|
Sections |
| Title | Starting Page | Number of Pages |
|---|
| Investing in Ukraine part1.pdf | 1 | 23 |
| Stocks vs. Bonds | 2 | 1 |
| Fixed income ideas | 3 | 2 |
| Equity ideas | 5 | 3 |
| Franchise value model (Approach 1) | 8 | 1 |
| Franchise value model (Approach 2) | 9 | 1 |
| Source: Concorde Capital research | 9 | 1 |
| Corporate solvency | 10 | 1 |
| Warning list | 10 | 1 |
| Early bond redemptions and maturities | 12 | 1 |
| Ukrainian equities key valuation metrics | 13 | 1 |
| Ukrainian equities key valuation metrics (continued) | 14 | 1 |
| Ukrainian equities key valuation metrics (continued) | 15 | 1 |
| Corporate profitability at historic high | 16 | 1 |
| Results by sector | 16 | 1 |
| APPENDIX | 17 | 1 |
| Estimation of market CoE | 18 | 1 |
| 1) CoE derived from market-implied WACC. We fixed the date at October 27, 2008 to evaluate what cost of capital was built into market prices. | 18 | 1 |
| We selected a sample of the 29 most liquid stocks. During times of efficient market functioning, the basket of most liquid stocks should average in a relatively fair estimate of the WACC equity investors apply, mitigating possible over or undervaluation of | 18 | 1 |
| We found that market WACC derived from stock prices is 38%, up from 22% at end-September and 11% in January. The cost of equity corresponding to 38% of the market derived WACC is 44%, given 22% average D/E for the stock basket. | 18 | 1 |
| Stock performance | 19 | 1 |
| Stock performance (continued) | 20 | 1 |
| Sector multiples | 21 | 1 |
| Sector multiples (continued) | 22 | 1 |
| Sector multiples (continued) | 23 | 1 |
| Investing in Ukraine part2 24 Nov 2008.pdf | 24 | 9 |
| BLUE(1) picks | 26 | 1 |
| BUY list | 26 | 1 |
| SELL list | 26 | 1 |
| Ukrainian equities: recommendations | 27 | 1 |
| Ukrainian equities: recommendations (continued) | 28 | 1 |
| Forecast revision summary by sector | 29 | 1 |
| Key fundamental forecast revisions by company | 30 | 1 |
| Key fundamental forecast revisions by company (continued) | 31 | 2 |
