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 2.60 4.05 55.8% 56 126 n/a n/a n/a n/a 72.3 18.4 10.3 8.1 2.2 2.0 1.7 1.4 -3% 3% -7% -7% 39% -29%
VTB Bank VTBR LI Buy 5.47 7.70 40.8% 28 610 n/a n/a n/a n/a < 0 22.5 12.7 9.3 1.8 1.6 1.5 1.3 -2% 6% -3% 16% 81% -39%
Bank of Moscow MMBM RX U/R 31.57 n/a n/a 5 683 n/a n/a n/a n/a 195.0 23.6 15.0 11.9 2.0 1.5 1.4 1.2 1% 0% -1% 20% 38% -19%
Rosbank ROSB RX U/R 3.72 n/a n/a 2 779 n/a n/a n/a n/a < 0 19.8 9.1 6.3 2.1 1.9 1.5 1.2 0% 0% -2% 6% 19% -34%
MDM Bank MDMBP RX Hold 0.42 0.42 -0.1% 1 735 n/a n/a n/a n/a < 0 7.1 3.8 2.8 0.8 0.7 0.6 0.5 1% -4% 9% -29% 2% -63%
Uralsib Bank USBNG RU Buy 0.0045 0.0082 81.0% 1 325 n/a n/a n/a n/a 20.0 8.2 5.6 4.1 0.7 0.6 0.6 0.5 4% -4% 12% -14% -3% -76%
Bank St. Petersburg BSPB RX Buy 3.32 5.25 58.1% 937 n/a n/a n/a n/a 45.4 38.0 9.4 5.5 1.1 1.1 1.0 0.8 -1% 1% -1% 22% 37% -25%
Transcreditbank TCBN RX Buy 0.36 1.17 224.9% 823 n/a n/a n/a n/a 5.5 3.2 2.6 2.2 1.2 0.9 0.7 0.5 -2% -23% -22% 6% 24% 43%
Bank Vozrozhdenie VZRZ RX Buy 35.18 46.56 32.3% 836 n/a n/a n/a n/a 21.7 28.6 12.6 8.2 1.6 1.5 1.3 1.1 1% 5% 7% -8% 11% -20%
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 4.01 5.50 37.2% 261 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% 5% 35% n/a 18%
Halyk Bank (Kazakhstan) HSBK LI Buy 8.30 15.33 84.7% 2 715 n/a n/a n/a n/a 30.0 6.8 4.9 4.0 1.4 1.2 1.0 0.8 0% -6% -10% -13% 33% -57%
Kazkommertsbank (Kazakhstan) KKB LI Buy 5.35 7.27 35.9% 2 085 n/a n/a n/a n/a 16.4 21.4 7.5 4.8 0.8 0.8 0.7 0.6 0% 3% -12% -41% 4% -64%
Median n/a n/a n/a n/a 25.9 19.8 9.1 5.5 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 23.14 30.60 32.2% 9 832 17.5 13.1 10.8 7.8 28.8 19.6 18.4 10.5 6.9 5.5 4.7 3.6 -1% 0% 0% 10% 27% 4%
Silvinit SILV RU Buy 640.00 915.00 43.0% 5 008 9.6 7.7 6.5 5.8 15.9 10.1 7.7 6.7 3.2 2.4 2.0 1.7 0% 0% -2% -20% 52% 68%
Silvinit (Pref.) SILVP RU Buy 368.00 563.00 53.0% 960 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% -1% -5% -3% 27% 46%
Median 13.6 10.4 8.7 6.8 22.4 14.8 13.1 8.6 5.1 4.0 3.4 2.6
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 35.41 n/a n/a 9 616 14.6 10.9 10.4 89.2 38.3 20.5 18.6 14.9 5.3 4.2 3.4 2.8 -1% -3% -6% 11% 67% 10%
Magnit MGNT RU Buy 100.50 109.50 9.0% 8 942 18.4 12.9 9.9 7.6 34.8 25.4 19.6 15.3 10.2 7.4 5.5 4.1 0% -2% -4% 40% 104% 138%
Wimm-Bill-Dann WBD US U/R 19.53 n/a n/a 3 437 12.2 11.1 10.4 9.5 32.1 27.2 20.9 17.4 5.0 4.2 3.5 2.9 1% 6% 1% -18% 27% -28%
Pharmstandard PHST LI U/R 22.70 n/a n/a 3 432 13.3 11.0 9.3 8.4 17.8 14.6 12.1 10.9 4.9 3.8 2.9 2.4 -1% -5% -1% 11% 34% 34%
Cherkizovo Group CHE LI U/R 16.00 n/a n/a 1 034 9.9 8.9 8.0 7.6 10.4 10.5 8.7 8.1 2.0 1.6 1.4 1.2 -1% 0% 1% 52% 146% 31%
M.Video MVID RU U/R 6.45 n/a n/a 1 160 12.0 9.1 7.7 n/a 46.1 29.3 23.0 n/a 5.8 4.8 4.1 n/a 4% 4% 0% 62% 114% -8%
Dixy Group DIXY RU U/R 10.45 n/a n/a 899 10.7 8.7 7.0 5.4 49.8 23.8 16.3 9.7 4.1 3.5 28.9 2.2 0% 0% 0% 39% 101% -29%
Veropharm VRPH RU Buy 38.85 44.70 15.1% 389 8.4 5.6 4.2 3.2 11.1 7.6 5.6 4.2 2.3 1.8 1.3 1.0 0% 0% 16% 35% 52% -13%
Rosinter ROST RM Sell 14.35 5.70 -60.3% 234 31.1 20.8 17.3 n/a < 0 < 0 28.7 n/a 16.7 13.8 11.7 n/a -1% 1% -7% 83% 113% -54%
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% 0% -9% 1% -19% -63%
Median 12.7 10.9 9.6 8.0 34.8 23.8 19.1 12.9 5.2 4.2 3.8 2.6
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 n/a 1 470.00 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 97%
Mashinostroitelny Zavod MASZ RU Buy n/a 400.00 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 -32%
Priargunsk Plant PGHO RU Buy 215.00 601.00 179.5% 392 12.4 6.2 3.8 2.5 57.3 15.7 6.5 3.8 2.1 1.7 1.4 1.0 0% 0% 0% -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 -13%
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 -50%
Bamtonnelstroy BTST RU U/R 2 890.00 0.00 -100.0% 285 12.8 4.6 4.3 3.3 19.8 6.9 6.4 4.6 1.9 1.6 1.3 1.0 0% 0% -28% -24% -20% 41%
Sib Cement SCEM RU Buy 17.00 30.10 77.1% 516 8.9 7.4 5.3 3.8 37.0 37.0 8.6 4.1 1.1 1.0 0.9 0.7 0% 0% 3% -13% 13% -79%
Iskitimcement ISKC RU Buy n/a 1 300.00 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 -81%
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 -68%
Steppe Cement STCM LN Buy 0.74 1.70 128.2% 115 24.0 16.4 8.9 6.4 < 0 < 0 24.8 10.6 1.1 1.1 1.1 1.0 -2% 2% 2% -25% 13% -85%
Median 12.6 6.8 4.8 3.6 37.0 15.7 7.5 4.3 1.5 1.3 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
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chg		 YTD
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chg

Media
CTC Media Inc CTCM US Buy 19.50 22.30 14.4% 3 039 16.1 13.6 11.2 8.7 25.0 21.2 17.3 13.4 5.0 4.1 3.3 2.7 -2% 9% 5% 32% 25% -19%
Median 16.1 13.6 11.2 8.7 25.0 21.2 17.3 13.4 5.0 4.1 3.3 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

Metals & Mining
Norilsk Nickel GMKN RU Buy 167.50 225.30 34.5% 31 930 8.1 5.1 5.0 5.4 11.0 7.3 7.2 8.1 2.2 1.8 1.6 1.4 -2% 0% -2% 20% 54% -23%
UC Rusal 486 HK Buy 1.04 1.54 48.2% 15 785 37.3 8.9 11.6 10.5 41.6 6.2 8.2 6.9 3.6 1.4 1.2 1.0 -1% -2% -6% n/a n/a -25%
Novolipetsk Steel NLMK LI Buy 31.36 46.80 49.2% 18 795 14.9 10.7 6.7 6.0 87.1 21.0 11.3 9.8 2.2 2.1 1.9 1.7 -1% 8% -5% 2% 43% 0%
Severstal SVST LI Buy 13.16 19.63 49.2% 13 261 22.1 6.7 5.5 5.1 < 0 12.8 8.5 7.4 1.6 1.5 1.4 1.3 2% 9% 5% 39% 93% -22%
Evraz Group EVR LI U/R 26.40 54.10 104.9% 11 560 18.9 6.4 5.3 5.1 < 0 17.2 9.0 7.7 1.1 1.1 1.0 0.9 -1% 1% -4% -7% 6% -44%
Magnitogorsk Iron and Steel MMK LI Buy 11.35 15.84 39.6% 9 756 10.7 4.8 4.9 4.3 46.0 8.7 9.1 7.2 0.9 0.9 0.8 0.7 -2% 2% -2% 0% 32% -18%
Mechel MTL US Buy 24.01 39.20 63.3% 9 995 23.5 7.9 5.9 5.4 < 0 11.5 7.4 6.7 2.4 2.0 1.5 1.2 -2% 9% 3% 28% 78% 64%
Mechel (Pref. ADS) MTL/P US Buy 7.75 16.10 107.7% 2 151 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% 6% -1% n/a n/a 3%
Raspadskaya RASP RU Buy 5.04 6.07 20.4% 3 935 17.9 9.3 7.2 4.7 33.6 14.5 10.2 6.3 3.1 3.0 2.4 1.9 0% 8% 11% 7% 75% 66%
Kuzbassrazrezugol KZRU RU Buy 0.35 0.90 155.3% 2 162 3.9 3.3 2.8 2.6 8.9 6.6 5.3 4.8 4.8 2.5 1.7 1.3 0% -1% -6% -7% 62% 8%
TMK (GDR) TMKS LI Buy 15.80 26.20 65.8% 3 703 25.1 7.5 6.7 5.8 < 0 12.3 8.4 6.0 9.1 4.9 2.9 1.9 -4% 1% -12% -12% 40% -60%
Vyksa Pipe VSMZ RX Buy 1 417.04 2 575.00 81.7% 2 434 7.5 5.4 5.4 4.4 9.8 6.5 6.7 4.9 1.7 1.3 1.1 0.9 0% 2% 3% 31% 99% 72%
Chelyabinsk Pipe CHEP RX Buy 1.61 2.20 36.3% 762 10.6 10.2 9.1 10.7 16.6 15.1 9.9 12.9 1.5 1.3 1.2 1.1 -3% 1% -10% -20% 26% 177%
Median 16.4 7.1 5.7 5.3 25.1 11.9 8.4 7.0 2.2 1.6 1.4 1.2
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
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chg		 3-yr
chg

Oil & Gas
Gazprom GAZP RU Buy 5.30 7.30 37.7% 125 470 3.6 3.2 3.1 2.4 4.6 4.2 4.0 3.1 0.7 0.6 0.5 0.4 0% -2% -5% -13% 0% -48%
Rosneft ROSN RU Buy 6.65 9.59 44.2% 70 478 6.4 4.3 4.3 4.2 9.8 7.3 7.8 8.5 1.5 1.3 1.1 1.0 0% 5% -5% -21% 1% -20%
LukOil LKOH RU Buy 54.50 95.60 75.4% 46 356 4.0 3.6 3.2 3.0 6.6 6.1 5.5 5.1 0.8 0.8 0.7 0.6 0% 3% -4% -3% 8% -27%
Surgutneftegas SNGS RU Hold 0.99 0.90 -9.1% 35 369 2.5 2.3 2.0 2.6 10.6 12.2 10.8 11.0 1.0 0.9 0.7 0.7 0% 8% 10% 12% 28% -19%
TNK-BP TNBP RU Buy 1.99 2.50 25.6% 29 844 4.0 3.7 3.1 2.9 8.0 7.7 6.2 6.0 1.4 1.3 1.1 1.0 0% -2% -4% 15% 42% 2%
Gazprom Neft SIBN RM Buy 3.83 4.55 18.9% 18 146 4.2 3.1 2.9 2.5 6.0 6.3 6.2 6.3 1.1 0.9 0.8 0.6 -1% 2% -6% -28% -2% 25%
Novatek NVTK LI Buy 74.00 87.20 17.8% 22 469 18.4 15.9 12.2 9.0 26.6 24.0 18.0 12.9 5.2 5.7 4.5 3.6 0% 1% -3% 12% 81% 50%
Tatneft TATN RU Hold 4.45 4.85 9.0% 9 695 5.0 5.1 4.8 4.1 6.5 7.2 6.9 5.7 1.1 1.0 0.9 0.8 0% 0% -7% -5% 9% -10%
Surgutneftegas (Pref.) SNGSP RU Buy 0.44 0.57 29.5% 3 389 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% 5% 2% -8% 24% -30%
Bashneft BANE RU Buy 40.00 41.50 3.8% 6 807 10.3 4.5 4.0 4.9 16.0 8.7 8.3 8.2 2.2 1.9 1.5 1.3 0% 7% 8% 54% 267% 196%
Eurasia Drilling EDCL LI Hold 20.00 21.00 5.0% 2 937 8.0 6.2 5.2 4.7 17.7 12.5 10.0 9.1 3.1 2.6 2.1 1.8 0% 1% -6% 25% 70% -20%
Transneft AK (Pref.) TRNFP RU Sell 1 077.00 360.00 -66.6% 1 675 0.3 0.2 0.2 0.2 2.4 1.8 1.4 1.3 0.1 0.1 0.1 0.0 0% 2% -2% 28% 58% -31%
Nizhnekamskneftekhim NKNC RU Buy 0.55 0.59 7.3% 886 13.5 6.5 9.5 7.7 99.9 11.6 36.1 18.5 1.0 0.9 0.9 0.9 12% 12% 13% 28% 83% -13%
Bashneft (Pref.) BANEP RU Hold 30.00 25.10 -16.3% 1 039 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% 1% 11% 129% 400% 209%
Ufaneftekhim UFNC RU U/R 4.65 2.77 -40.4% 1 280 7.5 4.3 5.2 4.7 19.3 8.0 10.3 9.5 1.6 1.2 1.1 1.1 0% 0% -4% 59% 72% 51%
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% 0% 0% -6% 36% -32%
Ufa Refinery UNPZ RU U/R 1.44 1.21 -16.0% 785 7.6 3.4 4.2 3.8 14.7 5.5 7.2 6.9 1.4 1.0 0.9 0.9 0% -1% -1% 44% 112% -26%
Integra INTE LI U/R 2.35 5.50 134.0% 426 4.6 3.7 2.9 2.3 < 0 41.6 6.7 3.7 0.8 0.8 0.7 0.6 0% 9% 5% -22% -9% -85%
Tatneft (Pref.) TATNP RU U/R 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 n/a n/a -13%
CAToil (in Euro) O2C GR Buy 6.80 9.50 39.7% 332 5.8 4.8 4.2 4.0 23.9 12.6 9.8 8.8 1.5 1.3 1.2 1.1 -2% 0% -7% -3% 56% -65%
KazanOrgSintez KZOS RU Sell 0.19 0.11 -40.9% 332 34.0 19.5 17.7 16.3 < 0 < 0 57.4 28.7 1.4 1.1 1.1 1.1 0% 0% 1% 5% 130% -60%
VNIPIgasdobycha VNIP RU Buy n/a 1 400.00 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 165%
Ufaneftekhim (Pref.) UFNCP RU U/R 1.60 2.32 45.0% 103 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% 3% 13% 45% 86% 3%
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 5% 6% 7% 16% 100% -45%
Nizhnekamskneftekhim (pref.) NKNCP RU Buy 0.25 0.32 28.0% 55 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 25% 25% 25% 67% 117% -22%
Urals Energy UEN LN Buy 0.14 0.20 48.1% 25 26.5 31.7 26.5 26.5 0.0 0.0 0.0 0.0 0.2 0.2 0.2 0.2 -2% 4% -13% 86% 50% -95%
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% 30% -50%
KazMunaiGas (Kazakhstan) KMG LI Buy 17.80 23.50 32.0% 7 500 6.0 4.5 4.4 5.6 5 621.1 5 085.7 4 990.7 4 684.2 1.1 0.7 0.6 0.6 -1% 1% -10% -29% -16% -13%
Median 6.4 4.3 4.2 4.1 14.7 7.8 7.8 8.2 1.4 1.0 0.9 0.9
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 14.90 33.92 127.7% 19 407 5.7 5.4 5.1 4.7 13.5 11.8 10.8 9.4 4.2 3.1 2.7 2.3 0% 0% -15% n/a n/a -19%
Mobile Telesystems MBT US Buy 20.92 44.80 114.1% 20 850 5.9 6.3 5.3 4.4 20.9 12.5 9.9 7.4 4.6 4.4 3.6 2.9 -3% 1% -7% 7% 9% -15%
Sistema SSA LI Buy 26.20 35.68 36.2% 12 642 3.1 3.6 3.2 2.9 0.4 33.6 21.8 17.5 1.9 1.2 1.0 0.9 -2% 2% -4% 25% 72% -5%
Rostelecom RTKM RX Sell 3.99 2.44 -38.9% 2 909 5.5 5.0 4.6 4.3 17.1 13.5 12.0 10.7 1.3 1.3 1.1 1.0 0% 0% 11% -17% -24% -51%
Comstar UTS CMST LI Buy 6.50 9.68 48.9% 2 717 5.8 5.6 5.2 5.0 < 0 11.2 9.8 9.6 1.8 2.1 1.9 1.7 -2% 0% 0% 18% 31% -36%
CenterTelecom CTLK RX Buy 0.77 1.10 42.4% 1 219 4.0 3.8 3.6 3.3 7.2 6.5 5.9 5.2 1.5 1.3 1.1 0.9 -1% -1% 8% 30% 62% 0%
Uralsvyazinform URSI RX Buy 0.0353 0.0753 113.5% 1 139 4.0 3.7 3.5 3.3 15.6 12.1 9.1 7.8 1.8 1.6 1.4 1.2 0% 1% 10% 39% 62% -25%
VolgaTelecom VTEL RX Buy 3.35 8.52 154.1% 825 2.6 2.5 2.4 2.3 6.8 5.9 5.5 4.8 0.9 0.8 0.7 0.7 -1% 0% 8% 17% 77% -13%
Sibirtelecom STKM RX Buy 0.064 0.156 145.5% 763 3.2 2.8 2.6 2.5 16.4 6.5 5.5 4.5 1.3 1.1 1.0 0.9 -1% -2% 7% 34% 100% -18%
North-West Telecom SPTL RX Buy 0.74 1.81 145.7% 649 3.3 3.1 3.0 3.0 7.2 5.2 4.5 4.6 0.6 0.6 0.5 0.5 0% 0% 8% 8% 95% -39%
SouthTelecom UTEL RX Buy 0.156 0.224 43.8% 461 4.3 4.1 3.8 3.6 16.0 14.6 14.1 8.3 1.7 1.5 1.3 1.1 0% 0% 9% 23% 150% 7%
Far East Telecom DLSV RX Buy 3.21 6.52 103.3% 307 2.3 2.1 2.0 1.9 4.0 3.8 3.6 3.6 0.9 0.7 0.6 0.5 -1% 0% 9% 7% 21% -16%
Bashinformsvyaz BISV RX Buy 0.14 0.29 114.2% 128 2.2 2.1 2.0 1.9 5.9 5.4 5.9 5.4 0.6 0.6 0.5 0.5 -1% 0% 4% n/a n/a -3%
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 112%
KazakhTelecom (Kazakhstan) KZTK KZ Buy 97.17 122.60 26.2% 1 080 3.0 3.5 3.4 3.3 6.4 5.9 5.5 5.5 0.8 0.7 0.6 0.6 0% 0% -2% -17% -8% -68%
Median 3.7 3.7 3.4 3.3 7.2 8.9 7.5 6.5 1.4 1.2 1.1 0.9
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
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Transportation
NCSP NCSP LI Buy 11.40 15.61 36.9% 2 927 7.4 7.4 6.8 6.1 11.7 10.9 9.5 8.4 4.2 3.1 2.3 1.8 1% 2% -3% -1% 6% -41%
Aeroflot AFLT RX Buy 2.03 2.80 38.2% 2 250 6.2 5.7 5.1 4.4 21.6 14.0 10.3 8.3 2.0 1.9 1.6 1.4 -1% 3% 0% 18% 71% -11%
Globaltrans GLTR LI Buy 13.72 15.36 12.0% 2 170 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% -5% 39% 129% 5%
Median 6.2 7.4 6.8 6.1 16.6 12.4 9.9 8.4 2.0 1.9 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
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Utilities
RusHydro HYDR RX Buy 0.052 0.072 37.3% 14 139 7.9 6.8 5.5 5.0 12.7 12.8 9.7 8.8 1.1 1.0 0.9 0.8 -1% 2% 0% 43% 54% -23%
FGC UES FEES RX Buy 0.0117 0.0132 12.6% 14 460 -6.4 6.3 5.1 4.1 < 0 19.3 15.5 14.8 0.6 0.5 0.5 0.5 -1% 3% 2% 13% 32% 2%
OGK-4 OGK4 RX Buy 0.079 0.111 40.8% 4 969 12.5 9.8 5.8 3.7 18.9 17.9 12.7 9.8 1.8 1.7 1.5 1.2 0% 0% 5% 50% 90% -21%
OGK-3 OGKC RX Buy 0.051 0.077 51.6% 2 413 5.7 13.4 5.4 3.2 17.4 < 0 32.0 17.8 0.7 0.8 0.8 0.7 -1% 3% -8% 7% 0% -55%
OGK-5 OGKE RX Buy 0.084 0.120 42.3% 2 983 14.0 11.8 5.9 4.9 28.8 25.0 8.7 6.9 1.5 1.4 1.2 1.0 -2% 2% -1% 21% 83% -34%
MOESK MSRS RX Buy 0.046 0.099 115.5% 2 233 3.7 2.2 2.2 2.3 6.4 2.3 2.4 2.5 0.8 0.6 0.5 0.4 1% 5% 0% 32% 43% -25%
OGK-1 OGK1 RX Hold 0.035 0.043 21.5% 1 580 10.6 7.5 4.8 4.5 15.6 13.7 8.4 9.7 1.4 1.2 1.1 1.0 -1% 2% 1% 49% 60% -56%
OGK-2 OGK2 RX Buy 0.052 0.068 32.0% 1 686 17.5 9.3 6.9 6.1 48.2 20.7 21.5 28.9 1.4 1.3 1.2 1.2 1% 4% -3% 74% 97% -59%
IDGC of Centre MRKC RX Buy 0.037 0.067 80.2% 1 565 6.3 6.8 4.2 3.0 22.9 29.4 8.3 4.3 1.7 1.6 1.4 1.2 -1% 2% -3% 43% 88% 11%
OGK-6 OGK6 RX Buy 0.041 0.049 20.5% 1 313 7.6 10.8 5.0 2.8 16.6 36.9 10.7 4.8 0.7 0.7 0.7 0.6 4% 13% 9% 68% 79% -64%
IDGC of Siberia MRKS RX Hold 0.009 0.012 27.7% 847 9.1 22.9 6.6 3.4 < 0 < 0 < 0 26.6 1.0 1.1 1.1 1.1 2% 11% 5% 19% 92% -27%
Lenenergo LSNG RX Buy 0.76 1.45 90.0% 708 4.3 2.9 2.8 2.3 9.2 5.3 5.6 4.3 0.5 0.4 0.4 0.4 -1% 3% 5% -6% 29% -40%
IDGC Center&Volga MRKP RX Buy 0.007 0.013 98.0% 751 5.6 5.0 3.0 2.1 29.4 20.6 5.7 3.1 0.8 0.8 0.7 0.6 -1% -1% -4% 13% 29% -36%
IDGC of Urals MRKU RX Buy 0.009 0.014 60.1% 765 4.6 12.5 5.5 3.5 12.3 < 0 33.8 8.7 0.6 0.7 0.7 0.6 -1% 2% -2% 5% 64% -25%
IDGC of North-West MRKZ RX Buy 0.0066 0.0091 37.4% 635 7.6 11.0 8.9 4.7 n/a < 0 < 0 34.1 0.9 1.0 1.0 1.0 0% 0% -5% -12% 75% -11%
IDGC of Volga MRKV RX Buy 0.003 0.007 104.7% 619 5.1 4.2 3.1 2.7 15.3 10.7 5.9 4.5 0.9 0.8 0.7 0.6 1% 4% 3% -18% 19% -3%
Lenenergo (Pref.) LSNGP RX Buy 0.98 1.31 33.8% 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% 9% 16% 32% 58% 2%
IDGC of Northern Caucasus MRKK RX Buy 4.87 8.90 82.8% 144 20.3 15.1 5.5 2.2 < 0 < 0 < 0 < 0 0.3 0.3 0.3 0.3 -3% 0% 6% 13% 239% -32%
IDGC of the South MRKA RX Buy 0.01 0.01 119.4% 259 5.2 3.2 2.1 1.7 < 0 7.5 2.5 1.7 0.4 0.4 0.3 0.3 0% 4% 0% -10% 13% -59%
IDGCs Holding MRKH RX Buy 0.13 0.21 57.9% 5 329 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% 4% -10% 21% 126% 318%
IDGCs Holding (Pref.) MRKHP RX Buy 0.09 0.17 94.0% 186 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% 3% -5% 27% 204% 521%
Median 7.6 8.4 5.2 3.3 16.6 17.9 8.7 8.7 0.9 0.8 0.7 0.7
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

Engineering & Machinery
SAREX SARX RU Buy 3.90 10.32 164.6% 42 7 821.0 5 202.3 3 465.3 1 705.0 20.9 10.3 5.6 2.4 2 744.6 2 166.1 1 564.2 947.7 0% 0% 5% n/a n/a -2%
Median 7 821.0 5 202.3 3 465.3 1 705.0 20.9 10.3 5.6 2.4 2 744.6 2 166.1 1 564.2 947.7
Overall median 7.9 6.3 5.2 4.3 17.1 12.3 9.0 7.6 1.5 1.3 1.1 1.0