Company: Central Puerto S.A.
Symbol: CEPU
Description: They are the largest private sector power generation company in Argentina, as measured by generated power, according to data from CAMMESA. Their common shares are listed on the Bolsas y Mercados Argentinos S.A. under the symbol ‘CEPU’.
Shares: 35.4 million ADS
Price Range: $17.50-$21.50
Trade Date: 2/2
Underwriter(s): BofA Merrill Lynch, J.P. Morgan, Morgan Stanley
Terms Added: 1-18-18
Note: Their common shares are listed on the Bolsas y Mercados Argentinos S.A. (the “BYMA”) under the symbol “CEPU.” On January 17, 2018, the last reported sales price of their common shares on the BYMA was Ps.45.50 per common share (equivalent to approximately US$24.14 per ADS based on the exchange rate on such date). Prior to this offering, no public market existed for the ADSs.
Business: They have a generation asset portfolio that is geographically and technologically diversified. Our facilities are distributed across the City of Buenos Aires and the provinces of Buenos Aires, Mendoza, Neuquén and Río Negro. They use conventional technologies (including hydro power) to generate power, and their power generation assets include combined cycle, gas turbine, steam turbine, hydroelectric and co-generation.
The following table presents a brief description of the power plants they own and operate:
Financials: Their revenue was Ps. 3.23 billion and Ps. 5.32 million and their net income was Ps.1.34 billion and Ps. 1.77 billion in 2015 and 2016, respectively. In the first three quarters of 2017, their revenues increased 46.4% to Ps. 5.72 billion and their net income increased 48.2% to Ps. 2.08 billion, compared to the same period in the previous year.
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