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Concorde Capital13 page report
published Mar 06, 2008
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Concorde Capital
Galnaftogaz is Ukraine’s third-largest automobile fuel retailer, with 7.7% of the total volume of fuel retailed in Ukraine in 2007, and ~30% in western regions. It is the only public company in the segment. Does not have internal refining capacity, flexible in choosing suppliers (in 2007 imported products accounted for 55% of total supplies). Sales of non-fuel goods and services account for around 5% of total revenue. Western style management, independence from major business groups, and targeted exit through an IPO (planned for 4Q09) ensures transparency and high corporate governance standards.
With Galnaftogaz's success in developing its non-fuel business line over 2006-07, we assume the share of cross-sell goods and services in total revenues will reach 6.6% by 2011, more than double our previous forecast. This will induce higher aggregate profitability, as non-fuel sales have 4-5 times higher gross margins than fuel retailing.
We used DCF and asset-based methods to value Galnaftogaz.
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| Source: | Concorde Consulting
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| Document ID: | cc43
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| Country: | Ukraine
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| Ticker: | GLNG=UA
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| Free Sample: |
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| Format: | | PDF |  |
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Concorde Capital is a full service investment and consulting company, with offices in Ukraine and Russia and operations throughout CIS financial markets. Concorde Capital's information products include daily news & research reports (equity, fixed income, industry/market, macro and strategy), covering all sectors of the economy.
