Table of Contents
Valuations .................................................................................3
Cost of equity...................................................................3
Outlook for banking shares.....................................................5
Consensus: The Street still does not appear to get the
provisions right ........................................................................8
Sberbank .................................................................................10
Raising price target and estimates...........................................10
Valuations ...................................................................................13
VTB ..........................................................................................16
Raising target price and estimates............................................16
Valuations ...........................................................................19
Bank Vozrozhdenie ................................................................22
Raising target price and estimate .................................................22
Valuations ...................................................................................25
Bank St. Petersburg ...............................................................28
Increasing target price and changing estimates........................28
Valuations ..............................................................................32
Bank of Moscow.....................................................................35
Raising target price ............................................................35
Valuations ..................................................................................37
MDM Bank ...............................................................................40
Lowering rating to Underweight................................................40
Valuations ......................................................................................42
Valuation Methodology and Risks ........................................46
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