Companies

DTEK Dniproenergo (DNEN)

Business Profile

DTEK-Dniproenergo is Ukraine’s largest thermal GenCo by installed capacity (8,160 MW) and second largest by electricity output. The generator reported the lowest fuel consumption (381 g/kWh) compared to other domestic coal-fired GenCos last year, thanks mostly to its relatively modern Zaporizka plant. Dniproenergo power plants can use three types of coal as well as natural gas, making the company the sector’s most diversified GenCo in terms of fuel usage. Dniproenergo operates three 800 MW gas-fired blocks (29% of total capacity). Ukraine’s largest energy group DTEK privatized a 25% stake in the company in 1Q12, bringing its shareholding to 73%.

Financial Summary

Indicator2014201520162017E2018F
Sales ($m)822334************
EBITDA ($m)1(98)************
Net Income ($m)(5)(184)************
Net Debt ($m)(86)(2)************

Valuation Summary

Indicator2014201520162017E2018F
P/Eneg.neg.************
P/Sales0.210.52************
EV/EBITDA99.5neg.************
P/Book0.370.52************
Prices are quoted in UAH.


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