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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