Rus News Journal

the Three was engaged in building

On Friday of the action Glavmosstroy have flied up more than on 30 %. So investors have reacted to an estimation in $1 mlrd, given companies IK the Three Dialogue and current capitalisation exceeding four times. Earlier so an appreciation remained not noticed, but active interest to actions Glavmosstroy most Three redeemed, according to professional participants, 1 - 2 %, has changed opinion of investors.
on Friday IK the Three Dialogue has let out the analytical report on the company Glavmosstroy in which price Established by analysts ($517) has estimated one of the largest Russian building companies in $998 million there were almost four times above, than prices of the off-exchange market (on Thursday in RTS Board the price for purchase made $128, on sale - $140). Reaction of other participants of the market has appeared stunning. Stock quotes have flied up more than on 30 %, and the capitalisation of the company counted by a stock exchange of RTS, has grown from $246 million to $328 million According to trader FK Uralsib Ilya Lobanova, on Friday the volume of the off-exchange auctions has exceeded $20 million whereas on the eve of transactions was not in general.

By data, Glavmosstroy realised in 2005 1,008 million in sq. m. In 2006 plans to put into operation 1,084 million in sq. m, including 903,4 thousand in sq. m of a floor space. The company gain on RSBU in 2005 has made 10,54 mlrd rbl., net profit - 60,7 million rbl. Glavmosstroy supervises about 50 companies connected with building, among which UZHS - 1 and UZHS - 2, Glavmosstrojmonolit industrial production Management, Strojmonolit 14 . The basic shareholder of the company as of September, 30th, 2006 is Open Company Corporation ` Glavstroj ` (75,47 %), under control to the company the Base element Oleg Deripaska.

at the same time it not the appreciation first so Glavmosstroy . In the end of August of this year after occurrence of actions of this company in RTS Board the similar report has let out FK Uralsib in which has estimated the company in $1,02 mlrd ($530 for the action). In the middle of September of analytics IK Tsentrinvest Sekjuritis have estimated the company in $966 million ($500 for the action). As it is noted in report IK the Three Dialogue until recently the company coped in the Soviet style . However the new command of managers intends to make a control system of more transparent, to increase profit and to begin expansion to regions, - one of authors of the report Michael Ganelin has declared. - On this basis we raise the recommendation about shares of company . According to analysts, the company gain in 2006 will make $1,46 mlrd, in 2007 - the m will exceed $2 billion Profitability on EBITDA will grow from 4,8 % in 2005 to 9,2 % in 2007. Participants of the building market also highly appreciate Glavmosstroy . The Councillor of directors Mirax Group Dmitry Lutsenko has estimated holding cost in $1 billion In its opinion, considering active increase in a portfolio of projects and new corporate governance, the next years this figure can increase several times . According to chief executive UK Blackwood. Real estate funds Artema Tsogoeva, capitalisation Glavmosstroy today makes $800 - 900 million In Glavmosstroy could not explain heightened interest to the market of own actions.

thus a difference in a theoretical estimation and analytics market prices explain risks of the company. According to analyst IK Tsentrinvest Sekjuritis Vitaly Baikina, in - the first, it is carrying out possibility dopemissii in which result of a share minoritariev will be washed away or they should carry out additional expenses . Besides, in its opinion, it is impossible to exclude risk a conclusion from the company of actives and creation on their basis of the new company . In IK the Three Dialogue too mark risks, as the general for branches (opacity), and private for Glavmosstroy (a close connection with the present Moscow government, risk of a conclusion of actives the supervising shareholder, capital washing out at dopemissii). According to the chief of analytical department of Bank of Moscow Vladimir Vedeneyev, considering that the company gain makes about $1,2 mlrd, it can quite cost $1 billion But as ` Glavmosstroy ` - the opaque and not consolidated company, now it costs in times less .

the Additional intrigue of Friday launch of actions was that on the previous optimistic reviews concerning the company Glavmosstroy the market did not react. Limitation of the circle of persons, familiar with analytical reports was one of explanations. However representatives of some investment companies have declared that before release of report IK the Three Dialogue actively bought up actions Glavmosstroy in the market. Besides, as has told Artem Tsogoev, ` the Three ` conducted buying up of actions still couple of years back. Then on pure ponds near to Russian commodity - its minibus with an inscription ` stood a raw stock exchange even we take shares Glavmosstroy ` . According to participants of the market, the collected package can be estimated in 1 - 2 % from total number of actions. However vice-president IK the Three Dialogue Alexey Dolgih has rejected vigorously possible communication of increase of the recommendation about Open Society papers Glavmosstroy With operations with the actions previous an exit of the report. we will prefer to refrain from comments, this theme is not necessary discussions - he has declared.

, SERGEY - TJAGAJ