TNK-BP, Bashneft Offer Better Value Than Gazprom, Mazalov Says
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Investors seeking to take advantage of a slump in Russian equities should buy OAO Bashneft and TNK-BP over fuel-industry peers such as OAO Gazprom, the natural gas export monopoly, according to Prosperity Capital Management.
“With the recent pull back in market prices, valuations of Russian companies have become even more attractive,” said Ivan Mazalov, who helps oversee $5 billion in investments in Moscow as a director of Prosperity. “Oil prices are up more than 10 percent this year and Russian indexes are in the red.”