Companies

Chernivtsioblenergo (CHEN)

Business Profile

Chernivtsioblenergo, the second-smallest electricity distributor in Ukraine, serves Chernivtsi region (area: 8,098 km2; population: 0.9 million). It owns a 16,876 km low-voltage transmission grid with 1,463 MVA of transformer capacity and supplies energy to 333,000 customers, including 1,300 industrial consumers. Chernivtsioblenergo has historically posted one of the highest transmission losses in the sector. Last year, its losses stood at 19.8%, remaining in line with the regulator-approved level.

Financial Summary

Indicator200920102011E2012E2013F
Sales ($m)5161************
EBITDA ($m)55************
Net Income ($m)22************
Net Debt ($m)1618************

Valuation Summary

Indicator200920102011E2012E2013F
P/E6.56.6************
P/Sales0.310.26************
EV/EBITDA6.36.5************
P/Book1.651.32************
Prices are quoted in UAH.


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