SBERBANK: What a Dance

Sberbank published excellent 2Q17 IFRS results this week that evidence the bank’s remarkable resilience to economic headwinds. The related management conference call was also encouraging regarding its 2H17 outlook and beyond. We have incorporated the recently reported financials into our valuation model, which improved our earnings forecast, and we consequently increase our target price to RUB240 (from RUB210) per common share, and reiterate our BUY rating. The bank still offers an extremely low...