Thursday, March 17, 2011


I'm not about to run out and buy Russian equities - I am just trying to reconcile the valuation gap between Russia and other "emerging" / "developing" countries that mysteriously trade at higher multiples.

Here's a research report on Gazprom, for example, which trades at the lowest EV/EBITDA of any large oil and gas company. Even Petrobras trades at a multiple two times higher!

1 comment:

anony mouse said...

I think Yukos being nationalized may have something to do with the discount.