Companies

Coal Energy (CLE PW)

Business Profile

Coal Energy is the seventh-largest private coal producer in Ukraine focusing on the thermal coal market. Since 2001 the company has acquired eight coal mining operations with JORC marketable reserves of 128 Mt and a waste processing facility. Coal Energy has relied on comparatively less costly brownfield expansion via restructuring of inefficient former state mines. Its main customers include domestic power generating and coking plants, with exports accounting for 23% of sales in 9M11FY (based on a fiscal year from July through June).

Financial Summary

Indicator200920102011E2012E2013F
Sales ($m)9256************
EBITDA ($m)2113************
Net Income ($m)145************
Net Debt ($m)2540************

Valuation Summary

Indicator200920102011E2012E2013F
P/E16.047.5************
P/Sales2.504.11************
EV/EBITDA12.221.2************
P/Book15.2214.05************
Prices are quoted in UAH.


*Data available to Dragon Capital's institutional clients only.