Given the established low prices for nitrogen fertilizers, and high domestic prices offered at auction 5 billion UAH for the 99.567% stake in OJSC Odessa Portside Plant (OPP) are consistent with the level of the highest prices are reasonable, consider polled by Interfax-Ukraine experts.
Given the prices of fertilizers and gas we do not expect prices for SCR above $ 630 million (nearly 5.05 billion UAH to the current exchange rate). According to our estimation, this ceiling price is fair, - said a senior analyst at investment company Troika Dialog Ukraine Peter Keller.
However, he said, is hard to argue that such price will be paid, since it is likely further development of the history of the privatization of IPF.
Until recently lobbied for the privatization of several parties. In light of the political uncertainty is not surprising that development (failure to recognize the competitive commission OOO Nortima winner). Privat is willing to pay high prices because it will benefit from the purchase of SCR by taking dominant position in the production of mineral fertilizers in Ukraine , - says Keller.
Analysts estimate investment group TASK Vadim Emca, the price you're willing to pay for IPF, exceeds the value of the shares of similar producers of nitrogen fertilizer, for example, in Russia.
Buyer IPF supports the strategic investor, or has the purpose to sell this company to a strategic investor, predicts that the premium for control of the asset. Therefore, the suggested price, in our opinion, is acceptable in the current environment, that is close to the maximum price which can be generated for this asset , - considers Emets.
analyst of investment company Dragon Capital Tamara Levchenko, in turn, noted that the fair price of the IPF is directly dependent on the estimated cost of gas for the company, in connection with which each of the bidders considered it their own way.
We have evaluated the asset at its current financial performance and compared them with similar multipliers fertilizer producers, which are traded on international stock exchanges., we have a price around $ 250-300 million given the current gas prices for all chemical plants in Ukraine - $ 198 /thousand cubic meters. m , - said Levchenko.
However, she added, if the price of gas will drop to $ 150/tys. cu. m or below, the value of the IPF will increase significantly and may exceed $ 500-600 million
addition, Levchenko pointed out that the high level zapolitizirovanosti privatization IPF has a negative effect on the attitude of foreign investors, which contributes to the maintenance of views on Ukraine as a country with poor investment environment.
This position was echoed by the chief of analytical department of Ukrainian Fund Center, Vladimir Landa, according to whose tender for the sale of shares IPF once again demonstrated to the world, especially the national privatization.
It made one more step away from the civilized economic processes, - he stressed.
As noted by Landa, the fact that the state estimated the IPF UAH 4 billion, according to the resulting low price of 5 billion UAH can say only that the political tensions once again turned into the real economy.
It is hardly possible to talk about the legitimacy of the actions of officials who arrogate to themselves the powers of the courts, determining the existence of collusion among the participants of the contest at their discretion. The legal way out of this situation could be the completion of the contest, the announcement of the winner, followed claims by the authorities on the legality of the contest, - says Landa.
He added that if the state hoped to get from privatization of 8.9 billion UAH, the best solution would be a significant increase starting price. But now the investment attractiveness of the IPF significantly decreased, which can be confirmed even in the case of the next competition, experts forecast.
As reported, the competitive commission on sale of 99.567% stake in OJSC Odessa Portside Plant on Tuesday refused to recognize OOO Nortima associated with businessman Igor Kolomoisky, winner of the contest.
As the head of the competitive commission Igor Belotserkovets, members considered the price too low and expressed doubts about the usefulness of such a sale.
As a result of competition declared invalid.
Acting Heads of State Property Fund (FGI) Dmytro Parfionenko told reporters that looked through the elements of unfair competition, which led to the fact that the price was too low.
According to him, the government and MFI believes that the price for this pearl should be a minimum of 8.9 billion UAH.
Nortima proposed for IPF 5 billion UAH. Its main rivals are Russia OOO Nitrogen-Service, which is a subsidiary of OAO Sibur Holding. However, his representative, for a long time talking on the phone, still no bid 5.05 billion UAH.
competition on sale IPF Property Fund announced on July 15 this year. Starting price was $ 4 billion UAH.
initial application for purchase of IPF in the Antimonopoly Committee of Ukraine gave 13 companies, whose names were not disclosed. However, after the application of the conflict to the Fund to participate in the competition have been submitted only three companies: Company Nitrogen-Service, OOO Nortima and OOO Frunze Flora (both - Ukraine).
LLC Nitrogen-Service is a subsidiary of Russia's OAO Sibur Holding, which brings together 34 Russia's enterprises. The largest shareholders of Sibur Holding are OJSC Gazprombank - 70% minus 1 share and NPF Gazfond - 25% plus 1 share.
OOO Nortima Last year during the next attempt to sell the MFI AEs represented the interests of the well-known Ukrainian businessman Kolomoiskiy, as he himself said. Kolomoysky is co-owner of Dniproazot.
right to control Frunze-Flora has recently received a holding company of the group Power standard Energy Standard Fund Ltd. (Cyprus), another well-known businessman - Konstantin Grigorishin. This company was founded in 2005, including a number of LLC, formed on the basis of non-core assets of JSC Sumy Machine-Building NPO. Frunze, also included in the group Power standard.
As a result of trading the MICEX currency market the U.S. dollar in the UTS with the calculations of tomorrow was 30.1041 rubles. per dollarStatistic data on the U.S. have been mixed: the value of real estate price index came out better than forecasts, and the index of consumer sentiment fell short of expectationsStood tall today, shares of Tatneft, due to demand from non-residentsThe main demand is concentrated in securities of LUKoil, for which Morgan Stanley raised the predictive valueThe volume of cargo NCSP in 1 half of 2009 grew by more than 10% to 43 273.3 thousand tonsVladimir Putin: The presence of the state in the economy after the crisis fallsSTAU overlaid insurersPutin: The monopoly on gas exports to Russia will continueFGI: Sell IPF wait until better times
Experts believe the proposed purchase price based on the level of SCR 5 billion UAH
Given the established low prices for nitrogen fertilizers, and high domestic prices offered at auction 5 billion UAH for the 99.567% stake in OJSC Odessa Portside Plant (OPP) are consistent with the level of the highest prices are reasonable, consider polled by Interfax-Ukraine experts.
Given the prices of fertilizers and gas we do not expect prices for SCR above $ 630 million (nearly 5.05 billion UAH to the current exchange rate). According to our estimation, this ceiling price is fair, - said a senior analyst at investment company Troika Dialog Ukraine Peter Keller.
However, he said, is hard to argue that such price will be paid, since it is likely further development of the history of the privatization of IPF.
Until recently lobbied for the privatization of several parties. In light of the political uncertainty is not surprising that development (failure to recognize the competitive commission OOO Nortima winner). Privat is willing to pay high prices because it will benefit from the purchase of SCR by taking dominant position in the production of mineral fertilizers in Ukraine , - says Keller.
Analysts estimate investment group TASK Vadim Emca, the price you're willing to pay for IPF, exceeds the value of the shares of similar producers of nitrogen fertilizer, for example, in Russia.
Buyer IPF supports the strategic investor, or has the purpose to sell this company to a strategic investor, predicts that the premium for control of the asset. Therefore, the suggested price, in our opinion, is acceptable in the current environment, that is close to the maximum price which can be generated for this asset , - considers Emets.
analyst of investment company Dragon Capital Tamara Levchenko, in turn, noted that the fair price of the IPF is directly dependent on the estimated cost of gas for the company, in connection with which each of the bidders considered it their own way.
We have evaluated the asset at its current financial performance and compared them with similar multipliers fertilizer producers, which are traded on international stock exchanges., we have a price around $ 250-300 million given the current gas prices for all chemical plants in Ukraine - $ 198 /thousand cubic meters. m , - said Levchenko.
However, she added, if the price of gas will drop to $ 150/tys. cu. m or below, the value of the IPF will increase significantly and may exceed $ 500-600 million
addition, Levchenko pointed out that the high level zapolitizirovanosti privatization IPF has a negative effect on the attitude of foreign investors, which contributes to the maintenance of views on Ukraine as a country with poor investment environment.
This position was echoed by the chief of analytical department of Ukrainian Fund Center, Vladimir Landa, according to whose tender for the sale of shares IPF once again demonstrated to the world, especially the national privatization.
It made one more step away from the civilized economic processes, - he stressed.
As noted by Landa, the fact that the state estimated the IPF UAH 4 billion, according to the resulting low price of 5 billion UAH can say only that the political tensions once again turned into the real economy.
It is hardly possible to talk about the legitimacy of the actions of officials who arrogate to themselves the powers of the courts, determining the existence of collusion among the participants of the contest at their discretion. The legal way out of this situation could be the completion of the contest, the announcement of the winner, followed claims by the authorities on the legality of the contest, - says Landa.
He added that if the state hoped to get from privatization of 8.9 billion UAH, the best solution would be a significant increase starting price. But now the investment attractiveness of the IPF significantly decreased, which can be confirmed even in the case of the next competition, experts forecast.
As reported, the competitive commission on sale of 99.567% stake in OJSC Odessa Portside Plant on Tuesday refused to recognize OOO Nortima associated with businessman Igor Kolomoisky, winner of the contest.
As the head of the competitive commission Igor Belotserkovets, members considered the price too low and expressed doubts about the usefulness of such a sale.
As a result of competition declared invalid.
Acting Heads of State Property Fund (FGI) Dmytro Parfionenko told reporters that looked through the elements of unfair competition, which led to the fact that the price was too low.
According to him, the government and MFI believes that the price for this pearl should be a minimum of 8.9 billion UAH.
Nortima proposed for IPF 5 billion UAH. Its main rivals are Russia OOO Nitrogen-Service, which is a subsidiary of OAO Sibur Holding. However, his representative, for a long time talking on the phone, still no bid 5.05 billion UAH.
competition on sale IPF Property Fund announced on July 15 this year. Starting price was $ 4 billion UAH.
initial application for purchase of IPF in the Antimonopoly Committee of Ukraine gave 13 companies, whose names were not disclosed. However, after the application of the conflict to the Fund to participate in the competition have been submitted only three companies: Company Nitrogen-Service, OOO Nortima and OOO Frunze Flora (both - Ukraine).
LLC Nitrogen-Service is a subsidiary of Russia's OAO Sibur Holding, which brings together 34 Russia's enterprises. The largest shareholders of Sibur Holding are OJSC Gazprombank - 70% minus 1 share and NPF Gazfond - 25% plus 1 share.
OOO Nortima Last year during the next attempt to sell the MFI AEs represented the interests of the well-known Ukrainian businessman Kolomoiskiy, as he himself said. Kolomoysky is co-owner of Dniproazot.
right to control Frunze-Flora has recently received a holding company of the group Power standard Energy Standard Fund Ltd. (Cyprus), another well-known businessman - Konstantin Grigorishin. This company was founded in 2005, including a number of LLC, formed on the basis of non-core assets of JSC Sumy Machine-Building NPO. Frunze, also included in the group Power standard.
As a result of trading the MICEX currency market the U.S. dollar in the UTS with the calculations of tomorrow was 30.1041 rubles. per dollar
Statistic data on the U.S. have been mixed: the value of real estate price index came out better than forecasts, and the index of consumer sentiment fell short of expectations
Stood tall today, shares of Tatneft, due to demand from non-residents
The main demand is concentrated in securities of LUKoil, for which Morgan Stanley raised the predictive value
The volume of cargo NCSP in 1 half of 2009 grew by more than 10% to 43 273.3 thousand tons
Vladimir Putin: The presence of the state in the economy after the crisis falls
STAU overlaid insurers
Putin: The monopoly on gas exports to Russia will continue
FGI: Sell IPF wait until better times