Avangardco, Ferrexpo Could Be Value Gems In Ukraine

With Ukraine and Russia on the brink of war, the regions' investors have run for cover and I don't blame them - it requires a lot of conviction to invest within a region that is teetering on the edge.

That being said, Ukraine as a whole is not a bad place to invest. Many Ukrainian listed companies are management-owned and run, as a result, abnormal profits and shareholder returns are usually high up on the agenda.

What's more, the threat of civil war has now pushed the valuation of some companies down to a level which mitigates much of the risk involved. P/E's of less than 2 are common along with significant discounts to...