Companies
Vinnytsiaoblenergo (VIEN)
*Data available to Dragon Capital's institutional clients only.
Business Profile
Vinnytsiaoblenergo serves 687,433 customers in Vinnytsia region (area: 26,500 km2; population: 1.8 million), including 670,307 households (50% of total energy sales), 1,436 industrial consumers (13%), 1,415 agricultural farms (5%) and 14,275 other businesses (37%). The company owns a 46,366 km low-voltage transmission grid with 3,722 MVA of transformer capacity.
Financial Summary
| Indicator | 2009 | 2010 | 2011E | 2012E | 2013F |
| Sales ($m) | 84 | 96 | **** | **** | **** |
| EBITDA ($m) | 8 | 9 | **** | **** | **** |
| Net Income ($m) | 3 | 3 | **** | **** | **** |
| Net Debt ($m) | (4) | (4) | **** | **** | **** |
Valuation Summary
| Indicator | 2009 | 2010 | 2011E | 2012E | 2013F |
| P/E | 5.5 | 5.5 | **** | **** | **** |
| P/Sales | 0.18 | 0.16 | **** | **** | **** |
| EV/EBITDA | 1.3 | 1.3 | **** | **** | **** |
| P/Book | 1.25 | 1.02 | **** | **** | **** |
Prices are quoted in UAH.
*Data available to Dragon Capital's institutional clients only.