Voltamp IPO Note - Gulf Baader Capital Markets SAOC

Rohit Kumar Mangla
VP- Research
Rohit@gbcmoman.net
++ 968 2479 0614 - 108
Ajeev Gopinathan
Sr. Research Analyst
ajeev@gbcmoman.net
++ 968 2479 0614 -112
Hunaina Banatwala
Research Associate
Hunaina@gbcmoman.net
++968 2479 0614 - 111
21st May 2008
IPO Note: Voltamp Energy SAOG
GBCM Research
Issue Highlights
540 baiza + 2 baiza Issue expenses = 542 baiza
5th May 2008
3rd June 2008
RO 13.550 Million
RO 5 Million
1,000 Shares & then multiples of 100 upto a maximum of 10,000 shares
10,100 Shares & then multiples of 100 upto a maximum of 2.5 Million shares
17.50 million shares (70%)
6.25 million shares (20%)
1.25 million shares (5%) for employees
70% post listing.
End of June 2008
Offer price
Issue Open
Issue Close
Issue Size
Post Issue Capital
Minimum Application - Category -I
Minimum Application - Category -II
Allocation- Category -I
Allocation- Category -II
Allocation- Category -III
Maximum limit for Non Omani Holding
Listing on MSM
Source: Prospectus
Shareholding Pattern
Shareholding Structure
In Million No. Shares
Al Anwar Holdings SAOG
Pre Issue
20.097
SABCO LLC
7.452
Offer for Sale
5.742
2.129
% Holding
Post Issue
14.355
Pre Issue
57.4%
Post Issue
28.7%
5.323
21.3%
10.6%
Mr. Mushtaq bin Abdullah bin Jaffer
3.161
0.903
2.258
9.0%
4.5%
H.H. Seyyid Shihab bin Tariq Al Said
2.597
0.742
1.855
7.4%
3.7%
Mr. Mohammed bin Abdul Rasool Al Jamali
1.131
0.323
0.808
3.2%
1.6%
Dr. Ali bin Jaffar bin Mohammed
0.564
0.161
0.403
1.6%
0.8%
Total Promoters
35.000
10.000
25.000
100.0%
Offer for Sale+ Fresh Issue+ Employees
25.000
Total O/S Post Issue
50.000
Source: Prospectus
Issue Proceeds
Amount
(RO Million)
To be utilized (yrs)
Capex
6.0
2008-09
Working Capital
2.1
2008
Total Issue Proceeds
8.1
Source: Prospectus
2
50.0%
50.0%
IPO Note: Voltamp Energy SAOG
GBCM Research
Voltamp Energy: Opportunity to participate in a capex driven growth story
Voltamp energy along with its subsidiaries is into manufacturing of transformers, switchgears and related products. The product range primarily caters to power
transmission & distribution, oil & gas and other heavy industry segment in MENA region. These sectors are witnessing rampant capacity additions propelled by
healthy fiscal spending and capacities build up from private sector investments. The company intends to list itself on Muscat Securities Market, through a mix
of offer for sale and fresh offer of shares. The fresh offer of RO 8.1 million (30% of capital through issue of 15 million shares of 100 baiza par value along with a
premium of 440 baiza) is to be utilized for company’s capex plans and working capital requirements. Meanwhile, the promoters are diluting their stake through
offer for sale of 10 million shares, with post issue control of 50%, in the company under transformation.
We believe that listing of Voltamp Energy provides opportunity for investors to participate in a growth story driven by new capacities. The company is set to
commence its production by July 2008, at its new capacity in Qatar (51% JV). This in addition to its proposed Power Transformer capacity at Sohar, expected to
be operational by early 2010. These would enhance company’s overall capacity from 2100 MVA as of now to over 8200 MVA. These capacities would cater to a
market wherein demand is expected to rise at a healthy rate (Power Transformer demand estimated to grow by 15% - 6 Yr CAGR 2006-2012). Also, as per the
company 90% of requirements in these markets as of now are met through imports.
After management meeting, we believe that forecasts provided in the prospectus could be on conservative basis. However for valuation (discounted cash flow
model) purpose, we have considered the forecasts provided in the prospectus. For earnings multiple there is lack of sufficient listed comparables with similar
business model in the region. We have arrived at Fair Value Price based on weighted basis (Discounted cash Flow Model -80% and Earnings Multiple Model 20%).
Discounted cash flow model provides a fair value of RO 0.835, which 54.1% higher to offer price of RO 0.542, while a target PE of 13.5X on FY08E earnings
draws a price of RO 0.649.
On a weighted basis, (80%(80%- Discounted Cash Flow; 20% PE multiple), the fair value works out to RO 0.798,
0.798, which is 47.2% higher to its offer
price of RO 0.542.
0.542. Hence we recommend investors to subscribe for the issue.
3
IPO Note: Voltamp Energy SAOG
Transformer Basics
§
Transformers are one of the most critical equipments in the power transmission and
distribution process, accounting for around 10-15% of the total investments.
§
A power transformer is a device used to transform power voltage from the generation
point to the transmission point. Mainly, there are step-up power transformers or stepdown power transformers.
§
A distribution transformer is used to transform power voltage from the transmission point
to distribution of power to the end user.
§
Step-up transformers are used to convert low voltage current to high voltage AC and a
step-down transformer is used to convert high voltage current to low voltage AC.
§
There are different types of transformers like Dry Type transformer, specialty transformer
and various other classifications depending on their use.
§
Transformers work on the principle of electromagnetic induction-energy can be efficiently
transferred by magnetic induction from one winding to another winding in the presence
of a varying magnetic field produced by an alternating current.
Source: EIA
4
GBCM Research
IPO Note: Voltamp Energy SAOG
GBCM Research
Transformer demand
demand seen healthy
Power
Generation &
Distribution
Government
Initiatives
Captive Power
Plants
Setting up
Transmission
Line
Replacement
demand
Industrial
Capex
Major Capacity
expansions in
the region
Average Life
of a
Transformer
Oil & Gas and
Petrochemicals
Sector
Replacement
of the
Transformers
installed
around 2020-25
yrs
Heavy Industry
Sector
Outlook on transformer demand is strongly positive.
Huge investments lined up in Oil & Gas,
Petrochemicals, other industries and Power sector is
expected to keep healthy demand for all types of
transformers. Also given the lack of manufacturing
facilities in the region, the market demand is highly
depended on imports. This favours local
manufacturers with better margins due to proximity
factors.
Huge capex line up in power sector would drive in demand for transformerstransformers- Both
Both distribution and power segment.
Region
Arab Region
MENA Region
Capacity
2003
GW
Avg.
Capacity
Utilization
2003 (%)
Estimated
CapacityCapacity2006
GW
Estimated 2011
Capacity
-GW
Capacity
Increment
- GW
Resulting Capital
Investment-- US$ Bn
Investment
111
143
52%
52%
129.8
166.8
172.8
221.1
39.5
49.7
46.9
61.2
Source: APICORP Research
5
Energy Investment Requirement
MENA Region
Arab World
US$ Bn
Increase US$ Bn
Increase
2004-08
180
150
2005-09
210
17%
175
17%
2006-10
260
24%
220
26%
2007-11
395
52%
345
57%
Source: APICORP Research
Capital Investment in Energy Sector
Total
Power
In US$ Billion Hydrocarbons Sector
Arab region
298.2
46.9
MENA Region
333.5
61.2
Source: APICORP Research
Total
Energy
345.1
394.7
IPO Note: Voltamp Energy SAOG
GBCM Research
Voltamp EnergyEnergy- Corporate Structure
Current Structure
Proposed Structure - Post IPO
Al Anwar
Holding
SAOG
SABCO
LLC
Other
Shareholders
Pre IPO
Al Anwar Hold. SAOG
Other
Shareholders
Post IPO
Other Shareholders
SABCO LLC
57.4%
21.3%
21.3%
Voltamp Energy LLC
21.3%
50.0%
50.0%
10.7%
10.7%
0.01%
99.9%
Voltamp Transformers Oman LLC
51.0%
Voltamp Manufacturing Co. Qatar
28.7%
28.7%
§
Voltamp Energy SAOG
(Under Transformation)
§
Manufactures low voltage switchgear panels through a franchisee agreement with SchneiderFrance.
Aims to step up its operations during the year.
51.0%
0.01%
Voltamp
Manufacturing
Co. Qatar
99.9%
99.9%
after 5 years of operation)
§ To manufacture power transformers up to 150 MVA/132 kV class
§ To be set up in Sohar Industrial Estate.
0.01%
6
§
§
51% JV - VMCQ will manufacture (Capacity 1600 MVA) Oil filled transformers up to 10
MVA / 33 kV class, Dry type transformers up to 1.6 MVA / 11kV class & LV switchgear.
Expected to be operational by July ’08
Current year capacity utilization estd at 40% & 90% for following years.
§ New capacity of 4500 MVA proposed to be added by Jan 2010 (Phase – I) (Phase –II to upgrade capacity to 6500 MVA
Voltamp Power
Oman LLC
(Proposed)
Voltamp
Transformers
Oman LLC
§
§
§
§
§
Manufacturer’s transformers with capacity ranging from 50 kVA to 15 MVA, (33 kV class).
Plant capacity of 2100 MVA
Capacity utilization of 56% in 2007.
Company expects to improve the utilization levels in current year 69% in FY08 & 82% in FY09
IPO Note: Voltamp Energy SAOG
GBCM Research
Planned capacity addition augments topline growth
As of now, the company operates switchgear panels and 33kV class transformers along with providing technical and maintenance services in the value chain.
Meanwhile, its new capacity (JV(JV- VMCQ) is expected to be operational by July of 2008. This along with improvement in current utilization levels would augment
revenue growth during FY08 & FY09.
Capacity Additions – Voltamp Power Oman
Oman to add incremental capacity in 2010
Capacities - MVA
2007
2008 E
2009 E
2010 E
Voltamp Energy
Voltamp Transformer Oman (VTO)
Voltamp Manufacturing Qatar (VMCQ)
(VMCQ)
Voltamp Power Oman (VPO)
Source: Company
2,100
-
2,100
1,600
-
2,100
1,600
-
2011 E
2012 E
Switchgear Panels
2,100
2,100
1,600
1,600
4,500
4,500
2,100
1,600
4,500
2013 E
2,100
1,600
4,500
2014 E
2,100
1,600
4,500
Projected Capacity Utilization levels
Capacity Utilization - %
Voltamp
Volta
mp Energy
2007
90%
2008 E
90%
2009 E
90%
2010 E
90%
2011 E
90%
2012 E
90%
2013 E
90%
2014 E
90%
Voltamp Transformer Oman
56%
69%
82%
100%
100%
100%
100%
100%
Voltamp Manufacturing Qatar
Voltamp Power Oman
NIL
40%
90%
NIL
90%
90%
90%
90%
90%
12%
39%
65%
87%
100%
Source: Company Prospectus
Projected Revenue
Revenue Share
2008 E
2009 E
2012 E
2013 E
2014 E
10.2%
9.8%
9.9%
10.5%
74.6%
63.9%
59.0%
47.7%
41.0%
37.4%
35.7%
Voltamp Manufacturing Qatar
10.2%
23.3%
19.0%
15.9%
14.1%
13.3%
13.0%
10.8%
26.3%
35.0%
39.5%
40.8%
NIL
11.2%
2011 E
15.2%
Voltamp Power Oman
Source: Company Prospectus
12.8%
2010 E
Voltamp Energy
Voltamp Transformer Oman
Voltamp Power Oman – VPO,
VPO capacity of 4500 MVA is significant in the longer term with projected revenue share of 40.8% by year 2010. Meanwhile, current
capacity of Voltamp Energy
Energy and VTO would contribute to significant revenue share. After our management meet, we strongly believe that the company has been
conservative in its projections. VMCQ is expected to benefit from healthy orders from Qatar and lack of competition in the local market.
7
IPO Note: Voltamp Energy SAOG
GBCM Research
Projected Margin Analysis
The major cost of any transformer is the raw material cost. This includes CRGO (Cold-Rolled Grain Oriented silicon steel), Copper, Transformer Oil, and Steel –
Radiators & Tanks. Outlook on CRGO prices is quite stable for the short to medium term while copper prices witnesses’ high volatility. The company has proper
hedging practices through positions in forwards which aim to protect margins on order basis. The exact cost structure interpretation is not possible from the detail
statements, meanwhile, for FY07 the gross profit margins works out to 34.5%.
VTO enjoys the highest margins, as this caters to
Historical margins
services related to erection, commissioning, servicing
and testing of transformers and related equipments.
This business contributes to estd. 5% to topline and
estd. 10% to the bottomline.
Moving forward, margin is projected to contract with
addition of Qatar and upcoming Oman Facility. Qatar
facility is expected to cater to utility while, Power
transformer facility in Oman would improve its
margins post 2011.
8
Source: Prospectus
IPO Note: Voltamp Energy SAOG
GBCM Research
Large capacity addition in 2010 affects earnings growth
Capex goes towards proposed Power Transformer Plant in Oman
FY08, will see addition of its Qatar’s facility which, as per the forecast
would marginally affect earnings growth in FY08. Meanwhile, Major
In RO 000’s
Projected Capex
Source: Prospectus
2008 E
2,794
capacity addition in FY2010 will have an impact on its overall
earnings growth in 2010. For FY09, the net profit is forecasted to
grow by 27.6% to RO 3.065 Million, while same for FY2010
decelerates to RO 2.446 Million. Further for the following years,
improvement in capacity utilization would generate incremental cash
flows, thus bolstering the valuation.
Earnings growth – YoY Trend
2008 E
2,402
Net Profit - RO 000's
-0.8%
Net Proft Growth
Source: Prospectus
2009 E
3,065
27.6%
2010 E
2,446
-20.2%
2011 E
4,795
96.1%
2012 E
7,045
46.9%
Multiples at offer price seen lower than its comparable
peer
There is lack of listed comparables with similar business models
in the region. The only listed company from Egypt is El Nasr
Transformers and electrical products. On trailing basis, the stock
is trading at PE 22.8X and PBV of 6.6X. Meanwhile, Voltamp
Energy at offer price of RO 0.542, is at PE of 11.3X and PBV of
1.8X on FY08E.
Considering for higher margins and profitability that the
company enjoys, the multiples are lower to its global peers.
While, Chinese peers commands a PE avg of 11.9X, Indian peers
are trading at an avg PE of 13.5X.
9
2013 E
9,158
30.0%
2014 E
10,630
16.1%
El Nasr Transformers & Elect. Prod.
2007 2006 2005
High P/E
55.1 38.5 53.6
Low P/E
12.0 12.7 16.9
High PBV
14.6
7.9
5.2
Low PBV
3.2
2.6
1.6
High Div-Yield
2.8
3.9
5.0
Low Div-Yield
0.7
1.1
1.1
Source: Bloomberg
2009 E
6,331
2010 E
1,115
2011 E
135
2012 E
199
2013 E
160
2014 E
415
IPO Note: Voltamp Energy SAOG
GBCM Research
Valuation
We have taken cash flows as projected in the prospectus, which we believe presents a conservative scenario, once capacity is added as per schedule. Near term
cash flows remains affected by major capacity additions. New capacities and higher capacity utilization builds up cash flows post 2010.
GBCM
GBCM Weighted Beta Factor Model
No of
factors
Description
Risk free return
Market return
Beta estimation
estimation weighting factors (a)
A- Company Financial Risk Factors
10
-
-
-
2.0
-
2.0
2.0
B- Industry Risk Factors
5
-
-
-
1.0
1.0
-
C- Economic Risk Factors
5
-
-
-
-
4.0
-
D- Small Company Factor
1
1.34
16.2%
Cost of debt- Post Tax
WACC
5.7%
14.3%
Terminal growth rate
2%
0.5
1.0
2.0
High Risk
2.5
2.8 3.0
4.0
-
-
-
-
3.0
-
-
-
-
-
-
1.0
-
-
-
-
-
-
-
-
-
-
-
1.0
-
-
-
-
Number of observations (b)
-
-
-
3.0
5.0
2.0
5.0
6.0
-
-
-
-
Weighted Beta components (c=a*b)
-
-
-
2.6
5.0
2.5
7.5
10.5
-
-
-
-
Total of Beta components (Sum of c)
28.1
Number of factors (d)
21.0
Estimated BETA ((Sum of c)/d)
1.34
Discounted Cash Flow Model
In RO 000’s
Avg. Risk
1.3
1.5
1.8
13.5%
Beta
Cost of Equity
Low Risk
0.6
0.8 0.9
5.5%
Sensitivity Analysis
Terminal Growth/WaCC
13.0%
13.5%
14.0%
14.3%
14.5%
15.0%
1.5%
0.949
0.942
0.935
0.811
0.928
0.922
2.0%
0.928
0.921
0.914
0.835
0.907
0.901
2.5%
0.908
0.900
0.894
0.863
0.887
0.880
3.0%
0.888
0.881
0.874
0.892
0.867
0.861
3.5%
0.869
0.862
0.855
0.924
0.848
0.842
2008
2009
2010
2011
2012
2013
2014
2,415
(2,794)
2,435
(6,331)
2,383
(1,115)
5,978
(135)
7,020
(199)
9,101
(160)
10,622
(415)
FCFF
(379)
(3,896)
1,268
5,843
6,821
8,941
9,440
PV (Cash Flow)
(349)
(3,141)
895
3,606
3,682
4,224
3,902
Terminal Value
76,858
PV (Terminal Value)
31,767
Enterprise Value
41,766
We have arrived at Cost of Equity of 16.2% with Risk Free rate of 5.5% and Market return of 13.5%. The CAPM builds in
Fair Value
Offer Price
0.835
0.542
a higher beta of 1.34 derived from GBCM - Beta factor model.
Operating Cash Flows
Less Capex
Upside Potential
54.1%
On a terminal growth of 2%, discounted cash flow model derives fair value of RO 0.835, which 54.1% higher to offer
price of RO 0.542.
10
IPO Note: Voltamp Energy SAOG
GBCM Research
Weighted Fair Value
On a weighted basis, (80%(80%- Discounted Cash Flow; 20% PE multiple), the fair value works out to RO 0.798, which is 47.2% higher to its offer price of RO
0.542.
0.542.
Weighted Fair Value
Model
Discounted Cash Flow
PE Multiple – 13.5X
Weightage
80%
20%
Weighted Fair Value
Offer Price
Upside Potential
Fair Value - RO
0.835
0.649
0.798
0.542
47.2%
Outlook
With ongoing capacity additions in power, Oil & Gas, Petrochemicals and Heavy Industry segment, the demand for transformers and switchgears is expected to
be healthy in MENA region. Voltamp Energy, one among few manufacturers in proximity to the market is expected to benefit for its current and upcoming
capacities. We strongly believe that the company would benefit from its experience in these markets. Hence we are positive on company’s expansion initiatives
which will propel its earnings growth in future.
Although capacity addition for Power Transformer will have an impact on its earnings during 2010, this will build its cash flows moving forward. Thus it
derives a higher valuation for the stock on discounted basis. For the near term, the offer is made at a PE of 11.3X FY08E and 8.8X FY09E earnings. Post listing
the momentum is expected to be driven by earnings growth in near term. On a weighted basis, the fair value works out to RO 0.798 which is 54.1% higher to
the offer price. Hence we recommend investors to subscribe for the issue.
11
IPO Note: Voltamp Energy SAOG
GBCM Research
Consolidated Income Statement
IN RO 000's
Revenue
Cost of sales
Gross profit
Other income
Other Expenses
EBIT
Finance charges
PBT
Taxation
Net profit for the year
Source: Prospectus
Consolidated Balance Sheet Statement
IN RO 000's
Property, plant and equipment
Total nonnon-current assets
Inventories
Trade and other receivables
Cash in hand and at banks
Current assets
Total Assets
Share capital
Legal reserve
General reserve
Retained earnings
Total equity
Long term loan
Trade and other payables
Bank borrowings
Current portion of long term loan
Total current liabilities
Source: Prospectus
12
In RO 000’s
2005
5,472
(4,282)
1,190
52
(579)
663
(126)
538
(42)
496
2006
7,993
(6,248)
1,745
29
(696)
1,078
(190)
887
(100)
787
2007
10,694
(7,003)
3,691
159
(878)
2,972
(202)
2,771
(348)
2,422
2008 E
14,334
(10,185)
4,149
160
(1,345)
2,965
(226)
2,739
(337)
2,402
2009 E
20,398
(14,716)
5,681
95
(2,086)
3,690
(220)
3,470
(405)
3,065
2010 E
27,847
(20,944)
6,902
107
(3,373)
3,636
(678)
2,958
(513)
2,446
2011 E
36,925
(27,089)
9,836
112
(3,927)
6,022
(665)
5,357
(562)
4,795
2012 E
46,138
(33,344)
12,794
118
(4,511)
8,401
(726)
7,675
(630)
7,045
2013 E
54,724
(39,022)
15,702
124
(5,257)
10,569
(705)
9,864
(706)
9,158
2005
596
609
1,125
2,018
4
3,147
3,756
2006
565
576
2,411
3,066
3
5,481
6,057
2007
521
1,203
2,564
3,453
87
6,104
7,307
2008 E
2,418
3,415
2,931
3,767
8,502
15,200
18,615
2009 E
9,470
10,271
3,694
4,872
7,244
15,809
26,080
2010 E
9,393
10,000
4,837
6,636
7,404
18,878
28,877
2011
2011 E
8,314
8,725
6,036
8,411
9,506
23,953
32,678
2012 E
7,347
7,563
7,160
10,154
13,549
30,863
38,426
2013 E
6,194
6,410
8,299
11,829
19,602
39,730
39,730
46,139
500
167
50
636
1,353
1,193
1,197
13
2,403
1,100
369
50
421
2,140
1,398
2,519
3,917
3,500
848
14
4,362
21
1,550
1,249
125
2,924
5,000
6,400
1,059
455
14,664
401
1,878
1,650
21
3,549
5,000
6,400
1,312
1,517
15,979
5,859
2,542
1,650
50
4,242
5,000
6,400
1,605
1,920
16,675
5,809
3,323
3,020
50
6,393
5,000
6,400
1,977
4,593
19,720
4,608
4,254
2,895
1,201
8,350
5,000
6,400
2,424
9,440
25,014
3,456
5,007
3,746
1,202
9,956
5,000
6,400
2,816
16,456
32,422
2,303
5,747
4,464
1,202
11,414
2014 E
62,074
(44,155)
17,919
131
(5,952)
12,099
(668)
11,431
(801)
10,630
In RO 000’s
2014 E
5,359
5,575
9,333
13,345
26,727
49,405
54,980
5,000
6,400
3,286
24,866
41,302
1,151
6,372
4,953
1,202
12,527
IPO Note: Voltamp Energy SAOG
GBCM Research
Key Ratios
GrowthGrowth- YoY (%)
Revenue
Net Profit
Total Assets
Margins (%)
GMP
NPM
Per Share Ratio - RO
EPS
BVPS
EV per Share
DPS
Return Ratios - (%)
RoA
RoE
RoAA
RoAE
Leverage Ratios -(X)
Current Ratio
Quick Ratio
Total debt to Equity
Long Term Debt to Equity
Short Term Debt to Equity
Working Capital Ratios (Days)
Inventory-Days
Debtors-Days
Creditors-Days
Cash Cycle
Multiples (X) at Offer Price
PE
PBV
Dividend Yield
Source: Prospectus; GBCM Research
13
2005
2006
2007
2008 E
2009 E
2010 E
2011 E
2012 E
2013 E
2014 E
-
46.1%
58.7%
61.3%
33.8%
207.7%
20.6%
34.0%
-0.8%
154.7%
42.3%
27.6%
40.1%
36.5%
-20.2%
10.7%
32.6%
96.1%
13.2%
24.9%
46.9%
17.6%
18.6%
30.0%
20.1%
13.4%
16.1%
19.2%
21.8%
9.1%
21.8%
9.8%
34.5%
22.7%
28.9%
16.8%
27.9%
15.0%
24.8%
8.8%
26.6%
13.0%
27.7%
15.3%
28.7%
16.7%
28.9%
17.1%
0.099
0.271
0.783
0.072
0.195
0.771
0.069
0.125
0.579
0.048
0.293
0.413
0.035
0.061
0.320
0.548
0.035
0.049
0.333
0.572
0.035
0.096
0.394
0.526
0.035
0.141
0.500
0.439
0.035
0.183
0.648
0.309
0.035
0.213
0.826
0.154
0.035
13.2%
36.7%
-
13.0%
36.8%
16.0%
45.1%
33.1%
55.5%
36.2%
74.5%
12.9%
16.4%
18.5%
25.3%
11.8%
19.2%
13.7%
20.0%
8.5%
14.7%
8.9%
15.0%
14.7%
24.3%
15.6%
26.4%
18.3%
28.2%
19.8%
31.5%
19.8%
28.2%
21.7%
31.9%
19.3%
25.7%
21.0%
28.8%
1.3
0.8
0.9
0.9
1.4
0.8
1.2
1.2
2.1
1.2
0.3
0.0
0.3
4.3
3.5
0.1
0.0
0.1
3.7
2.9
0.5
0.4
0.1
3.0
2.2
0.5
0.3
0.2
2.9
2.1
0.4
0.2
0.2
3.1
2.4
0.3
0.1
0.2
3.5
2.8
0.2
0.1
0.2
3.9
3.2
0.2
0.0
0.1
96
135
102
128.8
141
140
82
199.2
134
118
81
170.7
105
96
67
133.7
92
87
63
115.7
84
87
58
113.4
81
83
57
107.2
78
80
55
103.9
78
79
54
102.8
77
78
53
103.0
-
-
-
11.3
1.8
6.5%
8.8
1.7
6.5%
11.1
1.6
6.5%
5.7
1.4
6.5%
3.8
1.1
6.5%
3.0
0.8
6.5%
2.5
0.7
6.5%
IPO Note: Voltamp Energy SAOG
GBCM Research
Disclaimer: This document has been prepared and issued by Gulf Baader Capital Markets SAOC ("the Company") on the basis of publicly available information, internally
developed data and other sources believed to be reliable. While all care has been taken to ensure that the facts stated are accurate and the opinions given are reasonable,
neither Gulf Baader Capital Markets SAOC nor any employee shall be in anyway responsible for the contents of this report. The Company may have a position and may
perform buying/selling for itself or its clients in any security mentioned in this report. This is not an offer to buy or sell the investments referred therein.
14