SPF lowers Poltavaoblenergo starting price to UAH 2.75/share
7 July 2010
The State Property Fund announced yesterday that it would sell its 25%+1 stake in Poltavaoblenergo (UX: POON UK) in 26 lots (25 lots of 0.97% stakes and one lot of 0.67% stake) at a starting price of UAH 2.75 per share on July 9, according to local media reports. Yegor Samusenko: The starting price is 20% lower than the one previously announced in May. This price implies 93% upside to our target; at the starting price, the company is valued at 4.8x on EV/EBITDA ‘10E (vs. Russian peer median of 6.7x) and 0.30x on EV/RAB (vs. Russian peer median of 0.46x). We see the new starting price for Poltavaoblenergo as attractive for institutional investors, for details please refer to our note from June 1, 2010.
