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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 ($)	0.04
Market Cap ($m)	788.01
Enterprise Value ($m)	1,203.06
Shares Outstanding	18,726,248,000
Bloomberg code	UTLM UK
Code	UTLM

Recommendations

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

Shareholder Structure

Ukrtelecom (UTLM)

Business Profile

Ukrtelecom is Ukraine’s largest telecom operator with over 10.3 million fixed-line customers (83% of Ukraine’s total) and nearly 60% of domestic fixed-line revenues (local, long-distance and international calls). Operating an 88,400 km trunk network (99% digitalized), including 24,500 km of fiber-optic lines, as well as international and local exchange ports (40% digitalized), the company offers a full range of fixed-line services. Ukrtelecom is the only holder of a 3G UMTS license in Ukraine. The company has been developing a cellular network since 2007.

Financial Summary

Indicator	2009	2010	2011E	2012E	2013F
Sales ($m)	851	853	****	****	****
EBITDA ($m)	65	159	****	****	****
Net Income ($m)	(130)	(26)	****	****	****
Net Debt ($m)	397	367	****	****	****

Valuation Summary

Indicator	2009	2010	2011E	2012E	2013F
P/E	neg.	neg.	****	****	****
P/Sales	0.93	0.92	****	****	****
EV/EBITDA	18.2	7.3	****	****	****
P/Book	1.20	1.25	****	****	****

Prices are quoted in UAH.

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