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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 0.07 ask 0.07 -
AVDK bid 3.66 ask 3.70 -
AZOT bid 1.12 ask 1.12 -
AZST bid 0.99 ask 1.00 -
BAVL bid 0.11 ask 0.11 -
CDL LN bid 0.56 ask 0.56 -
CEEN bid 6.25 ask 6.27 -
CGOK bid 6.45 ask 6.85 -
CHIM bid 0.80 ask 0.88 -
DMKD bid 0.11 ask 0.13 -
DMZK bid 0.07 ask 0.25 -
DNAZ bid 0.03 ask 0.05 -
DNON bid 140.00 ask 197.00 -
DOEN bid 22.45 ask 23.09 -
DOON bid 1.30 ask 4.95 -
DTRZ bid 22.00 ask 38.00 -
ENMZ bid 44.44 ask 45.15 -
FARM bid 170.00 ask 260.00 -
FLOT bid 9.60 ask 14.88 -
FORM bid 1.02 ask 1.10 -
GSKZ bid 0.05 ask 0.25 -
HANZ bid 0.24 ask 0.40 -
HAON bid 1.03 ask 1.30 -
HMON bid 0.55 ask 1.78 -
HRTR bid 1.26 ask 1.28 -
IVFC bid 378.48 ask 378.48 -
KIEN bid 4.20 ask 7.90 -
KREN bid 0.90 ask 1.49 -
KVBZ bid 17.01 ask 17.29 -
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 2.01 ask 2.17 -
LUAZ bid 0.16 ask 0.20 -
MMKI bid 0.20 ask 0.22 -
MSICH bid 2,489.00 ask 2,500.00 -
MTBD bid 50.50 ask 56.60 -
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 14.70 ask 15.20 -
ROGA bid 240.00 ask 400.00 -
SAB08 AV bid 13,000.00 ask 15,000.00 -
SGOK bid 12.01 ask 12.20 -
SHCHZ bid 1.19 ask 1.30 -
SHKD bid 1.15 ask 1.21 -
STIR bid 19.62 ask 20.40 -
SVGZ bid 3.28 ask 3.30 -
TATM bid 3.80 ask 4.30 -
UNAF bid 199.10 ask 201.00 -
USCB bid 0.19 ask 0.20 -
UTLM bid 0.32 ask 0.34 -
VKDV bid 2.48 ask 3.04 -
XXIC LN bid 0.06 ask 0.07 -
YASK bid 1.03 ask 1.09 -
ZAEN bid 122.10 ask 126.20 -
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 ($)	0.005
Market Cap ($m)	4.57
Enterprise Value ($m)	25.93
Shares Outstanding	920,197,000
Bloomberg code	SZLV UK
Code	SZLV

Recommendations

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

Shareholder Structure

Zaliv (SZLV)

Business Profile

Zaliv Shipyard is a leading producer of large-capacity ships (up to 175,000 deadweight tons) in Ukraine. It constructs Handysize and Handymax tankers, small-sized containerships and offshore oil and gas drilling platforms. Zaliv’s production site, located in the Crimea, occupies an area of 140 ha and has 740 meters of quays. It includes a graving dock, enabling assembly of vessels up to 340 meters long, and also boasts two 400-meter slipways as well as a number of auxiliary workshops.

Financial Summary

Indicator	2009	2010	2011E	2012E	2013F
Sales ($m)	34	53	****	****	****
EBITDA ($m)	9	12	****	****	****
Net Income ($m)	4	2	****	****	****
Net Debt ($m)	38	33	****	****	****

Valuation Summary

Indicator	2009	2010	2011E	2012E	2013F
P/E	1.1	2.3	****	****	****
P/Sales	0.13	0.09	****	****	****
EV/EBITDA	4.6	3.2	****	****	****
P/Book	0.16	0.15	****	****	****

Prices are quoted in UAH.

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