X5 of Retail has opportunities for further increase in dividends

Results X5 Retail Group for 2k19 considerably surpassed our expectations and consensus forecasts in IFRS: EBITDA and net profit according to the IAS17 standards were 6% higher and almost for 18% respectively. The greatest divergence was the share of gross margin which outstripped our forecast almost on 60 bp and promoted growth of all other articles of profit. It should be noted that the increase in gross margin was caused by reduction of commodity losses and increase of efficiency of logistic operations...