"An analysis of the largest corporate transactions in Ukraine in the current year has clearly identified a trend - the initial sale price of attractive assets during auctions or purchase negotiations increases several times over. The examples of Kryvorizhstal and Aval are clear proof of this," believes Volodymyr Ovcharenko, head of the analytical department at KINTO company, reports Podrobnosti.
"During the auction, a stake in Halychyna will be sold that provides the opportunity to participate in the management of the enterprise. Because of this factor, the value of the stake must necessarily increase - the so-called 'control premium' will be paid," asserts Ihor Putilin, head of the analytical department at TEKT-Broker company. The number of participants will also influence the price increase, among whom will be solid foreign structures. Thus, the Polish investment company Top Consulting has announced its future participation in the auction on behalf of its client - Poland's largest non-state oil company PKN Orlen. Russian oil producers are also actively eyeing the Drohobych enterprise. After all, a number of solid Russian oil companies do not have their own refining capacities. For example, Sibneft.
The method of comparable valuation once again confirms the assumption about future serious price growth. Viktoriya Horbenko, an analyst at Alfa Bank - Ukraine, gives the following example: a transaction to purchase 51 percent of shares in the Turkish refinery Tupras went through at a price of 294 dollars per tonne of installed capacity, which is 74% higher than the starting price of Halychyna.
Vladyslava Ostapenko, head of the investment banking department at Sokrat Investment Financial Group, believes: "There are different categories of investors. For some, cash flows and the current prospects of the enterprise are important; for others - the possibility of using the enterprise's capacities and obtaining operating profit. A third group of investors pursues the goal of obtaining profit from reselling their stake after the capitalization of Halychyna increases. According to available data, both institutional and portfolio investors will participate in the auction for Halychyna. The more interesting it will be to watch their rivalry."