Аннотация

Содержание отчёта

• 1. Investment summary
  Top-10 player in the booming insurance market.
  Strongly positioned in motor insurance.
  Investment income becomes important earnings driver.
  We see acquisition as the next catalyst.
  Currently fair-valued.

  2. Valuation summary

  3. Ukraine's insurance market
  Penetration very low vs. GEM
  Out of the shadows
  Going retail
  Life insurance gaining weight
  Key players

  4. Key MARKET GROWTH drivers
  Motor insurance leads
  CASCO is key
  OMTPL: Legal enforcement makes it another driver
  Property segment up on mortgages
  Medical picks up
  M&A: Eying growth and synergies

  5. Universalna franchise
  Market position
  Targeting the most promising niches
  Motor insurance
  Property
  Personal
  Optimizing delivery channels
  Ukraine's fifth largest national network
  Main distribution channel - Agents
  Transforming its format to speed up expansion
  Moving into Ukraine's largest regional market
  Investment income to drive earnings
  Shareholder structure

  6. Valuation
  Peer comparison
  Comparable deals
  Residual income model

  7. Financial statements

• CHARTS

  Stock performance vs. PFTS
  Stock performance: SKUN vs. EM peers, YTD
  Valuation results
  Insurance penetration: Ukraine vs. GEM
  Gross premiums written growth
  Gross premiums written, USD mln
  Reinsurance share in GPW, %
  Financial risk insurance in GPW, %
  Retail segment dynamics
  Life insurance premiums
  Life premiums as % of GDP
  Real market GPW breakdown, 2006
  Growth by segment in 2006, % yoy
  Contributors to motor insurance market growth, CAGR 2007-2009
  Motor insurance growth by segment, 2006
  Motor insurance breakdown
  Car sales, CAGR 05-06
  Number of cars per 1,000 inhabitants
  Residential housing construction
  Mortgage loans, USD bln
  GPW breakdown by key segments: Universalna vs. market
  Universalna's national coverage
  Number of branches
  GPW by distribution channel
  Company's staff breakdown
  GPW by distribution channels, 2006
  GWP by regional branches, 2006
  SKUN's GPW by regions, 2006
  Investment vs. Underwriting income, USD mln
  Equity portfolio of affiliated & non-affiliated company stocks
  Universalna's shareholder structure

  
  TABLES

  Market data
  12M Target
  Ownership
  Key financials, 2007E
  Ratios, 2007E
  Market multiples, 2007E
  Retail insurance development
  Ukraine's largest life insurers
  Top-10 Ukrainian real insurance leaders
  Recent M&A deals in the sector
  Top-10 real market insurers, GPW, USD ths
  Ukraine's Top-10 motor insurers, USD ths
  Leaders of property insurance, Real market
  Investment portfolio, USD ths
  Universalna equity portfolio, 1Q07
  Emerging market M&A deals in the insurance sector
  Recent M&A deals in the sector
  Universalna's equity valuation model
  Sensitivity analysis, USD
  Income statement summary, USD ths
  Balance sheet summary, USD ths
  Key ratios