The 2014 All-Russia Research Team: Utilities, No. 2: Dmitry Bulgakov

Reclaiming the No. 2 position on this list after a year in third place is Dmitry Bulgakov. The Deutsche Bank researcher, who reports on 14 Russian utilities names, looks favorably on the prospects for E.ON Russia. He named the Moscow-based power generating company a top pick in February 2013, crediting positive cash flow, a likely earnings increase from planned expansion and an accurately anticipated jump in dividend. In rough trading the shares fell by 31.2 percent in March, hitting a low of 1.96 rubles, before reversing course to end May at 2.76 rubles. Despite that recent share price volatility, Bulgakov is undeterred. “Besides fundamentals, we recommend that clients look at corporate governance practices and the alignment of minority-shareholder interests with those of management and the controlling shareholders,” he explains. “E.ON Russia so far meets these criteria.” His target price is 3.97 rubles. “Dmitry has a sharp mind,” relates on asset manager, “and his opinions are always well reasoned.”