OREANDA-NEWS. October 15, 2009. We are raising our fair value on Sberbank (the Bank) common stock from the previous USD 1.13 to USD 2.85 per share, or by 152%. Our new valuation implies 22% upside and we recommend Sberbank as a Buy.

The increase in fair value results from an upward revision in our projection for core revenue growth combined with a lower cost of equity.

In addition, we have cut our forecast growth in operating expenses based on the Banks continuing success in reducing costs.