OREANDA-NEWS. February 11, 2010. Magnit released its January 2010 trading update, revealing ruble net revenue growth of 25% YoY. The total number of stores has reached 3,247, with the addition of 19 new stores, reported the press-centre of OTKRITIE Financial Corporation.

View: January sales growth falls below the pace of our full-year estimates. With consumer confidence set to rise, the company's performance should move back in line with our estimates.

Valuation: The stock trades on a 2010 EV/EBITDA of 10.5x, which is at a 9% discount to EM peers.

Action: Overall, we see the news neutral, and reiterate our BUY rating for the stock.