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Technology Stocks : Rostelecom (ROS) the Russian Telecom Company
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To: baystock who wrote (43)8/18/1998 10:36:00 PM
From: Rob Shilling  Read Replies (1) of 80
 
That is sort of my point ...

The trailing PE with an exchange rate of 7 is 3. Assuming continued growth in the business and perhaps an even higher exchange rate, I still don't see ROS as anything but cheap.
The balance sheet data I gave you came from the ROS homepage where the 1997 financial report is shown in rubles (I divided by 7).
Granted we may see the ruble go to 9.5, but I saw on Interfax where Fodorov thinks that it will settle close to where it was before the devaluation in a week or so. Maybe it is 7 or 8, but this shouldn't be considered the end to Russia. In fact it will insure that all people are paid (although everybody will lose a little buying power). It is a kind of a redistribution of wealth. With the budget balanced and everybody paid their back wages, what are the markets going to complain about ??? Oil prices rising will end the turmoil for good.
Remeber Svazinest ??? taking your number of 1/3 of Svazinest being ROS, 1/3 of 1/4 is 1/12. So 1/12 of ROS should be worth $333 million. So all of ROS should be worth $4 billion. That is assuming it goes for minimum bid. ROS is valued on the NYSE at $800 million right now, 1/5 of its perceived value.
Also, ROS closed at 6.8 in Moscow, so it is artificially low at 6 1/4. It may be factoring in another drop in the RTS, we will see.
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