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Prykarpatoblenergo auction details announced

Prykarpatoblenergo auction details announced

13 August 2010

Yesterday Ukraine’s State Property Fund announced details for the privatization auction of Prykarpatoblenergo (UX: PREN UK) on August 17. The SPF plans to sell the 25% stake as one block for a starting price of UAH 3.33 per share (UAH 86.3 mln or USD 10.9 mln). Yegor Samusenko: This starting price implies a valuation of 0.21x on EV/RAB (the Russian peer median is 0.47x) and 2.8x on 2011E EV/EBITDA (Russian peer median is 4.8x), which makes PREN the cheapest Oblenergo to be offered for sale this summer.

Valuation at auction starting price  MCap,       EV,     EV/EBITDA   EV/RAB EV/Electricity

                                              USD mln    USD mln 2010E    2011E    2010E     USD per kWh

Poltavaoblenergo                             77        85         4.8         3.6         0.30        16.0

Prykarpatoblenergo                         44         44         3.6         2.8         0.21       20.81

Sumyoblenergo                               55         56         5.6         4.3         0.25        26.8

Source: State Property Fund, Concorde Capital calculations

 

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