Page 115 - RusRPTSept20

10% above the Bloomberg consensus," Sberbank CIB wrote, while estimating that at spot fertilizer prices and the current USD/RUB rate, PhosAgro is trading at a 2021 Enterprise Value/Ebitda ratio of 5.2x and an FCF yield of 10-12%, seen "as relatively attractive versus historical levels".
115 RUSSIA Country Report September 2020 www.intellinews.com