Аннотация

Содержание отчёта

• 1. Investment case
  Mid caps:
  Small caps:

  2. Stock Market Monitor

  3. Introduction

  4. Power engineering: Broad-based demand
  Leaders' share of the global market is on the decline
  Energy consumption favors Ukrainian equipment producers
  Ukraine: Newly adopted CapEx programs will boost domestic demand
  Russian energy sector raises orders

  5. Russian energy companies need Ukraine
  Acquisition of Ukrainian competitors

  6. Power engineering holding?
  Alternatives to a holding

  7. MID CAPS - companies profiles

  7.1 Zaporizhtransformator
  INVESTMENT CASE
  SHARE PRICE PSRFORMANCE - chart
  MARKET INFORMATION - table
  STOCK OWNERSHIP - table
  MARKET MULTIPLES - table
  KEY RATIO - table
  Transformer Output, units - chart
  Demand
  Global transformer market set to balloon
  Ukraine: 3x increase in demand expected
  Competition
  Capacity and CapEx
  Sales and order book
  2007 order book
  Financial notes
  Low liquidity...
  Another alternative: Transformer holding
  Valuation
  DCF
  Peer valuation
  Valuation summary

  7.2 Sumy Frunze
  INVESTMENT CASE
  SHARE PRICE PSRFORMANCE - chart
  MARKET INFORMATION - table
  STOCK OWNERSHIP - table
  MARKET MULTIPLES - table
  KEY RATIO - table
  Pumps Output, units - chart
  Demand
  Sales and market breakdown
  Key markets
  Risks related to Iran's nuclear program
  Competition
  Sales and order book
  Sales growth by type of products
  Enough capacity to meet demand
  2007 order book
  Getting into the state's zirconium pipe business?
  Financial notes
  Valuation
  DCF
  Peer valuation
  Valuation summary

  7.3 Turboatom
  INVESTMENT CASE
  SHARE PRICE PSRFORMANCE - chart
  MARKET INFORMATION - table
  STOCK OWNERSHIP - table
  MARKET MULTIPLES - table
  KEY RATIO - table
  Output Dynamics - chart
  Demand
  Key markets
  Competition
  CIS monopoly in low speed turbines
  After-market business
  2007 order book
  Sales forecasts
  Financial notes
  Privatization?
  Valuation
  DCF
  Peer valuation
  Valuation summary

  8. Small caps - companies profiles

  8.1 Poltava Turbomechanical Plant
  Peer valuation

  8.2 Constar
  Peer valuation

  8.3 Sumy Nasosenergomash
  Peer valuation

  8.4 Rivne High-Voltage Insulator Plant
  Peer valuation

• CHARTS
  Sector performance, YTD
  Market
  SMASH: Valuation results, USD
  TATM: Valuation results, USD
  ZATR: Valuation results, USD
  ROVA: Valuation results
  SNEM: Valuation results
  KNST: Valuation results
  PTMZ: Valuation results
  Sumy Frunze - Stock performance
  Sumy Frunze - Spread, %
  Sumy Frunze - Monthly trading volumes, mln
  Zaporizhtransformator - Stock performance
  Zaporizhtransformator - Spread, %
  Zaporizhtransformator - Monthly trading volumes, mln
  Turboatom - Stock performance
  Turboatom - Spread, %
  Turboatom - Monthly trading volumes, mln
  Rivne High-Voltage Equipment - Stock performance
  Rivne High-Voltage Equipment - Spread, %
  Rivne High-Voltage Equipment - Monthly trading volumes, mln
  Sumy Nasosenergomash - Stock performance
  Sumy Nasosenergomash - Spread, %
  Sumy Nasosenergomash - Monthly trading volumes, mln
  Poltava Turbomechanical -Stock performance
  Poltava Turbomechanical -Spread, %
  Poltava Turbomechanical -Monthly trading volumes, mln
  Ukrainian power engineering in the energy consumption chain
  Sales destinations, 2006 - Sumy Frunze
  Sales destinations, 2006 - Zaporizhtransformator
  Sales destinations, 2006 - Turboatom
  Sales destinations, 2006 - Rivne High-Voltage Equipment plant
  Sales destinations, 2006 - Sumy Nasosenergomash
  Sales destinations, 2006 - Poltava Turbomechanical
  Sales destinations, 2006 - Kryviy Rih Turbine Plant Constar
  Suppliers of energy machinery, by group of origin
  Global market share
  Growth in energy delivered to end users, % 2004-2030
  Electricity companies, Naftogaz and Energoatom investments, USD bln
  Incremental electrical capacity in Ukraine, MW
  RAO UES, Gazprom and RosEnergoAtom investments, USD bln
  Russia turbine needs and suppliers
  Global investments into electricity transmission & distribution, USD mln
  Annual investments for upgrading distribution networks
  CIS transformer producers by installed capacity, GVA
  Zaporizhtransformator's capacity, GVA
  Sales destinations, USD mln
  Financial performance
  Operating profit breakdown by peer, 2006
  Return on Invested Capital
  Operating model summary, USD mln
  Valuation results, USD
  Sales structure in 2006, %
  Global natural gas primary demand, bcm
  World proven reserves of natural gas in 2004, tcm
  Sumy Frunze's estimated production growth for different types of products
  Common size financials, 2006
  SG&A/Sales, 2006
  Return on invested capital, % 2006
  Operating model summary, USD mln
  Valuation results, USD
  Sales structure in 2006, %
  Russian electricity production forecasts, GWh
  Electricity production forecasts, GWh
  Main NPP turbine producers (by installed capacity), %
  Map of Turboatom's supplied turbines
  Common size financials, 2006
  EBITDA margins, 2006
  Return on invested capital, % 2006
  Shareholder structure, 2006
  Operating model summary, USD mln
  Valuation results, USD

  
  TABLES

  Market multiples
  Snapshot of key data
  Grigorishyn's (Energy Standard) assets structure
  Possible Energy Standard holding
  DCF output, UAH mln, as of October 9
  Sensitivity analysis
  Peer summary, USD mln
  Peer multiples
  Summary: Competitors by type of product
  Sumy Frunze capacity and utilization, 2006
  DCF output, UAH mln, as of October 9
  Sensitivity analysis
  Peer summary, USD mln
  Peer multiples
  Turboatom's revenues from projects, USD mln
  DCF output, UAH mln, as of October 9
  Sensitivity analysis
  Peer summary, USD mln
  Peer multiples
  Poltava Turbomechanical Plant - Peer summary, USD mln
  Poltava Turbomechanical Plant - Peer multiples
  Constar - Peer summary, USD mln
  Constar - Peer multiples
  Sumy Nasosenergomash - Peer summary, USD mln
  Sumy Nasosenergomash - Peer multiples
  Rivne High-Voltage Insulator Plant - Peer summary, USD mln
  Rivne High-Voltage Insulator Plant - Peer multiples