Ukraine sells 25% stake in Vinnytsiaoblenergo for UAH 113 mln

Ukraine sells 25% stake in Vinnytsiaoblenergo for UAH 113 mln



28 листопада 2014 года
Конкорд Капитал

Винницаоблэнерго (VIEN)


The State Property Fund of Ukraine (SPF) sold its 25% stake in power DisCo Vinnytsiaoblenergo (VIEN UK) for UAH 112.7 mln, the Fund reported in a Nov. 27 press release. The starting price of the stake was UAH 81.7 mln. There were four candidates at the tender, according to the SPF. A company called Fondovyi Aktyv was recognized as the winner. In February 2012, the SPF sold a 50% stake in the DisCo for UAH 176.2 mln to a company related to the business group Energy Standard that belongs to Konstantin Grigorishin.



Alexander Paraschiy: The Nov. 27 deal is a slight disappointment after yesterday, the SPF was able to sell a 25% stake in a smaller DisCo, Zakarpatoblenergo (ZOEN UK), to a VS Energy affiliate for UAH 255 mln. The implied 2013 multiples of Vinnytsiaoblenergo deal are EV/Sales of 0.4x and EV/EBITDA of 4.1x, or nearly half of the corresponding figures for the ZOEN deal. We assume that the tender winner of Vinnytsiaoblenergo stake is affiliated with Energy Standard group, the majority shareholder of the DisCo.



A possible reason for the “smaller” competition for Vinnytsiaoblenergo is that Igor Kolomoisky (who inflated the tender price for ZOEN, as we see it) was less aggressive at the tender, possibly due to his warmer relationships with Energy Standard, as compared to VS Energy. We will be able to check this hypothesis today, when the SPF is planning to sell its 25% stake in another DisCo, Chernivtsioblenergo, which is controlled by VS Energy.



With the latest deal, the SPF boosted its total proceeds from privatization received this year by 36% to UAH 0.43 bln, which is 2.5% of its annual plan (UAH 17.0 bln).

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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