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Dmitry Firtash’s business group acquires Stirol

Dmitry Firtash’s business group acquires Stirol

14 September 2010

Group DF, controlled by Ukrainian businessman Dmitry Firtash, acquired a controlling stake in Stirol (UX: STIR UK), Unian reported yesterday, citing a Group DF press release. Ruslan Patlavskyy: The news ends market speculation regarding Stirol’s sales and sets a clearer guidance regarding the company’s potential strategy for the future. Although, we estimate a potential acquisition price range of USD 650-750 mln or UAH 180-210 per share, which implies an approximately 100% premium to the current market price, we see moderate probability that the stock will approach this target in the short-term, taking into account fundamental challenges the company still faces. Given the high influence of Russian gas prices on nitrogen fertilizer production costs, we expect Group DF to initiate negotiations with Gazprom to supply natural gas directly to its four chemical assets at a discount to the current market price in Ukraine. This said, we expect Stirol to operate at usual domestic gas tariffs for Ukrainian chemical producers in 2H10, suggesting only marginal improvements in the company’s 2H10 financials, driven by the seasonal recovery in fertilizer prices.

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