[B]TNK-BP listed on RTS-Board[/B]
Common and preferred shares of TNK-BP Holding (RTS: TNBP:; TNBPP) have been listed on the RTS-Board (listing on the RTSBoard does not even require presentation of an issue prospectus by the company). The number of common and preferred shares is 14.55b and 450m respectively with face-value of R1 (3.5 cent). The listing should lead to market capitalization increase of Russia’s second biggest oil company after Lukoil). We believe that the company will be traded without any discount to peers due to its superior efficiency, despite relatively poor liquidity. When all minority holdings have been swapped in, free float is expected to be only 7% (over $3.2b based on our $46.2b estimate of fair EV). In separate news, TNK-BP said that it is considering placement of a $1b Eurobond issue in the first half of 2006 as part of its $5b EMTN (euro medium-term note) program. The money may be spent on development of upstream (the TNK-BP planned investment program in 2006 is worth $2.5b), or may be used for purchase of the 53.7% Yukos stake in the Lithuanian refining concern, Mazeikiu Nafta, which is valued at about $1b.
TNK-BP is our top pick in oil & gas, and we rate it as a BUY.
Quelle: RMG
TNK BP Ord.Shares: [url]stock.rbc.ru/demo/rts.6/daily/tnbp.eng.shtml?show=all[/url]
TNK BP Pref.Shares: [url]stock.rbc.ru/demo/rts.6/daily/tnbpp.eng.shtml?show=all[/url]
Homepage: [url]www.tnk-bp.com/[/url]
Common and preferred shares of TNK-BP Holding (RTS: TNBP:; TNBPP) have been listed on the RTS-Board (listing on the RTSBoard does not even require presentation of an issue prospectus by the company). The number of common and preferred shares is 14.55b and 450m respectively with face-value of R1 (3.5 cent). The listing should lead to market capitalization increase of Russia’s second biggest oil company after Lukoil). We believe that the company will be traded without any discount to peers due to its superior efficiency, despite relatively poor liquidity. When all minority holdings have been swapped in, free float is expected to be only 7% (over $3.2b based on our $46.2b estimate of fair EV). In separate news, TNK-BP said that it is considering placement of a $1b Eurobond issue in the first half of 2006 as part of its $5b EMTN (euro medium-term note) program. The money may be spent on development of upstream (the TNK-BP planned investment program in 2006 is worth $2.5b), or may be used for purchase of the 53.7% Yukos stake in the Lithuanian refining concern, Mazeikiu Nafta, which is valued at about $1b.
TNK-BP is our top pick in oil & gas, and we rate it as a BUY.
Quelle: RMG
TNK BP Ord.Shares: [url]stock.rbc.ru/demo/rts.6/daily/tnbp.eng.shtml?show=all[/url]
TNK BP Pref.Shares: [url]stock.rbc.ru/demo/rts.6/daily/tnbpp.eng.shtml?show=all[/url]
Homepage: [url]www.tnk-bp.com/[/url]
