Yenakiieve Steel reports 2012 profit, significant deals at AGM

Yenakiieve Steel reports 2012 profit, significant deals at AGM



26 лютого 2013 года
Конкорд Капитал

Енакиевский металлургический завод (ENMZ)


Yenakiieve Steel (ENMZ UK) reported a bottom line of USD 8.5 mln in 2012 (down 3.6x yoy), according to the company’s AGM release on Feb. 22. Other P&L items have yet to be disclosed. The full-year result suggests the company generated a USD 177.5 mln profit in 4Q12 after three consecutive quarters of losses. The company’s AGM will take place on March 25 and its agenda expectedly contains a voting item to approve significant deals.



Roman Topolyuk: Yenakiieve’s net profit was likely due to a one-off accounting operation necessary to cover negative retained earnings, which stood at USD -208 mln as of end-September.



The significant deals item in the AGM agenda gives shareholders voting against such deals an option to sell shares to the issuer at a price that should be no less than UAH 36.8 per share (by our estimate). As the current market price (UAH 36.69 per share) is smaller than the implied selling price, ENMZ stock presents an arbitrage opportunity (refer to our Feb. 19 note for more details).

Источник: Конкорд Капитал

Аналитик: Роман Тополюк
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