Page 11 - RusRPTAug21

The fattest part of the pyramid is currently in the 35- to 39-year group who have 25 to 30 years of work left before retirement, but the cadres following them have been radically reduced.
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2.2 Tinkoff bank shares triple in value, still have upside
Sberbank CIB analysts still see a "decent upside" in the shares of Russian banking TCS Group, which have tripled in value in the last two years and operates the country's only purely online bank Tinkoff, analysts said on June 5.
TCS has become an investor’s darling as it is seen as both a tech play and a banking play. Russia’s stock market is up by about 205 YTD, making it one of the best performing markets in the world. Within that banking stocks have significantly outperformed and are up by around 50% YTD, as investors are buying bank stocks as a proxy to get exposure to the post-coronavirus (COVID-19) pandemic recovery.
TCS’ shares are trading at three times the level of the $27.64 per share valuation it was given during a failed deal to tie up with internet major Yandex in October, which is looking for a fintech solution to its e-commerce business.
The stock has been on a rollercoaster ride since it IPO’ed in October 2013, listing its shares at the high end of the offer range at $18, only to see them fall to $1 the next year as Russia annexed the Crimea. The shares recovered to the IPO levelin 2018 as Russia came out of the post-2014 recession but they
11 RUSSIA Country Report August 2021 www.intellinews.com