Wednesday May 25, 2022

OKD’s owner is on the stock exchange. Will dt go to coal?

It appeared on Thursday at first that a kind of company, NWR, was going to place its shares on the Prague Stock Exchange this year. One of the largest Central European coal companies has finally decided to go public on its pensions. M anci na spch?

The largest producer of hard coal, New World Resources (NWR), today announced its change to list its shares on the London, Warsaw and Prague stock exchanges. The company’s IPO was dropped at the end of last year, but the company’s representative announced at the time that the issue of the event is conditional on stability in the markets. Unfortunately, the situation did not develop in any way for the announcement of new issues, and the company decided to suspend the listing of its shares on the stock exchange.

Today, according to the company’s representatives, the time is more appropriate. According to Zdek Bakala, vice-chairman of the NWR board, the sales source sector has not been hit hard during the crisis and is currently healthy, which creates favorable conditions for admission to the stock exchange.

It is not yet known how much the company wants to get on the stock exchange, but it wants to list 25 33% of the stock on the stock exchange. According to analysts at Atlantik FT, the value of OKD could be around EUR 4.2 billion, according to the EV / EBITDA indicator. The size of the font size (and 33% of NWR) could init piblin 1.4 billion euros (35 billion K). It should be emphasized that our valuation is based on NWR’s EBITDA for 2007 (EUR 351 million), and its EBITDA for 2008 is expected to increase sharply, due to the sharp rise in the price of coal this year. ” The size of the company would thus rank among the medium-sized issues on the PSE, while it is not certain how much action will eventually get on the Prague Stock Exchange.

NWR is a 100% owner of OKD and through RPG it is 81% owned by investors represented by Zdek Bakala and Petr Kadas. The remaining 19% is owned by the American companies First Reserve and American Metals and Coal International.

The company created two separate divisions, real estate and real estate, before announcing the offer. The companies will be the shares of the division. The majority of the issue will consist of existing shares of the company, less new shares. It will be an international offer to institutional investors and thus a public offer to small investors in the Czech Republic and Poland. However, according to the company, the primary market is London.

Morgan Stanley, Goldman Sachs International and JPMorgan Cazenove will be the IPO managers for the global offer. The joint manager of the issue is Citigroup Global Markets Limited, the co-manager of the issue is Barclays Capital. The co-managers of the issue are Erste Bank, Patria Finance and Wood & Company.

esk spoitelna and Patria Finance are the leading issue managers and coordinators for the offer of retail investors in the Czech Republic. Wood & Company also acts as the leading issue manager in R. Spolumanaer and the leading issue manager in Poland is UniCredit Markets & Investment Banking (Bank Austria Creditanstalt AG).

New technologies and acquisitions
The company would like to raise funds, primarily to meet its investment targets and acquisitions, which are mainly related to the company in Poland (privatization of state-owned enterprises is planned there) and thus to Ukraine. The investment program mainly concerns the purchase of new technologies, which, according to the company, will enable more efficient and deeper, which, in addition to reducing the cost, will also lead to the possibility of more coking coal, which is more difficult.

In addition, modern technology washes your coal where it was unprofitable in the past. This, of course, is greatly aided by the very good prospects in the development of the price of coal, which has risen by 60% in coking coal and by 44% in energy coal over the last year. The price of coal helped the very rapid development of the steel industry, expanded investment in the production of electricity from coal and, as with other commodities, growing demand, especially from New Zealand and India.

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