bne_newspaper_May_24_2019

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Content:
2 Top Stories
7 The Regions This Week 11 Chart
13 bne Invest
16 Central Europe
17 Southeast Europe 18 Eastern Europe 20 Eurasia
21 Opinion
24 bne Tech
May 24, 2019 www.intellinews.com
Why are Russian stocks so cheap?
Ben Aris in Berlin
Investors into Russian stocks have almost given up on seeing any of the cash the country’s leading companies generate. The valuations of what should be some of the world’s richest companies are in the basement, as would-be minority investors don't believe the management will share the billions of dollars in revenue these companies make every year. Russia’s stock market boomed in the nough-
Russia’s state-owned tech agency claims its first unicorn
bne IntelliNews
Russia’s state-owned tech agency Rosnano has claimed the first unicorn in its portfolio after
the valuation of the producer of carbon nano- materials for industry called OCSiAl topped $1bn – the threshold for earning the “unicorn” moniker.
Rosnano head Anatoly Chubais announced on May 15 that OCSiAl has become the first unicorn in
Russia has some world class companies but most of them are massively undervalued because they are in Russia
ties, adding about 50% to stock valuations every year, but since about 2014 the leading RTS index has got stuck at between 900 and 1,300 depending on the sanctions newsflow or the price of oil.
That’s why when the state-owned gas behemoth
See page 2
The valuation of Russia's OCSiAl that produces carbon nanotubes has topped $1bn, making it a tech unicorn.
the Rosnano portfolio. Rosnano was set up by the state to promote high tech investments in Russia and in particular has targeted nanotechnology.
However, the announcement has been controversial and Chubais was publically attacked
See page 6