... European banks are heavily exposed to debt in Russia. Citi Research offers this short list: “based on latest EBA data (end-2013), the most exposed banks to Russia in absolute terms are Societe Generale (SCGLY & SOGN.France) (c€25 billion, 62% of tangible equity), UniCredit Group Italy (UNCFF) (c€18 billion, 40% of TBV [tangible book value]), Raiffeisen Bank (RBIV.Austria) (c€15 billion, 181% of TBV), Nordea (NDA.Sweden) (c€6 billion, 23% of TBV) and OTP Bank (OTBU.Hungary) (c€3 billion, 83% of TBV).
Here’s Citi’s estimation of the most exposed non-financial names, based on percentage of sales, or otherwise of profits, as marked below. The list is ranked by that percentage.
Coca-Cola Hellenic (CCHGY & CCH.Switzerland) Beverages 33%*
Carlsberg (CABGY & CARLb.Denmark) Beverages 32%*
Nokian Renkaat (NKRKY & NRE1V.Finland) Autos 29%
Fortum (FOJCY & FUM1V.Finland) Utilities 29%**
BASF (GASFY & BASFn.Germany) Chemicals 25%*
Inchcape (INCH.UK) Distributors 20%
Japan Tobacco (JAPAY & 2914.Japan) Tobacco 15%
TeliaSonera (TLSNY & TLSN.Sweden) Telecom 14%
Portugal Telecom (PT & PTC.Portugal) Telecom 14%
Adidas (ADDYY & ADSGn.Germany) Apparel/Luxury 13%
Telenor (TELNY & TEL.Norway) Telecom 13%
Danone (DANOY & DANO.France) Food Products 11%
Philip Morris (PM) Tobacco 10%
E.ON (EONGY & EONGn.Germany) Utilities 11%**
BP (BP) Energy 10%***
Percentage of *EBIT **Ebitda ***cash flow
Source: Citi Research blogs.barrons.com/emergingmarketsdaily/...osed-to-russia-risk/
Here’s Citi’s estimation of the most exposed non-financial names, based on percentage of sales, or otherwise of profits, as marked below. The list is ranked by that percentage.
Coca-Cola Hellenic (CCHGY & CCH.Switzerland) Beverages 33%*
Carlsberg (CABGY & CARLb.Denmark) Beverages 32%*
Nokian Renkaat (NKRKY & NRE1V.Finland) Autos 29%
Fortum (FOJCY & FUM1V.Finland) Utilities 29%**
BASF (GASFY & BASFn.Germany) Chemicals 25%*
Inchcape (INCH.UK) Distributors 20%
Japan Tobacco (JAPAY & 2914.Japan) Tobacco 15%
TeliaSonera (TLSNY & TLSN.Sweden) Telecom 14%
Portugal Telecom (PT & PTC.Portugal) Telecom 14%
Adidas (ADDYY & ADSGn.Germany) Apparel/Luxury 13%
Telenor (TELNY & TEL.Norway) Telecom 13%
Danone (DANOY & DANO.France) Food Products 11%
Philip Morris (PM) Tobacco 10%
E.ON (EONGY & EONGn.Germany) Utilities 11%**
BP (BP) Energy 10%***
Percentage of *EBIT **Ebitda ***cash flow
Source: Citi Research blogs.barrons.com/emergingmarketsdaily/...osed-to-russia-risk/