Dragon Capital Research

Eng
Рус

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 ($)	0.06
Market Cap ($m)	30.81
Enterprise Value ($m)	30.81
Shares Outstanding	477,276,000
Code	VOEN

Recommendations

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

Shareholder Structure

Volynoblenergo (VOEN)

Business Profile

Volynoblenergo is a small energy distributing company in Volyn region (area: 20,143 km²; population: 1.1 million). The company owns a 25,400 km low-voltage grid and transformers with total capacity of 2,134 MVA. It serves 352,000 customers, including 1,347 industrial companies such as car and bus producer LuAZ, Lutsk Bearing Plant and coalmines. Households account for 50% of electricity consumption in the region, followed by industrial consumers with 27% and commercial customers with 23%.

Financial Summary

Indicator	2009	2010	2011E	2012E	2013F
Sales ($m)	53	66	****	****	****
EBITDA ($m)	5	6	****	****	****
Net Income ($m)	0	1	****	****	****
Net Debt ($m)	1	1	****	****	****

Valuation Summary

Indicator	2009	2010	2011E	2012E	2013F
P/E	neg.	34.6	****	****	****
P/Sales	0.58	0.47	****	****	****
EV/EBITDA	6.8	5.0	****	****	****
P/Book	0.61	0.56	****	****	****

Prices are quoted in UAH.

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