Companies
Business Profile
Established in 1991 as a successor to one of Ukraine’s oldest insurance companies, Teren, Universalna expanded rapidly, organically and through M&A, capturing leadership on the domestic Green Card and travel medical insurance markets and securing a top-10 place in the motor-related segments. Universalna became the first Ukrainian insurer to list on a stock exchange in 2006. Rating agency Moody’s assigned a first-time global scale insurance financial strength rating of B3 to the company in 2008. Universalna has published IFRS-audited financials since 2007.
Financial Summary
| Indicator | 2009 | 2010 | 2011E | 2012E | 2013F |
| Sales ($m) | 37 | 31 | **** | **** | **** |
| EBITDA ($m) | - | - | **** | **** | **** |
| Net Income ($m) | (12) | 2 | **** | **** | **** |
| Net Debt ($m) | - | - | **** | **** | **** |
Valuation Summary
| Indicator | 2009 | 2010 | 2011E | 2012E | 2013F |
| P/E | neg. | 15.7 | **** | **** | **** |
| P/Sales | 0.89 | 1.05 | **** | **** | **** |
| EV/EBITDA | - | - | **** | **** | **** |
| P/Book | neg. | 7.64 | **** | **** | **** |
*Data available to Dragon Capital's institutional clients only.