Аннотация

Содержание отчёта

• 1. INVESTMENT CASE
  BUSINESS PROFILE
  Executive summary
  Valuation summary

  5. Ukrainian Pharmaceutical Market

  Underpenetrated, double growth by 2010
  Product mix: Generics and OTC prevail
  Competition
  Market drivers
  Higher consumer incomes
  Increasing government spending
  Mandatory GMP compliance
  Introduction of medical insurance
  Legal environment and regulations

  6. The Company

  Market position
  Product mix
  Production facilities
  Cost structure
  Cost advantages
  Distribution
  CapEx program
  Management strategy
  Compliance with GMP requirements
  Optimizing product mix
  Growth through acquisitions
  Arterium Corporation
  Farmak
  BCPP
  Approaching new geographical markets
  Risks
  Legal structure
  Management team

  7. Valuation

  Peer comparison
  DCF valuation
  Comparable deals
  Financial summary
  Glossary

• CHARTS

  Share price performance, USD
  Top 10 players in the Ukrainian pharma market
  Valuation summary chart, USD per share
  Ukrainian pharmaceutical market, 2004-2015E
  Market segmentation, 2006
  How Ukrainians seek medical help
  Price differentiation
  Market shares of imported and domestic drugs, 2006
  Market concentration, Ukraine vs. Europe
  Top-20 companies in Retail pharma market, 2006
  Top-20 companies in the Hospital segment, 2006
  Per-capita medical drug consumption and market growth potential
  Disposable income
  Growth of avg. prices vs. entire market, USD bln
  Changes in price distribution
  Healthcare expenditures as a % of GDP
  Darnitsa's market share, 2006
  Price trends: local drugs vs. imported
  Market & revenue breakdown by therapeutic category, 2006
  Top-5 categories on the market and in Darnitsa sales, 2005-1H07
  Cost of goods sold, 2006
  Producers recognition by distributors (curved)
  The number of visits to doctors by Darnitsa representatives
  Structure of the holding
  The effect of GMP implementation on Darnitsa's revenue
  Darnitsa's revenue growth, USD mln
  Darnitsa's gross margin forecast

  
  TABLES

  MARKET INFORMATION
  STOCK OWNERSHIP
  KEY FINANCIALS
  KEY RATIOS
  Selected cross-border deals in 2006-2007
  Valuation summary table
  Pharmaceutical market by therapeutic category, 2006
  Drugs distribution by price, 2006
  Top-4 domestic producers of pharmaceuticals
  Darnitsa revenue splits
  Revenue breakdown by product form
  Product launches, 2004-1H07
  Darnitsa partnerships
  Production shops
  Operating cost, 2006
  Top-10 distributors of Darnitsa's products in Ukrainian market
  Sales breakdown by destination
  Investment program
  Contribution of new products to revenue growth, 2006
  Top-priority product pipeline
  Prospective pipeline
  Branded vs. non-branded products
  Darnitsa's export pipeline: products pending for approval
  Functions performed by group companies
  Peer valuation summary
  Detailed peer data
  Macro and market assumptions
  DCF output
  Sensitivity of Darnitsa's 12M equity value, USD mln
  M&A deals in the CEE and CIS pharmaceutical sector, 2006-2007 (USD mln)
  Income statement, USD mln
  Balance sheet, USD mln
  Cash flow statement, USD mln
  Exchange Rates, UAH/USD