Moscow Stock Exchange (MOEX)

As I tweeted the other day I have just bought some Moscow Stock Exchange (MOEX). Increasingly I am tempted by low price, high quality companies in somewhat lower quality locations.

To me MOEX meets the quality bar.  It has a dominant market position being the only exchange in Russia, it has an EBITDA margin of over 70%, a net profit margin of c45%.  There hasnt been much growth in operating income over the past few years – but it doesnt really matter as this is very, very cheap.  It is trading on about twice book value and a PE of about 10.