CTC Media (CTCM) is an interesting growth story that can take advantage of the growing strength of Russia's economy and TV/digital growth. Yet, we believe, at this time, CTCM is priced appropriately and upside is somewhat limited. The issue for CTCM is that the company appears to be going through a cyclical period of weakness that lags the market somewhat in Russia. This weak period is likely due to a shift in management and two of its three main channels having issues with original programming. Moving forward, we believe that future growth is fairly priced for the market and do not expect any major upside for shares.
Let's first talk about what CTCM does as...
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