Semenyuk Against Privatization Of Odessa Portside.
6 July 2008
Head of the State Property Fund Valentina Semenyuk halted the planned privatization of the Odessa Portside plant. The plant was to be privatized in August. Concorde Capital: The initial price for the 94.54% stake in Odessa Portside was set at USD 170 mln, but Arseniy Yatsenyuk, first deputy governor of the Odessa Oblast, recently estimated the plant?s value would be USD 1 bln, implying a EV/S x3.4, EV/EBITDA x8.9, P/E x16.7. Comparable enterprises trade at EV/S x1.3-1.7, EV/EBITDA x7.0-10.2, P/E x13.8-23.1. As the Odessa Portside is uniquely positioned in the port, at the end of the Togliatti-Yuzhny ammonia pipeline and owns storage capacities, it definitely deserves some premium over its peers.
