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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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