Аннотация

Содержание отчёта

• 1. Our Expectations Fulfilled
  Ambitious Plans Realized
  Moving Into New Markets

  2. Changes In Financials
  Gross margin. No comment...
  Fixed Asset Revaluation
  Tax Optimization

  3. Mid-Term Outlook: Positive
  Freight Cars Are Hot in the CIS
  CIS Railway Monopolies Are Waking Up
  Small Cargo Operators Drive Demand
  Leasing Operators Trigger Growth

  4. SVGZ Forecast Revision
  Output To Double In The Mid-Term
  CapEx: Revised Downward
  Export Focus Preferred
  Exports Yield Higher Returns

  5. Valuation
  DCF
  Business Model Revision
  DCF Model Summary
  Peer Comparison
  Valuation Summary
  Adjustment for the new share issue

  6. Financial Summary

• CHARTS

  SVGZ Market
  Production and sales
  Sales destinations, USD mln
  Gross margin. No comment...
  Share of independent cargo operators in Russia in 2006
  SVGZ Production Destinations, Units
  Average Unit Selling Prices, USD ths

  TABLES

  Market data
  MCap, USD Mln
  Shares, mln
  Stock ownership
  Key Financials
  Market Multiples
  Key Operating Data
  DCF Model Summary
  Sensitivity Analysis - Implied Share Price, USD
  Financial Summary
  Valuation
  Additional Share Issue Arithmetic, USD
  Income Stattement Summary, USD mln
  Balance Sheet Summary, USD mln