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
February 14th, 2022
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