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NEW YORK (TheStreet) -- Western sanctions, declining oil prices and a collapse in currency have all acted as contributing factors in the approximate 40% decline in Russian equities. And while TheStreet TV's Jack Mohr acknowledges that this market is not on his buy list, one stock in particular is. 

In his quest to find the top five European investments for 2015, Mohr looked at Bankof Ireland (IRE) at No. 5, Transocean (RIG) - Get Transocean Ltd. Reportat No. 4, ArcelorMittal (MT) - Get ArcelorMittal SA Reportat No. 3 and Tesco (TESO) at No. 2

For his top pick, Mohr settled on CTCMedia (CTCM) , the $745 million market cap Russian television broadcaster. Shares declined 55% in the past six months amid the issues currently plaguing Russia. 

CTC Media CTCM data by YCharts

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However, the magnitude of this sell-off is "preposterous," according to Mohr. Television is still the leading form of advertisement in Russia and CTC Media's clients come from highly stable industries. These companies will continue to "pay the bills" despite a wilting economy, he reasoned. 

Beyond the company's strong base clientele base, CTC Media also has a strong financial position, with no debt and $150 million in cash. It also has impressive cash flow, a large share repurchase program and a 14.5% dividend yield.

Based on the past 12 months of operating income, the company deserves a market cap of $1.5 billion -- nearly double its current size. "CTC Media will be the comeback king in 2015," he concluded. 

-- Written by Bret Kenwell 

Follow @BretKenwell

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.