Today you will find out who is the best grocery retailer in Russia. We will compare Fix Price, X5 Retail, Magnet, Ribbon and O'Kay.

We will analyze the fundamental indicators of these companies and find out which of them is better.

How have customer preferences have changed over the past 3 months?

He began to buy more than 3 months ago: the favorite is a traffic light (27%) is a hard discount, which means that the consumer began to save (and, probably, this is a long -term trend, since Russia will fall);

He began to buy less than 3 months ago: in anti -paints of the tape and okay (32% and 31%) due to expensive supermarkets and hypermarkets;

Now I have ceased to make purchases there: in anti -paints Dixies (7%), which is included in the magnet. This is due to a decrease in the quality of the service (old trading equipment, large lines at the checkout, problems with current price tags);

I buy as many as 3 months ago: the leaders of the magnet (64%), that is, in this network the most loyal buyers. In 2nd place is a five (60%), which is part of the X5 Retail.

Rost to the retail space:

Online sales contribution:

LFL sales (increasing sales excluding the opening of new points):

LFL traffic (an increase in the number of people visiting the store):

Such indicators suggest that consumers prefer shops at the house, namely market leaders: X5 and magnet.

Revenue from 1 sq. meters:

Online business growth:

Debt load

We will evaluate the debt load through the indicator Pure debt/EBITDA.

The best situation is Fix Price, the highest debt load is for the tape and okay.

Annual profit rating (p/e)

Annual revenue rating (p/s)

Fix Price is the most expensive (after all, this is a growing network that has good prospects).

findings

At the moment, the leader is a magnet, although many indicators are similar to the X5 Retail.

At the same time, for x5 plus it is that it is now trading cheaper than a magnet. But he has a significant problem - this is the Dutch registration that prevents the payment of dividends (well, the danger of double taxation of these dividends).

Of course, we know that the magnet has canceled dividends for 2021, but at least he still has the opportunity to pay them.

But even, despite these problems, X5 Retail takes us 2nd place due to high -quality business with excellent management.

In 3rd place-Fix Price, since this is a growing company and has high margin. Of the minuses - it is now very expensive.

In 4th place-okay, on the 5th-tape. For these retailers, the prevailing role of revenue is occupied by staging hypermarkets. Okay looks a bit more preferable due to its hard -haired Unter Land, which in the current conditions shows excellent dynamics.

In general, food retailers can be a good protective story for investors in the current situation.

Now there is a high uncertainty with other segments of the Russian economy, which can fall under various sanctions. But we will not stop going to grocery stores.

Also, if we have high inflation, retailers can shift it to their consumers and suffer less than the rest.

For today, thanks for your attention!

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