Company Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10E 11E 12E 09 10E 11E 12E 09 10E 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Banking
Sberbank SBER RU Buy 2.86 4.05 41.6% 61 739 n/a n/a n/a n/a 77.7 19.7 11.1 8.7 2.4 2.1 1.8 1.5 2% 4% 17% 2% 117% -29%
VTB Bank VTBR LI Buy 5.56 7.70 38.5% 29 080 n/a n/a n/a n/a < 0 22.4 12.6 9.3 1.7 1.6 1.5 1.3 1% 4% 14% 18% 125% -47%
Bank of Moscow MMBM RX U/R 32.82 0.00 -100.0% 5 197 n/a n/a n/a n/a 198.0 23.9 15.2 12.1 1.8 1.3 1.2 1.1 0% 0% -1% 22% 40% -31%
Rosbank ROSB RX U/R 3.76 0.00 -100.0% 2 804 n/a n/a n/a n/a < 0 19.5 8.9 6.2 2.0 1.8 1.5 1.2 0% -1% -7% 4% 15% -39%
MDM Bank MDMBP RX Hold 0.40 0.42 5.7% 1 641 n/a n/a n/a n/a < 0 6.6 3.5 2.6 0.7 0.6 0.6 0.5 0% 0% -1% -34% -8% -65%
Uralsib Bank USBNG RU Buy 0.0043 0.0082 90.3% 1 142 n/a n/a n/a n/a 18.6 7.6 5.2 3.8 0.6 0.5 0.5 0.4 1% -2% 0% -20% -10% -81%
Bank St. Petersburg BSPB RX Buy 3.22 5.25 63.3% 907 n/a n/a n/a n/a 42.9 35.9 8.9 5.2 1.1 1.0 0.9 0.8 5% 6% 10% 16% 124% -29%
Transcreditbank TCBN RX Buy 0.46 1.17 152.1% 1 061 n/a n/a n/a n/a 7.0 4.0 3.3 2.8 1.6 1.1 0.8 0.6 0% 0% 12% 33% 56% 80%
Bank Vozrozhdenie VZRZ RX Buy 33.86 46.56 37.5% 804 n/a n/a n/a n/a 20.4 26.9 11.9 7.7 1.5 1.4 1.3 1.1 1% 6% 22% -13% 53% -34%
Bank Zenit ZENT RU Buy n/a 0.09 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -76%
Bank St. Peterburg (preff) BSPBP RM Buy 3.94 5.50 39.6% 257 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 2% -2% -4% 30% n/a 13%
Halyk Bank (Kazakhstan) HSBK LI Buy 8.15 15.33 88.1% 2 666 n/a n/a n/a n/a 29.6 6.7 4.8 3.9 1.4 1.2 1.0 0.8 -1% 1% 3% -14% 87% -60%
Kazkommertsbank (Kazakhstan) KKB LI U/R 4.95 12.07 143.8% 1 929 n/a n/a n/a n/a 14.0 4.0 3.1 2.6 0.7 0.6 0.5 0.5 0% 1% -1% -46% 24% -72%
Median n/a n/a n/a n/a 20.4 13.6 7.1 4.6 1.4 1.2 1.0 0.8
Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10E 11E 12E 09 10E 11E 12E 09 10E 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Chemicals
Uralkali URKA LI Buy 21.08 30.60 45.2% 8 956 15.6 11.6 9.7 6.9 25.7 17.4 16.4 9.3 6.1 4.9 4.1 3.2 2% 3% 17% 0% 14% -5%
Silvinit SILV RU Buy 622.00 915.00 47.1% 4 868 9.2 7.4 6.2 5.6 15.1 9.6 7.4 6.3 3.0 2.3 1.9 1.6 7% 7% 12% -22% 56% 64%
Silvinit (Pref.) SILVP RU Buy 401.00 563.00 40.4% 1 046 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0% 6% 4% 6% 118% 56%
Median 12.4 9.5 7.9 6.2 20.4 13.5 11.9 7.8 4.6 3.6 3.0 2.4
Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10E 11E 12E 09 10E 11E 12E 09 10E 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Consumer Goods
X5 Retail Group FIVE LI U/R 37.10 n/a n/a 10 075 15.2 11.3 10.8 92.8 40.1 21.5 19.5 15.6 5.6 4.4 3.6 2.9 1% 0% 9% 16% 138% 31%
Magnit MGNT RU Buy 99.00 109.50 10.6% 8 809 18.2 12.8 9.8 7.5 34.3 25.1 19.3 15.1 10.1 7.3 5.4 4.0 -1% 5% 18% 38% 141% 111%
Wimm-Bill-Dann WBD US U/R 19.54 n/a n/a 3 439 12.2 11.1 10.4 9.5 32.2 27.2 21.0 17.4 5.0 4.2 3.5 2.9 -3% -3% 10% -18% 18% -15%
Pharmstandard PHST LI U/R 24.00 n/a n/a 3 628 14.0 11.6 9.8 8.9 18.8 15.5 12.8 11.6 5.2 4.0 3.1 2.6 -2% -6% 9% 17% 64% 48%
Cherkizovo Group CHE LI U/R 16.80 n/a n/a 1 085 10.2 9.2 8.3 7.9 11.0 11.0 9.1 8.5 2.1 1.7 1.4 1.2 3% 5% 17% 60% 140% 30%
M.Video MVID RU U/R 6.60 n/a n/a 1 186 12.3 9.3 7.9 n/a 47.1 30.0 23.6 n/a 5.9 4.9 4.2 n/a 0% 2% 9% 66% 175% -6%
Dixy Group DIXY RU U/R 9.90 n/a n/a 851 10.2 8.3 6.8 5.2 47.1 22.5 15.5 9.2 3.9 3.3 27.4 2.1 13% 13% 10% 32% 186% -35%
Veropharm VRPH RU Buy 33.50 44.70 33.4% 335 7.3 4.9 3.6 2.8 9.6 6.6 4.9 3.6 2.0 1.5 1.2 0.9 0% 1% 2% 17% 52% -21%
Rosinter ROST RM Sell 15.91 5.70 -64.2% 191 26.9 17.9 14.9 n/a < 0 < 0 31.8 n/a 13.7 11.3 9.6 n/a 1% 2% 7% 98% 135% -51%
Razgulay GRAZ RU Buy 1.50 2.67 78.0% 237 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0% 9% 15% 1% 9% -64%
Median 13.1 11.2 9.8 8.4 34.3 22.5 19.4 13.3 5.4 4.3 3.9 2.7
Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10E 11E 12E 09 10E 11E 12E 09 10E 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Infrastructure
Mostotrest MSTT RU Buy 975.00 1 470.00 50.8% 1 210 6.9 7.7 7.4 6.2 10.8 12.3 11.1 8.4 4.6 4.6 3.2 2.3 0% 0% -1% 41% 179% 140%
Mashinostroitelny Zavod MASZ RU Buy 265.00 400.00 50.9% 369 2.7 2.4 2.4 2.4 4.4 3.9 3.8 3.9 0.6 0.5 0.5 0.4 0% -4% -4% 22% 104% -34%
Priargunsk Plant PGHO RU Buy 215.00 601.00 179.5% 376 11.9 5.9 3.6 2.4 57.3 15.7 6.5 3.8 2.0 1.7 1.3 1.0 0% 0% -5% -7% 59% -69%
Novosibirsk Chemical Concentrates Plant NZHK RU Buy n/a 17.76 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -11%
Mostostroitelny Otryad 19 MSOT RU Buy n/a 3 182.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -37%
Bamtonnelstroy BTST RU Buy 3 850.00 4 886.00 26.9% 380 16.1 5.8 5.4 4.2 25.7 8.9 8.4 6.0 2.5 2.0 1.7 1.4 0% 0% 0% 1% 67% 100%
Sib Cement SCEM RU Buy n/a 30.10 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -78%
Iskitimcement ISKC RU Buy 600.00 1 300.00 116.7% 57 6.4 7.3 5.6 4.5 8.5 8.1 4.8 3.4 0.5 0.5 0.4 0.4 0% 0% 50% 20% 200% -79%
Gornozavodskcement GZCE RU Buy n/a 234.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -54%
Steppe Cement STCM LN Buy 0.74 1.70 129.2% 114 23.9 16.3 8.8 6.3 < 0 < 0 24.7 10.6 1.1 1.1 1.1 1.0 0% 4% -13% -26% 14% -86%
Median 9.4 6.6 5.5 4.4 10.8 8.9 7.4 5.0 1.6 1.4 1.2 1.0
Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10E 11E 12E 09 10E 11E 12E 09 10E 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Media
CTC Media Inc CTCM US Buy 17.82 22.30 25.1% 2 778 14.7 12.4 10.2 8.0 22.8 19.4 15.8 12.2 4.5 3.7 3.0 2.5 0% 1% 23% 21% 49% -26%
Median 14.7 12.4 10.2 8.0 22.8 19.4 15.8 12.2 4.5 3.7 3.0 2.5
Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10E 11E 12E 09 10E 11E 12E 09 10E 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Metals & Mining
Norilsk Nickel GMKN RU Buy 168.00 225.30 34.1% 32 025 8.2 5.1 5.0 5.4 11.1 7.3 7.2 8.1 2.2 1.8 1.6 1.4 0% 2% 12% 20% 79% -24%
UC Rusal 486 HK Buy 1.08 1.54 42.4% 16 431 38.2 9.1 11.8 10.7 43.3 6.4 8.6 7.2 3.8 1.5 1.2 1.0 2% 14% 18% n/a n/a -22%
Novolipetsk Steel NLMK LI Buy 32.13 46.80 45.7% 19 256 15.2 10.9 6.9 6.1 89.3 21.6 11.6 10.0 2.2 2.1 1.9 1.7 3% 4% 24% 5% 31% 8%
Severstal SVST LI Buy 12.41 19.63 58.2% 12 506 21.2 6.4 5.3 4.9 < 0 12.0 8.0 7.0 1.5 1.4 1.3 1.2 1% 6% 27% 31% 96% -25%
Evraz Group EVR LI Buy 27.25 54.10 98.5% 11 932 19.3 6.5 5.4 5.2 < 0 17.8 9.3 7.9 1.2 1.1 1.0 0.9 0% 2% 15% -4% 27% -37%
Magnitogorsk Iron and Steel MMK LI Buy 10.70 15.84 48.0% 9 197 10.2 4.6 4.6 4.1 43.3 8.2 8.6 6.7 0.9 0.8 0.8 0.7 1% 8% 15% -5% 45% -25%
Mechel MTL US Buy 21.96 39.20 78.5% 9 141 22.2 7.4 5.5 5.1 < 0 10.6 6.8 6.1 2.2 1.8 1.4 1.1 1% 6% 21% 17% 104% 61%
Mechel (Pref. ADS) MTL/P US Buy 7.60 16.10 111.8% 1 265 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1% 5% 10% n/a n/a 1%
Raspadskaya RASP RU Buy 3.90 9.27 137.7% 3 045 13.4 12.2 3.9 3.3 26.0 24.3 5.0 4.1 2.4 1.8 1.4 1.1 0% 0% -5% -17% 47% 30%
Kuzbassrazrezugol KZRU RU Buy 0.36 0.90 150.0% 2 208 3.9 3.3 2.8 2.6 8.9 6.6 5.3 4.8 4.8 2.5 1.7 1.2 0% 1% -9% -5% 100% -8%
TMK (GDR) TMKS LI Buy 16.80 26.20 56.0% 3 938 25.9 7.8 6.9 6.0 < 0 13.1 8.9 6.4 9.7 5.2 3.1 2.0 1% 1% 12% -6% 66% -57%
Vyksa Pipe VSMZ RX Buy 1 405.54 2 575.00 83.2% 2 414 7.3 5.3 5.3 4.4 9.5 6.3 6.5 4.7 1.7 1.3 1.1 0.9 2% -1% 0% 27% 165% 66%
Chelyabinsk Pipe CHEP RX Buy 1.87 2.20 17.7% 883 11.1 10.7 9.6 11.3 18.7 17.1 11.2 14.6 1.7 1.5 1.3 1.2 0% -5% 5% -9% 61% 213%
Median 14.3 7.0 5.4 5.2 22.4 11.3 8.3 6.9 2.2 1.7 1.4 1.1
Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10E 11E 12E 09 10E 11E 12E 09 10E 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Oil & Gas
Gazprom GAZP RU Buy 5.47 7.30 33.6% 129 376 3.6 3.2 3.1 2.4 4.7 4.2 4.1 3.1 0.7 0.6 0.5 0.4 0% 5% 15% -10% 8% -48%
Rosneft ROSN RU Buy 6.86 9.59 39.9% 72 651 6.6 4.4 4.4 4.3 10.1 7.5 8.1 8.8 1.6 1.3 1.2 1.0 -1% 9% 3% -19% 14% -16%
LukOil LKOH RU Buy 58.60 95.60 63.1% 49 843 4.2 3.8 3.4 3.2 7.1 6.5 5.9 5.5 0.9 0.8 0.7 0.6 10% 10% 11% 4% 20% -26%
Surgutneftegas SNGS RU Hold 0.90 0.90 0.0% 32 153 2.1 1.9 1.6 2.2 9.7 11.1 9.8 10.0 0.9 0.8 0.7 0.6 0% 0% 0% 1% 20% -21%
TNK-BP TNBP RU Buy 1.98 2.50 26.3% 29 694 4.0 3.6 3.1 2.9 7.9 7.6 6.2 6.0 1.4 1.2 1.1 1.0 0% -1% -5% 15% 69% -1%
Gazprom Neft SIBN RM Hold 4.14 4.55 10.0% 19 609 4.5 3.3 3.1 2.7 6.5 6.8 6.7 6.8 1.2 1.0 0.8 0.7 3% 3% 6% -24% 15% 18%
Novatek NVTK LI Buy 75.20 87.20 16.0% 22 833 18.3 15.8 12.1 8.9 26.4 23.9 17.9 12.8 5.2 5.6 4.5 3.5 1% -6% 4% 14% 72% 40%
Tatneft TATN RU Buy 4.80 4.85 1.0% 10 458 5.2 5.3 5.0 4.3 6.9 7.6 7.2 6.0 1.1 1.0 0.9 0.8 0% 0% 4% 2% 24% -3%
Surgutneftegas (Pref.) SNGSP RU Buy 0.43 0.57 32.6% 3 312 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0% 0% 1% -11% 41% -40%
Bashneft BANE RU Buy 35.75 41.50 16.1% 6 084 9.4 4.1 3.6 4.5 14.3 7.8 7.4 7.3 2.0 1.7 1.4 1.2 2% 2% 1% 38% 228% 144%
Eurasia Drilling EDCL LI Buy 20.20 21.00 4.0% 2 967 8.1 6.3 5.2 4.8 17.9 12.6 10.0 9.2 3.1 2.6 2.1 1.8 0% -1% 5% 26% 78% -15%
Transneft AK (Pref.) TRNFP RU Sell 1 079.00 360.00 -66.6% 1 678 0.3 0.2 0.2 0.2 2.4 1.8 1.4 1.3 0.1 0.1 0.1 0.0 12% 15% 20% 28% 104% -40%
Nizhnekamskneftekhim NKNC RU Buy 0.49 0.59 21.0% 786 12.4 6.0 8.8 7.1 86.5 10.0 31.3 16.0 0.8 0.8 0.8 0.7 0% 0% 0% 13% 120% -31%
Bashneft (Pref.) BANEP RU Hold 26.50 25.10 -5.3% 918 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 4% 8% 12% 102% 563% 152%
Ufaneftekhim UFNC RU U/R 4.85 2.77 -42.9% 1 335 7.8 4.4 5.4 4.9 20.1 8.4 10.8 9.9 1.7 1.2 1.2 1.2 0% 8% 14% 66% 94% 59%
Novoil NUNZ RU U/R 0.85 1.23 44.7% 675 10.6 2.3 2.7 2.5 25.8 3.5 4.5 4.0 1.6 0.9 0.8 0.8 0% 6% 0% -6% 42% -43%
Ufa Refinery UNPZ RU U/R 1.35 1.21 -10.4% 736 7.1 3.2 4.0 3.6 13.8 5.2 6.8 6.4 1.3 0.9 0.9 0.8 0% 29% 29% 35% 96% -13%
Integra INTE LI U/R 2.25 5.50 144.4% 408 4.5 3.6 2.8 2.3 < 0 39.8 6.4 3.6 0.8 0.8 0.7 0.6 5% -4% 0% -25% 5% -87%
Tatneft (Pref.) TATNP RU U/R 2.40 n/a n/a 354 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0% 4% 9% 7% 97% -15%
CAToil (in Euro) O2C GR Buy 7.01 9.50 35.6% 342 6.0 5.0 4.4 4.1 24.7 13.0 10.1 9.1 1.5 1.4 1.2 1.1 0% -1% 2% 0% 73% -64%
KazanOrgSintez KZOS RU Sell 0.19 0.11 -40.5% 330 33.7 19.4 17.6 16.1 < 0 < 0 55.8 27.9 1.3 1.1 1.1 1.1 0% 0% 3% 4% 147% -64%
VNIPIgasdobycha VNIP RU Buy 875.00 1 400.00 60.0% 100 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0% 0% -15% -30% -27% 182%
Ufaneftekhim (Pref.) UFNCP RU U/R 1.42 2.32 63.4% 91 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0% 0% -2% 29% 129% -24%
Ufa Refinery (Pref.) UNPZP RU U/R 0.55 0.86 56.4% 41 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 10% 28% 28% 16% 77% -45%
Nizhnekamskneftekhim (pref.) NKNCP RU Buy 0.19 0.32 69.1% 41 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0% 0% 0% 26% 89% -46%
Urals Energy UEN LN Buy 0.14 0.20 40.4% 27 28.4 34.0 28.4 28.4 0.0 0.0 0.0 0.0 0.2 0.2 0.2 0.2 -3% 4% 39% 97% 58% -96%
Novoil (Pref.) NUNZP RU U/R 0.35 0.88 151.4% 28 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0% 0% 0% 8% 40% -55%
KazMunaiGas (Kazakhstan) KMG LI Buy 20.43 23.50 15.0% 8 608 6.9 5.1 5.0 6.4 6 451.6 5 837.2 5 728.1 5 376.3 1.3 0.8 0.7 0.6 0% 4% 10% -18% -5% -11%
Median 7.0 4.4 4.4 4.3 14.0 7.8 7.7 8.1 1.3 1.0 0.9 0.8
Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10E 11E 12E 09 10E 11E 12E 09 10E 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Telecommunications
Vimpel-Communications VIP US Buy 16.26 33.92 108.6% 21 179 6.0 5.7 5.3 4.9 14.4 12.6 11.5 10.0 4.5 3.3 2.9 2.5 0% 1% 0% n/a n/a -12%
Mobile Telesystems MBT US Buy 21.97 44.80 103.9% 21 897 6.1 6.5 5.6 4.6 22.0 13.1 10.4 7.8 4.9 4.6 3.8 3.1 -1% 1% 15% 12% 34% -12%
Sistema SSA LI Buy 24.40 35.68 46.2% 11 773 3.0 3.4 3.1 2.8 0.4 31.3 20.3 16.3 1.7 1.1 1.0 0.8 0% 0% 3% 16% 68% -21%
Rostelecom RTKM RX Sell 3.74 2.44 -34.8% 2 727 5.0 4.6 4.2 3.9 15.7 12.4 11.0 9.8 1.2 1.2 1.0 0.9 0% 6% 1% -24% -29% -53%
Comstar UTS CMST LI Buy 6.44 9.68 50.3% 2 692 5.7 5.5 5.2 4.9 < 0 11.1 9.8 9.5 1.8 2.0 1.9 1.7 0% 2% 6% 17% 29% -40%
CenterTelecom CTLK RX Buy 0.73 1.10 50.1% 1 157 3.8 3.6 3.4 3.2 6.7 6.1 5.5 4.8 1.4 1.2 1.0 0.9 1% -2% 0% 21% 108% -5%
Uralsvyazinform URSI RX Buy 0.0332 0.0753 127.1% 1 071 3.8 3.6 3.3 3.2 14.3 11.1 8.3 7.1 1.6 1.4 1.2 1.1 -1% -3% -1% 28% 111% -34%
VolgaTelecom VTEL RX Buy 3.16 8.52 169.4% 778 2.4 2.3 2.2 2.1 6.3 5.5 5.1 4.4 0.8 0.7 0.7 0.6 0% -3% -1% 8% 153% -27%
Sibirtelecom STKM RX Buy 0.061 0.156 157.2% 729 3.1 2.7 2.6 2.4 15.3 6.1 5.1 4.2 1.2 1.1 1.0 0.8 0% -3% 0% 25% 200% -33%
North-West Telecom SPTL RX Buy 0.69 1.81 161.4% 610 3.2 3.0 2.9 2.8 6.6 4.7 4.2 4.2 0.6 0.5 0.5 0.4 0% -4% 1% -1% 150% -50%
SouthTelecom UTEL RX Buy 0.146 0.224 53.6% 432 4.2 3.9 3.7 3.5 14.7 13.3 12.9 7.6 1.6 1.4 1.2 1.0 0% -3% -1% 12% 252% -5%
Far East Telecom DLSV RX Buy 3.02 6.52 116.1% 288 2.2 2.0 1.9 1.8 3.7 3.4 3.3 3.3 0.8 0.6 0.5 0.5 0% -2% -1% -2% 55% -28%
Bashinformsvyaz BISV RX Buy 0.13 0.29 129.4% 120 2.0 2.0 1.9 1.8 5.4 5.0 5.4 4.9 0.6 0.5 0.5 0.4 0% -9% -5% n/a n/a -9%
Teleset Networks TNW LN U/R n/a 0.69 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 106%
KazakhTelecom (Kazakhstan) KZTK KZ Buy 100.22 122.60 22.3% 1 115 3.1 3.6 3.5 3.4 6.6 6.1 5.7 5.7 0.8 0.7 0.6 0.6 0% 0% 5% -14% 12% -69%
Median 3.5 3.6 3.4 3.2 6.7 8.6 7.0 6.4 1.3 1.1 1.0 0.8
Ticker Rating Last
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USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10E 11E 12E 09 10E 11E 12E 09 10E 11E 12E 1-day
chg		 5-day
chg		 1-mth
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Transportation
NCSP NCSP LI Buy 12.00 15.61 30.1% 3 082 7.8 7.8 7.1 6.4 12.3 11.4 10.0 8.9 4.5 3.2 2.5 1.9 6% 14% 9% 4% 0% -38%
Aeroflot AFLT RX Buy 2.01 2.80 39.6% 2 227 6.2 5.7 5.0 4.4 21.3 13.8 10.2 8.2 2.0 1.8 1.6 1.4 1% -1% 6% 15% 93% -13%
Globaltrans GLTR LI Buy 15.05 15.36 2.1% 2 380 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 4% 5% 5% 52% 220% 15%
Median 6.2 7.8 7.1 6.4 16.8 12.6 10.1 8.9 2.0 1.8 1.6 1.4
Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10E 11E 12E 09 10E 11E 12E 09 10E 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Utilities
RusHydro HYDR RX Buy 0.052 0.072 37.2% 14 152 7.7 6.7 5.3 4.9 12.5 12.6 9.5 8.6 1.1 1.0 0.9 0.8 2% -1% 4% 39% 44% -25%
FGC UES FEES RX Buy 0.0112 0.0132 17.5% 13 862 11.5 6.0 4.9 4.1 22.9 13.9 11.8 11.3 0.6 0.6 0.6 0.6 1% 1% -1% 6% 47% -5%
OGK-4 OGK4 RX Buy 0.080 0.111 38.7% 5 047 12.3 9.7 5.7 3.6 18.8 17.8 12.6 9.7 1.8 1.7 1.5 1.2 2% -2% 0% 49% 117% -19%
OGK-3 OGKC RX Buy 0.057 0.077 34.3% 2 722 7.6 17.7 7.2 4.2 19.2 < 0 35.3 19.6 0.8 0.9 0.8 0.8 2% -1% 4% 18% 9% -61%
OGK-5 OGKE RX Buy 0.085 0.120 42.0% 2 990 13.8 11.6 5.8 4.8 28.2 24.5 8.6 6.7 1.5 1.4 1.2 1.0 1% 5% 17% 19% 93% -35%
MOESK MSRS RX Buy 0.046 0.099 115.2% 2 236 3.7 2.2 2.2 2.2 6.3 2.3 2.4 2.4 0.8 0.6 0.5 0.4 2% 3% 2% 30% 40% -43%
OGK-1 OGK1 RX Hold 0.036 0.043 18.6% 1 619 10.6 7.5 4.8 4.5 15.6 13.7 8.4 9.7 1.4 1.2 1.1 1.0 0% 0% -2% 49% 67% -62%
OGK-2 OGK2 RX Buy 0.052 0.088 68.9% 1 706 16.6 9.8 7.2 6.4 47.6 22.1 20.2 24.2 1.4 1.3 1.2 1.2 1% 1% 6% 71% 114% -62%
IDGC of Centre MRKC RX Buy 0.035 0.067 91.9% 1 469 5.9 6.3 4.0 2.8 21.0 26.9 7.6 3.9 1.6 1.5 1.3 1.1 1% 2% 5% 31% 102% 2%
OGK-6 OGK6 RX Buy 0.037 0.047 28.5% 1 181 6.9 13.3 4.5 2.6 14.6 n/a 10.1 4.5 0.6 0.6 0.6 0.5 1% 1% 2% 48% 87% -72%
IDGC of Siberia MRKS RX Hold 0.009 0.012 34.0% 807 8.6 21.7 6.2 3.2 < 0 < 0 < 0 24.8 0.9 1.0 1.1 1.0 -1% -2% -11% 11% 104% -32%
Lenenergo LSNG RX Buy 0.74 1.45 96.4% 685 4.2 2.8 2.7 2.2 8.7 5.0 5.3 4.1 0.5 0.4 0.4 0.3 0% -1% -2% -11% 27% -44%
IDGC Center&Volga MRKP RX Buy 0.007 0.013 97.9% 757 5.6 5.0 2.9 2.1 29.0 20.3 5.6 3.1 0.8 0.8 0.7 0.6 2% 0% 1% 12% 57% -37%
IDGC of Urals MRKU RX Buy 0.008 0.014 69.5% 722 4.3 11.8 5.2 3.3 11.3 < 0 31.1 8.0 0.6 0.6 0.6 0.5 3% 4% 6% -3% 36% -30%
IDGC of North-West MRKZ RX Buy 0.0069 0.0091 32.6% 657 7.7 11.1 8.9 4.8 n/a < 0 34.5 5.6 0.9 1.0 1.0 1.0 1% 0% -6% -11% 130% -10%
IDGC of Volga MRKV RX Buy 0.003 0.007 111.2% 600 4.9 4.0 3.0 2.5 14.5 10.1 5.6 4.2 0.9 0.8 0.7 0.6 4% 3% -5% -22% 33% -8%
Lenenergo (Pref.) LSNGP RX Buy 0.85 1.31 54.3% 79 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -1% 0% -1% 12% 48% -13%
Median 7.6 8.6 5.1 3.5 17.2 13.9 9.5 7.4 0.9 0.9 0.9 0.8
Overall median 7.7 6.1 5.2 4.4 15.6 11.4 8.9 7.2 1.5 1.3 1.1 1.0