The 2014 All-Russia Research Team: Telecommunications, No. 2: Dalibor Vavruska

Although Dalibor Vavruska slips to second place on this lineup after a year on top, the Citi researcher retains a loyal following. “He’s one of the most astute observers of developments — regulatory, technological and behavioral — and is unusually adept at identifying what matters and what is just white noise,” says one U.K.-based asset manager. From his base in London, Vavruska follows ten Russian telecommunications stocks, more than double the number he tracked a year ago. Among them is Moscow-based Mobile TeleSystems, which the analyst downgraded from buy to neutral in October, citing the American depositary receipts’ rich valuation, management’s high capital expenditures and earnings’ declining visibility. In March, when the full-service telecom services provider’s ADRs had plunged 30.1 percent, he deemed them a bargain at $16.22 and upgraded MTS to buy. They rose to $18.49 at the end of May and remain recommended. “Dalibor has known this sector a long time,” reports another backer, “which helps him form correct and profitable views.”