Issue 48 is the forty-eighth issue of Fables.
The issue begins continuing Mowgli's mission of finding Bigby, which leads him to Provideniya (presumeably in Russia). After interviewing a local, it's revealed that Mowgli has spoken with many locals, and air field officials, all to no avail.
Back at the farm, Snow has the children (Darien, Blossom, Ambrose, Winter, Conner, and Therese) taking christmas card pictures with name signs, in order to display the growth progress to their wayward father. After which when they are finished, Snow gathers the children to discuss their shape shifting in abilities.
In Provideniya, after continuing to come up with no answers or follow up to the location of Bigby, Mowgli decides to investigate the local wolf pack. They dismiss his wolfe heritage, until Mowgli puts the pack leader on the spot with a duel, to happen at sun down.
The Bigby cubs go off in a search for Shere Khan's corpse, only to be scared be Red Rose in costume. She reveals that the cubs aren't allowed to leave The Farm, until they can go a month without using their shape shifting abilities.
Mowgli challenges for pack leader status, and after an even , drawn out battle , he comes out victorious, giving the former leader a merciful death. After his wounds heal, the pack reveals their knowlede of the "Wolf God" , which is actually Bigby, joining them for a short time before covering his tracks with his departure. About to report the failure to Prince Charming, Mowgli is struck by a moment of clarity, and goes off to Alaska, determined to find his quarry.