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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 -
ALKZ bid 0.11 ask 0.19 -
ALMK bid 0.06 ask 0.06 -
AVDK bid 3.54 ask 3.61 -
AZOT bid 1.12 ask 1.12 -
AZST bid 0.95 ask 0.98 -
BAVL bid 0.10 ask 0.11 -
CDL LN bid 0.56 ask 0.56 -
CEEN bid 6.14 ask 6.17 -
CGOK bid 6.55 ask 7.00 -
CHIM bid 0.80 ask 0.88 -
DMKD bid 0.10 ask 0.12 -
DNAZ bid 0.03 ask 0.05 -
DNON bid 138.00 ask 198.00 -
DOEN bid 20.80 ask 21.18 -
ENMZ bid 43.25 ask 43.70 -
FLOT bid 9.60 ask 14.88 -
FORM bid 1.05 ask 1.17 -
GSKZ bid 0.05 ask 0.25 -
HANZ bid 0.24 ask 0.40 -
HOEN bid 0.41 ask 1.70 -
HRTR bid 1.24 ask 1.28 -
IVFC bid 378.48 ask 378.48 -
KIEN bid 4.50 ask 7.90 -
KREN bid 0.98 ask 1.30 -
KVBZ bid 16.55 ask 17.00 -
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 2.02 ask 2.19 -
MMKI bid 0.20 ask 0.21 -
MSICH bid 2,510.00 ask 2,512.00 -
MTBD bid 50.40 ask 53.00 -
MYGZ bid 0.16 ask 0.48 -
MZVM bid 0.11 ask 0.11 -
NVTR bid 0.28 ask 0.34 -
OCAB bid 0.16 ask 7.60 -
PGOK bid 14.66 ask 14.94 -
ROGA bid 240.00 ask 400.00 -
SAB08 AV bid 13,000.00 ask 15,000.00 -
SGOK bid 11.91 ask 12.00 -
SHCHZ bid 1.20 ask 1.27 -
STIR bid 19.62 ask 20.40 -
SUNI bid 0.13 ask 0.20 -
SVGZ bid 3.33 ask 3.40 -
UNAF bid 200.00 ask 203.00 -
USCB bid 0.19 ask 0.19 -
UTLM bid 0.31 ask 0.35 -
VKDV bid 2.48 ask 3.04 -
XXIC LN bid 0.06 ask 0.07 -
YASK bid 1.02 ask 1.05 -
ZAEN bid 136.20 ask 148.70 -
ZATR bid 0.96 ask 0.96 -
ZAZA bid 0.08 ask 1.76 -
ZCPK bid 0.40 ask 0.40 -
ZHEN bid 0.80 ask 0.82 -

Companies

Summary

Market Price ($)	0.02
Market Cap ($m)	437.22
Enterprise Value ($m)	626.38
Shares Outstanding	19,526,522,868
Bloomberg code	GLNG UK
Code	GLNG

Recommendations

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

Shareholder Structure

Galnaftogaz (GLNG)

Business Profile

Galnaftogaz is one of the largest distributors of oil products in Ukraine with an estimated market share of 4.92% by number of fueling stations and 12.1% in money terms. The company owned 307 gasoline stations across Ukraine as of end-2010 (+2% y-o-y), including 281 modern stations under the brand OKKO in 22 regions. The company also wholesales oil products using its nine oil storage facilities and sells various consumer goods at its filling stations. Galnaftogaz buys oil products from refineries in Belarus, Lithuania, Romania, Poland and Hungary.

Financial Summary

Indicator	2009	2010	2011E	2012E	2013F
Sales ($m)	687	1,086	****	****	****
EBITDA ($m)	54	78	****	****	****
Net Income ($m)	16	38	****	****	****
Net Debt ($m)	268	282	****	****	****

Valuation Summary

Indicator	2009	2010	2011E	2012E	2013F
P/E	26.9	11.4	****	****	****
P/Sales	0.64	0.40	****	****	****
EV/EBITDA	13.0	9.2	****	****	****
P/Book	1.98	1.68	****	****	****

Prices are quoted in UAH.

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