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Concorde Capital18 page report
published Nov 08, 2007
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Concorde Capital
Ukrainian electricity distribution is state regulated. The 28 licensed distribution & supply companies account for 97% of electricity distribution and 80% of electricity supply in Ukraine.
Operating improvements by most electricity distribution companies were rewarded with a more than 300% over the last 52 weeks on the local stock market.
Recent industry changes:
• Electricity distribution companies` investment programs for 2008 recently adopted by the sector regulator, which are 20%-100% larger than in 2007, suggest companies` management expect to generate higher profits in 2008.
• No shifts in decreasing accounts payable suggest that electricity distribution companies which are highly in debt will seek long-term debt restructuring sometime in 2008. We now use a more conservative approach to calculate their net debt.
Our approach for valuing electricity distribution companies was developed in our August report: we weight peer multiples and RAB valuation to arrive at 12M targets, giving more weight to a multiple in proportion to its explanatory power as a key electricity distribution company's value/liquidity determinant.
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| Source: | Concorde Consulting
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| Document ID: | cc36
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| Country: | Ukraine
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| Free Sample: |
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| Format: | | PDF |  |
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Concorde Capital is a full service investment and consulting company, with offices in Ukraine and Russia and operations throughout CIS financial markets. Concorde Capital's information products include daily news & research reports (equity, fixed income, industry/market, macro and strategy), covering all sectors of the economy.
