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. Continue reading “Moscow Stock Exchange (MOEX)”