Companies

Poltavskiy GOK (PGOK)

Business Profile

Poltavskiy GOK, a subsidiary of LSE-listed Ferrexpo, is the second largest producer of pellets in Ukraine with a market share of 44% in 2011. The company’s production capacity is estimated at 14 Mt of iron ore concentrate and 10 Mt of pellets p.a. Its iron ore reserves are estimated at 955 Mt and resources at 2,255 Mt under the JORC Code, with an average Fe content of 30%. Poltavskiy GOK sells its output to Ferrexpo at 20-35% discounts to market prices, weakening its profitability.

Financial Summary

Indicator2012201320142015E2016E
Sales ($m)9571,042************
EBITDA ($m)195248************
Net Income ($m)48101************
Net Debt ($m)381587************

Valuation Summary

Indicator2012201320142015E2016E
P/E2.81.3************
P/Sales0.140.13************
EV/EBITDA2.62.9************
P/Book0.160.15************
Prices are quoted in UAH.


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