|
Sections |
| Title | Starting Page | Number of Pages |
|---|
| INVESTMENT THESIS | 3 | 3 |
| Investment summary | 4 | 1 |
| Sector summary | 5 | 1 |
| MARKET OVERVIEW | 6 | 7 |
| Macro background | 7 | 1 |
| Kyiv real estate market | 8 | 1 |
| Regional real estate market | 9 | 1 |
| Key domestic players | 10 | 2 |
| Foreign entrants mounting | 12 | 1 |
| STOCK MARKET: WHAT S ON THE MENU? | 13 | 6 |
| New names emerging | 14 | 2 |
| Growth in the pipeline | 16 | 2 |
| Selection an issue | 18 | 1 |
| PORTFOLIO ANALYSIS | 19 | 7 |
| Portfolio feasibility and risk | 20 | 1 |
| Findings | 20 | 1 |
| Project management metrics | 21 | 1 |
| Valuation risk metrics | 22 | 1 |
| Cash flow and sensitivity analysis | 23 | 3 |
| VALUATION | 26 | 4 |
| Valuation summary | 27 | 1 |
| DCF mechanics | 27 | 1 |
| XXI Century: Impact of financing availability on value | 28 | 2 |
| READING FINANCIAL STATEMENTS | 30 | 3 |
| Accounting differences | 31 | 2 |
| COMPANY PROFILES | 33 | 10 |
| TKS Management | 34 | 3 |
| TMM Real Estate Development | 37 | 3 |
| XXI Century Investments | 40 | 3 |
| LEGAL ENVIRONMENT | 43 | 3 |
| Ownership | 44 | 1 |
| Mortgage financing | 44 | 1 |
| Leasing | 44 | 1 |
| Construction activities | 45 | 1 |
| Taxation | 45 | 1 |
| APPENDICES | 46 | 20 |
| Appendix A: TKS project DCF analysis, USD mln | 47 | 3 |
| Appendix B: TMM project DCF analysis, USD mln | 50 | 6 |
| Appendix C: XXI Century project DCF analysis, USD mln | 56 | 10 |
