OREANDA-NEWS. January 13, 2010. Seventh Continent has finally released its 2008 IFRS results. Naturally, the lateness of the release undermines the utility and relevance of the information, reported the press-centre of OTKRITIE Financial Corporation.

This late release reinforces our view that poor disclosure remains an issue with the company. The issuer's top line performance in November 2009 showed 14% growth YoY (Magnit 19%), with LfL sales growth of 7%.

Valuation: Seventh Continent trades on a 2010 EV/EBITDA of 8.5x, which is a 28% discount to EM peers.

Action: We reiterate our SELL rating for the stock.