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ADR BUY Fundamental research indicates an approximately 18% upside in the ADR over the next 6-12 months.
We have calculated the target price based on fundamental factors, using a weighted average of target
Fundamental stock prices obtained using DCF and comparative valuation methodologies.
Ticker: VIP
We reiterate the ADR (1 ADR = 0.05 common shares) a BUY based on fundamental factors, with a 6-
Target price: US$36.77
12 month target of US$36.77.
Current price: US$31.191
Russian HOLD The Russian stock is expected to decrease approximately 5% over the next 6-12 months.
Approximately 18% of the fundamental upside is offset by a 23% downside attributable to the
Stock1 anticipated depreciation of the US dollar against the Russian ruble over the same period.
Ticker: VIMPG.RTS
Target price: RUB13,973.7
Current price: RUB14,750.01 We reiterate the Russian stock a HOLD with a 6-12 month target price of RUB13,973.7.