Russian stocks, the cheapest worldwide, are getting cheaper after the nation’s companies posted record profits that topped analysts’ estimates by the widest margin in emerging markets.
Micex Index companies reported combined earnings of 178 rubles a share ($5.70) during the past year, the most since at least 2003 and 29 percent above the average of about 400 analyst estimates compiled by Bloomberg. The Micex is valued at 6.8 times profit forecasts for the next 12 months, the lowest level among 59 world stock indexes tracked by Bloomberg and about half the global average of 12 times.
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Comment: Best buy ever.
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