“ the Renaissance the Capital “ - “ the Seventh continent “Changes of recommendations
Analysts “ the Capital Renaissance “ have lowered an estimation of actions “ the Seventh continent “ from $21,4 to $6,6. The recommendation to sell is kept without change. Negative influence on an estimation has rendered a combination of variety of factors. In - the first, delay of development of a trading network in January - September of current year. In - the second, risk of change of the supervising shareholder and increase of the award for risk under investments into actions. The owner of 74,8 % of actions “ the Seventh continent “ Alexander Zanadvorov has received the requirement about covering increase (margin call) under credits for $988 million, received from Deutsche Bank and Nordea Bank Finland. According to analysts, events can develop under two scenarios. According to the first, mister Zanadvorov can receive the financing necessary for payment of a debt to foreign creditors from Foreign trade and investment bank. However analysts consider its improbable as veb has already rejected the first demand. According to the second scenario, 74,8 % of actions will be sold by banks to investment funds that will be a favorable outcome for minority shareholders. Besides, analysts are negatively adjusted concerning prospects of development of supermarkets in Moscow in 2009. “ if the average rouble exchange rate to US dollar next year makes 35 rbl./ $ (now we put in rbl. model 30,5/ $) the forecast on company net profit (in dollar expression) the next year will be on 38 % more low, than it is provided in the base scenario “ - experts mark.
according to an analyst of YOKES “ Kapital “ Marinas Samohvalovoj, change of the proprietor will not affect negatively company activity. In the name of the new owner the company can receive the investor possessing in considerable volume of money resources for financing of the further development of one of largest Russian ritejlerov. “ “ the Seventh continent “ can interest foreign competitors who try to enter for a long time already the fast-growing Russian market “ - madam Samohvalova considers.
Analyst IFK “ Solid “ Evgenie Talalaeva ( to hold , $14) underline that, estimating a trading network in a current situation against financial crisis, it is necessary to pay attention that 75 % of its gain are necessary to Moscow, and shops work in a high price segment. “ influence of crisis on a consumer basket of products of the first necessity for this region will be minimum, and strong decrease in a gain, most likely, will not be “ - the analyst considers. Thus the basic risk for the company as well as for others ritejlerov, rouble depreciation is that will slow down gain and profit growth, will reduce investments of the companies and consumption from buyers. Problems with suppliers - manufacturers of foodstuff whom will not carry with state support and which will be compelled to turn off manufacture are not excluded.
this material has information character and cannot be considered as the invitation or prompting to buy or sell securities.