“Inkom-car“ - comments to seating of bondsAnalyzers of MDM-bank Denis Vodnev and Michael Galkin: accommodation of the third bonded loan of a group of companies of the Inkom-car in volume of 2 billion rbl. for a period of 4 years with the 2-year-old offer Today takes place. The emitter acts as Open Company “Inkom-harmony“ - the subholding company of group executing a role of main operational unit. Sponsors on extension are Open Company «Cars the Trade» (the retail operator of group in Moscow) and legally not linked to Open Company “RUGBY FOOTBALL“ group.
an inkom-car - one of leaders of the Russian automobile retail. The group sells as domestic cars (VAZ, GAZ, UAZ), and foreign cars (the official dealer of Daewoo, Hyundai, Kia, Renault, Ford, Fiat, Opel, Chevrolet, etc.). The company also is engaged in service and realisation of accessories. Sales of cars form the basis of a revenue of the Inkom-car (83 % following the results of 2006) . On a share of service and sale of spare parts in 2006 it was necessary 6 % and 8 % of a revenue accordingly.
the main part of showrooms of group is centred in Moscow (25 of 28). The company is monitored by its founder Dmitry Kozlovsky. Till the end of June, 2007 entering in the capital of the company of the American fund of direct investments AIG is expected.
In our opinion, the Russian automobile retail from the point of view of business risks looks very not bad against other segments roznitsy. In our opinion, it is less hazardous in comparison with business on trade in other import goods - perfumery, building materials, clothes, furniture or home appliances, and yields in appeal to a grocery and pharmaceutical retail only a little. Key advantage of an autoretail in comparison with other kinds not grocery roznitsy, in our opinion, is absence of the risks linked to import. Grey import of new cars disappeared in Russia with the advent of PTS (the mean passport in which the information on all proprietors of the car and the data on passing of customs registration is indicated by it). As to comparison with a grocery and pharmaceutical retail minuses of autodealers is them much and #972; lshaja a relation to producers (the margin is fixed), and #972; lshaja elasticity of a consumer demand and smaller M &A appetites in sector. At the same time, we consider as relative advantage of autodealers more competition low level since motor-car manufacturers rigidly regulate the prices and execute “zonation“ of dealers.
as acknowledgement of rather low business risks high credit ratings which on the threshold of accommodation of eurobonds were received by the leader of the Russian autoretail - company Rolf (Âŕ3/ÂÂ-) can serve in an autoretail. The combination of ratings at Rolfa looks even hardly more strongly, than at the recognised leader Russian grocery roznitsy - Ő5 (Â1/ÂÂ-).
it is unconditional, the Inkom-car looks Rolfa - the company weaker much less, is less transparent (is not present MSFO) and shows weaker parametres of profitability and a debt load (the tab. see).
Recognizing that scratch indexes of Rolfa and Ő5 are close, we consider that Inkom-car bonds should be traded together with extensions grocery ritejlerov 2-3 flight levels, i.e. with profitableness about 10-11 %. Bonds Inkom-Lada-2 are now traded with profitableness of 11.27 %.