The intrigue of the stock is that it's very cheap comparable to multiples from other emerging markets… except Russia.
EV/2011E EBITDA = 5.9x
What about DCF valuation?
My target price is 8,167 RUB which is 48% to 08.06.2012 close price at 5,501 RUB.
Read the rest of the research at Abrau Durso – 48% upside with "Champagne"