Finam: : Investments : Research Notes : In our view, negative factors which impacted Baltika’s equity in 2003 are already priced into current shares valuations. We are looking for some positive changes at the company in 2004 with a fairly strong outlook and considerable upside potential, in our opinion.

In our view, negative factors which impacted Baltika’s equity in 2003 are already priced into current shares valuations. We are looking for some positive changes at the company in 2004 with a fairly strong outlook and considerable upside potential, in our opinion.

Ekaterina Rodina

* Short overviews of equity research reports and sector reports are posted on the website http://www.finamrus.com with a 1-day delay after their full versions are emailed to the company’s clients. To get overviews on the day of their release, please contact your manager at Finam to sign up for full versions of research reports.

Sector: Consumer, Food
Company: Baltika

All Research Notes >>

Finam Mutual funds

First		Bonds
MICEX Index		Low Liquidity Shares



Top Gainers

Sverdlov Energo	0.168	40.00 %
Kalugsk. Sbyt.	5.61	39.90 %
Smolensk Energo	0.429	25.81 %
OMZ	36.5	21.67 %
Kirov Energo Sb	0.046	21.05 %

Top Losers

Voronezh Energo	1.32	-39.67 %
Synergy ao	363	-39.50 %
Nizhegorodskaya	163	-38.26 %
KSB ap	0.079	-33.61 %
Nizhegorodskaya	180	-26.83 %