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M.Video Advances for Third Day as ING Starts Coverage at Buy

June 27 (Bloomberg) -- M.Video rose for a third day as ING Groep NV started coverage of Russia’s biggest consumer electronics retailer by revenue with a buy recommendation, citing “strong” earnings with dividend growth prospects.

M.Video climbed 0.8 percent to 210.84 rubles by the close in Moscow. ING’s price estimate for the stock, which jumped 15 percent in the second quarter, is 395 rubles a share.

“Revenue growth momentum remains solid,” Anna Kochkina, an analyst at ING, said in an e-mailed research note. “The company generates sufficient cash flow to finance its growth and pay a generous dividend.”

M.Video’s net income rose 52 percent to 3.37 billion rubles ($102 million) in 2011, the company said in an e-mailed statement on April 5. Revenue climbed 29 percent to 112 billion rubles, according to the statement. M.Video may pay a 2011 dividend of 5.80 rubles a share, according to a regulatory statement on April 26. That would be a 49 percent increase from a 2010 dividend of 3.90 rubles a share.

To contact the reporters on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net;

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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