Companies

Krymenergo (KREN)

Business Profile

Krymenergo, a mid-sized energy distributor, serves the Crimean peninsula (except for the city of Sevastopol). The company supplies electricity to 802,900 customers, including 780,300 households and approx. 22,600 industrial and commercial customers. Krymenergo owns a 33,500 km low-voltage transmission grid with 5,950 MVA of transformer capacity. Key risks to the company stem from its high debt to Energorynok, currently restructured.

Financial Summary

Indicator200920102011E2012E2013F
Sales ($m)183238************
EBITDA ($m)1213************
Net Income ($m)23************
Net Debt ($m)22************

Valuation Summary

Indicator200920102011E2012E2013F
P/E17.714.5************
P/Sales0.230.18************
EV/EBITDA3.63.3************
P/Book2.902.39************
Prices are quoted in UAH.


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