URALSIB Capital: Company valuations

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RUS / ENG

Company valuations (02/06/2012)

Sector/Company	Ticker	Rec	Pr.*, $	Tgt, $	Up/Dn, %	Mcap, $Mln	Avg Vol**, $;000	Day Ch., %	YTD, %	AS	P/E				EV/EBITDA				Div Yld, %	P/S 10	P/BV 10	EV/S 10	Ind. Val.***
											09	10	11E	12E	09	10	11E	12E


First-Tier Stocks



OIL & GAS

Gazprom	GAZP RX	Buy	6.28	6.8	8.2	148,776	359,347	2.0	17.4	I	6.1	4.6	4.2	4.3	5.8	4.4	3.6	3.6	3.77	1.3	0.7	1.7	-

LUKOIL	LKOH RX	Buy	60.12	75.0	24.7	51,140	105,831	1.7	13.2	G	7.3	5.7	4.7	6.4	4.2	3.7	3.1	3.8	5.28	0.5	0.9	0.5	-

Rosneft	ROSN RX	Buy	7.75	8.6	11.0	82,126	75,168	2.3	16.1	G	12.6	7.9	6.3	9.1	7.4	5.2	4.5	5.6	1.75	1.3	1.5	1.6	-

Gazprom Neft	SIBN RX	Buy	4.95	5.8	17.3	23,451	1,909	0.4	7.1	G	7.8	7.4	4.4	5.1	6.5	5.1	3.7	4.0	5.73	0.7	1.3	1.0	-

TNK-BP Holding	TNBP RX	Buy	2.88	3.9	35.3	43,224	997	0.4	11.2	G	8.3	6.8	4.7	5.7	5.8	4.8	3.4	3.9	14.44	1.1	2.1	1.1	-

Surgutneftegaz	SNGS RX	Buy	0.97	1.1	13.1	39,509	22,785	2.6	23.2	R	10.2	8.8	5.6	6.2	2.1	1.7	1.2	1.2	2.94	2.0	0.9	0.7	-

Tatneft	TATN RX	Hold	5.96	5.1	(14.4)	12,980	10,669	1.5	20.4	G	5.5	8.6	4.9	5.1	4.8	6.8	4.4	4.7	4.13	0.8	1.2	1.1	-

NOVATEK	NVTK LI	Hold	147.00	160.0	8.8	44,634	71,918	2.7	17.4	I	54.4	33.5	18.8	18.0	37.3	25.5	14.5	13.9	1.14	11.6	9.3	12.0	-

Bashneft	BANE RU	Hold	50.50	54.0	6.9	8,594	99	0.0	21.7	I	24.3	6.7	6.2	7.3	11.7	4.9	4.2	5.0	16.16	0.6	1.6	1.1	-

UTILITIES

RusHydro	HYDR RX	Buy	0.04	0.1	44.4	11,281	19,414	1.0	28.8	I	11.2	29.8	8.9	10.7	6.8	6.1	5.3	6.6	0.00	2.7	0.7	2.7	440.8

Federal Grid Company	FEES RX	Buy	0.01	0.0	30.5	14,475	17,294	5.1	31.3	I	-	23.7	10.6	11.8	16.2	8.0	5.4	5.2	0.00	3.9	0.5	4.2	-

Inter RAO UES	IRAO RX	Buy	0.00	0.0	26.4	9,529	7,102	0.4	3.0	I	-	56.1	4.6	24.3	21.0	12.8	4.2	5.5	0.00	3.0	2.5	1.8	-

MRSK Holding	MRKH RX	NR	0.10	-	-	4,454	13,099	7.2	40.5	I	10.0	6.7	-	-	4.5	4.1	-	-	-	0.2	0.6	0.7	-

TELECOMS

Rostelecom	RTKM RX	Buy	5.12	6.3	23.0	15,647	25,886	2.5	7.8	I	18.2	14.6	11.8	9.9	6.1	5.9	5.0	4.5	0.00	1.7	2.2	2.2	-

MTS	MBT US	Buy	17.02	21.0	23.4	17,585	50,677	1.4	15.9	G	17.5	12.7	10.2	8.9	5.4	4.9	4.7	4.4	5.11	1.6	3.3	2.1	229.0

VimpelCom Ltd	VIP US	Buy	11.27	14.0	24.2	18,698	23,543	2.5	19.0	G	10.2	9.3	14.4	10.3	10.0	4.3	4.5	4.3	7.54	1.8	1.8	4.1	214.6

AFK Sistema	SSA LI	Buy	19.71	28.0	42.1	9,510	11,200	0.3	17.3	G	5.8	10.4	8.4	8.9	5.1	4.7	4.0	4.1	-	0.3	-	1.1	-

METALS & MINING

Norilsk Nickel	GMKN RX	Hold	193.87	202.0	4.2	36,957	85,493	2.1	25.9	I	13.9	12.0	6.7	9.0	8.4	5.2	5.0	5.9	3.23	2.9	2.1	2.9	-

Severstal	SVST LI	Buy	14.59	18.0	23.4	14,702	22,140	1.8	28.1	I	-	-	8.5	9.4	22.5	5.8	4.9	5.2	1.22	1.1	2.1	1.4	-

Novolipetsk	NLMK LI	Buy	26.47	25.0	(5.6)	15,864	15,157	5.1	34.8	G	73.8	12.6	11.1	11.4	13.7	8.1	7.5	7.3	2.71	1.9	1.6	2.2	-

Mechel	MTL US	Buy	12.37	18.0	45.5	5,963	29,749	11.1	45.5	G	69.7	8.4	5.2	5.7	22.3	7.2	5.6	5.8	3.56	0.6	1.3	1.5	-

Mechel, pref	MTL/P US	Buy	4.89	7.0	43.1	5,963	1,847	7.7	39.7	G	69.7	8.4	5.2	5.7	22.3	7.2	5.6	5.8	11.30	0.6	1.3	1.5	-

Evraz plc	EVR LN	Buy	7.30	8.0	9.6	9,582	18,656	1.9	25.9	I	-	18.0	14.6	11.1	12.6	6.6	5.2	5.5	1.71	0.7	1.7	1.2	-

Magnitogorsk MK	MMK LI	Buy	6.45	8.0	24.0	5,544	3,387	3.7	32.5	I	23.9	23.9	28.3	20.8	7.5	5.3	5.5	5.3	0.52	0.7	0.5	1.1	-

TMK	TMKS LI	Buy	12.06	18.0	49.3	2,610	3,158	2.2	34.0	I	-	25.1	8.1	4.7	19.4	6.8	6.7	5.3	3.08	0.5	1.7	1.1	1.5

Raspadskaya	RASP RX	Buy	3.74	4.4	17.6	2,922	11,352	1.6	21.0	I	24.9	12.0	12.5	8.6	11.1	8.3	6.6	5.0	8.03	4.1	1.9	4.0	0.6

Polyus Gold Int.	PLGL LI	Hold	3.44	3.6	4.7	10,431	1,193	2.7	14.7	I	32.3	29.3	13.0	8.8	18.4	14.1	8.2	5.8	0.00	6.0	3.3	5.8	7.3

Polymetal Int	POLY LN	Hold	18.46	20.0	8.4	7,106	17,729	0.4	9.1	G	74.0	28.4	16.8	9.3	32.6	18.4	12.2	7.2	1.08	7.7	5.8	8.5	11.0

Petropavlovsk	POG LN	Buy	12.81	14.0	9.3	2,406	9,950	0.3	34.6	I	16.6	104.8	9.9	7.8	13.3	15.0	5.9	4.4	2.53	3.9	1.7	4.8	4.8

FERTILIZERS

Uralkali	URKA LI	Hold	37.91	43.0	13.4	23,464	60,101	3.2	5.3	I	-	-	12.0	11.1	-	-	9.6	9.0	0.42	-	-	-	-

Acron	AKRN RX	Hold	47.21	55.0	16.5	2,251	1,233	2.8	13.5	I	10.1	12.2	6.1	7.4	15.2	9.6	5.1	6.1	3.09	1.5	1.5	2.1	-

TRANSPORTATION

Aeroflot	AFLT RX	Hold	1.69	1.9	14.5	1,769	2,560	1.6	8.0	I	19.8	6.4	7.0	11.1	7.2	4.5	4.7	5.1	3.88	0.4	1.6	0.7	-

Globaltrans	GLTR LI	Buy	14.50	24.2	66.9	2,293	2,771	(1.0)	5.5	I	26.0	12.9	9.8	8.9	10.6	7.6	6.3	5.8	3.35	2.5	2.6	3.3	-

CONSUMER GOODS & RETAIL

X5 Retail Group	FIVE LI	Buy	22.21	32.0	44.1	6,032	22,576	(4.1)	(2.8)	I	36.5	22.2	26.4	15.4	13.6	11.8	9.6	7.4	0.00	0.5	2.9	0.9	-

Magnit	MGNT LI	Buy	27.25	35.0	28.4	12,884	26,331	0.9	28.8	I	46.8	38.6	31.1	21.3	28.2	22.7	15.4	11.1	0.00	1.7	7.5	1.8	-

M.Video	MVID RX	Buy	7.42	12.0	61.7	1,334	252	0.5	31.0	I	54.1	18.2	14.0	8.9	12.5	8.6	6.5	4.5	3.78	0.5	4.1	0.4	-

Dixy Group	DIXY RX	Buy	11.97	18.0	50.4	1,493	160	0.7	30.4	I	-	175.9	37.3	13.7	22.3	17.1	10.5	6.7	0.00	0.7	7.5	1.0	-

BANKS

Sberbank	SBER RX	Buy	3.13	4.3	37.3	69,881	696,677	2.8	26.3	I	87.9	11.4	6.2	6.4	2.7	2.2	1.7	1.4	2.31	-	2.2	-	-

VTB	VTBR LI	Buy	4.92	6.5	32.1	25,733	46,500	2.7	36.3	I	-	14.3	7.9	7.5	1.5	1.4	1.3	1.1	2.58	-	1.4	-	-

Nomos Bank	NMOS LI	Buy	12.89	17.0	31.9	2,383	1,241	2.3	35.7	I	17.8	8.1	6.4	5.6	2.0	1.6	1.1	0.9	0.00	-	1.6	-	-

Bank St Petersburg	BSPB RX	Buy	3.04	5.0	64.2	1,099	381	0.3	34.5	I	42.6	6.4	3.3	3.5	1.3	1.2	0.9	0.7	0.00	-	1.2	-	-

Vozrozhdenie	VZRZ RX	Buy	23.45	29.0	23.6	569	234	2.7	38.1	I	14.6	29.3	11.0	7.3	1.1	1.0	0.9	0.8	0.07	-	1.0	-	-

Halyk Bank (Kazakh)	HSBK LI	Buy	5.60	8.6	53.6	1,523	799	2.8	15.2	I	14.3	6.2	5.7	2.9	0.8	0.7	0.7	0.6	0.00	-	0.7	-	-

KKB (Kazakh)	KKB LI	Buy	3.35	4.8	43.3	1,304	169	2.1	24.1	I	9.9	8.8	7.5	2.7	0.5	0.5	0.4	0.4	0.00	-	0.5	-	-

REAL ESTATE

LSR	LSRG LI	Buy	4.89	8.9	81.9	2,521	2,536	0.8	45.1	I	17.4	43.9	37.8	9.9	7.8	13.1	10.6	6.6	0.00	1.5	1.5	2.3	-

AFI Development	AFID LI	Sell	0.51	0.4	(29.4)	534	92	2.0	21.4	I	-	20.6	3.8	32.5	34.4	56.1	24.4	20.8	0.00	7.1	0.3	12.4	-

PIK Group	PIK LI	Buy	2.70	4.1	51.9	1,331	398	(0.0)	9.3	I	-	-	29.9	19.1	23.1	27.0	14.7	10.2	0.00	1.1	-	2.3	-



Second-Tier Stocks



OIL & GAS

Alliance Oil Company	AOIL SS	Buy	12.43	17.0	36.7	2,133	7,986	4.0	0.2	I	6.2	10.8	6.7	4.8	6.3	8.1	5.1	3.8	0.00	1.0	1.2	1.6	-

Eurasia Drilling	EDCL LI	Buy	26.09	32.0	22.7	3,833	4,346	1.2	11.0	G	23.2	18.5	12.6	11.4	12.4	9.1	7.0	5.5	1.08	2.1	3.2	2.2	-

Integra	INTE LI	Hold	2.04	2.4	17.9	374	434	1.8	14.4	I	-	-	-	17.1	7.9	5.6	6.0	5.5	0.00	0.5	1.0	0.8	-

C.A.T. oil	O2C GR	Buy	7.50	8.6	14.7	366	265	1.8	30.7	I	31.2	14.1	17.4	11.0	7.6	6.3	6.0	3.9	1.73	1.2	1.2	1.6	-

Transneft	TRNFP RX	Sell	1,,887.99	950.0	(49.7)	13,408	40,580	1.6	21.9	I	2.7	1.8	1.2	1.5	3.6	2.5	2.4	2.4	1.72	0.9	0.5	1.6	-

UTILITIES

OGK-1	OGKA RX	Hold	0.03	0.0	8.6	1,774	605	3.0	31.9	I	26.9	16.4	17.5	17.3	8.5	5.3	6.0	6.0	0.00	0.9	0.8	0.7	147.4

OGK-2	OGKB RX	Hold	0.03	0.0	20.8	1,676	2,578	5.4	20.5	I	49.5	26.1	24.2	17.2	22.7	14.8	7.6	6.1	0.00	1.0	1.2	1.4	135.4

OGK-3	OGKC RX	Buy	0.03	0.1	51.1	1,572	256	3.7	23.6	I	11.6	-	15.3	13.3	2.4	3.5	2.1	1.6	0.00	1.3	0.5	0.3	42.2

E.ON Russia	EONR RX	Buy	0.08	0.1	62.6	5,275	955	1.8	25.2	I	30.0	15.5	9.5	6.3	16.1	9.6	5.9	4.1	0.00	3.1	1.7	2.8	455.9

Enel OGK-5	OGKE RX	Buy	0.07	0.1	42.2	2,507	524	1.4	24.7	I	24.9	20.2	10.0	7.3	12.6	8.2	6.4	5.1	0.00	1.4	1.2	1.8	332.1

TGK-1	TGKA RX	Buy	0.00	0.0	30.2	1,364	430	6.7	22.0	I	5.1	5.7	6.6	5.3	11.1	8.0	4.7	4.0	0.00	0.8	0.5	1.3	326.5

TGK-2	TGKB RX	NR	0.00	-	-	138	53	0.7	14.2	I	-	-	5.6	2.3	-	5.7	3.9	2.6	0.00	0.1	0.2	0.5	-

Mosenergo	MSNG RX	Buy	0.06	0.1	54.4	2,581	1,384	4.8	21.6	I	78.5	9.0	9.8	5.8	6.1	4.2	3.5	2.9	0.00	0.5	0.4	0.6	237.4

Quadra	TGKD RX	NR	0.00	-	-	522	16	6.0	21.2	I	-	5.2	6.6	5.1	3.1	2.8	2.9	2.3	0.00	0.4	0.5	0.4	-

Kuzbassenergo	KZBE RX	NR	0.01	-	-	533	21	2.8	15.5	I	26.8	5.3	6.7	4.9	7.7	3.0	3.0	2.2	0.00	0.5	0.5	0.6	-

TGK-13	ETGK RX	NR	0.00	-	-	435	22	2.1	40.7	I	-	15.8	-	-	6.8	3.7	-	-	-	0.7	0.4	0.8	-

MOESK	MSRS RX	NR	0.05	-	-	2,467	601	(1.6)	1.4	I	7.5	7.4	6.7	8.3	3.7	3.8	3.1	3.1	-	0.7	0.7	1.1	-

Lenenergo	LSNG RX	NR	0.36	-	-	414	32	1.2	16.9	I	5.0	3.6	9.8	7.4	3.5	3.7	3.5	3.1	-	0.4	0.3	1.0	-

MRSK North-West	MRKZ RX	NR	0.00	-	-	314	20	5.1	28.8	I	213.1	10.1	34.8	445.5	4.7	3.4	3.5	3.4	-	0.3	0.4	0.4	-

MRSK Center and Volga	MRKP RX	NR	0.01	-	-	623	98	5.8	19.7	I	25.8	10.8	5.6	10.9	6.2	5.2	3.4	3.8	-	0.3	0.6	0.6	-

MRSK Center	MRKC RX	NR	0.02	-	-	1,035	86	7.6	27.4	I	15.6	6.7	7.5	8.3	4.7	4.0	3.7	3.5	-	0.5	0.9	0.8	-

MRSK South	MRKY RX	NR	0.00	-	-	140	49	4.2	35.6	R	-	-	-	-	5.6	5.0	2.8	4.2	-	0.2	0.2	0.7	-

MRSK Siberia	MRKS RX	NR	0.01	-	-	471	21	3.2	57.6	I	-	-	44.2	44.2	4.6	6.2	3.9	3.5	-	0.3	0.6	0.4	-

MRSK Volga	MRKV RX	NR	0.00	-	-	580	26	5.6	29.9	I	14.1	8.4	6.2	7.4	4.0	3.5	2.7	2.8	-	0.4	0.7	0.5	-

MRSK Ural	MRKU RX	NR	0.01	-	-	671	233	2.7	16.9	I	10.9	5.6	7.8	45.1	2.9	2.6	3.0	3.0	-	0.3	0.5	0.3	-

MRSK North-Caucasus	MRKK RX	NR	2.34	-	-	69	86	6.0	44.8	R	-	7.5	11.9	1.4	5.7	2.7	3.2	1.9	-	0.2	0.1	0.4	-

BashkirEnergo	BEGY RX	Buy	1.19	1.8	47.0	1,245	11	0.9	13.8	R	12.3	14.3	6.0	6.9	5.3	5.6	3.4	3.7	0.00	0.6	0.7	0.6	290.0

Irkutskenergo	IRGZ RX	Buy	0.59	1.0	62.0	2,824	86	0.3	26.4	I	5.5	6.5	-	6.5	9.6	5.0	3.7	4.1	0.00	1.3	1.5	1.4	238.3

METALS & MINING

KTK	KBTK RX	Buy	5.14	8.3	61.6	510	15	(1.2)	8.8	I	24.4	19.8	6.9	5.0	8.6	9.4	4.7	3.6	3.83	1.1	2.3	1.3	69.0

Kuzbassrazrezugol	KZRU RU	Hold	0.28	0.3	0.0	1,712	9	0.0	40.7	I	5.2	4.7	4.2	5.4	4.3	4.0	3.6	4.0	0.00	0.9	1.3	1.3	-

Highland Gold Mining	HGM LN	Hold	2.74	3.2	16.9	890	1,342	2.0	(5.9)	I	11.1	7.3	7.2	5.7	11.9	5.7	3.7	3.0	2.79	3.7	1.5	2.9	3.6

Polyus Gold	PLZL RX	Hold	45.94	60.0	30.6	8,183	1,188	35.9	44.2	I	25.3	23.0	10.2	6.9	14.4	11.0	6.4	4.5	0.00	4.7	2.6	4.5	5.7

High River Gold	HRG CN	Hold	1.24	1.1	(11.5)	1,045	544	0.7	6.0	G	-	9.4	5.2	9.3	6.2	4.4	3.0	5.1	0.00	2.4	1.6	2.1	3.2

Evraz	EVRZ LI	Buy	19.60	24.0	22.4	8,582	3,019	(1.8)	12.1	I	-	16.1	13.1	10.0	11.8	6.2	4.9	5.2	0.64	0.6	1.4	1.1	-

Polymetal	PMTL LI	Buy	17.58	21.0	19.5	6,292	1,154	4.7	9.0	G	65.6	25.2	10.5	6.4	29.2	16.5	8.2	5.1	2.21	6.8	5.2	7.6	8.9

FERTILIZERS

Dorogobuzh	DGBZ RX	Buy	0.61	0.8	30.7	541	28	2.8	14.0	I	8.9	6.2	2.0	5.7	8.3	6.0	3.2	4.3	0.00	1.5	1.3	1.6	-

Apatit	APAT RU	Hold	280.00	200.0	(28.6)	2,096	8	0.0	0.0	R	6.9	10.0	13.9	10.8	8.9	7.6	6.3	6.2	0.00	1.6	2.0	1.5	-

KuibyshevAzot	KAZT RX	Buy	2.19	3.0	37.2	421	9	3.7	4.6	I	46.3	10.0	2.3	4.1	8.2	4.9	2.1	3.2	1.20	0.6	1.3	0.8	-

Azot (Kemerovo)	AZKM RX	Sell	22.39	23.0	2.7	333	25	0.1	(9.2)	R	16.6	6.1	1.6	3.9	6.9	3.6	1.2	2.7	0.00	0.6	2.0	0.6	-

MACHINERY & ENGINEERING

Power Machines	SILM RX	NR	0.16	-	-	1,425	90	(8.4)	2.5	I	7.7	5.6	-	-	4.2	3.4	-	-	-	0.9	2.2	0.7	-

Kazan Helicopter Plant	KHEL RX	Hold	3.51	3.0	(14.6)	541	38	0.7	8.3	R	11.2	4.2	3.0	2.6	13.2	4.9	3.9	3.6	0.00	0.7	2.0	1.2	9.7

Ulan-Ude Aviation Plant	UUAZ RX	Sell	2.63	2.5	(5.0)	703	304	0.1	6.3	R	8.9	4.7	4.3	3.8	4.8	3.0	2.7	2.4	0.00	1.2	2.1	0.9	6.9

Rostvertol	RTVL RU	Hold	0.06	0.1	25.0	147	1	0.0	0.0	R	9.6	5.4	4.8	4.1	9.5	6.5	5.9	5.3	0.00	0.3	0.8	0.8	12.3

URANIUM

Novosibirsk Chemical	NZHK RU	UR	5.70	-	-	147	0	0.0	3.6	R	3.2	3.7	-	-	1.7	2.1	-	-	-	0.8	0.3	0.7	-

Mashinostroitelny Zavod	MASZ RU	UR	80.00	-	-	111	0	0.0	(5.9)	R	1.5	1.5	-	-	0.7	0.8	-	-	-	0.3	0.2	0.2	-

Priargunsk Chemical	PGHO RU	UR	145.00	-	-	289	0	0.0	0.0	R	47.6	14.5	-	-	11.1	6.4	-	-	-	0.9	1.5	1.1	-

CONSUMER GOODS & RETAIL

Razguliay	GRAZ RX	NR	0.91	-	-	143	189	1.5	18.7	I	-	30.5	-	-	12.5	7.0	-	-	0.00	0.2	0.4	1.2	-

Rusgrain Holding	RUGR RX	Buy	1.56	3.8	143.9	67	2	(5.3)	(9.3)	I	-	11.8	10.9	4.8	12.1	5.8	5.5	4.1	0.00	0.3	1.4	0.7	-

PHARMACEUTICALS

Pharmstandard	PHST LI	Buy	16.04	24.0	49.6	2,306	1,702	1.8	13.8	I	10.7	9.8	7.7	8.5	7.4	6.9	5.4	5.7	0.00	2.4	2.7	2.2	-

Veropharm	VRPH RX	Buy	29.22	42.0	43.8	292	63	1.0	5.9	I	8.4	7.4	5.5	6.9	7.0	5.8	4.8	4.3	0.00	1.6	1.5	1.7	-

Pharmacy Chain 36,6	APTK RX	Buy	1.54	2.8	82.0	162	575	1.4	27.4	I	-	-	-	-	11.6	8.7	7.8	7.9	0.00	0.2	2.4	0.7	-

IT

IBS Group	IBSG GR	Hold	24.50	28.0	14.3	564	63	3.2	24.7	G	40.7	21.9	24.7	14.9	17.8	12.7	11.0	7.7	0.00	0.9	2.7	0.9	-

ARMADA	ARMD RX	Buy	9.21	20.0	117.2	126	140	(0.3)	(7.8)	I	168.2	10.5	9.5	8.1	24.9	6.1	4.0	3.4	0.00	1.0	3.1	0.7	-

Sitronics	SITR LI	Hold	0.55	0.6	9.1	105	3	0.0	(8.3)	G	-	-	1.5	0.9	90.9	5.8	3.9	2.8	0.00	0.1	0.3	0.5	-

MEDIA

RBC	RBCM RX	Hold	0.52	0.5	(4.1)	166	1,596	4.2	22.2	I	-	-	-	26.2	-	120.4	19.1	9.7	0.00	1.5	-	3.2	-

Mail.ru Group	MAIL LI	Hold	34.11	33.0	(3.3)	7,131	7,952	1.5	31.2	I	-	92.3	54.5	39.6	-	33.0	19.5	14.7	0.00	22.0	2.2	12.1	-

Yandex	YNDX US	Buy	21.82	26.0	19.2	7,046	23,643	2.0	10.8	G	-	242.4	33.0	24.5	-	30.3	20.1	14.2	0.00	16.0	20.8	14.5	-

CTC Media	CTCM US	Buy	11.10	16.0	44.1	1,746	4,486	3.5	26.6	G	17.4	12.0	11.2	10.8	7.6	7.3	6.6	6.3	0.00	2.6	2.1	2.4	-



* MICEX ruble prices are translated into US dollars based on the official CBR RUB/$ rate.
** Based on 3 month average
***Industry Valuation – Utilities: EV/Capacity ($/kW), Oil&Gas: EV/Res ($/boe), Telecoms: EV/ALIS (Cellulars: EV/Subscriber), Metals: EV/Production ($/t), Fertilizers: EV/Production ($/t), Machinery: EV/Production ($ mln/GW), Helicopters: EV/Production ($ mln/unit).