Companies

Zaporizhkoks (ZACO)

Business Profile

Zaporizhkoks is jointly controlled by System Capital Management and Zaporizhstal and operates three coke batteries with estimated annual capacity of 1.8 Mt of coke. The company again reported poor financials in 2009, remaining constrained in its ability to pass higher input costs on to its single customer and largest shareholder, Zaporizhstal. We expect this to remain the case in the mid-term as both of the company’s key shareholders do not plan to change the existing arrangement.

Financial Summary

Indicator201020112012E2013E2014F
Sales ($m)361440************
EBITDA ($m)30(20)************
Net Income ($m)19(28)************
Net Debt ($m)(2)(3)************

Valuation Summary

Indicator201020112012E2013E2014F
P/E0.9neg.************
P/Sales0.050.04************
EV/EBITDA0.5neg.************
P/Book0.150.20************
Prices are quoted in UAH.


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