Аннотация

Содержание отчёта

• 1. INVESTMENT CASE
  Rapidly growing market
  MKS: Geared up for prompt expansion
  PC and Audio/video segments major growth drivers

  2. 2006 Results
  Retail chain roll-out program set for launch
  Stronger sales
  Reshuffling product mix to sustain robust growth
  Laptops secured higher PC sales
  Deeper penetration into brown goods
  Opening up new markets drags profitability

  3. UKRAINE'S RETAIL BOOM
  Central & Eastern Europe's fastest growing market
  Macroeconomic environment favors further growth
  Modern formats gain market share
  Higher share of non-food products
  Regions become key growth engine

  4. Ukraine's consumer electronics: Fast growing child

  5. Market players
  Market fragmentation remains high
  So far M&A and foreign interest has been sluggish
  PC & IT-related segment

  6. MKS franchise
  Profile
  Light on its feet
  Focused on the right region
  Kyiv: Precision expansion
  The roll-out program

  7. Trading formats
  High brand recognition
  Multi-format approach
  Hyper & Mini format interplay
  Small size fits PCs best
  Hyper size
  Insight into the efficiency
  Age
  Location
  Brisk exploration of new markets
  Outlet profiles by format
  Hypermarket
  Electronics supermarket
  Computer supermarket
  Computer store

  8. Segment outlook
  PCs: Reshuffled product mix to sustain solid growth
  Laptop revolution
  Strong response to the market challenge
  Desktops still extremely under-penetrated
  Corporate sales to support desktops
  White goods to slow as segment approaches saturation
  Audio/Video sales: Growth to continue
  Mobile handsets: Not impressive, but encouraging

  9. Real estate: Extra gravy
  Account for real estate to see real life book
  The hedge and value booster

  10. Valuation summary
  DCF Valuation
  Peer comparison
  Sum-of-the-parts valuation

  11. Financial statements

• CHARTS

  Retail sales in Europe, CAGR 03-05
  Ukraine's retail sector vs. Global markets
  Growth: Retail turnover vs real GDP
  Growth in real disposable income
  Consumer loan growth
  Non-food vs food retail sales
  Ukraine's retail by trade channel
  Non-food portion in total retail sales
  Food vs. non-food sales in Ukraine
  CE market breakdown by segment
  Ukraine's CE market CAGR 2003-06E
  Ukraine's CE product penetration
  CE sales breakdown by trade channel
  Total trading area, ths sq. m
  Number of outlets
  Net sales dynamics, USD mln
  MKS's PC assembling, units ths
  Network expansion by region in 2007
  Computer stores: Average sales per sq. m vs trading area
  Trade space efficiency by formats
  Hypermarkets at different maturity stages
  Formats' location and maturity stage
  Computer stores: Average sales per sq. m & stage of maturity
  MKS's growth by segment
  Ukraine's PC sales, units
  MKS's PC sales, units
  MKS: Plasma & LCD in total TV sales
  Plasma & LCD market share, 2009

  
  TABLES

  Market data
  12M target
  Ownership
  Indicators, 2006
  Key Financials, USD mln
  Price Ratios
  MKS's 2006 results
  Key Ukrainian CE retailers
  Ukraine's top PC assemblers
  MKS's mid-term expansion plan
  Hypermarket
  Electronics supermarket
  Computer supermarket
  Computer store
  Growth rates of revenues by segment: MKS vs. the market
  Model Assumptions
  MKS Discounted cash flow valuation
  Sensitivity Analysis: Equity Value, USD mln
  Global CE Retailers
  Household appliances & audio-video retailers
  Mobile phones retailers
  PC & IT-related products retailers
  MKS: SOTP Valuation Summary
  Financial statements