Investment Socrates considered the actions of four of liquidity for publicly traded banks, and gave them advice, described in an analytical review of Investment.

Based on the results of the valuation of shares, Socrates gave advice buy shares Ukrsotsbank and the bank Forum, hold shares of Raiffeisen Bank Aval (all - Kiev) and Megabank (Kharkiv).

In our report we consider the four bank: Raiffeisen Bank Aval, Ukrsotsbank, bank Forum and Megabank, because all these banks have received considerable support from shareholders and the international financial organizations, with a problem with the solvency of banks in future unlikely, - reported in the survey.

Experts stressed that the securities of other publicly traded banks were not considered because of their illiquidity and high uncertainty about the future: some of them have received public assistance, while others are still in the stage of negotiations on the restructuring of debts and expectations of assistance from the state.

In assessing the value of stock analysts have used the model of residual returns. According to experts, this model is most appropriate given the current situation.

model of estimating the fair value of the shares based on current book value and projected future earnings. A significant proportion of current book value in the final price is another reason not to use the comparative method of valuation - note the Investment experts.

It is estimated

Investment on shares Ukrsotsbank: current stock price of 0,318 UAH, fair - 0.58 UAH, potential for growth - 83.94%, the number of securities in a free treatment - 3,36% of shares of the bank Forum : current price - 6,7 UAH, fair - 10.12 UAH, potential for growth - 51.07%, the number of securities in a free treatment - 3% of shares of Raiffeisen Bank Aval: The current price - 0,319 UAH, fair - 0.35 UAH, the growth potential of - 8.39%, the number of securities in the free float - 4%, and the stock Megabank: the current price - 1,05 UAH, fair - 1.09 UAH, potential for growth - 3.5%, the number of securities in free treatment - less than 1%.

Ukrsotsbank founded in 1990. By 1 July 2009 UniCredit Bank Austria AG owned 12.8346% of the shares of Ukrsotsbank, Ferrotreyd International - 82.1245%.

According to the National Bank on 1 July 2009 to total assets (44.976 billion UAH) Ukrsotsbank took 6 th place among 184 banks operating in the country.

Bank Forum was founded in 1994. The largest of its shareholders on 1 July 2009 were Commerzbank Auslandsbanken Holding AG (63,0017%), Leonid Yurushev (10.5135%) and the related OAO Venture undiversified private corporate investment fund Unibudinvest (15.7396%).

According to the National Bank of Ukraine, on 1 July 2009 to total assets (UAH 19.132 billion) bank Forum held on 12 th place among 184 banks operating in the country.

OJSC Raiffeisen Bank Aval (formerly - Bank Aval) was founded in 1992. The largest shareholder of the bank on 1 July 2009 was Raiffeisen International Bank-Holding AG (95,93%).

According to the National Bank of Ukraine, on 1 July 2009 to total assets (57.223 billion UAH), Raiffeisen Bank Aval took second place among 184 Ukrainian banks.

OAO Megabank (previously - Bank Dobrody ) was founded in 1990. The largest shareholders of the bank on 1 July 2009 a Joint-Stock Company M-Invest (38.9981%), JSC Stock Company Investment (24.9761%). In doing so, the biggest beneficiaries of the bank by the beginning of July this year, Victor and Elena Subotin.

According to the National Bank of Ukraine, by 1 July 2009 to total assets (UAH 2.95 billion) Megabank took 48 th place among 184 Ukrainian banks operating.

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