TGK-1: Producer of Electricity and Thermal Energy in The North‐West Region of Russia

Sergey Ezimov presented his in-depth investment thesis on TGK-1 (Moscow: TGKA) at European Investing Summit 2012.

Are you intrigued by how cheap Russian equities are, but don’t know which ones may actually be good investments? In this session, Sergey Ezimov goes beyond the crowded investment “themes” (e.g. playing on the strength of the Russian consumer) to share his insights on an out-of-favor company in a sector of the Russian economy that has been neglected by investors for years. Favorable structural and regulatory developments of late, however, have created an intriguing opportunity to buy this company at a significant discount to net asset value and a low, single digit multiple of earnings.

About the instructor:

Sergey Ezimov is the Portfolio Advisor of the Go East For Value Fund. He joined the firm in 2006 as an Analyst and has acquired value-investing expertise in Utilities, Machinery, Processing and Information Technology. His focus remains on second-tier companies in Russia and the CIS. Prior to Wermuth Asset Management, Sergey held the position of Analyst at High Technology Investment Fund which invested in the US equity markets. Mr. Ezimov holds a Diploma in Economics from the Moscow State Institute of International Affairs (MGIMO).

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