Russia equities close to previous trough valuation levels

Russia equities Price/Earnings on 25% discount to 5-year median

Back to troughs seen during previous global and local shocks

- Global: October 2008 Financial crisis, December 2014 Oil price crash

- Local conflict: August 2008 Georgia war, March 2014 Crimea annexation

Chart: Hasnain Malik Source: Bloomberg, Tellimer Research Get the data