URALSIB Capital: Company valuations

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RUS / ENG

Company valuations (02/02/2012)

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	6.12	6.8	11.1	144,901	369,726	1.1	14.4	I	5.9	4.5	4.1	4.2	5.7	4.4	3.6	3.6	3.87	1.2	0.7	1.7	-

LUKOIL	LKOH RX	Buy	58.85	75.0	27.4	50,058	106,899	1.2	10.8	G	7.1	5.6	4.6	6.3	4.1	3.6	3.0	3.7	5.39	0.5	0.8	0.5	-

Rosneft	ROSN RX	Buy	7.50	8.6	14.6	79,501	75,303	1.3	12.3	G	12.2	7.6	6.1	8.8	7.2	5.1	4.4	5.5	1.81	1.3	1.5	1.5	-

Gazprom Neft	SIBN RX	Buy	4.95	5.8	17.2	23,465	1,933	1.1	7.2	G	7.8	7.5	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	2.87	3.9	35.9	43,042	1,014	(0.1)	10.7	G	8.2	6.8	4.7	5.7	5.8	4.7	3.4	3.9	14.51	1.0	2.1	1.1	-

Surgutneftegaz	SNGS RX	Buy	0.95	1.1	15.7	38,695	22,804	1.6	20.4	R	9.9	8.6	5.5	6.0	2.0	1.6	1.2	1.2	3.00	2.0	0.9	0.7	-

Tatneft	TATN RX	Hold	5.86	5.1	(12.9)	12,757	10,746	0.1	18.4	G	5.4	8.4	4.8	5.0	4.7	6.7	4.3	4.6	4.20	0.8	1.2	1.1	-

NOVATEK	NVTK LI	Hold	143.20	160.0	11.7	43,480	73,138	6.3	14.4	I	53.0	32.6	18.3	17.5	36.4	24.9	14.2	13.6	1.17	11.3	9.1	11.7	-

Bashneft	BANE RU	Hold	50.50	54.0	6.9	8,594	100	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	45.4	11,205	19,288	1.9	28.0	I	11.1	29.6	8.9	10.6	6.8	6.1	5.3	6.6	0.00	2.7	0.6	2.7	437.8

Federal Grid Company	FEES RX	Buy	0.01	0.0	36.5	13,838	16,861	5.9	25.5	I	-	22.7	10.2	11.3	15.6	7.7	5.2	5.0	0.00	3.7	0.5	4.0	-

Inter RAO UES	IRAO RX	Buy	0.00	0.0	24.8	9,656	6,790	5.0	4.4	I	-	56.9	4.7	24.6	21.5	13.1	4.2	5.6	0.00	3.0	2.5	1.8	-

MRSK Holding	MRKH RX	UR	0.10	-	-	4,252	12,811	5.6	34.1	I	9.5	6.4	-	-	4.4	4.1	-	-	-	0.2	0.6	0.7	-

TELECOMS

Rostelecom	RTKM RX	Buy	5.01	6.3	25.6	15,324	26,306	2.2	5.5	I	17.9	14.3	11.6	9.7	6.0	5.8	4.9	4.5	0.00	1.7	2.2	2.1	-

MTS	MBT US	Buy	16.95	21.0	23.9	16,891	49,792	1.1	15.5	G	16.8	12.2	9.8	8.6	5.2	4.8	4.5	4.3	5.13	1.5	3.2	2.1	222.4

VimpelCom Ltd	VIP US	Buy	10.85	14.0	29.0	18,001	23,782	1.8	14.6	G	9.8	9.0	13.8	9.9	9.8	4.2	4.5	4.2	7.83	1.7	1.7	4.0	211.1

AFK Sistema	SSA LI	Buy	19.40	28.0	44.3	9,361	11,106	0.0	15.4	G	5.7	10.2	8.3	8.8	5.0	4.7	3.9	4.1	-	0.3	-	1.1	-

METALS & MINING

Norilsk Nickel	GMKN RX	Hold	194.40	202.0	3.9	37,059	84,327	1.5	26.3	I	14.0	12.0	6.7	9.0	8.5	5.2	5.0	5.9	3.23	2.9	2.1	2.9	-

Severstal	SVST LI	Buy	14.51	18.0	24.1	14,622	22,246	0.9	27.4	I	-	-	8.4	9.4	22.4	5.8	4.9	5.2	1.23	1.1	2.1	1.4	-

Novolipetsk	NLMK LI	Buy	24.96	25.0	0.2	14,959	15,821	1.3	27.1	G	69.6	11.9	10.5	10.8	13.0	7.7	7.2	6.9	2.87	1.8	1.5	2.1	-

Mechel	MTL US	Buy	11.39	18.0	58.0	5,509	30,120	2.7	34.0	G	64.2	7.7	4.8	5.3	21.6	7.0	5.5	5.6	3.86	0.6	1.2	1.4	-

Mechel, pref	MTL/P US	Buy	4.61	7.0	51.8	5,509	1,849	1.5	31.7	G	64.2	7.7	4.8	5.3	21.6	7.0	5.5	5.6	11.98	0.6	1.2	1.4	-

Evraz plc	EVR LN	Buy	7.18	8.0	11.4	9,429	18,388	2.1	23.9	I	-	17.7	14.4	10.9	12.4	6.6	5.1	5.5	1.74	0.7	1.6	1.1	-

Magnitogorsk MK	MMK LI	Buy	5.98	8.0	33.9	5,136	3,273	0.4	22.8	I	22.1	22.1	26.2	19.3	7.1	5.1	5.3	5.0	0.56	0.7	0.5	1.1	-

TMK	TMKS LI	Buy	11.85	18.0	51.9	2,565	3,207	0.3	31.7	I	-	24.6	8.0	4.6	19.3	6.7	6.7	5.3	3.13	0.5	1.7	1.1	1.5

Raspadskaya	RASP RX	Buy	3.63	4.4	21.1	2,836	11,458	3.8	17.5	I	24.2	11.6	12.1	8.3	10.8	8.1	6.4	4.9	8.27	4.0	1.9	3.9	0.6

Polyus Gold Int.	PLGL LI	Hold	3.33	3.6	8.0	10,103	1,202	4.1	11.1	I	31.3	28.3	12.6	8.5	17.9	13.7	7.9	5.6	0.00	5.8	3.2	5.6	7.0

Polymetal Int	POLY LN	Hold	18.19	20.0	10.0	7,001	18,808	2.0	7.4	G	72.9	28.0	16.6	9.2	32.2	18.2	12.0	7.1	1.10	7.6	5.7	8.4	10.9

Petropavlovsk	POG LN	Buy	12.41	14.0	12.8	2,331	9,609	4.6	30.4	I	16.1	101.5	9.6	7.6	12.9	14.6	5.7	4.3	2.62	3.8	1.6	4.7	4.6

FERTILIZERS

Uralkali	URKA LI	Hold	36.57	43.0	17.6	22,634	61,180	2.9	1.6	I	-	-	11.5	10.7	-	-	9.3	8.7	0.43	-	-	-	-

Acron	AKRN RX	Hold	46.25	55.0	18.9	2,206	1,222	0.4	11.2	I	9.9	12.0	6.0	7.2	15.0	9.5	5.0	6.0	3.15	1.4	1.5	2.1	-

TRANSPORTATION

Aeroflot	AFLT RX	Hold	1.66	1.9	16.5	1,738	2,491	1.1	6.2	I	19.5	6.2	6.9	10.9	7.2	4.4	4.7	5.0	3.95	0.4	1.5	0.7	-

Globaltrans	GLTR LI	Buy	15.00	24.2	61.3	2,372	2,768	(1.2)	9.1	I	26.9	13.4	10.2	9.2	10.9	7.8	6.4	5.9	3.24	2.6	2.7	3.4	-

CONSUMER GOODS & RETAIL

X5 Retail Group	FIVE LI	Buy	23.55	32.0	35.9	6,396	21,935	6.9	3.1	I	38.7	23.6	28.0	16.4	14.1	12.3	9.9	7.7	0.00	0.6	3.1	0.9	-

Magnit	MGNT LI	Buy	27.00	35.0	29.6	12,766	25,991	5.1	27.6	I	46.4	38.3	30.8	21.1	28.0	22.5	15.2	11.0	0.00	1.6	7.4	1.8	-

M.Video	MVID RX	Buy	7.48	12.0	60.3	1,345	243	4.0	32.1	I	54.5	18.4	14.1	9.0	12.6	8.6	6.6	4.6	3.75	0.5	4.1	0.5	-

Dixy Group	DIXY RX	Buy	11.93	18.0	50.9	1,488	168	3.2	29.9	I	-	175.3	37.2	13.7	22.3	17.0	10.5	6.7	0.00	0.7	7.5	1.0	-

BANKS

Sberbank	SBER RX	Buy	3.06	4.3	40.5	68,274	706,111	3.0	23.4	I	85.9	11.1	6.0	6.3	2.6	2.1	1.7	1.3	2.36	-	2.1	-	-

VTB	VTBR LI	Buy	4.82	6.5	34.9	25,210	45,787	3.0	33.5	I	-	14.0	7.8	7.4	1.5	1.4	1.3	1.1	2.63	-	1.4	-	-

Nomos Bank	NMOS LI	Buy	12.75	17.0	33.3	2,357	1,228	7.1	34.2	I	17.6	8.0	6.4	5.6	1.9	1.5	1.1	0.9	0.00	-	1.5	-	-

Bank St Petersburg	BSPB RX	Buy	3.09	5.0	61.8	1,109	379	(0.9)	36.5	I	43.2	6.4	3.3	3.5	1.3	1.2	0.9	0.7	0.00	-	1.2	-	-

Vozrozhdenie	VZRZ RX	Buy	23.33	29.0	24.3	566	230	0.8	37.3	I	14.5	29.1	10.9	7.3	1.0	1.0	0.9	0.8	0.07	-	1.0	-	-

Halyk Bank (Kazakh)	HSBK LI	Buy	5.56	8.6	54.8	1,511	811	1.9	14.3	I	14.2	6.2	5.6	2.9	0.8	0.7	0.7	0.6	0.00	-	0.7	-	-

KKB (Kazakh)	KKB LI	Buy	3.29	4.8	45.9	1,281	168	(0.3)	21.9	I	9.7	8.6	7.4	2.7	0.5	0.5	0.4	0.4	0.00	-	0.5	-	-

REAL ESTATE

LSR	LSRG LI	Buy	4.85	8.9	83.5	2,498	2,641	1.7	43.8	I	17.3	43.6	37.5	9.8	7.7	13.0	10.6	6.6	0.00	1.5	1.4	2.3	-

AFI Development	AFID LI	Sell	0.50	0.4	(28.0)	524	127	1.5	19.0	I	-	20.2	3.7	31.8	34.0	55.4	24.1	20.6	0.00	7.0	0.3	12.3	-

PIK Group	PIK LI	Buy	2.57	4.1	59.6	1,267	352	7.0	4.0	I	-	-	28.5	18.1	22.5	26.4	14.4	10.0	0.00	1.0	-	2.2	-



Second-Tier Stocks



OIL & GAS

Alliance Oil Company	AOIL SS	Buy	12.11	17.0	40.3	2,078	7,964	5.1	(2.4)	I	6.0	10.5	6.5	4.7	6.2	8.0	5.0	3.7	0.00	0.9	1.2	1.6	-

Eurasia Drilling	EDCL LI	Buy	26.40	32.0	21.2	3,878	4,359	0.4	12.3	G	23.4	18.7	12.7	11.6	12.5	9.2	7.0	5.6	1.07	2.1	3.3	2.2	-

Integra	INTE LI	Hold	2.00	2.4	20.0	367	440	0.6	12.4	I	-	-	-	16.8	7.8	5.5	6.0	5.5	0.00	0.5	0.9	0.8	-

C.A.T. oil	O2C GR	Buy	7.59	8.6	13.3	371	263	5.8	32.3	I	31.6	14.3	17.6	11.2	7.6	6.3	6.0	3.9	1.71	1.2	1.2	1.6	-

Transneft	TRNFP RX	Sell	1,,910.10	950.0	(50.3)	13,565	39,807	0.9	23.3	I	2.8	1.8	1.2	1.5	3.6	2.6	2.4	2.4	1.70	0.9	0.5	1.7	-

UTILITIES

OGK-1	OGKA RX	Hold	0.03	0.0	12.9	1,706	563	7.9	26.9	I	25.9	15.8	16.8	16.6	8.1	5.0	5.7	5.7	0.00	0.9	0.8	0.7	140.2

OGK-2	OGKB RX	Hold	0.03	0.0	27.7	1,585	2,491	6.9	14.0	I	46.8	24.7	22.9	15.5	21.8	14.3	7.3	5.9	0.00	1.0	1.2	1.4	130.0

OGK-3	OGKC RX	Buy	0.03	0.1	58.0	1,504	222	(1.4)	18.2	I	11.1	-	14.6	12.7	1.9	2.8	1.7	1.3	0.00	1.2	0.5	0.2	33.6

E.ON Russia	EONR RX	Buy	0.08	0.1	62.2	5,288	961	(0.1)	25.6	I	30.1	15.5	9.6	6.3	16.2	9.6	5.9	4.1	0.00	3.1	1.7	2.8	457.2

Enel OGK-5	OGKE RX	Buy	0.07	0.1	43.5	2,486	535	(0.1)	23.6	I	24.7	20.1	10.0	7.2	12.5	8.2	6.3	5.0	0.00	1.4	1.1	1.8	329.8

TGK-1	TGKA RX	Buy	0.00	0.0	42.7	1,245	394	3.3	11.3	I	4.7	5.2	6.0	4.9	10.5	7.6	4.5	3.8	0.00	0.7	0.5	1.2	309.5

TGK-2	TGKB RX	UR	0.00	-	-	136	50	3.9	13.8	I	-	-	5.5	2.3	-	5.7	3.9	2.6	0.00	0.1	0.2	0.5	-

Mosenergo	MSNG RX	Buy	0.06	0.1	61.6	2,465	1,334	4.5	16.1	I	75.0	8.6	9.3	5.6	5.9	4.0	3.4	2.8	0.00	0.5	0.4	0.6	228.1

Quadra	TGKD RX	UR	0.00	-	-	476	15	3.0	10.2	I	-	4.7	6.0	4.7	2.8	2.6	2.6	2.1	0.00	0.4	0.5	0.4	-

Kuzbassenergo	KZBE RX	UR	0.01	-	-	522	20	2.9	13.2	I	26.3	5.2	6.5	4.8	7.5	2.9	2.9	2.2	0.00	0.5	0.5	0.6	-

TGK-13	ETGK RX	UR	0.00	-	-	439	22	(0.9)	42.0	I	-	15.9	-	-	6.9	3.7	-	-	-	0.7	0.4	0.8	-

MOESK	MSRS RX	UR	0.05	-	-	2,502	596	1.3	2.8	I	7.6	7.5	-	-	3.6	3.7	-	-	-	0.7	0.8	1.0	-

Lenenergo	LSNG RX	UR	0.37	-	-	413	33	1.3	17.8	I	5.1	3.7	-	-	3.0	3.2	-	-	-	0.4	0.3	0.9	-

MRSK North-West	MRKZ RX	UR	0.00	-	-	300	20	2.0	23.1	I	203.6	9.7	-	-	4.6	3.3	-	-	-	0.3	0.4	0.4	-

MRSK Center and Volga	MRKP RX	UR	0.01	-	-	584	97	4.6	12.1	I	24.1	10.1	-	-	4.7	3.9	-	-	-	0.3	0.6	0.5	-

MRSK Center	MRKC RX	UR	0.02	-	-	943	80	2.4	16.0	I	14.2	6.1	-	-	3.9	3.3	-	-	-	0.5	0.8	0.6	-

MRSK South	MRKY RX	UR	0.00	-	-	137	47	4.6	32.6	R	-	-	-	-	5.4	4.9	-	-	-	0.2	0.2	0.7	-

MRSK Siberia	MRKS RX	UR	0.01	-	-	480	20	2.4	60.7	I	-	-	-	-	5.9	7.8	-	-	-	0.3	0.6	0.5	-

MRSK Volga	MRKV RX	UR	0.00	-	-	549	25	1.5	23.1	I	13.4	7.9	-	-	3.7	3.1	-	-	-	0.4	0.7	0.5	-

MRSK Ural	MRKU RX	UR	0.01	-	-	669	232	(1.9)	16.6	I	10.8	5.5	-	-	2.7	2.5	-	-	-	0.3	0.5	0.3	-

MRSK North-Caucasus	MRKK RX	UR	2.22	-	-	65	84	3.4	37.4	R	-	7.2	-	-	3.3	1.6	-	-	-	0.2	0.1	0.2	-

BashkirEnergo	BEGY RX	Buy	1.19	1.8	47.9	1,238	10	2.3	13.1	R	12.2	14.2	5.9	6.9	5.3	5.6	3.4	3.7	0.00	0.6	0.7	0.6	288.4

Irkutskenergo	IRGZ RX	Buy	0.59	1.0	61.8	2,827	80	(2.1)	26.6	I	5.5	6.5	-	6.5	9.6	5.0	3.7	4.1	0.00	1.3	1.5	1.4	238.6

METALS & MINING

KTK	KBTK RX	Buy	5.21	8.3	59.2	517	15	1.8	10.4	I	24.8	20.1	7.0	5.1	8.7	9.6	4.8	3.6	3.77	1.1	2.3	1.3	69.9

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	2.71	3.2	18.2	881	1,250	(2.0)	(6.9)	I	11.0	7.2	7.1	5.6	11.8	5.7	3.7	3.0	2.82	3.6	1.4	2.8	3.6

Polyus Gold	PLZL RX	Hold	33.86	60.0	77.2	6,031	793	0.5	6.3	I	18.7	16.9	7.5	5.1	10.4	8.0	4.6	3.3	0.00	3.4	1.9	3.3	4.1

High River Gold	HRG CN	Hold	1.23	1.1	(10.6)	1,033	571	0.6	4.9	G	-	9.3	5.1	9.2	6.1	4.3	3.0	5.0	0.00	2.4	1.6	2.1	3.1

Evraz	EVRZ LI	Buy	18.26	24.0	31.4	7,996	3,633	9.1	4.4	I	-	15.0	12.2	9.3	11.3	5.9	4.7	5.0	0.68	0.6	1.3	1.0	-

Polymetal	PMTL LI	Buy	17.06	21.0	23.1	6,106	1,299	3.1	5.8	G	63.6	24.4	10.2	6.2	28.5	16.1	8.0	5.0	2.28	6.6	5.0	7.4	8.7

FERTILIZERS

Dorogobuzh	DGBZ RX	Buy	0.60	0.8	32.4	533	28	0.1	12.6	I	8.8	6.1	2.0	5.7	8.2	5.9	3.1	4.2	0.00	1.5	1.3	1.6	-

Apatit	APAT RU	Hold	280.00	200.0	(28.6)	2,096	5	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	2.18	3.0	37.8	419	9	3.7	4.6	I	46.1	9.9	2.3	4.1	8.1	4.9	2.1	3.2	1.21	0.6	1.3	0.8	-

Azot (Kemerovo)	AZKM RX	Sell	22.37	23.0	2.8	332	25	(0.1)	(9.3)	R	16.5	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	-	-	1,419	91	(8.4)	2.5	I	7.6	5.6	-	-	4.2	3.4	-	-	-	0.8	2.2	0.7	-

Kazan Helicopter Plant	KHEL RX	Hold	3.53	3.0	(15.0)	544	36	1.3	8.8	R	11.2	4.2	3.0	2.6	13.3	4.9	3.9	3.6	0.00	0.7	2.0	1.2	9.7

Ulan-Ude Aviation Plant	UUAZ RX	Sell	2.65	2.5	(5.6)	708	302	0.5	7.0	R	8.9	4.7	4.3	3.9	4.8	3.0	2.7	2.4	0.00	1.2	2.1	0.9	7.0

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	3.6	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	0.90	-	-	143	200	0.2	18.4	I	-	30.4	-	-	12.5	7.0	-	-	0.00	0.2	0.4	1.2	-

Rusgrain Holding	RUGR RX	Buy	1.65	3.8	130.1	71	2	0.3	(3.9)	I	-	12.5	11.6	5.1	12.4	5.9	5.6	4.2	0.00	0.3	1.5	0.8	-

PHARMACEUTICALS

Pharmstandard	PHST LI	Buy	15.50	24.0	54.8	2,228	1,648	0.1	9.9	I	10.3	9.4	7.5	8.2	7.1	6.6	5.2	5.5	0.00	2.3	2.6	2.2	-

Veropharm	VRPH RX	Buy	28.90	42.0	45.3	289	52	0.9	4.7	I	8.3	7.3	5.5	6.8	7.0	5.8	4.8	4.3	0.00	1.6	1.5	1.7	-

Pharmacy Chain 36,6	APTK RX	Buy	1.53	2.8	82.5	161	567	(0.9)	27.0	I	-	-	-	-	11.6	8.7	7.8	7.9	0.00	0.2	2.4	0.7	-

IT

IBS Group	IBSG GR	Hold	23.08	28.0	21.3	531	62	0.7	17.4	G	38.3	20.6	23.2	14.0	16.9	12.1	10.4	7.3	0.00	0.8	2.5	0.9	-

ARMADA	ARMD RX	Buy	9.39	20.0	113.0	129	136	0.0	(6.1)	I	171.5	10.7	9.7	8.2	25.6	6.2	4.1	3.5	0.00	1.1	3.1	0.7	-

Sitronics	SITR LI	Hold	0.55	0.6	9.1	105	3	10.0	(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	0.51	0.5	(2.8)	164	1,690	1.4	20.6	I	-	-	-	25.9	-	119.7	19.0	9.6	0.00	1.4	-	3.1	-

Mail.ru Group	MAIL LI	Hold	33.80	33.0	(2.4)	7,066	7,833	2.4	30.0	I	-	91.4	54.0	39.3	-	32.5	19.2	14.4	0.00	21.8	2.2	11.9	-

Yandex	YNDX US	Buy	20.65	26.0	25.9	6,668	22,894	1.5	4.8	G	-	229.4	31.2	23.1	-	28.5	18.9	13.3	0.00	15.2	19.7	13.7	-

CTC Media	CTCM US	Buy	10.69	16.0	49.7	1,682	4,523	6.7	21.9	G	16.7	11.5	10.8	10.4	7.3	7.0	6.3	6.1	0.00	2.5	2.1	2.3	-



* 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).