OREANDA-NEWS. January 12, 2010. Russian airlines suffered an inevitable post-crisis slump, but recovery is now evident, despite rising fuel prices, reported the press-centre of VTB Capital.

The Russian market still has much bigger growth potential than the global market. We are impressed by Aeroflot’s new management team and strategy.

We also like UTair due to its stable helicopter business. Transaero has an IPO in January, and Sibir and Ural Airlines both offer value.

We find all Russian airlines undervalued by multiples, even with very conservative discounts.