Published on: 2026-09-16
Source: Moscow Exchange –
An important disclaimer is at the bottom of this article.
The Moscow Exchange and the consulting agency EM conducted a study of the investment sentiments of representatives from leading management companies and banks, as well as finance function leaders and investor relations specialists from the largest Russian issuers of shares and bonds.
58% of surveyed representatives of issuers believe that the shares of their own companies are significantly undervalued. 53% of respondents admit that their confidence in their own fundamental indicators, such as revenue, profit, and profitability in the medium term, has decreased over the past year.
The study revealed that the transparency of a company’s communications with the market directly affects its capitalization:
- 75% of institutional investors are convinced that the quality of a public issuer’s communication with retail investors affects or critically affects investment decisions even in the current market.
- 83% of managers incorporate a premium or discount into the company’s valuation depending on the quality of its IR function – half of the managers directly penalize the company’s valuation for weak IR work – and a third, conversely, are willing to pay a premium for strong investor communication.
- 63% of issuers say that dialogue with investors has become more difficult or significantly more difficult, 26% are confident that it has remained unchanged. Companies experience the greatest difficulties in establishing dialogue with retail investors.
Investors expect forecasts and accountability for public commitments from businesses. Among the information requested by analysts, forecasts dominate (50% of all response options) and scenario analysis (15%), but companies are not ready to provide this information. The least demanded information from issuers is ESG data.
At the same time, 100% of surveyed institutional investors are generally unwilling to invest in a company that has previously failed to meet public forecasts or concealed negative information. Among those who allow a second chance, trust in the stumbled issuer is in most cases restored only after a year or more.
The survey was conducted using a questionnaire method. About one hundred representatives from the largest issuing companies and Russian institutional investors took part in it.
Moscow Exchange is the largest Russian exchange and the only multifunctional trading platform in Russia for stocks, bonds, derivatives, currencies, money market instruments, and commodities. The Moscow Exchange Group includes the Central Depository as well as a clearing center that acts as the central counterparty for the markets, allowing the Moscow Exchange to provide clients with a full range of trading and post-trading services.
Please note; This information is raw content obtained directly from the information source. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.