This content is from: Research

The 2014 All-Russia Research Team: Real Estate, No. 2: George Buzhenitsa

George Buzhenitsa
ComDeutsche Bank
First-place appearances: 0

Total appearances: 1

Team debut: 2014

In July, George Buzhenitsa of Deutsche Bank added coverage of Russia’s real estate companies to his research responsibilities, and less than a year later he debuts on this roster in second place. He also wins the No. 2 position in Metals & Mining, whose shares he has monitored for Deutsche since 2010. “George is a very capable analyst with a great deal going for him,” one fund manager attests. Of the five names Buzhenitsa tracks in this sector, Etalon Group is a favorite. Noting in July that the Channel Islands–based developer of residential properties enjoyed a strong balance sheet and healthy expansion prospects, he assigned its global depositary receipts a buy rating. They soon took off, bolting 45.3 percent in January only to be driven down 38.3 percent in March’s Crimean crisis sell-off. Even so, at the end of May, the GDRs were up 23.9 percent since he began reporting on Etalon, at $4.69, while Russia’s broad market was flat. Buzhenitsa still views the builder as “an interesting value proposition,” he says.


Related Content