Etalon Group Mortgage and Real Estate Market Insights
Balanced Growth Strategy
90
89 255
80
IPO proceeds
70
0,34x
71 934
Organic portfolio value
60
growth as a result of IPO
50
55 184
proceeds investment
43 172
40
30
20
10
(1462)
0
(1482)
2010
(4897)
(4482)
2010
2011
2012
2013
•FCF, mln RUB
Open Market Value, mln RUB
15
10
443225050
45
1,53x
1,53x
1,49x
1,6x
1,4x
1,25x
1,2x
1,0x
0,8x
0,6x
0,4x
0,2x
0,0x
43225050
15
10
2010
2012
2013
2011
Working capital, bln RUB (lhs)
Cash collections, bln RUB (lhs)
Working capital to Cash collections ratio (rhs)
Note: for FCF and Working capital detailed calculations please refer to pp. 47-48
(1) Jones Lang LaSalle land bank valuation report as of 31.12.2013
Etalon Group
1,04x
2010
0,5x
0,44x
0,44x
0,43x
0,5x
0,4x
0,4x
0,3x
0,3x
0,2x
0,2x
0,1x
0,1x
0,0x
2011
2012
2013
Working capital, bln RUB (lhs)
Open Market Value, bln RUB (lhs)
Working capital to Open Market Value ratio (rhs)
1,34x
1,31x
1,29x
1,4x
1,2x
1,0x
0,8x
0,6x
0,4x
0,2x
0,0x
2012
2013
2011
Working capital, bln RUB (lhs)
I New Contract Sales, bln RUB (lhs)
Working capital to New Contract Sales ratio (rhs)
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