MTS Parent Sistema Settles Disputes With Russian Government and Rosneft; Maintaining $11.50 FVE
Mobile TeleSystems announced on Dec. 25 that its parent company, Sistema, has reached an agreement with Rosneft, Bashneft, and the Republic of Bashkortostan (a federal subject of Russia). Under terms of the settlement, Sistema will pay Bashneft RUB 100 billion by March 30, 2018. Because our view on MTS’ business fundamentals is unchanged, we are reiterating our $11.50 fair value estimate for this narrow-moat stock but lowering our risk rating from very high to high, due to the resolution of this...
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