Odessa Port Factory State valued at 4 billion UAH. This is the initial price of privatization tender. Is it justified?

I am 16 years old participating in the privatization process and the plant will not know what to say about this. The company many times in preparation for sale, then the process is suspended. And now we can not say with confidence that history does not repeat itself again, - Chairman of the breeds hands Odessa port plant Valery Gorbatko.

answer to the question whether a one of the most important events in the Ukrainian privatization practice, 29 September (appointed date of the auction), and no analysts. Meanwhile, they are confidently assured, that to sell the Ukrainian blue chips should have been even two years ago, when obtained for it was $ 1 billion How much is IPF today?

price of

As noted in the press-service of State Property Fund, an enterprise perspective, and this has led to such a high assessment of the IPF specialists departments. In turn, the experts believe the price of state overstated. The fundamental assessment of the Odessa port factory is located in the range of $ 250-350 million (2-2,8 billion UAH. - Ed.) From the multiplier 6-8 EBITDA over the past 12 months, - Vitaly Strukov calculated, department head of investment - banking services to Concorde Capital.

is worth recalling that in nekrizisnoe when, in 2008 FGIU already tried to sell the plant, the price of 3 bln. In his view, the strategic position of the company in the market and the synergies that can get some of the buyers, may be paid premium, and the price can exceed this range in the case of increased competition on Auctions.

reducing factor prices are the obligations for the investor, described in the auction terms that require the prospective owner of unimpeded access of exporters to the complex handling of ammonia in the framework established by the Ministry of Industrial Policy of quotas and tariffs for the establishment of unified transshipment of these products. At the same time, if the previously anticipated harmonization of tariffs potential owner with the Ministry of Economy and Ministry of Industrial Policy, now he must negotiate with the Cabinet of Ministers of Ukraine. Click to continue »

day fixed profit

Today, you can expect a moderately positive opening of the Russian stock market. However, the dynamics of the Asian trades spoke in favor of a fixed profit, an additional factor in favor of this scenario is a slight decline in oil prices. Further dynamics of Russian securities will be primarily determined by the behavior of U.S. indexes, which are large enough chances to continue the growth.

VimpelCom launched in Vietnam. By the end of 2009, the operator expects to take up to 4% by the end of 2010 - 10% of the local market. However, we still prefer the MTS VimpelCom. From our point of view, the growth potential of these securities above.

Sberbank want to run the program without the GDR placement of securities in the Russian market. We can assume that there are savings plans for the additional issue in the western markets and a desire to convert their current minority stakes in receipts. Currently, three major savings minorities - the ex-owner of Maxi-group Nikolai Maximov - 1.5% stake in the bank, more than 3% of the bank acquired the New Zealand spring investor Richard Chandler, more than 4% of the shares owned Sberbank VEBu. Of course starting GDR investors will expand the list of savings and a positive impact on its capitalization. However, as natural increase and the dependence of the capitalization of savings from the external environment, the capitalization of the global banking sector.

With the high probability of world and Russia until the end of the year do not expect a shock, and at the end of the year RTS index will be traded much above 1000 points. In the long term, the capitalization of the companies has always determines the DCF valuation. Pessimists continue to talk about the financial collapse of California, the new wave of write-offs in the U.S. financial sector and other extremely adverse scenarios. Perhaps, but unlikely. Laid in these scenarios is tantamount to writing a will prior to planting in prehistoric Boeing on the domestic Russian flight. This soldier dies once - a coward a thousand times.

Click to continue »