target price of $1.52 for Tyumentelecom oder 1,74EURO
Tyumentelecom, Khantymansiiskokrtelecom swap ratios below expectations
Yesterday the boards of Tyumentelecom and Khantymansiiskokrtelecom announced the ratios for the upcoming swap of the companies' shares for those of Uralsvyazinform as a part of Svyazinvest restructuring. Shareholders stand to receive 169.26463472 shares of Uralsvyazinform for one share of Tyumentelecom and 161.22295530 Uralsvyazinform shares for one share of Khantymansiiskokrtelecom (the ratios will be the same for common and preferred shares). The ratios now have to be approved by the Tyumentelecom and Khantymansiiskokrtelecom EGMs scheduled for 25 September and 12 October, respectively. The swap ratios are 27% and 50% below our forecasts for Tyumentelecom and Khantymansiiskokrtelecom, respectively. We attribute this to the fact that the swap consultant, LV-Finance, makes a more conservative appraisal of both companies' potential in the value-added segment of the market. At the current price of 0.9¢ per share of Uralsvyazinform, the proposed swap ratios result in a target price of $1.52 for Tyumentelecom and $1.45 for Khantymansiiskokrtelecom.
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