Equity Research Report: the Case of Rostelecom

Student: Streltsova Sofia

Educational Programme: Financial Analyst (Master)

Year of Graduation: 2020

The study of the potential value of the company is an integral part of the investment industry, since it is very important to choose investment instruments to receive the highest return. Valuation of Rostelecom equity, one of the largest Russian telecom companies, is based on the in-depth industry analysis with main focus on the company's presence markets as well as the macroeconomic outlook in Russia. The research revealed that the company's expanding portfolio of services with a focus on digital services and solutions for both business and retail clients will offset the stagnation of the core business amid high penetration of the broadband and pay-TV services. The company's valuation also includes 100% consolidation of Tele2 Russia. The share price was derived from weighted average of DCF model and a market approach based on Russian and emerging markets peers.

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