Russia equities are back to trough valuation levels
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Russia equities' forward PE is below 5x (MSCI or MoEx indices), a 25% discount to the 5-year median
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Near troughs after global (financial crisis, oil crash) and local (Georgia war, Crimea annex) shocks; enticing if ...
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... NATO unity, arming Ukraine, US sanctions, Germany's Nord Stream concession make cost of invasion too high for Russia
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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").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.