Dragon Capital Research

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4C8A GF bid 840,000.00 ask 866,400.00 -
4C8A GR bid 10.20 ask 10.40 -
4K1A GF bid 219.04 ask 229.12 -
5CHA GF bid 18,000.00 ask 20,000.00 -
A2TA GR bid 7.23 ask 7.95 -
ALMK bid 0.06 ask 0.06 -
AVDK bid 3.61 ask 3.63 -
AZOT bid 1.12 ask 1.12 -
AZST bid 0.97 ask 0.97 -
BAVL bid 0.11 ask 0.11 -
CDL LN bid 0.56 ask 0.56 -
CEEN bid 6.02 ask 6.06 -
CGOK bid 6.38 ask 6.95 -
CHIM bid 0.80 ask 0.88 -
DMKD bid 0.12 ask 0.13 -
DNAZ bid 0.03 ask 0.05 -
DNON bid 137.10 ask 190.00 -
DOEN bid 20.55 ask 20.77 -
DOON bid 1.30 ask 4.95 -
DTRZ bid 22.00 ask 38.00 -
ENMZ bid 43.66 ask 43.95 -
FLOT bid 9.60 ask 14.88 -
GSKZ bid 0.05 ask 0.25 -
HANZ bid 0.24 ask 0.40 -
HAON bid 1.03 ask 1.30 -
HRTR bid 1.25 ask 1.28 -
IVFC bid 378.48 ask 378.48 -
KIEN bid 4.20 ask 7.90 -
KREN bid 0.90 ask 1.34 -
KVBZ bid 16.70 ask 17.38 -
LA008 AV bid 3,000.00 ask 4,000.00 -
LAZA bid 0.008 ask 1.04 -
LINS bid 0.16 ask 0.56 -
LTPL bid 2.02 ask 2.17 -
LUAZ bid 0.16 ask 0.20 -
MMKI bid 0.20 ask 0.22 -
MSICH bid 2,496.00 ask 2,507.00 -
MTBD bid 47.80 ask 56.10 -
MYGZ bid 0.16 ask 0.48 -
MZVM bid 0.10 ask 0.12 -
NVTR bid 0.30 ask 0.35 -
OCAB bid 0.16 ask 7.60 -
PGOK bid 14.65 ask 15.20 -
ROGA bid 240.00 ask 400.00 -
SAB08 AV bid 13,000.00 ask 15,000.00 -
SGOK bid 11.90 ask 12.10 -
SHCHZ bid 1.21 ask 1.25 -
SHKD bid 1.15 ask 1.21 -
STIR bid 19.20 ask 20.17 -
SVGZ bid 3.27 ask 3.30 -
UNAF bid 195.30 ask 198.50 -
USCB bid 0.19 ask 0.19 -
UTLM bid 0.32 ask 0.34 -
VKDV bid 2.48 ask 3.04 -
XXIC LN bid 0.06 ask 0.07 -
YASK bid 1.02 ask 1.05 -
ZAEN bid 120.10 ask 133.30 -
ZATR bid 0.96 ask 0.96 -
ZAZA bid 0.08 ask 1.76 -
ZCPK bid 0.40 ask 0.40 -
ZHEN bid 0.82 ask 0.86 -

Companies

Summary

Market Price ($)	2.62
Market Cap ($m)	61.91
Enterprise Value ($m)	144.33
Shares Outstanding	23,644,301
Bloomberg code	DOEN UK
Code	DOEN

Recommendations

PT ($)	****
Upside (%)	****
Recommendations	****
Ranking	****

Shareholder Structure

Donbasenergo (DOEN)

Business Profile

Donbasenergo is the smallest thermal GenCo in the Big Four group both in terms of installed capacity (3,450 MWh total, 2,535 MW operating) and electricity production (8.1 TWh in 2010). The company operates two power plants in the Donetsk region and, due to its location, faces strong competition from privately owned Vostokenergo. The low operating efficiency of Donbasenergo’s generating equipment leads to high fuel consumption.

Financial Summary

Indicator	2009	2010	2011E	2012E	2013F
Sales ($m)	318	380	****	****	****
EBITDA ($m)	12	(6)	****	****	****
Net Income ($m)	(4)	(19)	****	****	****
Net Debt ($m)	39	44	****	****	****

Valuation Summary

Indicator	2009	2010	2011E	2012E	2013F
P/E	neg.	neg.	****	****	****
P/Sales	0.20	0.16	****	****	****
EV/EBITDA	8.5	neg.	****	****	****
P/Book	0.51	0.72	****	****	****

Prices are quoted in UAH.

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