Investment idea: AFK Sistema and the IPO of its subsidiaries


Since the IPO of Ozone, AFK Sistema has lagged behind Ozone and MTS by almost 20%. In an interview with Forbes magazine Vladimir Yevtushenkov said that Sistema’s shares should grow to at least 40-42 rubles and announced plans to bring several more subsidiaries to IPO. According to unconfirmed reports, the IPO of the Segezha timber industry holding, the Binnopharm pharmaceutical holding, the Steppe agricultural holding and the Medsi clinic chain, owned by AFK Sistema, may take place in the next two months.

Is it worth buying AFK Sistema shares for the future with the expectation of an IPO of its subsidiaries? Leonid Delitsyn, an analyst at FINAM Group, shared his opinion with Fortrader magazine.

– Reports of a possible IPO or the sale of a large stake in the Medsi network of clinics have appeared at least since the beginning of 2019. Two years have passed. It was recently reported that the public offering could be rescheduled to 2022. In early 2018, the head of the investment portfolio of AFK Sistema, who was then the chairman of the board of directors of the agricultural holding Steppe, announced that the IPO of the agricultural asset was postponed from 2019 to 2020. In total, the idea has been circulating in the media for three years.

At the same time, Ali Uzdenov also revealed a strategic approach, which is to conduct an IPO at the moment when it will allow you to get the maximum benefit. Finally, as you know, Ozon went public in the 23rd year of its life, and, perhaps, Sistema really got the most out of this IPO. Sistema is definitely not a hasty investor who quickly gets rid of assets.

Hence it follows that the idea of ​​acquiring shares of AFK Sistema with the expectation of an IPO of its subsidiaries should be oriented towards a 3-5 year horizon.

Libertex [CPS] WW

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