Anderrajter has estimated VTB
Deutsche Bank the head of syndicate anderrajterov passed in May IPO bank VTB - Deutsche Bank has lowered the price
On Friday - has lowered the target price of actions of the client. The forecast of the annual price is lowered with 14 to 13,9 dollars for GDR, the recommendation “ to buy “. The same day the target price under actions VTB has once again lowered IK “ the Three Dialogue “. After the publication bank of modest indicators for a half-year investment banks assign now all hopes to single incomes VTB which to it manage to be received at times in unexpected places.
Deutsche Securities has lowered the target price of actions VTB in connection with decrease in the forecast of commission incomes for 2007-2009 on 10-13 %. “ In the first half of the year 2007 the net profit has made 504 million dollars However on the commission income the single profit at a rate of 57 million dollars Adjusted for this single income net profit has affected has made 461 million dollars That on 3,5 % more low a consensus - the forecast “ - it is told in report Deutsche Securities. As a result the forecast on net profit VTB is lowered on 4 % - Deutsche Bank expects that in 2007 it will make 1,27 mlrd dollars
Actions VTB the third month bargain below the placing price. On Friday on LSE its papers bought on 9,33 dollars for GDR that on 11,6 % below placing level. It means that the institutional and private investors who have laid out 8 mlrd dollars during IPO, for today have lost 932 million dollars Similar losses at funds under control of DWS Investments, entering into group Deutsche Bank, - they have got during IPO actions VTB for the sum of an order of 200 million dollars Deutsche Bank not unique of a pool anderrajterov, played on fall of actions VTB. Goldman Sachs recommended to sell bank actions, having put down a mark at level 10,73 dollars for GDR. In the end of last week investment banks gave also lower levels: on Friday IK “ the Three Dialogue “ The second time has lowered the target price - this time to 10,86 about 11,42 dollars for GDR.
One more occasion to decrease in expectations on receipts of commission incomes is a reduction of incomes VTB from anderrajtinga debt tools from - for difficult conjuncture of the markets of the capital in Russia and abroad. “ a principal cause - slower growth of the commission income in the first half of the year in comparison with our forecasts. And we expect that the tendency can quite remain, and not only in 2007 - m, but also in the subsequent periods. And the situation with the market anderrajtinga is simply additional argument for decrease in expectations this year “ - the senior analyst on bank sector of Dojche of Bank Dmitry Dmitrys has explained daily.
originally analysts did not expect from VTB considerable receipts from single incomes in the beginning of year and counted capitalisation on other model. However it was found out that in first half of the year VTB has received 57 million dollars For bank appointment - depozitarija within the limits of placing of the actions at a stock exchange. “ it is a question about Bank of New York “ - vice-president VTB Vasily Titov has explained daily.
according to the Russian reporting, on the end of half-year in Bank of New York 14,6 % of actions VTB were stored in a kind depozitarnyh receipts. For the right of their service BoNY has generously paid - 1 % from market cost of placed papers. As marks the vice-president of board the Absolute of Bank Anatoly Maksakov, these expenses for depozitarija will pay off in the future at the expense of the incomes received from shareholders VTB at service of their accounts. By the way, in the autumn VTB did not begin to cancel a payment for storage of own actions by an example of other participants “ national IPO “ though the compensation received by it from BoNY, blocks a payment established by bank VTB 24 for storage in annual expression in recalculation on all holders of local actions (at the tariff of 0,02 % from the package sum).
Under statements of management VTB, following the results of a year bank all - taki will receive the net profit declared earlier not less than 1,1 mlrd Analytics dollars believe that at the expense of sale of actives it is possible. So, according to optimistical forecasts of Dojche of Bank in which see under actions VTB potential of growth of 50 % within a year, in the second half of the year the bank should receive 710 million against 504 million dollars in the first.