OREANDA-NEWS. March 12, 2010. Magnit released a trading update for February that revealed revenue growth of 28% (in ruble terms), which is 3 percentage points higher than in January, reported the press-centre of OTKRITIE Financial Corporation.

The 28% revenue growth posted in February is close to our FY10 estimate of 32%, and we expect improvement in Lfl sales throughout the year. Overall, we see the news as positive.

Valuation: The stock trades on a 2010 EV/EBITDA of 9.9x, which is a 13% discount to EM peers.

Action: We reiterate our BUY rating for the stock.