| Ticker | Issuer | Price, UAH | 1 Year Target Price, UAH | Recommendation | ||||
|---|---|---|---|---|---|---|---|---|
| NITR | INTERPIPE Nyzhnodniprovsky Tube-Rolling Plant | 7.5000 |
|
|
| Capitalization, UAH | 765 149 647.60 | |
| Assets, UAH mln | 3 602.42 | |
| Fixed assets, UAH mln | 1 462.31 | |
| Net debt, UAH mln | 1 031.51 | |
| Revenue, UAH mln | ||
| 2006 | 4 115.22 | |
| 2007 | 5 076.19 | |
| 2008F | ||
| EBITDA, UAH mln | ||
| 2006 | 834.78 | |
| 2007 | 881.75 | |
| 2008F | ||
| Profit, UAH mln | ||
| 2006 | 564.29 | |
| 2007 | 433.30 | |
| 2008F | ||
| P/S | ||
| 2007 | 150 733.06 | |
| 2008F | 0.00 | |
| EV/EBITDA | ||
| 2007 | 867 763.74 | |
| 2008F | 0.00 | |
| P/E | ||
| 2007 | 1 765 865.79 | |
| 2008F | 0.00 | |
Main events:
• Ukrainian stock indices have decreased
• External background was mainly negative
Last week, Ukrainian stock indices demonstrated the descending movement. Index of Ukrainian stock exchange lost 3,93% and closed the week at the level of 1266,6 points. Weekly volume of trading of shares decreased by 30,6% and made up 34,62 million UAH.
Shares of “Ukrnafta” [UNAF] – 10,20 million UAH, “Motor Sich” [MSICH] – 5,33 million UAH and “Tsentrenergo” [CEEN] – 4,89 million UAH became the most liquid securities at Ukrainian stock exchange.
In the general background, shares of “Azovstal” [AZST] (growth by 2,7%), “Ukrsotsbank” [USCB] (growth by 0,5%) and “Avdeyevskiy by-product coke plant” [AVDK] (decrease by 0,4%) looked better than the others.
Securities of “Motor Sich” (decrease by 10,4%), “Tsentrenergo” (decrease by 3,7%) and “Raiffaisen bank Aval” [BAVL] (decrease by 3,7%) looked worse than the market.
The main influence on the character of sales at domestic stock platforms was caused by internal news: decision of the Cabinet of Ministers of Ukraine to implement not only the personal sanctions against Russian natural persons and companies, but also preparation of the bill (№4453а) about the set of 29 sanctions which can be applied to the country-aggressor (freezing of the assets, limitation of trading operations, limitation or full stop of transit of resources, flights, shipping operations, prohibition of participation in privatization, prohibition of usage of radio-frequency resource). The list of sanctions includes the stoppage of fulfillment of financial obligations, cancellation or stoppage of the licenses and permits, including those for usage of subsoil, limitation for post services, and retransmission of tele- and radio channels.
The situation in the zone of ATO continued to cause the negative influence on the sales at domestic stock platforms. Increase of activity of military actions and destruction of industrial potential of the region of Donbass and its infrastructure “pressed” the quotations of the companies from the zone of ATO downwards. Macro statistics of Ukraine didn’t make the investors glad either – drop of GDP in 2Q14 increased up to -4,7%.
Shares of “Motor Sich” underwent the biggest sales. Investors are afraid that the company will have to fully stop the export to Russian Federation (it’s about 70% of volumes of production) because of new sanctions of Ukraine against Russia.
Securities of the bank sector remained under pressure of problems of continuing withdrawal of the deposits and worsening of quality of the assets (according to the results of June, the share of problem credits increased by 0.2%). Borrowers of banks in Donetsk and Lugansk regions almost stopped servicing their credits.
Forecast and recommendations
Speculative character of deals in remaining low liquidity environment furthered the high volatility of trading. We assume that index UX will close the current week within the scope of 1220-1280p.