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The 2014 All-Russia Research Team: Industrials, No. 2: Anton Farlenkov

Anton Farlenkov
Goldman Sachs
First-place appearances: 0

Total appearances: 1

Team debut: 2014

In his first appearance on this roster, Anton Farlenkov of Goldman Sachs captures second place. He co-heads the firm’s Central & Eastern Europe, Middle East & Africa research and reports on eight Russian industrials companies. Of those, a current favorite is Aeroflot, whose shares he deems undervalued. Farlenkov has maintained a buy rating on the Moscow-based airline operator for years, crediting in part the strength of its management, and has more recently been advising clients that the pressure on its share price from Russia’s conflict with Ukraine over Crimea represents a buying opportunity. Aeroflot’s stock was sold-off by 34.2 percent year to date through May, closing that month at 55.15 rubles and trailing the RTS Industrials Index by 5.2 percentage points. Goldman’s researcher is even more upbeat about discount Turkish passenger airline Pegasus Hava Tasimaciligi, on which he initiated coverage in February with a buy rating. Catalysts, he says, include Pegasus’ young fleet and high growth potential in a relatively underutilized market. By the end of May, the carrier’s shares had risen 8.7 percent, to 28.25 lira. “Anton has a broad-based perspective that really adds value for clients,” remarks one money manager in New York.

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