Ukrainian Metal Hardware: Dniprometiz
- Дата выхода отчёта: 28 марта 2007 г.
- География исследования: Украина
- Период исследования: 2006 (актуализация по запросу)
- Язык отчёта: Английский
- Способ предоставления: электронный
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Содержание
1. Investment summary
Curtain lifted following recent acquisition
Further value drivers in numerous synergies
2. Largest Ukrainian producer of metal hardware
Major product - Steel wire
3. New owner to boost revenues
Acquired by Severstal-Metiz
Counting Dniprometiz's benefits from the acquisition
Investment program aimed at growth and quality
Links to a wide distribution network
Hedge against input shortage
Production growth backed by deeper penetration into capacious European market
Europe: Big pie
Ukraine: Small-size
Russia: Autonomous
Top line cleaned up and poised to grow
New owner established order - sales surged in 9M06
Revenue growth to go on
Wire rod - major cost determinant
No problems with wire rod availability at home
Local wire rod price rally calmed down
Dniprometiz negotiating special terms for deliveries
New supplier will assure stable local prices
Selling price growth driven by cost inflation, but there is just one snag
4. Valuation
DCF valuation
Peer comparison
5. Appendices
Appendix 1: Prices of Dniprometiz's products
Appendix 2: Projected financials
Appendix 3: Dniprometiz quarterly analysis
Appendix 4: Severstal-Metiz
Development chronology
Appendix 5: Peer descriptions
Amatei Incorporated
Tree Island Wire Income Fund
Tokyo Rope Manufacturing Company Limited
Nippon Seisen Company Limited
Insteel Industries Inc
Nichia Steel Works Limited
CHARTS
Valuation summary
Metal hardware production, ths mt
Product breakdown, 2006
Shareholder structure
Severstal-Metiz's plants and dealers
European market
Ukrainian market
Russian market
Revenues, USD mln
Ukrainian wire rod market
Local producers of wire rod, 2006
Yearly wire rod prices (avg), USD/mt
Monthly wire rod prices, USD/mt
Prices in Ukraine, USD/mt
Monthly price changes in Ukraine, %
DMPO's average selling prices by segment, USD/mt
Severstal-Metiz
TABLES
Key Financials & Ratios
Ranking of players on the European metal hardware market:
Basic assumptions for DCF model:
Discounted cash flow model
Sensitivity analysis: Implied share price, USD
Dniprometiz's true sales calculation
Valuation
Key financials
Income Statement Summary
Balance Sheet Summary
Dniprometiz quarterly analysis
Development chronology