Pumping to IPO: Eurotrans assets smack of revaluation

The fuel operator Eurotrans (operating under the Route brand) gathered at an IPO - the company once again announced the reception of applications for participation.

As the correspondent of The Moscow Post managed to find out, this whole story may turn out to be beneficial exclusively to the owners of the company, among whom may be the Minister of Industry and Trade Denis Manturov and the head of the presidential administration Anton Vaino, and not to investors.

Details - in the material of The Moscow Post.

Beautiful only wrapper

Eurotrans began accepting applications in the summer of this year. But, apparently, the excitement did not cause much, and therefore had to launch an advertising campaign in the media again.

The price of the share was set at 250 rubles apiece. And although, reading the prospectuses about the company, where the growing revenue and the number of gas stations are indicated, it seems that the assessment is adequate, in fact this may not be entirely true.

First, the firm's revenue has jumped over the past year - thanks largely to rising fuel prices. It is absolutely not a fact that such a colossal "increase" will be observed in the future - after all, this primarily depends on geopolitical factors.

The company promises to pay dividends quarterly. According to independent experts, there are about 13 rubles of profit per share. Only the question - will Eurotrans be able to fulfill its obligations?

The company has a very high debt burden - loans and loans worth more than 5 billion rubles. The main lenders are banks with state participation Promsvyazbank and Gazprombank. Loans were taken at 3%, but now the rate has grown very seriously, and therefore the high debt burden does not bode well.

Most likely, the owners of the company, attracted to the IPO by funds, expect to correct their financial situation. However, they will probably have to pay dividends to them in the same way.

Photo: https://www.trassagk.ru/trassa_azs/

Moreover, a number of Eurotrans gas stations were purchased for rent. This means that constant deductions are needed here. If we estimate the ratio of the market price of a share to profit, then at the moment it turns out that Eurotrans will be able to cover this cost in 20 (!) Years. This is a very long time. Competitors have a figure four times lower.

According to independent experts, the fair value of shares in this state of affairs is in the region of 110-130 rubles apiece. If so, then investors will not benefit from investments of 250 rubles apiece.

Who offers people with money such a "somersault"?

Who will make money on investors?

The general director of Eurotrans is Oleg Alekseenkov. Its creators - Nikolai Doroshenko and Alexander Khmura, recorded a business for the family. In 2014, the Central Bank raised the key rate, the ruble weakened, the euro "broke" the ceiling of 100 rubles, many banks froze business lending. Eurotrans began to have financial problems.

Apparently, there was no other way out how to attract investors from the outside - and in 2015, Evgeny Maksimov appeared in the founders of one of the key companies of the group - Complex-Stroymaterialy-Ovrazhki. According to rumors, an old colleague of the Minister of Trade and Industry Denis Manturov.

Maksimov led the Financial Systems company, part of which belongs to Manturov's mother, and Dynasty CJSC, which is also associated with the minister's family.

Subsequently, the share in the "Complex-Building Materials-Ovrazhka" passed to Manturov's mother Tamara Fedorovna, another part was received by the mother of the head of the presidential administration Anton Vaino Tatyana Erikovna Yezhevskaya.

Both ladies recently transferred their shares in Sokol Trade JSC - its beneficiaries are hidden, until recently there was the company Investment in Business, controlled by the mass founder Olga Zhuk and Marina Yatsuk, which through Novator Company JSC is connected with Violan LLC, whose founder is a famous entrepreneur, industrialist Iskandar Makhmudov (Violan owns Innovator, Marina Yatsuk was also among the founders of this company).

Photo: Rusprofile

Makhmudov is considered an entrepreneur close to Manturov. It is this businessman who is well enriched in the Russian aircraft industry, while failing to boast satisfactory results. Manturov is considered the ideologist and ideological center of this industry.

Thus, for LLC "Complex-Construction Materials-Ovrazhki," and, accordingly, for "Eurotrans" can still be Manturov characters. And Vainovsky, of course. By the way, both officials have real estate in the village of Pirogovo near Moscow. So their "symbiosis" is not surprising.

Mutually beneficial cooperation

And, however, why would Mr. Manturov "share" with Vaino? The newspaper of the same name put forward its version. Journalists suggest that Anton Vaino may be the "necessary filter" that helps block negative information about the real state of Russian industry, possibly coming to the president.

Of course, the presence of "his" person in the president's inner circle cannot but be beneficial to Manutrov - especially if you look at the state of the programs entrusted to him. The same import substitution - in 2021, Prosecutor General Igor Krasnov even threatened the Ministry of Industry and Trade with inspections due to the disruption of plans and failure to fulfill goals within the framework of strategies and state programs.

Now, in fact, almost constantly imprison "insidious businessmen who, by their actions, caused damage to the unfortunate Ministry of Industry and Trade." Just earlier this month, the general director of Aviatika LLC, the ex-head of Systemic Dynamics JSC Igor Pyankov, was sent into custody. Only the situation looks as if Pyankov was made a "scapegoat" for sins, including officials who allocated a multi-million dollar in a row. There are not one or two such situations under Manturov.

One gets the feeling that all this is a whole "working" system for enrichment - so that there is something to buy another fuel business for your beloved mother.

The participation of Mr. Vaino indicates that Manturov may be afraid for his place in connection with the above facts. After all, if anyone is not needed, he will know about everything, then neither business nor position may remain from Manturov. In the meantime, our minister may try to pull Eurotrans out of debt due to beautiful advertising and gullible shareholders.