Ukrainian Railcar Producers – Only casting’s the limit .



5 червня 2012 года
Конкорд Капитал

Рекомендация: KVBZ, Крюковский вагоностроительный завод, — покупать


We initiate coverage of two Ukrainian railcar producers, Stakhaniv Wagon and Kryukiv Wagon, with BUY recommendations and implied close to triple-digits upsides. The two manufacturers, in our view, are among the cream of Ukraine’s investable universe, thanks to sustainable growth in output and financials. Even though wagon production is peaking and their mid-term growth prospects look more risky, we believe the companies do not deserve a 60% discount on EV/EBITDA to global peers. Among the two, Stakhaniv Wagon is the preferred short-term pick due to its focus on the booming gondola car market, while Kryukiv Wagon is a better mid-term play due to its prospects for capitalizing on potential domestic demand for high value-added passenger and subway wagons.

Источник: Конкорд Капитал



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