Companies

Dnipropetrovsk Pipe (DTRZ)

Business Profile

Dnipropetrovsk Pipe, Ukraine’s seventh-largest pipe maker with annual production capacity of 700 kt of pipes, produces seamless pipes for the oil & gas industry (about 60% of total output) and welded pipes for water lines and for general usage (40%). The company, controlled by the Industrial Union of Donbas, reports poor operating results and heavily understates its financials due to transfer pricing and due to IUD paying priority attention to its steelmaking business.

Financial Summary

Indicator201020112012E2013E2014F
Sales ($m)83100************
EBITDA ($m)(6)(4)************
Net Income ($m)(10)(8)************
Net Debt ($m)1614************

Valuation Summary

Indicator201020112012E2013E2014F
P/Eneg.neg.************
P/Sales0.030.03************
EV/EBITDAneg.neg.************
P/Book0.130.21************
Prices are quoted in UAH.


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