... Macroeconomic Factors The state of the economy and politics directly impacts the M&A market. In recent years, GDP growth has slowed, and inflation remains above the target level, forcing the Central Bank to maintain high key rates. Expensive ruble-denominated debt diminishes the investment appeal of projects: high borrowing costs reduce transaction profitability. At the same time, currency restrictions and difficulties in repatriating profits continue to undermine market liquidity. The abrupt tightening of ...

... can expect higher returns. Valuation of such companies is usually based on revenue and EBITDA growth, as well as customer base characteristics and brand awareness. For investors, clear financial indicators are crucial: currency revenue, profitability, debt burden, and resilience of the business model amid macroeconomic fluctuations. Key Issuers and IPO Strategies Among potential issuers, the greatest attention is drawn to the largest manufacturers and contract factories of dietary supplements. For ...

... not been fully paid by their owners. Bankruptcy or liquidation. If the organization is undergoing reorganization, liquidation, or is on the verge of bankruptcy (showing signs of insolvency, insufficient assets), dividend distribution is not permitted. Debts to the budget. It is not advisable to distribute profits in the presence of overdue debts for taxes or other mandatory payments. The company must first fulfill its obligations to the budget and creditors. In the mentioned situations, the company ...

... inflation, thus yielding modest real returns over a 2-3 year horizon. They are ideal for the 'core' of a portfolio or as a 'safety cushion.' Bonds: Government and Corporate Government Bonds (OFZ) Yield. Federal loan bonds (OFZ) are the most conservative debt instruments. The yield on current OFZ remains high: for example, the OFZ index with a duration of 5–10 years (RGBITR10Y) achieved a historical maximum cumulative yield of around 15% per annum in 2024. A broader index (RGBITR) peaked at approximately ...

... performance. Carefully read the prospectus: what products or services does the company offer, how does it generate revenue, and how steadily does its revenue and profit grow? Evaluate the dynamics of key indicators over several years, as well as levels of debt load and profitability. Valuation based on multiples. Compare the valuation ratios (e.g., P/E, P/S, P/B) of the company with similar public firms. An excessively high multiple may indicate overvaluation, while a low one might suggest undervaluation ...