Аннотация

Содержание отчёта

• 1. Valuation summary

  2. Interpipe in the saddle
  Reins handed over in 1H06
  McKinsey & Company team hired
  Generous dividend payout
  Financial reporting standards get a boost
  Cost overestimation reduced in 2006
  Reported financials beat our forecasts
  Stronger 2006 operating results
  Shipments grew by 4% yoy
  Product mix shifted toward more value added products
  Business optimization programs
  Total operational performance (TOP) optimization program
  Qualifications from global giants continue
  Dump utilization to start in 2007

  3. Solid demand feeds growth
  Vigorous start to 2007
  Market outlook is positive in the mid-term
  Key demand indicators by market
  Ukraine: Growth in all segments
  Global: Specialty - stable; Stainless - growing

  4. Specialty steel prices
  Stainless steel drives up Dniprospetsstal's selling price
  Other niche steel product prices are less volatile

  5. Valuation
  DCF model
  Peer comparison
  Case study: Stainless steel - Further growth or dramatic downturn ahead?
  Is this the peak of nickel prices?!...
  Experts say: "Presently nickel is a lunatic market"
  Analysts divided over long-term outlook of the nickel market

• Appendix 1: Projected Dniprospetsstal financials
  Appendix 2: Dniprospetsstal quarterly financials, UAS
  Appendix 3: Dniprospetsstal quarterly analysis

  
  CHARTS

  DNSS relative performance
  Performance, YTD
  Trading volume, USD mln
  Shareholder structure
  Profitability dynamics
  Transparency progress
  Sales structure, ths mt
  Product mix shifted toward more value-added products
  Dniprospetsstal's quarterly shipments, ths mt
  Dniprospetsstal's sales breakdown in 2006, ths mt
  Machine building industry growth, yoy
  Construction growth, yoy
  Machine building industry growth in 1Q07, yoy
  Stainless pipe production, ths mt
  Industry growth forecasts, yoy
  Global stainless steel demand index, Long products
  Stainless steel vs Dniprospetsstal's average product price, USD/mt
  Niche-steel product prices, USD/mt

  
  TABLES

  Market Information
  Stock Ownership
  Ratios, 2006
  Key Financials & Ratios
  Key Dniprospetsstal financials
  Basic assumptions
  Discounted cash flow model
  Sensitivity analysis: Implied share price, USD
  Valuation
  Key financials
  Nickel price on the LME, USD/mt
  CRUspi stainless steel, index
  Top banks' nickel price forecasts, USD/mt
  Difference between forecasted and factual average Ni price on LME in 2006
  Income Statement Summary, USD mln
  Balance Sheet Summary, USD mln
  Quarterly Income Statement Summary, USD mln
  Quarterly Balance Sheet Summary, USD mln