GILD100 (2012) Lithuania s most valuable companies

Transcription

1 GILD100 (2012) Lithuania s most valuable companies 1 GILD UAB GILD IB All rights reserved.

2 Ranking overview GILD100 ranks 100 most valuable Lithuanian companies by their actual or estimated equity market capitalization as of the beginning of GILD Corporate Finance compiled the list for two consecutive years and will continue this tradition in the future. Companies listed on the NASDAQ OMX Vilnius Stock Exchange or other exchanges are presented with their actual market values, based on the closing share price at the end of. The remaining companies are valued as if their shares were traded on the stock exchange. The valuation is based on publicly available information and comparative analysis. While the economic environment and financial results improved in the Baltic region in, the difficult macroeconomic situation in Western European countries and unstable world stock markets have had a significant impact on valuation. The total equity value of 100 largest Lithuanian companies was LTL 40 billion, or 38% of Lithuanian nominal GDP. World stock markets and valuation multiples Year was painful for investors, mainly because threats which were previously considered as being highly unlikely have in fact materialised. Developed countries, which had been increasing their debt levels in the past, were forced to pay for these decisions. With the exception of USA (+2,1%), stock indices fell 1 around the world (Europe - 10,5%, Japan -14,2%). While emerging markets often earned higher returns than developed countries in the past, in they showed a disappointing fall of 18,2%. All of this happened despite the fact that most of the companies had accumulated large amounts of cash reserves and improved their profitability. Negative trends resulted in the drop of valuation multiples, which in turn resulted into lower valuations for some companies and did not reflect improved results of others. Macro environment of Lithuanian companies in In, the macroeconomic situation in Lithuania improved significantly compared to Record export growth was the main engine of the economy in 2010, and showed no signs of slowing down in. In addition to this, domestic consumption increased its significance in the economy in. It was mainly influenced by growing wages in public and private sectors and a decreased debt service burden caused by lower interest rates; as a result, domestic consumption showed positive recovery signs for the first time after the crisis. Unfortunately, an increase in the average salary did not compensate for the negative demographic trends, which had negative impact on companies revenues and profits on the internal market. 1 Stock returns include gross dividends DISCLAIMER GILD100 presents estimates of equity value, which may differ significantly from actual take-over or floatation value. Take-over or floatation value is influenced by several factors, which are not taken into account in the current valuation. Those factors include secondary market liquidity, different valuation methods, transaction-specific factors and others. GILD Corporate Finance has compiled GILD100 based on the financial results and has not taken into account subsequent financial results or changes in stock exchange valuation in The value estimates in GILD100 are not investment advice. The list is compiled using the comparative valuation method. GILD Corporate Finance is aware that other valuation methods may lead to different results. 2 GILD UAB GILD All rights reserved.

3 Rank Company Industry Value Revenue Million Lt 1 (2) LIETUVOS GELEŽINKELIAI, AB Transport 3,024 1, (1) MAXIMA GRUPĖ, UAB Food Retail 2,772 7, (3) SWEDBANK, AB Banking 1, (4) SEB BANKAS, AB Banking 1, (5) TEO LT, AB Telecommunication 1, (11) LIFOSA, AB Chemicals 1,417 1, (6) LESTO, AB Energy 1,168 2, (7) ORLEN LIETUVA, AB Oil refining and trade 1,150 20, (15) ACHEMA, AB Chemicals 971 2, (9) LIETUVOS DUJOS, AB Gas distribution 970 1, (12) TELE2, UAB Telecommunication (20) SANITAS, AB Pharmaceuticals (13) DNB NORD BANKAS, AB Banking N VILNIAUS ENERGIJA, AB Utilities (10) LIETUVOS ENERGIJA, AB Energy 818 1, (35) ORION GLOBAL PET, UAB Plastic production 734 1, (8) LITGRID, AB Utilities (28) FERMENTAS, UAB Biotechnology (14) OMNITEL, UAB Telecommunication (17) NEO GROUP, UAB Plastic production 648 1, (16) ŠVYTURYS-UTENOS ALUS, UAB Breweries (19) KLAIPĖDOS NAFTA, AB Oil distribution (21) PLUNGĖS KOOP. PREKYBA UAB/ VIČIŪNAI GROUP Food processing 511 1, (25) SENUKŲ PREKYBOS CENTRAS, UAB DIY Retail 497 1, (29) PHILIP MORRIS LIETUVA, UAB Tobacco (23) LOTOS GEONAFTA, AB Oil Extraction (18) INTER RAO LIETUVA, UAB Energy trading 396 1, (32) INVALDA, AB Investment management N LIETPAK, UAB Plastic production (69) BITĖ LIETUVA, UAB Telecommunication (27) SANITEX, UAB Food wholesale, logistics 339 1, (33) KLAIPĖDOS JŪRŲ KROVINIŲ KOMPANIJA, AB Port Stevedoring (38) PIENO ŽVAIGŽDĖS, AB Food processing (37) HANNER, AB Real estate (30) APRANGA, AB Apparel trade (46) RETAL EUROPE, UAB Plastic Packaging N ŽALGIRIO SPORTO ARENA, UAB Real estate (99) NORVELITA, UAB Fish products (52) PAROC, UAB Construction materials (59) NORFOS MAŽMENA, UAB Food Retail 224 1, (34) LINAS AGRO GROUP, AB Agriculture 222 1, (48) NORDIC SUGAR KĖDAINIAI, AB Food processing (89) NEMUNO BANGA, UAB Tobacco supplies (36) CITY SERVICE, AB Facility management (53) RIMI LIETUVA, UAB Food Retail (64) AGROKONCERNAS, UAB Agriculture (50) SCHMITZ CARGOBULL BALTIC, UAB Transport solutions (80) SKUBA, UAB Truck parts retail N VILNIAUS ŠILUMOS TINKLAI, UAB Utilities (62) KAUNO GRŪDAI, AB Food processing 202 1, Profit 3 GILD UAB GILD All rights reserved.

4 Rank Company Industry Value Revenue Million Lt 51 (26) MARS LIETUVA, UAB Food wholesale (43) ŠIAULIŲ BANKAS, AB Banking (88) DFDS SEAWAYS, AB Marine transportation N DOJUS, UAB Retail and wholesale trade (39) BEGA, UAB Port stevedoring N OTTANA POLIMERI EUROPE, UAB Plastic production (31) ŪKIO BANKAS, AB Banking N NT VALDOS, UAB Real estate (66) INTERSURGICAL, UAB Medical supplies (44) ROKIŠKIO SŪRIS, AB Food processing (45) LIETUVOS DRAUDIMAS, AB Insurance (47) KALNAPILIO-TAURO GRUPĖ, UAB Breweries (72) NESTE LIETUVA, UAB Fuel retail (56) ČILI HOLDINGS, UAB Restaurants (51) BALTISCHES HAUS, UAB Real estate N HAKONLITA, UAB Real estate (77) VILNIAUS BALDAI, AB Furniture (42) AVIA SOLUTIONS GROUP, AB Aviation N ISA BALT, UAB Farming (41) KRAFT FOODS LIETUVA, AB Confectionary N GIRTEKA LOGISTICS, UAB Transport (67) VILNIAUS VANDENYS, UAB Utilities (68) G4S LIETUVA, UAB Security services N LITAGRA, UAB Agriculture (78) LIETUVOS PAŠTAS, AB Postal Services (70) KAUNO VANDENYS, UAB Utilities - Water (55) RIVONA, UAB Food wholesale, logistics 124 1, N VAKARŲ LAIVŲ REMONTAS, UAB Ship repair and maintenance N TORLINA, UAB Metal scrap (81) MINERALINIAI VANDENYS, UAB Wholesale spirits, tobacco (100) KITRON, UAB Electronics manufacturing (83) ŽEMAITIJOS PIENAS, AB Food processing N BALTIC PETROLEUM, UAB Fuel retail (61) LUKOIL BALTIJA, UAB Fuel retail 111 2, N KLAIPĖDOS VANDUO, AB Utilities N VITA BALTIC INTERNATIONAL, UAB Foam manufacturing (60) KLAIPĖDOS ENERGIJA, AB Utilities (65) CITADELE BANKAS, AB Banking (95) LIETUVA STATOIL, UAB Fuel retail 105 1, N TELTONIKA, UAB Wireless technology N TOPO GRUPĖ, UAB Retail, Wholesale Home Appliances (92) VAKARŲ MEDIENOS GRUPĖ, UAB Wood products (79) AKMENĖS CEMENTAS, AB Construction materials (40) GIRTEKA, UAB Transport N FIMA, UAB Engineering solutions (63) GRIGIŠKĖS, AB Pulp and paper (75) LYTAGRA, AB Retail and wholesale trade (98) RYTERNA, UAB Metal parts and products (90) VLANTANA, UAB Transport N ARVI CUKRUS, UAB Food processing Profit ( ) Number in the brackets shows last years position (N) Did not qualify for the list last year 4 GILD UAB GILD All rights reserved.

5 TOP 10 There is a new company at the top of GILD100 ranking. AB Lietuvos geležinkeliai significantly improved its financial results by various criteria EBITDA, sales and assets increased, whereas net debt declined, moving the equity value up. Maxima grupė showed the largest drop in value (about LTL 1,3 billion), consequently it fell to the second place. The value loss was caused by lower valuation multiples, twice lower profit and a decrease in EBITDA. AB Swedbank and AB SEB Bankas remained in same positions as last year. Even though banks managed to increase their profits, lower price book value multiple (P/BV) dragged their estimated capitalisations down. This year s Top 10 finishes with AB Lietuvos Dujos, which lost one position from previous year. AB Achema jumped from the fifteenth to ninth position this year. Better financial indicators, twice larger sales and higher valuation multiples resulted into the growth of company s value. Due to increased debt and lower EBITDA, AB Orlen Lietuva fell one position down to eighth place. The value of AB Lesto shrunk along with the stock market and gave up sixth position. With significantly higher sales, AB Lifosa managed to climb from eleventh to sixth place. The largest changes There are 20 new companies in this year s GILD100, of which AB Vilniaus energija appears in the highest place (fourteenth position). The largest jump of 61 positions was recorded by UAB Norvelita, which rose from ninety ninth to thirty eighth place. AB Grigiškės lost 33 positions, by falling from sixty third to ninety sixth ranking position. The largest increase in value was shown by UAB Orion Global Pet and AB Sanitas, LTL 416 and LTL 377 million, respectively. Comparison with stock exchange indices The value of GILD100 decreased by 9,4% over the year. This is a better result than Baltic OMX Benchmark index (-13,5%), however, worse than capitalization value of companies listed on Vilnius OMX stock exchange (-4,4%). J January 1, (billion LTL) 5 GILD UAB GILD All rights reserved.

6 GILD100 overview Value by sector 2010 Revenues by sector (excluding financial institutions) 2010 In comparison with 2010, there has been a slight decline in the retail sector in terms of value and revenue. The sector was mainly influenced by supermarkets and gas station networks. Even though companies managed to increase their sales, the drop in comparative multiples caused a shrinkage in values. Telecommunications sector declined along with GILD100, thus the sector s relative weight has not changed. Oil companies increased their sales fivefold, but lower multiples dragged values down. Although values and revenues in the utilities sector fell, this is not reflected in the charts, because this year the list includes AB Vilniaus energija, which failed to provide financial results last year and therefore was omitted from the ranking. Food and beverages sector shrunk both in terms of value, as well as by revenues. Listed dairy product companies lost some of their value, however greater impact on the sector s change was caused by breweries, whose financial indicators and comparative multiples dropped significantly. The increased value of the transport sector was mainly caused by the higher profitability and valuation of AB Lietuvos geležinkeliai. 6 GILD UAB GILD All rights reserved.