+17% through September
Growth factors:
1. Etalon shareholders have approved dividends for 2018 at $0.19/GDR, which implies a 9% return. Record date — 30 August 2019
2. Sales under new 1H19 contracts grew 41% yoy to 38.7 bln roubles, cash flows increased 56% yoy to 42.8 bln roubles, which will have a positive impact on the company's 1H19 financial results (due September 28).
3. An agreement to buy 49% of the shares of Leader Invest from Sistema implies an attractive asset valuation. The total value of Leader-Invest has not changed since February, when Etalon acquired 51% in the company, while operating indicators of Leader-Invest for 1H19 outperformed those of Etalon.
4. Etalon 2Q sales growth outstripped those of peers.
