Kryukiv Wagon bought back 23.3% of its outstanding shares from Teko-Dniprometiz to treasury, we conclude based on Kryukiv’s regulatory filing and our talks with Kryukiv representatives. We believe the treasury shares will be cancelled, which creates additional value for Kruykiv’s minorities, as the estimated buyback price was 1.8x below our fair value estimate for the company. As a result, we upgrade our 12M price target for Kryukiv Wagon to USD 5.98 (post-buyback), retaining our BUY recommendation.

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