- •Cfa Society of Russia
- •Appendix d - comparable companies
- •Appendix e – ftse value stock screening criteria
- •Appendix f - macroeconomic assumptions
- •Appendix h – main suppliers
- •Appendix I – customers
- •Appendix j – mostotrest’s acquisitions
- •In cfd mst operates through:
- •5 Branches and 1 factory in Moscow and Moscow region;
- •Appendix n – projects completed by mostotrest in 2009-2012
- •Appendix o – mostotrest’s current projects (1/2)
- •Appendix o – mostotrest’s current projects (2/2)
- •Appendix p - board of directors structure
- •Appendix r - сompliance with the requirements of the exchanges listing rules to corporate governance (2/3)
- •Appendix t – swot analysis
- •The likelihood of new entry
- •The costs of entry are high
- •Firms who have experience and reputation in the industry have major advantages
- •The major client in the industry is the government, consequently, the loyalty to the existing companies is very high
- •Rivalry determinants
- •There are a few companies that have major share of the market
- •The existing firms will fight hard in order to survive because they cannot easily transfer their resources elsewhere
- •There is a big brand loyalty, as well as the good political relations of the owners of the company
- •Competitive rivalry within an Industry
- •In fact there are many companies with which Mostotrest successfully cooperates.
Appendix d - comparable companies
|
|
|
|
MCap, RUB mn |
EV, RUB mn |
EV/EBITDA |
|
P/E |
|
|
|
|
Country |
2012E |
2013E |
2012E |
2013E |
||
Mostotrest |
|
Russia |
52,517 |
52,206 |
4.7 |
4.1 |
11.1 |
10.5 |
|
Segment 1 - Core construction services |
|
|
|
|
|
|
|||
Diversified constructors |
|
|
|
|
|
|
|
|
|
Mota-Engil |
|
|
Portugal |
18,297 |
61,354 |
4.6 |
4.1 |
9.5 |
7.7 |
Hochtief |
|
|
Germany |
149,719 |
302,408 |
4.5 |
4.2 |
12.6 |
11.1 |
Bilfinger Berger AG |
|
Germany |
137,662 |
151,695 |
6.6 |
6.2 |
13.6 |
12.2 |
|
Median |
|
|
|
|
|
4.6 |
4.2 |
12.6 |
11.1 |
Segment 2 - General (speciality) contractors |
|
|
|
|
|
|
|||
Diversified general contractors |
|
|
|
|
|
|
|||
Vinci |
|
France |
876,114 |
1,485,810 |
6.7 |
6.4 |
11.3 |
10.7 |
|
Budimex |
|
|
Poland |
16,565 |
8,903 |
4.4 |
5.4 |
12.1 |
14.5 |
Impregilo |
|
|
Italy |
62,553 |
82,934 |
8.7 |
7.2 |
22.5 |
16.4 |
Median |
|
|
|
|
|
6.7 |
6.4 |
12.1 |
14.5 |
Segment 3 - Toll road operators / concessions & other |
|
|
|
|
|
||||
IRB Infrastructure Developers |
India |
23,088 |
57,144 |
5.4 |
4.7 |
7.9 |
7.6 |
||
Sadbhav Engineering |
|
India |
10,918 |
31,461 |
7.0 |
5.6 |
21.4 |
12.5 |
|
Gamuda |
|
|
Malasia |
75,473 |
83,428 |
11.9 |
10.4 |
11.2 |
10.7 |
Median |
|
|
|
|
|
7.0 |
5.6 |
11.2 |
10.7 |
Source: A-team analysis