Ukrainian Real Estate: TKS
- Дата выхода отчёта: 16 августа 2007 г.
- География исследования: Украина
- Период исследования: 2005-2006 (актуализация по запросу)
- Язык отчёта: Английский
- Способ предоставления: электронный
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Содержание
1. Investment Thesis
TKS Management LLC
INVESTMENT CASE
MARKET INFORMATION - table
PORTFOLIO NPV STRUCTURE BY SEGMENT - chart
STOCK OWNERSHIP - table
KEY FINANCIALS, USD mln - table
STOCK PERFORMANCE, YTD - chart
BUY
2. Market Overview
Macro background
Retail property
Demand fueled by retail trade growth
Retail property market in the west of Ukraine
Office real estate
Economic growth and structural shifts fuel demand
Residential property market
Housing stock in low supply
Price appreciation wave spreading to regions
Greater mortgage availability to further fuel demand
TKS Management's market footprint
Lviv
Truskavets
Drohobych
Boryslav
Novovolynsk
3. Profile and Strategy
Business overview
Strategy
Legal structure
Management team
4. Project Portfolio
Truskavets retail projects
Drohobych retail projects
Boryslav and Novovolynsk retail projects
Lviv retail center
Lviv office center
Truskavets residential projects
Lviv residential projects
5. Valuation
Valuation summary
Sum-of-the-parts
DCF Mechanics
Tax assumptions
Relative valuation
6. Financial Statements
Assumptions used in financial projections
7. Risks
Major risks faced by the company
8. Legal Environment
Ownership
Mortgage financing
Leasing
Construction activities
Taxation
9. Appendices
Appendix A: Projects DCF Analysis, USD mln
CHARTS
Retail vs. Income in Ukraine, UAH bln
Ukraine's vs. Global retail sector market
Employment change in Ukraine, 2001-06
Office stock per '000 inhabitants in 2005, m2
Office vacancy rates in 2005, %
Residential real estate construction and stock in Ukraine
Housing prices in 2006
GRP and housing stock per capita by region, 2005
Outstanding Housing Debt '04, % of GDP
Mortgage financing in Ukraine
TKS Management's Business Structure
Company's legal structure
Projects timeline
Current land bank
TABLES
Ukraine's key macroeconomic indicators
Current portfolio
Sum-of-the-Parts valuation
Portfolio value
WACC Calculation
Consolidated DCF
Relative valuation at the time of placement
Income statement summary, USD mln
Balance sheet summary, USD mln
Cash flow statement summary, USD mln
UAH/USD Exchange rates
Truskavets 1 RC
Truskavets 2 RC
Drogobych 1 RC
Drogobych 2 RC
Boryslav RC
Novovolynsk RC
Lviv 1 RC
Lviv Office
Truskavets 1 / Lisova Pisnya
Truskavets 2 / Pomiretska
Truskavets 3 / Berizka
Truskavets 4 / Cottages
Lviv 1 / Naukova
Lviv 2 / Stradch