Companies

DTEK Zakhidenergo (ZAEN)

Business Profile

Zakhidenergo operates three power plants in western Ukraine with 4,607 MW of installed capacity. In 2002 the GenCo’s Burshtynska plant was disconnected from the Ukrainian energy system and synchronized with the UCTE grid, enabling exports to Europe. The GenCo’s export capacity ranges from 500-550 MW depending on season. Even though Zakhidenergo is paid the domestic price for exported electricity, it still benefits from the UCTE link, achieving a higher utilization rate and enjoying the highest tariffs of the Big Four GenCos. In late 2011, the government sold a 45% stake in Zakhidenergo to DTEK, which now holds 71% of the company.

Financial Summary

Indicator20132014201520162017E
Sales ($m)1,1841,026************
EBITDA ($m)139(2)************
Net Income ($m)91(7)************
Net Debt ($m)71102************

Valuation Summary

Indicator20132014201520162017E
P/E0.7neg.************
P/Sales0.050.06************
EV/EBITDA0.9neg.************
P/Book0.290.39************
Prices are quoted in UAH.


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