Аксенова презентация

Economy of vertical integration

Advantages on capital markets

Tax benefits

Possibility of subsequent resale

Risk diversification

Profitable purchase of assets

Access to insider stock tips

Sale of recurrent assets

Exit EV
(-)Exit debt
Shareholders` exit equity
(-)Shareholders` entry equity
Profit:
IRR

$270 mln
($100 mln)
$170 mln
($60 mln)

$110 mln 41,5%

Investor

Figure 2 – Capital structure changing during LBO

Figure 1 – Revenue structure

Figure 6 – Structure of revenue in 2031

High yield because of LBO

Opportunity for VimpelCom to increase the deal price

Table 2 – Analysis of LBO deal for Abertis

Figure 10 – Exit data of Abertis