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Garnry: Russian energy giant 'extremely cheap'

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Two months ago Russian stocks fell around 12% in one day amid talk of civil war in Ukraine. Today the crisis is far from over, and is still offering market opportunities according to Saxo Bank’s Head of Equity Strategy, Peter Garnry, who picks Gazprom, trading at around $7.80, as an “extremely cheap” stock.

Gazprom is trading at around two and half times earnings which is way below the rest of the market; at six or seven times. The average consensus price for the stock is $10.22. Last week the MICEX Index hit a two week high, eight weeks ago it entered a bear market.

Peter says volatility in Russian markets is likely to continue while President Putin and the White House both continue to make weekly statements on the situation.