Midlincoln Company Update - United Wagon Company 2017 Results and Highlights
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  • Share price Rub (UWGN RM)
  • Consolidated Numbers
  • Valuations metrics remain large with current debt load
  • Production growth of railcars is strong
  • OVK has been able to post additional 20% rise in railcar production in 2017 increasing the total to 19100
  • Revenues from railcar sales in 2017 are close to 1bn$ and average unit railcar prices adjust nicely to post devaluation ruble rates
  • EBITDA margin in production rerated last year
  • Revenues from leasing add additional 10% to total
  • However despite smaller share of leasing revenues in total, EBITDA from leasing is roughly half of EBITDA from production
  • And this is due to very healthy EBITDA margin in leasing
  • Capex has been on decline
  • DEBT/EBITDA is down to levels of 8x

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