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Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10 11E 12E 09 10 11E 12E 09 10 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Automotive
AVTOVAZ AVAZ RX N/R 0.79 n/a n/a 1 439 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0% 1% 5% 18% -23% 283%
Sollers SVAV RX Buy 14.05 26.40 87.9% 481 -5 104.7 8.5 5.4 5.1 < 0 < 0 6.8 5.5 1.4 1.6 1.3 1.1 0% 1% 33% 37% -32% 290%
GAZ Group GAZA RX Buy 33.04 64.00 93.7% 612 -38.8 6.1 4.3 3.7 < 0 8.6 6.1 3.8 -0.9 -1.0 -1.2 -1.6 -1% -1% 22% 14% n/a 15%
KAMAZ KMAZ RX N/R 1.56 n/a n/a 1 105 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0% -4% 18% 32% -43% 170%
Median n/a 7.3 4.9 4.4 n/a 8.6 6.4 4.7 1.4 1.6 1.3 1.1
Company Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10 11E 12E 09 10 11E 12E 09 10 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Banking
Sberbank SBER RU Buy 3.23 4.82 49.2% 69 726 n/a n/a n/a n/a 86.4 11.4 6.5 6.3 2.7 2.1 1.6 1.3 0% 0% 18% 44% -4% 736%
Sberbank (pref) SBERPS RU Buy 2.47 3.70 49.9% 2 468 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0% 0% 15% 24% 9% 457%
VTB Bank VTBR LI Buy 4.62 7.70 66.8% 24 148 n/a n/a n/a n/a < 0 12.2 6.9 5.9 1.4 1.2 1.1 1.0 -3% -4% 8% 28% -28% 344%
NOMOS Bank NMOS LI Buy 14.03 16.64 18.6% 2 593 n/a n/a n/a n/a 16.0 9.7 9.3 5.9 2.1 1.3 1.1 0.9 1% 5% 45% 48% n/a -20%
Bank St. Petersburg BSPB RX Buy 2.88 5.00 73.5% 867 n/a n/a n/a n/a 37.9 5.9 4.3 3.7 1.0 0.9 0.7 0.6 -1% -3% -3% 18% -48% 257%
Bank St. Petersburg (pref) BSPBP RX Buy 3.66 4.93 34.6% 312 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0% -1% 2% 21% -37% 4%
Bank Vozrozhdenie VZRZ RX Buy 22.57 34.97 54.9% 536 n/a n/a n/a n/a 13.8 28.9 11.4 6.0 0.9 0.9 0.9 0.8 0% -2% 13% 23% -46% 234%
Bank Zenit ZENT RU Buy 0.04 0.12 192.5% 462 n/a n/a n/a n/a 13.2 5.2 3.8 3.0 0.8 0.7 0.6 0.5 n/a n/a n/a n/a n/a -74%
Uralsib Bank USBN RX Buy 0.0043 0.0055 27.2% 1 265 n/a n/a n/a n/a 18.3 32.1 25.7 6.8 0.6 0.7 0.6 0.6 0% 3% 3% -1% n/a -36%
Halyk Bank (Kazakhstan) HSBK LI Buy 5.45 9.37 71.9% 1 783 n/a n/a n/a n/a 26.3 8.5 8.5 7.2 0.9 0.8 0.9 0.8 -3% -3% 7% 12% -47% 162%
Kazkommertsbank (Kazakhstan) KKB LI Buy 3.30 4.33 31.2% 1 286 n/a n/a n/a n/a 10.1 8.4 4.6 3.6 0.5 0.5 0.4 0.4 0% 2% -6% 22% -53% -12%
Median n/a n/a n/a n/a 17.2 9.7 6.9 5.9 0.9 0.9 0.9 0.8
Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10 11E 12E 09 10 11E 12E 09 10 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Chemicals
Uralkali URKA LI U/R 40.06 n/a n/a 24 794 42.1 31.4 26.1 18.6 48.0 32.5 30.7 17.4 16.7 13.4 11.3 8.6 -1% 1% 13% 11% 9% 569%
Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10 11E 12E 09 10 11E 12E 09 10 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Consumer Goods
Magnit MGNT LI Hold 27.44 29.30 6.8% 12 207 27.2 22.0 14.5 11.1 44.4 36.6 29.1 24.8 8.6 7.1 4.5 3.9 -2% -2% 14% 30% 2% 466%
X5 Retail Group FIVE LI Buy 26.02 43.50 67.2% 7 058 15.0 13.0 10.3 7.4 56.0 34.1 50.5 23.7 4.0 3.5 2.9 2.5 -1% 3% 22% 14% -35% 285%
Dixy Group DIXY RX Buy 13.38 21.00 56.9% 1 669 24.2 18.6 10.1 6.5 < 0 133.8 32.6 18.8 8.7 8.4 2.0 1.8 -1% 2% 25% 35% -7% 536%
M.Video MVID RX Buy 7.83 11.30 44.4% 1 407 13.2 9.1 7.3 5.6 55.9 19.1 16.7 12.2 4.9 4.3 3.3 2.7 0% 1% 12% 28% -19% 761%
Pharmstandard PHST LI Buy 17.5 28.4 62.3% 2 645 7.9 7.4 6.1 5.9 11.7 11.3 9.3 9.2 4.5 3.1 2.3 1.9 -1% 0% 24% 24% -37% 176%
Protek Group PRTK RX Buy 0.83 1.55 87.6% 436 1.8 4.7 4.5 3.0 3.9 13.8 13.8 8.3 1.1 0.7 0.6 0.6 0% 10% 35% 36% -54% -80%
Ukrproduct (in GBP) UKR LN Buy 0.16 0.46 192.1% 6 2.0 2.5 2.4 1.4 6.3 5.3 7.9 5.3 0.4 0.3 0.3 0.3 6% 5% 34% 27% -38% 21%
Cherkizovo Group CHE LI N/R 13.20 n/a n/a 853 8.9 7.8 6.7 4.7 4.7 6.6 7.5 5.0 1.2 1.3 1.1 0.8 0% 1% 6% 20% -39% 450%
Veropharm VRPH RX N/R 31.31 n/a n/a 313 5.8 4.5 3.7 3.2 9.0 8.0 6.4 5.5 1.9 1.6 n/a n/a 0% 1% 6% 5% -30% 108%
Rosinter ROST RX N/R 5.58 n/a n/a 91 5.6 3.8 8.0 4.5 < 0 8.0 23.3 8.7 39.2 1.9 2.9 2.5 2% 4% 28% 26% -77% 22%
Pharmacy Chain 36.6 APTK RX N/R 1.51 n/a n/a 159 10.3 7.2 5.9 5.4 < 0 < 0 < 0 < 0 2.3 1.1 n/a n/a -1% -1% -4% 17% -57% -20%
Synergy SYNG RX N/R 19.61 n/a n/a 503 6.8 5.3 5.4 4.5 8.2 5.8 8.0 6.6 1.6 1.4 1.0 0.9 0% 0% -2% 30% -55% 398%
Razgulay GRAZ RX N/R 0.90 n/a n/a 142 23.3 7.4 6.5 6.1 < 0 < 0 < 0 4.5 0.4 0.4 n/a n/a 0% -1% -2% 10% -64% -11%
O'Key Group OKEY LI N/R 8.54 n/a n/a 2 291 17.6 12.1 9.1 6.7 n/a 25.1 16.4 11.7 n/a 6.2 5.7 4 965.1 0% -1% 22% 25% -27% -22%
Median 9.6 7.4 6.6 5.5 9.0 12.5 15.1 8.7 2.3 1.7 2.3 1.9
Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10 11E 12E 09 10 11E 12E 09 10 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Infrastructure
Mostotrest MSTT RU Buy 6.45 10.10 56.6% 1 820 7.0 6.3 6.2 4.8 14.1 15.8 11.8 8.7 6.8 3.8 3.3 2.4 0% -1% 10% 8% -23% 330%
Mashinostroitelny Zavod MASZ RU U/R 80.00 n/a n/a 114 0.9 0.9 0.9 0.8 1.3 1.5 1.4 1.3 0.2 0.2 0.1 0.1 0% 0% 0% -6% -70% 45%
Priargunsk Plant PGHO RU U/R n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 45%
Novosibirsk Chemical Concentrates Plant NZHK RU U/R 5.70 n/a n/a 139 1.6 2.8 2.6 2.3 4.0 8.9 7.9 6.1 0.3 0.3 0.3 0.3 0% 0% 4% 4% -12% 245%
Volgomost VLGM RU Buy n/a 105.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -33%
Mostostroy-11 MSTS RU Buy n/a 2 120.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 13%
Mostostroitelny Otryad 19 MSOT RU Sell n/a 455.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -54%
Bamtonnelstroy BTST RU U/R 950.00 n/a n/a 94 5.2 1.9 1.8 1.4 6.2 2.2 2.0 1.5 0.6 0.5 0.4 0.3 0% 0% 19% -5% 6% -27%
Sib Cement SCEM RU Buy 14.00 31.90 127.9% 425 10.0 11.8 3.6 2.8 25.0 18.7 5.7 3.7 1.2 1.2 1.0 0.8 0% 21% 14% 12% -40% 40%
Iskitimcement ISKC RU Sell n/a 409.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 350%
Gornozavodskcement GZCE RU Buy 275.00 384.00 39.6% 213 -36.1 624.7 16.4 7.4 < 0 < 0 37.0 12.6 2.0 2.4 2.3 2.0 0% 0% 0% 10% 10% -30%
Steppe Cement STCM LN Buy 0.49 1.89 282.9% 88 19.4 15.9 7.6 4.8 < 0 < 0 24.7 7.1 0.9 0.9 0.9 0.8 -2% -2% -6% -6% -40% 9%
Metrostroy METP RU Buy n/a 820.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 307%
Glavmosstroy GMST RU Buy 32.50 108.00 232.3% 63 0.0 0.0 0.0 0.0 2.7 2.8 4.2 1.7 -2.8 -3.4 2.3 1.0 0% 0% -3% -13% -35% 550%
Bamstroymekhanizatsiya BMSM RU N/R n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0%
Yamaltransstroy YATS RU N/R n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -93%
AGC Bor Glassworks BORG RU Buy n/a 82.20 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -57%
Median 5.2 4.5 3.1 2.5 5.1 5.8 6.8 4.9 0.9 0.9 0.9 0.8
Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10 11E 12E 09 10 11E 12E 09 10 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Media & IT
CTC Media Inc CTCM US N/R 9.41 n/a n/a 1 480 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -1% -9% -6% 7% -52% 249%
RBC Information Systems RBCI RU N/R n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 320%
Armada ARMD RX U/R 9.58 n/a n/a 138 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1% 2% -4% -9% -36% 513%
Mail.Ru Group MAIL LI U/R 35.50 n/a n/a 7 422 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 3% 4% 22% 37% 1% 28%
IBS Group IBSG GR U/R 25.04 n/a n/a 622 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1% 2% 11% 24% -18% 1 160%
YANDEX YNDX US U/R 22.63 n/a n/a 7 309 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -4% 5% 23% 15% n/a -9%
Median n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10 11E 12E 09 10 11E 12E 09 10 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Metals & Mining
Norilsk Nickel GMKN RX Buy 186.59 270.50 45.0% 35 569 9.0 5.6 5.5 5.9 12.3 7.6 8.0 9.0 2.4 2.0 1.7 1.6 -2% -5% 0% 12% -18% 242%
Vyksa Pipe VSMZ RX Buy 1 500 2 687 79.2% 2 576 7.6 5.4 5.5 4.5 10.0 6.7 6.8 5.0 1.7 1.4 1.1 0.9 -3% -8% 3% 9% -12% 75%
Kuzbass Fuel Company (KTK) KBTK RU Buy 5.30 8.60 62.3% 526 8.6 8.1 4.5 3.4 25.2 17.7 7.4 5.9 4.6 2.3 1.8 1.3 0% 0% 18% 9% -31% 430%
Uralelectromed UELM RU Buy 64.00 127.50 99.2% 325 n/a 1.3 1.1 1.0 n/a 2.4 1.9 1.8 n/a 0.6 0.4 0.3 0% 0% 3% 3% -13% 120%
UC Rusal (in HKD) 486 HK U/R 6.59 n/a n/a 100 122 33.6 10.1 10.4 9.4 34.0 6.4 6.7 5.6 3.0 1.2 0.9 0.8 2% -1% 17% 34% -49% -39%
Novolipetsk Steel NLMK LI U/R 24.00 n/a n/a 14 384 11.6 6.5 5.2 4.6 66.7 16.1 8.7 7.5 1.7 1.6 1.4 1.3 -2% -4% 1% 22% -43% 164%
Severstal SVST LI U/R 14.28 n/a n/a 14 390 8.3 6.8 5.1 4.8 < 0 25.5 7.1 6.5 1.7 1.5 1.4 1.2 -2% -6% 3% 25% -18% 334%
Alrosa ALRS RU U/R 1.13 n/a n/a 8 286 n/a 9.9 5.8 5.6 n/a 22.5 7.5 7.0 n/a 2.7 1.9 1.5 0% 0% 17% 7% n/a 17%
Evraz Group EVR LN U/R 6.22 n/a n/a 8 326 11.8 6.2 4.6 4.4 < 0 12.2 7.6 6.5 0.8 0.8 0.7 0.6 -4% -9% -9% 6% n/a 12%
Magnitogorsk Iron and Steel MMK LI U/R 6.25 n/a n/a 5 372 6.4 4.6 3.7 3.1 25.3 4.8 5.0 3.9 0.5 0.5 0.4 0.4 -1% -2% 7% 28% -53% 148%
Mechel MTL US U/R 10.75 n/a n/a 4 475 18.1 5.8 4.5 4.1 < 0 6.7 4.0 4.1 1.1 0.9 0.7 0.5 0% -1% -2% 26% -62% 232%
TMK TMKS LI U/R 13.14 n/a n/a 3 080 23.0 6.9 6.2 5.3 < 0 10.3 7.0 5.0 7.6 4.1 2.5 1.6 1% 2% 18% 46% -28% 229%
Raspadskaya RASP RU U/R 3.77 n/a n/a 2 944 13.3 7.7 5.2 3.3 25.1 12.6 7.3 4.3 2.3 2.3 1.8 1.4 0% 0% 3% 23% -52% 321%
Kuzbassrazrezugol KZRU RU U/R 0.32 n/a n/a 1 926 4.6 4.8 3.7 3.5 7.7 7.8 5.0 5.8 4.1 2.1 1.4 1.1 0% 3% 29% 58% -25% 530%
Mechel (Pref.) MTL/P US U/R 4.49 n/a n/a 1 246 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 2% 0% 1% 28% -52% -40%
Chelyabinsk Pipe CHEP RX U/R 1.92 n/a n/a 909 18.4 6.4 5.5 5.3 19.0 5.4 4.3 4.1 1.7 1.5 1.4 1.2 0% -1% -2% 0% -30% 148%
Ashinsky Metallurgical Plant AMEZ RX U/R 0.28 n/a n/a 142 5.5 4.3 3.3 2.4 4.1 4.1 3.2 2.4 0.3 0.3 0.3 0.2 -1% -3% 2% 6% -53% 66%
Median 10.3 6.3 5.1 4.5 22.1 7.7 6.9 5.3 1.7 1.5 1.4 1.1
Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10 11E 12E 09 10 11E 12E 09 10 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Oil & Gas
Gazprom GAZP RX Buy 6.30 8.00 27.0% 149 129 4.8 3.8 2.8 3.2 5.6 4.5 3.3 4.0 0.8 0.7 0.6 0.5 -1% -2% 2% 9% -5% 68%
Rosneft ROSN RX Buy 7.31 9.00 23.1% 77 469 6.3 4.5 3.8 4.5 12.0 6.8 5.5 7.1 1.7 1.4 1.2 1.1 -1% -1% -7% 1% -18% 94%
LukOil LKOH RX Buy 59.93 70.10 17.0% 50 970 4.0 3.3 2.6 2.8 6.7 5.2 3.8 4.1 0.9 0.9 0.7 0.7 -3% -5% -2% 4% -9% 64%
Surgutneftegas SNGS RX Buy 0.96 1.16 20.2% 34 470 3.9 3.2 2.8 2.4 9.0 6.5 5.5 4.8 0.9 0.7 0.7 0.6 0% -2% 3% 13% -10% 64%
TNK-BP TNBP RX Buy 3.14 3.50 11.5% 47 079 6.0 4.8 3.6 3.9 9.2 7.1 5.2 5.9 2.4 2.3 1.8 1.6 1% 2% 7% 12% 6% 6%
Gazprom Neft SIBN RM Buy 5.12 6.00 17.1% 24 284 6.1 4.7 3.4 3.7 8.0 7.6 4.5 5.7 1.5 1.3 1.1 1.0 -1% -2% 1% 3% -2% 112%
Novatek NVTK LI Buy 136.00 175.00 28.7% 41 294 33.1 22.7 14.2 13.4 47.0 30.2 19.1 18.5 9.2 7.3 6.4 5.1 -1% -3% 5% 9% 14% 530%
Tatneft TATN RX Buy 6.28 6.00 -4.5% 13 683 6.5 7.0 4.8 5.1 7.7 8.5 5.9 6.5 1.4 1.2 1.1 1.0 -1% 4% 5% 17% 8% 188%
Surgutneftegas (Pref.) SNGSP RX Buy 0.65 0.64 -1.1% 4 985 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1% 0% 7% 16% 17% 143%
Bashneft BANE RU Buy 57.70 80.00 38.6% 9 819 10.3 4.3 4.0 4.6 28.1 7.9 5.0 7.1 1.9 1.9 1.7 1.5 0% 0% 21% 39% 17% 1 031%
Eurasia Drilling EDCL LI N/R 26.60 n/a n/a 3 882 11.5 8.3 6.1 5.4 21.8 16.1 12.1 11.1 4.1 3.4 2.8 2.3 0% 2% 1% 13% -13% 639%
Transneft AK (Pref.) TRNFP RX Sell 1 798.26 1 030.00 -42.7% 2 796 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -3% -7% -8% 8% 36% 636%
Nizhnekamskneftekhim NKNC RX Buy 0.91 1.27 39.7% 1 464 10.8 3.5 2.9 3.3 < 0 5.3 4.0 4.8 1.7 1.3 1.0 0.9 -2% -5% 13% 20% 16% 391%
Bashneft (Pref.) BANEP RU Buy 43.60 56.10 28.7% 1 510 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -1% 3% 12% 33% 21% 1 644%
Integra INTE LI N/R 2.25 n/a n/a 403 4.4 3.5 2.8 2.2 < 0 39.8 6.4 3.6 0.8 0.8 0.7 0.6 2% 13% 30% 26% -38% 181%
Tatneft (Pref.) TATNP RX Buy 3.38 3.22 -4.8% 499 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0% 1% 4% 14% 0% 244%
CAToil (in Euro) O2C GR N/R 5.52 n/a n/a 270 4.7 3.8 3.4 3.2 19.4 10.2 8.0 7.1 1.2 1.1 1.0 0.9 -5% 2% 15% 24% -24% 171%
KazanOrgSintez KZOS RU U/R 0.15 n/a n/a 262 7.7 4.5 3.7 3.7 < 0 9.1 6.8 6.7 0.8 0.8 0.7 0.6 0% 0% 13% 13% -44% 145%
Nizhnekamskneftekhim (pref.) NKNCP RX Buy 0.63 0.76 21.1% 137 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1% 1% 0% 15% 23% 645%
KazanOrgSintez KZOSP RU U/R n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 457%
Median 6.2 4.4 3.5 3.7 9.2 7.8 5.5 6.2 1.4 1.3 1.1 0.9
Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10 11E 12E 09 10 11E 12E 09 10 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Telecommunications
VimpelCom Ltd. VIP US N/R 12.12 n/a n/a 19 734 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1% 8% 18% 28% -12% -34%
Mobile Telesystems MBT US N/R 17.71 n/a n/a 18 298 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1% 3% 8% 21% -5% 106%
Sistema SSA LI N/R 20.04 n/a n/a 9 669 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -1% 1% 8% 19% -17% 473%
Rostelecom RTKM RX N/R 4.94 n/a n/a 14 530 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -2% -3% -1% -4% -2% -51%
Median n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10 11E 12E 09 10 11E 12E 09 10 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Transportation
NCSP NCSP LI Buy 7.37 10.40 41.1% 1 893 9.6 10.0 8.3 6.8 0.1 0.1 0.4 0.1 2.3 1.9 1.8 1.3 2% 2% 4% -2% -28% 58%
Aeroflot AFLT RX Buy 1.72 3.10 80.6% 1 907 6.7 5.5 5.8 5.9 18.3 6.9 11.9 12.6 1.7 1.7 1.6 1.4 -3% -5% 1% 1% -27% 96%
Far Eastern Shipping FESH RX N/R 0.36 n/a n/a 1 054 4.8 8.5 7.4 6.4 n/a n/a n/a 35.7 0.5 0.5 0.5 0.4 0% -2% 26% 30% -32% 53%
Globaltrans GLTR LI Buy 17.40 20.30 16.7% 2 752 10.8 7.9 6.3 5.8 23.5 15.5 12.5 12.0 4.5 3.6 3.0 2.6 2% 4% 18% 27% 2% 1 802%
Vanino Port MTPV RU N/R n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 238%
Transaero TAER RX Buy 5.34 9.40 75.9% 822 10.1 5.9 8.4 7.1 < 0 7.8 52.9 12.0 33.3 6.3 5.7 3.8 -2% -2% -6% -11% n/a -11%
Global Ports GLPR LI Hold 14.20 16.50 16.2% 2 225 17.2 11.0 8.7 7.7 10.8 6.5 5.4 4.5 2.8 2.7 2.2 1.9 -1% -2% 23% 1% n/a -5%
Murmansk Commercial Seaport MSCP RU N/R n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Median 9.8 8.2 7.8 6.6 14.5 6.9 11.9 12.0 2.6 2.3 2.0 1.7
Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10 11E 12E 09 10 11E 12E 09 10 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Utilities
RusHydro HYDR RX Buy 0.039 0.050 29.6% 11 204 6.6 10.2 5.2 4.5 9.0 31.0 8.7 3.5 0.8 0.6 0.5 0.5 -1% 0% 9% 18% -20% 95%
FGC UES FEES RX Buy 0.0109 0.0134 23.4% 13 637 -5.7 5.2 4.2 3.4 < 0 14.7 12.4 11.5 0.5 0.5 0.5 0.5 -3% -4% 0% 14% -19% 222%
OGK-1 OGKA RM Buy 0.025 0.043 70.6% 1 649 10.7 6.4 5.2 4.3 10.7 15.0 8.3 6.2 1.4 0.8 0.7 0.6 -1% -4% 7% 14% -30% 168%
OGK-2 OGKB RM Buy 0.028 0.067 137.4% 924 11.8 7.8 4.7 4.7 25.4 12.5 5.1 5.6 0.7 0.7 0.6 0.5 -2% -4% 9% 11% -44% 216%
OGK-3 OGKC RX Buy 0.038 0.053 41.0% 1 785 1.3 2.9 1.0 0.8 12.4 < 0 15.9 18.6 0.5 0.6 0.6 0.6 -1% 5% 19% 30% -19% 258%
E.ON Russia EONR RM Buy 0.091 0.151 65.2% 5 764 17.9 11.5 6.2 4.5 21.1 17.0 9.4 6.6 2.0 1.8 1.5 1.3 -2% 1% 10% 27% 7% 559%
OGK-5 OGKE RX Buy 0.071 0.118 66.8% 2 503 11.7 10.9 6.0 4.5 23.2 21.0 8.8 6.0 1.2 1.1 1.0 0.9 1% -1% 0% 15% -16% 196%
MRSK Holding MRKH RX U/R 0.09 n/a n/a 4 048 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -1% -6% 11% 21% -42% 221%
MRSK Holding (Pref.) MRKHP RX U/R 0.06 n/a n/a 121 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1% 2% 14% 26% -41% 344%
MRSK of Centre MRKC RX U/R 0.024 n/a n/a 1 023 4.8 n/a n/a n/a 14.4 n/a n/a n/a 1.1 n/a n/a n/a 0% 1% 14% 17% -45% 72%
MRSK of Centre and Volga MRKP RX U/R 0.006 n/a n/a 658 5.6 n/a n/a n/a 24.8 n/a n/a n/a 0.7 n/a n/a n/a 1% 6% 22% 19% -46% 67%
MRSK of North Caucasus MRKK RX U/R 2.27 n/a n/a 67 10.9 n/a n/a n/a < 0 n/a n/a n/a 0.1 n/a n/a n/a -1% -3% 16% 32% -53% 186%
MRSK of North-West MRKZ RX U/R 0.0031 n/a n/a 301 4.3 n/a n/a n/a n/a n/a n/a n/a 0.4 n/a n/a n/a 0% -5% 10% 16% -49% 20%
MRSK of Siberia MRKS RX U/R 0.005 n/a n/a 498 6.4 n/a n/a n/a < 0 n/a n/a n/a 0.6 n/a n/a n/a -2% -5% 20% 39% -48% 81%
MRSK of South MRKY RM U/R 0.00 n/a n/a 130 4.3 n/a n/a n/a < 0 n/a n/a n/a 0.2 n/a n/a n/a -2% -4% 4% 17% -46% 49%
MRSK of Volga MRKV RX U/R 0.003 n/a n/a 581 4.6 n/a n/a n/a 13.8 n/a n/a n/a 0.8 n/a n/a n/a -2% 0% 16% 5% -43% 4%
MRSK of Urals MRKU RX U/R 0.008 n/a n/a 683 4.0 n/a n/a n/a 10.5 n/a n/a n/a 0.6 n/a n/a n/a -3% 1% 12% 19% -20% 221%
MOESK MSRS RX U/R 0.051 n/a n/a 2 502 3.4 n/a n/a n/a 6.9 n/a n/a n/a 0.8 n/a n/a n/a -1% -1% 1% -5% 2% 46%
Lenenergo LSNG RX U/R 0.37 n/a n/a 343 3.0 n/a n/a n/a 4.3 n/a n/a n/a 0.2 n/a n/a n/a 0% 1% 2% 11% -59% 47%
Lenenergo (Pref.) LSNGP RX U/R 0.84 n/a n/a 79 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0% -2% 4% 14% -43% 212%
TGK-1 TGKA RX Buy 0.00037 0.00118 218.9% 1 424 n/a 4.9 3.5 2.8 n/a 5.9 9.6 7.1 n/a n/a n/a n/a -1% -2% 21% 17% -43% 283%
Mosenergo MSNG RX Buy 0.063 0.233 269.1% 2 509 n/a 3.5 3.1 2.5 n/a 7.8 9.0 6.3 n/a n/a n/a n/a 0% -1% 7% 10% -37% 118%
Median 5.2 6.4 4.7 4.3 13.1 14.8 9.0 6.3 0.7 0.7 0.6 0.6
Ticker Rating Last
Price,
USD		 Fair
value,
USD		 Upside/
Downside		 Mkt cap,
USD mn		 EV/EBITDA P/E P/BV Share price performance
09 10 11E 12E 09 10 11E 12E 09 10 11E 12E 1-day
chg		 5-day
chg		 1-mth
chg		 YTD
chg		 1-yr
chg		 3-yr
chg

Engineering & Machinery
SAREX SARX RU U/R n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -65%
Kovrov Mechanical Plant KVMZ RU N/R n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -29%
Power Machines SILM RX N/R n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 189%
Hydraulic Machines and Systems Group PLC HMSG LI Buy 4.85 10.30 112.4% 568 11.2 6.0 3.7 3.6 < 0 11.5 5.8 5.3 8.6 6.8 2.1 1.4 -2% -3% 15% 10% -40% -41%
UAC UNAC RX Buy 0.008 0.020 152.1% 1 602 54.9 11.7 19.3 8.5 < 0 < 0 < 0 < 0 0.7 0.4 0.4 0.4 -3% -6% 25% 28% -46% -74%
Ulan-Ude Aviation Plant UUAZ RX U/R 2.63 n/a n/a 704 5.9 3.8 3.2 2.9 8.3 4.6 4.1 3.8 3.6 2.1 1.5 1.2 0% 3% -2% -1% 12% 1 017%
Kazan Helicopter Plant KHEL RX U/R 3.60 n/a n/a 555 7.9 3.1 2.3 2.3 10.7 4.2 3.0 3.0 3.3 2.0 1.3 1.0 0% 1% 2% 3% 7% 791%
Rostvertol RTVL RU Buy n/a 0.16 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 220%
Baltiysky Zavod BALZ RU N/R n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -27%
Luga Abrasive Plant LJAZ RU Buy n/a 15 000.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 148%
Volga Abrasive Plant (Common) VAZZ RU Buy n/a 104.00 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Volga Abrasive Plant (Pref.) VAZZP RU Buy 10.00 34.10 241.0% 2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0% 0% 54% 54% n/a -50%
Motovilikha Plants MOTZ RX N/R 0.13 n/a n/a 130 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0% -2% 88% 86% 41% 30%
Median 7.9 3.8 3.2 2.9 8.3 4.4 3.5 3.4 3.3 2.0 1.3 1.0
Overall median 7.7 6.1 5.1 4.5 12.3 8.5 7.2 6.0 1.4 1.3 1.1 0.9

*Fair value for 2012 year-end