Translated material
Experts: "Domodedovo" could postpone an IPO due to problems with government agencies
The largest Russian Domodedovo airport could postpone an IPO not only because of the volatility of the markets, as the company itself said, but also because of difficult relations with government agencies, analysts surveyed by RIA Novosti believe.
Domodedovo canceled the IPO on the London Stock Exchange, since "placement cannot pass at the price level that reflects a fair assessment of the company."
"The fact that the airport is postponing an IPO may be the result of both global and local factors. In terms of the first, today is a rather volatile state of world venues forces investors to take a wait -and -see position and is wary of the papers of companies from developing markets.
Local risk, which, despite the strong operating and financial indicators of Domodedovo, there are difficult relations with state structures. The latter, it seems, is a prevailing factor, ”said Igor Golubev, head of the issuers of Nomen -bank issuers.
Analyst of IFC Metropol Andrei Rozhkov adds that the decision of Domodedovo to postpone the IPO is caused by the desire of investors to receive a discount for the assessment that the shareholder was counting on.
“This discount, in my opinion, was determined by two risk groups. The first group is associated with the current market conjuncture, and the second with the likely unfair assessment of the airport in the event of an inclusion of its unified airport holding, which should be formed from the three airports of the Moscow Air Supervision. I note that the close attention of the inspection in recent months has strengthened the last group of risks,” Rozhkov notes.
The airport officially announced the intention to hold an IPO on May 18. Road-Show was supposed to begin this week on May 30. Domodedovo could sell up to 20% of the shares and attract more than $ 1 billion.
Domodedovo is one of the most closed Russian companies. Currently, the beneficiary of a 100% shares of DME Limited, the airport holding company, is Dmitry Kamenchik.
According to the results of last year, consolidated revenue of the company increased by 21.6% compared to 2009 and amounted to 29.676 billion rubles, the adjusted EBITDA indicator increased by 1.6 times, reaching 12.735 billion rubles.
Moscow Airport "Domodedovo" - the largest airport in Russia, the share of its passenger flow from the total volume in Moscow is 46%. To date, 77 airlines in 233 areas around the world are flying from Domodedovo, 93 of which are unique for the Moscow region. Among partners, 48 foreign airlines (12 of them are represented by CIS countries) and 29 Russian. Passenger flow of Domodedovo, according to the results of 2010, increased by 19.2% to 22.25 million people.