Global

Russia equities are back to trough valuation levels

  • Russia equities' forward PE is below 5x (MSCI or MoEx indices), a 25% discount to the 5-year median

  • Near troughs after global (financial crisis, oil crash) and local (Georgia war, Crimea annex) shocks; enticing if ...

  • ... NATO unity, arming Ukraine, US sanctions, Germany's Nord Stream concession make cost of invasion too high for Russia

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February 14th, 2022
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").

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