Equity Analysis /
Russia

Sberbank: Revisiting the case post J-shaped recovery

  • Following a year of J-shape business recovery and recent stock volatility, we revisit our view on Sberbank

  • Core financial business: 21%+ ROE not in prices

  • Non-financial business: fast growth, but vague monetization prospects so far though limited near-term value dilution

Evgeniy Kipnis
Evgeniy Kipnis

Senior Banking/Consumer Analyst

Alfa
2 December 2021
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