JSC URALSVYAZ.PF.ADR/200

Jetzt wird der Firmen-Jackpot des Telefonunternehmens, JSC URALSVYAZ.PF.ADR/200 Aktie, unter seinen Aktionären verteilt. Mit dem Jahreswechsel 2010 /20 11, gibt es für uns JSC URALSVYAZ.PF Aktionäre, eine richtige Geldschwemme. Der Schampus steht bereits im Kühlschrank bereit! Macht bei 1 Million Vorzugsaktien x 0,082764 USD = 82.764 USD Brutto Dividende! Minus -15% Russische Quellensteuer werden abgezogen. Verbleiben immer noch: 70.349,40 USD. Sollte der Euro in den kommenden Tagen auf 1:1 abrutschen, gibt es 70.349,40 Euro Netto! http://www.uptotrade.de/talk/showthread.php?p=50736#post50736 Uralsvyazinform summiert Außergewöhnliche Hauptversammlung von Aktionären Anteil Uralsvyazinform (RTS und die Moskauer Zwischenbankbörse: URSI/URSIP, ADR: UVYZY/UVYZYP) - der größte Maschinenbediener der festen Linie und die beweglichen Dienstleistungen des Urals, berichtet über Ergebnisse der Außergewöhnlichen Hauptversammlung von Aktionären von OJSC "Uralsvyazinform" in der Form der Ähnlichkeit, die stimmt, der am 08. November 2010 stattfand. Wie berichtet, früher schloss die Tagesordnung der Außergewöhnlichen Hauptversammlung die folgenden Einträge ein: 1. Die Zahlung von Dividenden durch die Gesellschaft durch Ergebnisse 9M2010. 2. Die Änderung des Firmenausschusses von Direktoren Charter. 3. Die jährliche Belohnung zu Ausschüssen von Direktoren der Gesellschaft, die Funktionen nach der Jährlichen Hauptversammlung von Aktionären am 23.06.2010 durchführend. Das Register von Personen, mit dem Recht, an der Außergewöhnlichen Hauptversammlung von Aktionären von OJSC "Uralsvyazinform" teilzunehmen, wird bezüglich am 20. September 2010 zusammengesetzt. Das Quorum der Außergewöhnlichen Hauptversammlung setzte 60,2 % von der Gesamtzahl von Stimmen der Personen in der Liste zusammen. Gemäß Summen der Abstimmung durch einen Punkt ³1 entschieden sich Aktionäre dafür, die Dividenden durch Ergebnisse 9M2010 als der folgende zu bezahlen: - 0,0000000013632137 % des Reingewinns für die angezeigte Frist auf einem Vorzugsaktie-Typ A, - 0,0000000004675238 % des Reingewinns für die angezeigte Frist auf einer Stammaktie. So, in Betracht ziehend, dass der Firmenreingewinn für 9M2010 gemäß den russischen Buchhaltungsstandards RUR 6,071.2 mln zusammensetzte, werden Dividenden Aktionären der Gesellschaft bis zum 31. Dezember 2010 bezahlt: - RUR 0,082764. auf einer Vorzugsaktie URSIP = 16,5 Rubel $ 0.53/ADR à 200 Orig. Anteile - RUR 0,028385. auf einer Stammaktie. URSI = 5,7 Rubel $ 0.184/ADR à 200 Orig. Anteile Dividenden werden in der Ordnung entsprechend der Information über eine Weise des Erreichens von Dividenden bezahlt, die von eingetragenen Personen auf Registrierungseinträgen von Firmenaktionären bezüglich am 20. September 2010 gegeben sind. (Rekorddatum)

There has been a meeting of the Strategic Committee for the restructuring of Svyazinvest as we discussed yesterday. The details are described below, but are largely as expected if media reports are accurate. We continue to recommend purchase of regional operators. RTKM RX: SELL | Fair Value: USD 2.44 | Current Price: USD 5.14 | Upside/Downside: -53% CTLK RX: BUY | Fair Value: USD 1.10 | Current Price: USD 0.75 | Upside/Downside: 47% URSI RX: BUY | Fair Value: USD 0.0753 | Current Price: USD 0.0332 | Upside/Downside: 127% VTEL RX: BUY | Fair Value: USD 6.55 | Current Price: USD 3.47 | Upside/Downside: 89% STKM RX: BUY | Fair Value: USD 0.156 | Current Price: USD 0.061 | Upside/Downside: 156% SPTL RX: BUY | Fair Value: USD 1.81 | Current Price: USD 0.78 | Upside/Downside: 132% DLSV RX: BUY | Fair Value: USD 6.52 | Current Price: USD 3.88 | Upside/Downside: 68% UTEL RX: BUY | Fair Value: USD 0.224 | Current Price: USD 0.136 | Upside/Downside: 65% According to the media, the committee has agreed that the discount of preferred shares to common shares should be 21%, much in line with our own estimate of 23.5% as an average for the regional operators group. An indicative valuation for the new entity, based in part on what is an average EV/OIBDA ratio for Central European operators, said to be 4.8x, which is lower than is the case for our four scenarios, but this is only indicative. A valuation of RUB 355bn, or USD 12.5bn is thus given to the group, vs our range of valuations for it of RUB 417bn (USD 13.9bn)-RUB 529bn (USD 17.6bn). We have argued that the committee might opt for a lower valuation, but there is potential movement in this when the final figure is decided. That is, it could easily end up being closer to our range. The actual values of each of the new entities in the new company is not given, but Rostelecom is expected to be the largest, followed by Centertel, Uralsvyazinform, Volga Telecom, Sibirtelecom, Northwest Telecom, Dalsvyaz and finally Southern Telecommunications. Our valuations under our various scenarios are given below. Following the establishment of the new company, the government seeks to own a stake of 53.8%. The government estimates it might obtain a further 4% on top of this if a proportion of minority holders in the existing regional operators decide to sell their stakes. This however, is merely a best-guess on the part of the government. The Committee has agreed that the valuation of the regional operators for the purposes of calculating swap ratios should be based on a 50:50 weighting of DCFs and the average price for the last 6 months for the regional operators, but taking into account EV/OIBDA valuations too. The actual swap ratios may be announced as early as 26th April, the time of the Dalsvyaz Board of Directors’ meeting. The WACC to be used for the DCF is said to be 12.5%, broadly in line with our own WACC assumptions, of 12.7%. The EV/OIBDA multiples may be based too on averages for Central European operators, which are said to be estimated at 4.8x. On the basis of our 2011 EV/OIBDA multiple estimates, the Russian stocks look undervalued vs this ratio. The Russian median is 2.4x our estimates for the median of Eastern Europe incumbents being 4.5x. This suggests the Russian group is 88% undervalued respectively, compared with this groups.

Metropol zu Telco's Merger: für URSIP ergäben sich in etwa $0.058, das sind pro ADR $11.60 / €8.70 heute stehn diese am RTS bei Ask $0.032 = $6.40 ADR (mein Kauf $0.0135 = $2.70) http://www.uptotrade.de/talk/showthread.php?p=49348#post49348 Valuation of Rostelecom Could Justify Profit-taking in Prefs, Effect on RTOs is Positive Interfax said yesterday evening that weight of Rostelecom in the united entity may be 30%. If this information is proved it may entail end of rally in Rostelecom preferred shares, as future dividends on Rostelecom prefs would be less than expected, with future dividend yield of just 5%, based on current quotes. But the effect may be positive for RTO prices. We downgraded Rostelecom prefs to HOLD due to valuation downside risk, but leave target price of $4.0 pending official confirmation. Yesterday evening Interfax, commenting reports of the Svyazinvest strategy committee meeting (see details in our Desknote yesterday), cited an unnamed source, who said that weight of Rostelecom in the RTOs+Rostelecom merged entity may be 30%. Contacted by us, Svyazinvest officials refused to either confirm or deny this information. Weight of Rostelecom in the united entity is the touchstone for valuation of Rostelecom preferred stocks. The greater the weight of Rostelecom, the fewer common shares it will have to issue for conversion of shares of RTOs (regional telecoms). And, as decreed by the company charter, the dividend on Rostelecom prefs is calculated as 10% of net income divided by the number of shares equal to 25% of total share capital. For Rostelecom to take 30% of the merged entity, we estimate that it would have to issue 2.2-2.3b new common shares. Rostelecom currently has 729m common shares and 243m preferred shares, so the number of common shares would increase to almost 3b and total share capital would be 3.2-3.3b shares. We forecast 2010 consolidated net income of the merged entity (“united Rostelecom”) at R30-32b ($1.0-1.1b). That would imply 2010 dividends on post-merger Rostelecom preferred shares of R4 (about 13 cents, compared with estimated R2 (7.5 cents) for 2009 for Rostelecom as stand-alone entity). That gives dividend yield of 5% on prefs, at current market prices. This seems to be below expectations and may entail end of rally in Rostelecom prefs. If the stake of Rostelecom in the united company equaled current share of its market cap in total market cap of RTOs and Rostelecom (42%), future dividends on prefs would be higher, and we would see further growth in the stock. If Rostelecom takes only 30% of the merged entity, the implications are negative for both prefs and commons of Rostelecom (the latter would be valued below current market price). But the news is good for RTOs as they will get more attractive conversion ratios. We believe that the Interfax report may well prove correct, as our 50/50 combined DCF (indicative) and 6M average market price valuation (this is the approach used by the merger appraiser) suggests target value for as-is Rostelecom some 30% below the current market price, which precisely entails 30% weight in the merged entity. We will amend our target price for Rostelecom prefs as soon as there is more clarity about company weight in the new entity, keeping $4.0 as our target at present. However, we lower our recommendation for the stock to HOLD due to the downside risk. Previous RMG reports on these companies Fixed-Line Telecoms: New Recommendations due to Ranking of RTOs in United Rostelecom from 23.03.10

JSC URALSVYAZINFORUM REGISTERED PFD SHARES WKN 801343 ISIN RU0008013438 Dividende pro Stück USD 0,00200687 Zahlbar: 31.07.2008 Geschäftsjahr: 2007 Ursprungsland: RUSSLAND EX - Tag: 17.04.2008 Umrechnungskurs USD zu EUR: 1,5620000 15% Ausländische Quellensteuer die vom Russischen Finanzamt eingehalten wurde. Zum Beispiel: 1 Million URSI Aktien hatten mal knapp 2.200 Euro gekostet. Die Papiere stammen aus der Verschmelzung mit TYUMENTELECOM VORZ. AKT. (SP.ADRS) 2 RU 10000. Heute fahren die Papiere eine Dividende ein: 1.000.000 x 0,00200687 USD = 2.006,87 USD : 1,562 USD/Euro =1.284,08 Euro. Minus 15% russische Quellensteuer: - 192,61 Euro, bleiben Netto übrig: 1091,47 Euro. Die Nettorendite liegt bei ca. 50%! Fazit: Das bringt keine Deutsche Staatsanleihe noch das billige Sparbuch! L :-)