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Tickers in this Article: MBT, VIP, MTL
With volatility at home and Russia's re-emergence on the world stage, many investors are wondering if now is the time for another dance with the Russian bear.

There are fears Russia will socialize all the industries that are now publicly traded, or that the overall business and investment climate within Russia will change, but the truth is that Russia is still very business friendly and the recent geo-political noise is just that. Many of the high fliers have been brought down to very attractive valuation levels. Some Russian stocks that come up are: Mobile Telesystems OJSC (NYSE:MBT), Vimpel-Communications (NYSE:VIP) and Mechel (NYSE:MTL). In this article we'll have a look at the investment opportunities of each.

A Side by Side Comp: MBT vs. VIP
I think that shares of Mobile Telesystems and Vimpel Communications are now at attractive valuations. Mobile Telesystems is currently trading at a forward P/E ratio of about 6, while Vimpel Communications is at about 5. Mobile has hit long term support and bounced off that level when it hit $31.50 per share. Vimpel Communications, on the other hand, was dipping below its 52-week low of $10.71 on Wednesday morning trading. You might want to dig a bit deeper into the cause of this sudden dip.

What all of this is telling investors is that both of these companies are currently at good long-term valuations. Technical plays in rapidly developing countries can have substantial upside. However, investing in these stocks demands that you have patience, discipline and a long-term focus.

Mechel is Showing Long Term Promise
With shares of Mechel down 65% over the past 52 weeks, we now have a great long-term buying opportunity in the stock. The company is currently trading at a forward P/E ratio of 1.26 and its book value is about 9.20 per share.

Analysts are divided on the stock, with five rating it 'buy' or 'strong buy' and five others giving it a 'hold'. On the technical side of the evaluation, Mechel has hit long term support at $6.51 per share, and is severely oversold. What this means is that, despite the recent weakness, from a long-term perspective shares are cheap.

As the fundamentals catch up with the company, many on Wall Street will start to realize its attractive valuations and reward long-term investors for their boldness. (For added insight, check out What Are Fundamentals?)

Bottom Line
While the geo-political situation in Russia can be concerning from an investment point of view, we are now seeing very reasonable valuations in a wide variety of sectors. However if you choose to invest in Russia, it is advisable that you do your homework and take a long term focus. By doing this you can ride out any short -term swings and use this as an opportunity to invest in a country that has outstanding growth potential.

Looking for another way to go international? Check out Go International With Foreign Index Funds.

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