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Went Long CTCM Yesterday

|Includes: CTC Media, Inc. (CTCM)

Went Long CTC Media Inc yesterday @ $9.5980. P/E 8.9x. EV/EBITDA 7.25x, Div Yield 6.51%, (Operating Cashflow - Capex) / EV 13.7%. Surplus cash being returned to shareholders via buybacks and dividends.

Certainly the cheapest media play in the market. Depressed valuation due to unfavourable growth rates and pessimism surrounding recent tensions in Russia.

Whilst its emerging market exposure carries a degree of risk, the stock seem cheap on an outright basis and relative to the market and the sector.

Limited liquidity prohibits access for larger investors.

Disclosure: I am long CTCM.