Английский язык. Практический курс для решения бизнес-задач - Нина Пусенкова

Source: Alexander Kazbegi, Renaissance Capital, Company Handbook, 2003 (excerpt).

Essential Vocabulary

1. recap (recapitulation) – краткое повторение, суммирование

2. year-to-date (YTD) – с начала года до настоящего момента

3. second (third)-tier company – компания второго (третьего) эшелона

4. blue chip – голубая фишка

5. year-on-year (YoY) – в годовом исчислении или в течение года

6. investment universe n – инвестиционная вселенная

7. enterprise value (EV) – ценность предприятия

8. EV/Sales – отношение ценности предприятия к продажам

9. net margin – чистая маржа

10. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) – прибыль до уплаты процентов, налогов, амортизации материальных и нематериальных активов

11. EV/EBITDA – отношение ценности предприятия к EBITDA

12. Russian Accounting Standards (RAS) – российские стандарты бухучета (РСБУ)

13. Generally Accepted Accounting Principles (GAAP) – общепринятые стандарты бухгалтерского учета

14. International Accounting Standards (IAS) – международные стандарты финансовой отчетности (МСФО)

15. Compound Annual Growth Rate (CAGR) – кумулятивный годовой темп роста

16. EV/CF – отношение ценности предприятия к денежному потоку

17. Weighted Average Cost of Capital (WACC) – средневзвешенная стоимость капитала

18. trade up – зд. достичь возможного максимума

19. Return on Invested Capital (ROIC) – доходность инвестированного капитала

20.basket n – корзина (напр. валют)

21. percentage point – процентный пункт

22. Emerging Markets Bond Index (EMBI) – индекс облигаций развивающихся рынков

23. hot money – «горячие деньги» (краткосрочные потоки капитала, обусловленные стремлением воспользоваться более высокими процентными ставками или арбитражной возможностью, «бегство капитала»)

24. basis point (bps) – базисный пункт

25. quasi – якобы, почти, квази-, полу-, кажущийся, подобный

26. equity risk premium – премия за риск, связанный с акциями

Exercise 1. Answer the following questions.

1. How did the Russian stock market perform in 2003? 2. Why is it difficult to assess sector performance? 3. What are the aspects that play an important role in the valuation of the emerging market companies? 4. What are the best multiples to use for the valuation of Russian companies? 5. What companies looked good in 2003 according to Renaissance Capital experts? 6. How did Russian companies look from the international perspective in 2003? 7. What were the country-specific developments that contributed to the excellent performance of Russian companies in 2003? 8. What were the risks inherent in Russian stocks?

Exercise 2*. Find terms in the text that match definitions given below and make sentences of your own with each term.

1. 1/100th of 1%

2. shares in leading quoted companies that can be easily bought and sold without influencing their price and are regarded as low-risk investments

3. purchases of long-term assets, such as equipment, used in manufacturing a product

4. risk associated with a cross-border transaction, including but not limited to legal and political conditions

5. a sum of money or other property owned by one person or organization to another

6. a debt instrument issued by a borrower outside of its own country. The currency in which the bond is denominated can be foreign to the buyer, to the purchaser, or to both

7. rules for the preparation of company accounts

8. the total value at market prices of the securities at issue for a company, or a stock market or sector of the stock market

9. of securities, the amount by which the secondary market price exceeds the issue price or par value

10. the difference between two rates or prices

Exercise 3. Explain to the first-time investor in the Russian stock market risks and opportunities inherent in it. Formulate 10 commandments of investing in Russia.

Exercise 4*. Find three synonyms in the text for the term «прибыль», explain the difference in their meaning and make sentences of your own with each term.

Exercise 5*. Fill in the blanks using terms given below.

Five Investing Pitfalls To Avoid, According to Investor’s Business Daily

Buying Low-Priced Stocks

What sounds better? Buying 1,000 shares of a $1 stock or buying 20 shares of a $50 stock? Most people would probably say the former because it seems like a bargain, with more……… for big increases from owning more shares. But the money you make in a stock isn’t based on how many shares you own; it’s based on the amount of money………

Many investors have a love affair with cheap stocks, but low-priced stocks are generally missing a key ingredient of past stock market winners:……. sponsorship.

A stock can’t make big gains without the buying power of……. funds, banks, insurance companies and other deep-pocketed investors fueling their price moves. It’s not…… trades of 100, 200 or 300 shares that cause a stock to surge higher in price, it’s big institutional…….. share trades of 10,000, 20,000 or more that cause these great jumps in price when they buy – as well as great price drops when they sell.

Institutional investors account for about 70% of the trading……. each day on the……… so it’s a good idea to fish in the same pond as they do.

Remember: Cheap stocks are cheap for a reason. Stocks sell for what they’re…… In many cases, investors that try to grab stocks on the cheap don’t realize that they’re buying a company mired in problems with no institutional sponsorship, slowing…….. and sales growth and shrinking…….. share. Institutions have……. teams that seek out great opportunities, and because they buy in huge quantities over time, consider…….. their choices if you find these fund managers have better-than-average performance.

Avoiding Stocks With High P/E Ratios

«…….. on stocks with low P/E ratios. They’re attractively valued and there’s a lot of……… «How many times have you heard this statement from investment…….?

While it’s true that stocks with low P/E ratios can go higher, investors often misuse this……… metric. Leaders in an industry group often trade at a higher…….. than their…….. for a simple reason: They’re expanding their market share faster because of outstanding earnings and sales growth…….

Stocks on your……. list should have the traits of past big stock market…… we mentioned earlier: leading price performance in their industry group, top-notch earnings and sales growth and rising fund ownership, to name a few. A……. new product or service doesn’t hurt either.

Stocks with «high» P/E ratios share a common trait: their…….. shows there’s plenty of…….. about the company’s future prospects.

Letting Small Losses Turn Into Big Ones

Cut your losses in any stock at 7% or 8% and you’ll never get hit with a big loss: this is your…….. policy. If you buy stocks at the right time, they should never fall 7—8% below your…….. price.

A small loss in a stock can easily be overcome; it’s the big ones that can do serious damage to a…….. Take a 50% loss on a stock, and it would need to rise 100% to get back to…….. But if you cut your losses at 7% or 8%, a single 25%……. can wipe out three 7%—8% losses.

If a stock you own starts to fall on expanding…….. volume, it’s usually better to sell first and ask questions later, rather than the other way around. Keep losses small to avoid severe……. You can always re-enter the……. if you’ve only lost 7%. Don’t ever look back after a smart sell, even if the stock…….. You cannot……. its future, so you are best off reacting to what your stock is telling you right now. Learning this trait is hard – but it will save you a great…… in the long run.

Averaging Down

Averaging down means you’re buying stock as the price falls in the hopes of getting a……. It’s also known as throwing good money after bad or trying to catch a……. knife. Either way, trying to lower your…… cost in a stock is another risky proposition.

Buying Stocks In A Down Market

Some investors don’t pay any attention to the…… state of the market when they buy stocks, and that’s a mistake.

The goal is to buy stocks when the major……. are showing signs of…… (buying: heavy volume price increases) and to sell when they’re showing signs of…… (selling: heavy volume price declines).

When you’re buying stocks, make sure you’re swimming with the market tide, not against it.

Source: November 11, 2004, By Ken Shreve, www.investors.com (abridged)

Terms:

сurrent, portfolio, block, exchanges, bargain, accumulation, deal, distribution, upside, watch, bullishness, piggybacking, opportunity, break-even, focus, trading, falling, invested, prospects, damage, indexes, rebounds, institutional, gains, mutual, retail, purchase, volume, worth, earnings, market, research, pros, valuation, peers, winners, dynamic, performance, insurance, gain, game, forecast, average

Exercise 6. Translate into Russian.

Покупать нельзя продавать

Акции «Транснефти» стали предметом спора крупнейших российских инвесткомпаний. В ответ на рекомендацию Deutsche UFG «продавать» привилегированные акции монополии и снижение их расчетной цены в 4,5 раза «Тройка Диалог» посоветовала инвесторам «покупать» бумаги «Транснефти».

«Транснефть»– нефтепроводная монополия, государству принадлежат 75% акций (100% голосующих), привилегированные акции (25% уставного капитала) обращаются на рынке. Чистая прибыль «Транснефти» по МСФО за девять месяцев 2005 г. – 41,6 млрд руб., выручка – 135,4 млрд руб.

На прошлой неделе Deutsche UFG в 4,5 раза понизил оценку справедливой цены привилегированных акций «Транснефти» – с $2662 до $580 – и рекомендовал инвесторам «продавать» бумаги. Инвестбанк мотивировал свое решение тем, что воспринимает ее теперь не как коммерческое предприятие, работающее для выгоды своих акционеров, а как технический инструмент государства. В результате в пятницу «префы» «Транснефти» в РТС рухнули на 10% (до $2185), на ММВБ – на 8,8% (61 500 руб.).

Другие инвесткомпании не разделяют пессимизма Deutsche UFG. Вчера «Тройка Диалог» вновь повторила рекомендацию «покупать» акции «Транснефти». «Бумаги подешевели на 10%, и мы считаем, что представился удачный момент для их покупки», – говорится в отчете инвесткомпании. «Транснефть» хоть и контролируется государством, но нацелена на получение максимальной прибыли. «Тройка Диалог», как и прежде, считает, что справедливая цена акций «Транснефти» составляет $3150. Инвесткомпания называет их единственными бумагами нефтегазового сектора, которым предстоит существенная переоценка. Соотношение стоимости компании и прогноза EBITDA на 2006 г. у «Транснефти» составляет 3,3, а в среднем по отрасли – 6,2, говорится в отчете.

«Мы не поменяли своего мнения о „Транснефти“, просто отреагировали на 10-процентное падение ее котировок», – поясняет старший аналитик «Тройки Диалог» Олег Максимов. В Deutsche UFG от комментариев отказались.

«Я не помню такого большого разброса в оценке справедливой цены акций компании», – разводит руками начальник аналитического отдела «Атона» Стивен Дашевский. По его мнению, отчеты инвестбанков «оживили торговлю акциями „Транснефти“. Вчера к середине дня „префы“ „Транснефти“ частично отыграли пятничное падение (на 5,5% в ММВБ и 6,18% в РТС), но к вечеру снова подешевели и закрылись почти на уровне пятницы – 60 985 руб. на ММВБ и $2185 в РТС.