Research Notes

We do not see any underlaying reasons for a large-scale correction in the market value of Russian telecoms shares. MTS, the largest operator in the CIS cellular market and a company with a clear-cut and reasonable strategy, is now 42% cheaper in EV/subscriber terms than its chief rival, while the value of URSI and Sibirtelecom fixed-line telecoms services is now nearly equal to the value of their mobile operations. We would like to turn highlight these three companies, whose obvious undervaluation is eye catching.

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Sector: Telecommunications, IT
Companies: MTS, SiberiaTelecom, Uralsvyazinform

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