Dragon Capital Research

Eng
Рус

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 ($)	0.37
Market Cap ($m)	65.68
Enterprise Value ($m)	65.68
Shares Outstanding	179,360,000
Code	ZAON

Recommendations

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

Shareholder Structure

Zaporizhyaoblenergo (ZAON)

Business Profile

Zaporizhyaoblenergo is Ukraine’s 2^nd-largest electricity distributor operating in the highly industrialized Zaporizhya region (area: 27,000 km²; population: 1.9 million). The oblenergo owns a 40,237 km low-voltage transmission grid with 9,379 MVA of transformer capacity. It serves 787,000 customers, including 36,000 mid- and small-sized companies and 100 large industrial enterprises such as steelmakers Zaporizhstal and Dniprospetsstal, Zaporizhya Aluminum Plant, Zaporizhya Ferroalloy and a number of machine-building plants.

Financial Summary

Indicator	2009	2010	2011E	2012E	2013F
Sales ($m)	425	535	****	****	****
EBITDA ($m)	13	15	****	****	****
Net Income ($m)	2	2	****	****	****
Net Debt ($m)	28	28	****	****	****

Valuation Summary

Indicator	2009	2010	2011E	2012E	2013F
P/E	37.2	31.8	****	****	****
P/Sales	0.16	0.12	****	****	****
EV/EBITDA	7.4	6.1	****	****	****
P/Book	3.97	3.41	****	****	****

Prices are quoted in UAH.

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