From the borrower’s perspective, working with a syndicate—unlike holding several bilateral loans—requires more effort, responsibility, and internal resources. And in stressed situations, targeted negotiations with a single bank may be more effective than dealing with a united front of lenders.

“The main drivers of underpricing are both the generally weak equity market and investor caution toward DOM.RF’s hybrid business model. It is simultaneously a bank, a mortgage institution and a developer, and the market traditionally applies a discount to such mixed structures,” says Andrey Goncharenko, Deputy CEO of PSK‑Solutions.

“The most accurate way to describe the company is as an infrastructure-financial development institution with a banking license, operating at the intersection of the mortgage and construction markets,” adds Emil Safarov, Analyst at PSK‑Solutions.

“There are virtually no ‘easy’ assets left — only complex, low-liquidity, or sensitive ones requiring lengthy approval,” confirms Andrey Goncharenko, Deputy CEO of PSK-Solutions.

According to Emil Safarov, analyst at PSK-Solutions, financial results of major retail players are likely to “reach a plateau” — growth will slow but not reverse.

According to Andrey Goncharenko, Deputy CEO of PSK-Solutions, country risk also differs by sector: it is lower for exporters with foreign-currency revenues and higher for import-dependent or heavily regulated companies.

To reduce costs and dependence on imported equipment needed for large language model (LLM) development, it is strategically important for Sber to have its own microelectronics production...

In pre-IPO medtech, companies are usually valued at an EV/S multiple of 2–4x, given the high technology intensity, which gives an estimate of around 1.3–2.5 billion rubles. In an especially optimistic scenario, considering its ‘fastest-growing company’ status, the valuation could reach 3 billion rubles...

Sber clearly aims to become the No. 1 player in geolocation, creating services better than competitors,” says Anatoliy Dmitrienko, deputy CEO of PSK-Solutions.

Management expects that in 2025–2026, the institution will increase net profit by 15% annually, and in the medium term, the growth rate will be around 10%. Over the same horizon, total assets are projected to reach...

The move will bring Ozon’s governance structure in line with Russian government requirements and reduce regulatory risks, says Sergey Nunuparov, managing director at PSK‑Solutions...

Corporate restructured debt in Russia has reached 14.4 trillion rubles and continues to grow. The key drivers are the Central Bank’s high key rate, weak demand, and logistical challenges.

A substantial share of these options—especially in the early months of foreign investors' active exit—were arranged informally or quasi-formally, without being reflected in public agreements...

Andrey Goncharenko, deputy general director of PSK-Solutions investment company, says: "What’s happening in the market can confidently be called a repricing—and a forward-looking one at that."

To make state-owned companies attractive to investors, they need to adopt a more market-oriented character: implement regular audits in line with international standards, provide more comprehensive disclosures for investors...

Managing Director of PSK-Solutions Sergey Nunuparov notes that the 5% stake was valued at $594 million, implying a total valuation for the Ghasha project of approximately $11.88 billion...

As reported by Forbes, Yandex has acquired Domiland, a PropTech platform focused on technological solutions for developers and property management companies, from the Samolet Group. The acquisition is expected to support Yandex in the further development of its urban ecosystem.

With no access to new debt portfolios and facing aggressive competition, EOS is “losing operational weight,” notes the Deputy General Director of investment and consulting firm PSK-Solutions...

This shift, says Sergey Nunuparov, Managing Director of PSK-Solutions, stems from two factors: tighter liquidity conditions reducing investors’ risk appetite, and a growing preference for topping up companies that have already proven viable.

Kirill Polishkin, an investment banker who played a key role in the creation of Sberbank CIB in 2012, together with like-minded colleagues Andrey Goncharenko and Sergey Nunuparov, has founded an investment group under the PSK-Solutions brand.

Based on the average global medtech EV/Revenue multiple and OneCell’s 2023 revenue of ₽105 million, the 25% stake could be valued at around ₽100 million, according to Sergey Nunuparov, Managing Director of PSK-Solutions...

Some companies engaged in sales talks have already paused negotiations due to potential geopolitical improvements, says Sergey Nunuparov, managing director at PSK-Solutions.