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Industries – Industrials: First

Elena Sakhnova
VTB Capital
"Elena works close to the companies she covers and is on top of all important news and changes that may affect their operations."

Leading the lineup for a fourth year running is VTB Capital’s Elena Sakhnova, 36. The analyst, who covers 30 stocks, upgraded Globaltrans Investment from hold to buy in December 2011, at $12.20, primarily on valuation. In October, after the global depositary receipts of the Cyprus-based railway services provider had skyrocketed 79.3 percent, to $21.88, and shot past the RTS Industrial Index by 71.3 percentage points, she downgraded them to hold, citing rising railway tariffs and declining demand. By the end of May, the GDRs had tumbled 30.5 percent, to $15.20 — almost low enough to merit an upgrade, which she anticipates “when and if the shares go below $14.” Sakhnova is currently bullish on Berezniki, Russia–based potash producer Uralkali, on the basis of its high dividends and share-buyback program, as well as expectations of a recovery in potash prices. “She not only is brilliant but has perhaps the world’s best understanding of potash,” cheers one wealth manager in the U.K. — Ben Mattlin


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