Epstein Secrets

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ction Net debt/EBITDA 11.7 10.3 4.3 1.8 Source: Deutsche Bank (Bob Kommers and Olga Gaydamakina), Company data Total debt 12 10.2 8.1 1.2 Sberbank 5.6 0.8 1.2 0.9 EFTA01466487 VTB 0.4 1.8 1.0 0.1 GZPB 0.6 0.8 2.3 NA Total 6.5 3.3 4.5 1.0 % of total debt 55% 32% 56% 81%

LP 3) DM ROE in non-financials sector is now better than EM as aggregate margins have converged. A straightforward side-by-side comparison of the DuPont decomposition of the EFTA01466426 non-financial sectors in DM and EM reveals that the marginal shift of ROE in favour of DM which has taken place

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