1. Investment thesis
Investment summary
Portfolio risk and feasibility gauged
Core findings on stocks covered
What investors want: Value appreciation vs. cash generation
Stock performance, YTD
Stock performance, USD
Real estate indices, YTD
Sector summary
2. Market overview
Macro background
Kyiv real estate market
Retail market
Office market
Warehousing market
Residential market
Hotel market
Regional real estate market
Key domestic players
Completed and projected development in Ukrainian real estate market by leading domestic players, ths m2
Foreign entrants mounting
3. Stock market: What's on the menu?
New names emerging
Placement statistics
Funds raised through equity placements*, USD mln
Growth in the pipeline
Free float of Ukrainian real estate stocks, USD mln
Free float breakdown, Dec 07
XXI Century MCap and NAV
TMM MCap and NAV
P/NAV for XXI Century
P/NAV for TMM
Selection an issue
Ukrainian real estate stock market
4. Portfolio analysis
Portfolio feasibility and risk
Findings
Project management metrics
Valuation risk metrics
Cash flow and sensitivity analysis
XXI Century
TMM
TKS
Construction schedule comparison
XXI Century
TMM
TKS
5. Valuation
Valuation summary
Target price derivation*, USD mln
Note on XXI Century's valuation
DCF mechanics
Major assumptions
WACC assumptions
XXI Century: Impact of financing availability on value
XXI Century 12M targets sensitivity to funds attracted, USD mln
Portfolio value evolution, USD bln
6. Reading financial statements
Accounting differences
Companies' financials, USD mln
XXI Century financials restatement, USD mln
7. Company profiles
7.1 TKS
Investment case
Market information
Stock ownership
Corporate governance
Key financials, USD mln
Portfolio NPV breakdown by segment
Share price performance*
Business overview
TKS portfolio
TKS Income statement summary, USD mln
TKS Balance sheet summary, USD mln
TKS Cash flow statement summary, USD mln
UAH/USD Exchange rates
Investment case
Market information
Stock ownership
Corporate governance
Key financials, USD mln
Portfolio NPV breakdown by segment
Share price performance*
7.2 TMM
Business overview
TMM portfolio
TMM Income Statement Summary, USD mln
TMM Balance Sheet Summary, USD mln
TMM Cash Flow Statement Summary, USD mln
UAH/USD Exchange Rates
Investment case
Market information
Stock ownership
Corporate governance
Key financials, USD mln
Portfolio NPV breakdown by segment
Share price performance*
7.3 XXI Century
Business overview
XXI Century portfolio
XXI Century Income Statement Summary*, USD mln
XXI Century Balance Sheet Summary*, USD mln
XXI Century Cash Flow Statement Summary*, USD mln
8. Legal environment
Ownership
Mortgage financing
Leasing
Construction activities
Taxation