Dragon Capital Research

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4C8A GF bid 840,000.00 ask 866,400.00 -
4C8A GR bid 10.20 ask 10.40 -
4K1A GF bid 219.04 ask 229.12 -
5CHA GF bid 18,000.00 ask 20,000.00 -
A2TA GR bid 7.23 ask 7.95 -
ALMK bid 0.06 ask 0.06 -
AVDK bid 3.61 ask 3.63 -
AZOT bid 1.12 ask 1.12 -
AZST bid 0.97 ask 0.97 -
BAVL bid 0.11 ask 0.11 -
CDL LN bid 0.56 ask 0.56 -
CEEN bid 6.02 ask 6.06 -
CGOK bid 6.38 ask 6.95 -
CHIM bid 0.80 ask 0.88 -
DMKD bid 0.12 ask 0.13 -
DNAZ bid 0.03 ask 0.05 -
DNON bid 137.10 ask 190.00 -
DOEN bid 20.55 ask 20.77 -
DOON bid 1.30 ask 4.95 -
DTRZ bid 22.00 ask 38.00 -
ENMZ bid 43.66 ask 43.95 -
FLOT bid 9.60 ask 14.88 -
GSKZ bid 0.05 ask 0.25 -
HANZ bid 0.24 ask 0.40 -
HAON bid 1.03 ask 1.30 -
HRTR bid 1.25 ask 1.28 -
IVFC bid 378.48 ask 378.48 -
KIEN bid 4.20 ask 7.90 -
KREN bid 0.90 ask 1.34 -
KVBZ bid 16.70 ask 17.38 -
LA008 AV bid 3,000.00 ask 4,000.00 -
LAZA bid 0.008 ask 1.04 -
LINS bid 0.16 ask 0.56 -
LTPL bid 2.02 ask 2.17 -
LUAZ bid 0.16 ask 0.20 -
MMKI bid 0.20 ask 0.22 -
MSICH bid 2,496.00 ask 2,507.00 -
MTBD bid 47.80 ask 56.10 -
MYGZ bid 0.16 ask 0.48 -
MZVM bid 0.10 ask 0.12 -
NVTR bid 0.30 ask 0.35 -
OCAB bid 0.16 ask 7.60 -
PGOK bid 14.65 ask 15.20 -
ROGA bid 240.00 ask 400.00 -
SAB08 AV bid 13,000.00 ask 15,000.00 -
SGOK bid 11.90 ask 12.10 -
SHCHZ bid 1.21 ask 1.25 -
SHKD bid 1.15 ask 1.21 -
STIR bid 19.20 ask 20.17 -
SVGZ bid 3.27 ask 3.30 -
UNAF bid 195.30 ask 198.50 -
USCB bid 0.19 ask 0.19 -
UTLM bid 0.32 ask 0.34 -
VKDV bid 2.48 ask 3.04 -
XXIC LN bid 0.06 ask 0.07 -
YASK bid 1.02 ask 1.05 -
ZAEN bid 120.10 ask 133.30 -
ZATR bid 0.96 ask 0.96 -
ZAZA bid 0.08 ask 1.76 -
ZCPK bid 0.40 ask 0.40 -
ZHEN bid 0.82 ask 0.86 -

Companies

Summary

Market Price ($)	74.50
Market Cap ($m)	115.47
Enterprise Value ($m)	115.47
Shares Outstanding	1,550,000
Bloomberg code	RGTR UK
Code	RTGR

Recommendations

PT ($)	****
Upside (%)	****
Recommendations	****
Ranking	****

Shareholder Structure

Retail Group (RTGR)

Business Profile

Retail Group operates retail chains in Ukraine and Moldova. Its Ukrainian chain consists of 52 stores (Velyka Kyshenya and VelMart brands) and was the sixth largest by turnover last year. The Green Hills chain in Moldova (the second largest there) includes 10 stores. Retail Group’s selling space per store averages 1,800 m² for supermarkets and 5,000 m² for hypermarkets, with over 20,000 stock keeping units (SKU) per store.

Financial Summary

Indicator	2009	2010	2011E	2012E	2013F
Sales ($m)	463	511	****	****	****
EBITDA ($m)	22	21	****	****	****
Net Income ($m)	(1)	(11)	****	****	****
Net Debt ($m)	125	127	****	****	****

Valuation Summary

Indicator	2009	2010	2011E	2012E	2013F
P/E	neg.	neg.	****	****	****
P/Sales	0.25	0.23	****	****	****
EV/EBITDA	10.7	11.4	****	****	****
P/Book	78.25	neg.	****	****	****

Prices are quoted in UAH.

*Data available to Dragon Capital's institutional clients only.

Analyst: Tatjana Telezko

E-mail:

Company Peers

Anthousa Ltd.