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Industries – Metals & Mining: 2013 First Mikhail Stiskin

Mikhail Stiskin
Sberbank CIB
"He is the dean of Russian metals."

Mikhail Stiskin — “an independent thinker with encyclopedic knowledge,” according to one buy-side backer — repeats in first place. Margin pressures and oversupply prompted the Sberbank CIB analyst to downgrade several Russian steel producers from buy to hold in October, including Lipetsk’s Novolipetsk Steel, whose global depositary receipts were trading at $20.71, and Cherepovets-based Severstal, at $12.81 per GDR. By late May the receipts had tumbled 32.7 percent, to $13.93, and 38.7 percent, to $7.85, respectively. During the same period the RTS Metals & Mining Index declined 29.8 percent. Stiskin, who covers 20 companies, is bullish on Magnitogorsk Iron & Steel Works, on valuation as well as the Magnitogorsk, Russia–based outfit’s reduced capital expenditures and rising free cash flow. — Ben Mattlin


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