 2018
Morgan Stanley Sell 1,10 - 29 August 2018
Sberbank CIB Hold 1,60 - 5 October 2018
Societe Generale Hold 1,40 - 23 August 2018
Sova Capital Hold 2,00 - 30 January 2018
UBS Sell - 0,03 10 October 2018
Wood & Company Sell - 0,06 5 March 2018
Alfa-Bank Buy 1,80 0,057 28 September 2018
Aton Buy 2,50 0,07 2 August 2018
BCS Buy 1,49 0,052 10 October 2018
Gazprombank Hold 1,98 0,06 12 November 2018
Uralsib Hold 2,00 - 28 June 2018
Renaissance Capital Hold - 0,045 17 September 2018
Average 1,68 0,053

Сonsensus for 9M 2018, as well as for the years of 2018–2019 is based on the analytical data from

13 investment banks (HSBC, Goldman Sachs, Morgan Stanley, Societe Generale, Alfa-Bank, Uralsib, Sberbank CIB, UBS, Citi, BCS, Gazprombank, Renaissance Capital, Aton) as of November 6th, 2018.

The forecasts are provided to VTB by contributing investment analysts, and are, as such, publicly available information. These forecasts are not, in any way, based on VTB proprietary forecasts, not endorsed by VTB, neither does VTB assume any obligation to revise them to reflect circumstances arising after the date below. The consensus data below is compiled and updated by VTB’s Investor Relations and aggregates estimates of publicly available forecasts made by contributing sell side investment analysts.