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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 -
ALMK bid 0.07 ask 0.07 2.50
AVDK bid 3.66 ask 3.70 1.59
AZOT bid 1.12 ask 1.12 -
AZST bid 0.99 ask 1.00 2.77
BAVL bid 0.11 ask 0.11 0.75
CDL LN bid 0.56 ask 0.56 -
CEEN bid 6.25 ask 6.27 3.15
CGOK bid 6.45 ask 6.85 -1.73
CHIM bid 0.80 ask 0.88 -
DMKD bid 0.11 ask 0.13 -21.64
DMZK bid 0.07 ask 0.25 -17.53
DNAZ bid 0.03 ask 0.05 -
DNON bid 140.00 ask 197.00 10.06
DOEN bid 22.45 ask 23.09 10.69
DOON bid 1.30 ask 4.95 -
DTRZ bid 22.00 ask 38.00 -8.33
ENMZ bid 44.44 ask 45.15 2.82
FARM bid 170.00 ask 260.00 -19.02
FLOT bid 9.60 ask 14.88 -
FORM bid 1.02 ask 1.10 -7.72
GSKZ bid 0.05 ask 0.25 -
HANZ bid 0.24 ask 0.40 -
HAON bid 1.03 ask 1.30 -
HMON bid 0.55 ask 1.78 -68.56
HRTR bid 1.26 ask 1.28 0.78
IVFC bid 378.48 ask 378.48 -
KIEN bid 4.20 ask 7.90 -
KREN bid 0.90 ask 1.49 11.24
KVBZ bid 17.01 ask 17.29 -2.99
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 2.01 ask 2.17 -0.73
LUAZ bid 0.16 ask 0.20 1.75
MMKI bid 0.20 ask 0.22 -
MSICH bid 2,489.00 ask 2,500.00 0.77
MTBD bid 50.50 ask 56.60 -0.52
MYGZ bid 0.16 ask 0.48 -
MZVM bid 0.10 ask 0.12 -0.17
NVTR bid 0.30 ask 0.35 -
OCAB bid 0.16 ask 7.60 -
PGOK bid 14.70 ask 15.20 -0.13
ROGA bid 240.00 ask 400.00 -
SAB08 AV bid 13,000.00 ask 15,000.00 -
SGOK bid 12.01 ask 12.20 1.74
SHCHZ bid 1.19 ask 1.30 0.08
SHKD bid 1.15 ask 1.21 -
STIR bid 19.62 ask 20.40 4.17
SVGZ bid 3.28 ask 3.30 1.09
TATM bid 3.80 ask 4.30 2.50
UNAF bid 199.10 ask 201.00 2.23
USCB bid 0.19 ask 0.20 0.05
UTLM bid 0.32 ask 0.34 -
VKDV bid 2.48 ask 3.04 -
XXIC LN bid 0.06 ask 0.07 -
YASK bid 1.03 ask 1.09 6.45
ZAEN bid 122.10 ask 126.20 2.41
ZATR bid 0.96 ask 0.96 -
ZAZA bid 0.08 ask 1.76 -
ZCPK bid 0.40 ask 0.40 -
ZHEN bid 0.82 ask 0.86 -

Companies

Summary

Market Price ($)	1.02
Market Cap ($m)	2,178.28
Enterprise Value ($m)	2,178.28
Shares Outstanding	2,143,660,000
Bloomberg code	PGZK UZ
Code	PGZK

Recommendations

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

Shareholder Structure

Pivdenniy GOK (PGZK)

Business Profile

Pivdenniy GOK is Ukraine’s fifth-largest iron ore producer with annual production capacity of 9 Mt of iron ore concentrate and 5 Mt of sinter. The company is the only producer of sinter among domestic iron ore miners as this product is typically made by steel mills. In 2007, Privat Group sold its 50% stake in the company to the majority owner of Russia’s Evraz, Lanebrook. Ukrainian conglomerate System Capital Management (SCM) is Pivdenniy GOK’s second-largest shareholder.

Financial Summary

Indicator	2009	2010	2011E	2012E	2013F
Sales ($m)	262	725	****	****	****
EBITDA ($m)	5	372	****	****	****
Net Income ($m)	(9)	269	****	****	****
Net Debt ($m)	24	(159)	****	****	****

Valuation Summary

Indicator	2009	2010	2011E	2012E	2013F
P/E	neg.	8.1	****	****	****
P/Sales	8.33	3.00	****	****	****
EV/EBITDA	446.5	5.4	****	****	****
P/Book	4.69	2.96	****	****	****

Prices are quoted in UAH.

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