Shale gas unlikely to wipe sheen off Russian shares

While most Asian equity markets have been rallying recently, they are no longer under-valued. But Russia is one market that has remained largely flat of late and is presently trading at very cheap levels. In fact, at a compelling approximate average Price-to-Earnings ratio of 6, Russia is presently trading at a 50-percent discount to the emerging market average of 12. Russia, unlike most of Europe, does not have any sovereign debt problem. Also, many of its major corporations from the energy sector to banks are quite prudently managed in terms of debt exposure and rather cash-rich by global s…

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