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2008-2009

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2007 , . 135%,
.

2008
, ,

. 35%,
.
, 2008 ,
,
2001 , .
-,
2008 . , 2008 .
15%.
( UFC Capital)
15-35%, 10-20%.
,
. ,
, , ,
. ,
. , , , IPO .
.
,

.
, ,
. 2008
,
.
, ,

. , , .

,
.
, 2007 .
(). ,
, .

,
.


, , , , ,
, , .
,
.
.
. , .
.
, (ADR)
(GDR) , , . ,
+. , Bloomberg .
2007 .
, 1 2008 .
12
. , , .
, ,
.
, . ,

, .

2008-2009

,
.
.
,
.


,
,
, .
2004 . -
-.
23 2005 . .

, , .
- 18 2007 .
. .
, , .
, 175 450,
() 156 ,
() 72,
27, 20.


6%

4%

16%


39%

35%

.
227 , 50.4%
.
.

, ,
.
2008 . .
,
, 225 ,
. 2004 . , ,
, .

, -,
,

, .
, .
, 2008 .
(). ,
.
24 2007 . .
, - ,

.
, , ().
-, . 2007 .
3%- ,
.
, ,
, .
2010 .
2010 . .
UFC Capital, 2008
., 40% , 35%,

10% . . , 2010
. , ,
.

2008-2009



- .

1 2008 .
,
(
).
:
``

``

``

``

``

``

``

``

- ;

``

-
-;

``

- .

2007 . - $6.96 .
,
.

2003-2007 ., $
8
6
4
2
0
2003

2004

2005

2006

2007

, ,

.

2007 ., %*

3.4%
6.4%
2.7%

87.5%

* - , .
: .

,
.

2003-2007 ., %
100%
80%
60%
40%
20%
0%
2003

2004

2005

2006

2007

1 1997 . -
.
1 2008 .
19 .

10

2008-2009

2003-2008 .:
1400
1200
1000
800
600
400
200
0
01.07.2002

01.07.2003

01.07.2004

01.07.2005

01.07.2006

01.07.2007

01.07.2008

2007 . - 135.4%, .

2007 ., %
China CSI 300 index
Ukranian PFTS index
Slovenia total market
Nigeria stock exchange
Bangladesh DHAKA stock
Croatia Zagreb crobex
Brazil Bovespa stock index
Istanbul ISE national 100 index
African Mauritius stock exchange
0%

50%

100%

150%

200%

: Bloomberg

2007 .
, 2008 .

. .
2007 . $6.2 .,
2006 . 14%. 2007 . 50 145
.
2008 .
42 575 $4.9
., 2007 .
16 804 $1.9 .

11

, 01.07.2008, %
1% 2%

, 49%
, 35%

13%

, 13%
49%

, 1%

35%

, 2%

, . .

2006 . 1 2008 .


2006 .,
$ .

2007 .,
$ .

2007
2006, %

6 . 2008 .,
$ .

1 672

556

-66.7

268

196

146

-25.2

83

2 362

3 442

45.7

2 100

( )

1 183

1 996

68.8

1 725

58

95

65.1

31

5 470

6 236

14.0

4 207

,

.

1 2008 ., %
1%

6% 2%

, 50%
, 41%
, 1%

41%

50%

, 6%
, 2%

12

2008-2009


2007 .:

,
$

USCB

1 288

145.8

MSICH

1 545

109.8

ZAEN

2 487

99.5

UNAF

2 281

92.2

CEEN

1 959

83.3

ENMZ

3 127

80.1

DNEN

985

78.2

6
7
8

PGZK

888

66.0

AZST

2 895

62.9

10

BAVL

831

61.7

OBXRE

( )

108

167.3

OKGSTA

-1 ( )

25

146.8

OLUAZA


( )

175

143.2

ODRNB


( )

158

134.7

OMABA3


( )

45

121.6

OPCBF

( F)

93

106.8

OKKOA

- ( )

159

101.1

ORODBA

( )

57

76.2

ORODBC

( )

37

71.6

10

OFORB

( )

53

68.3

3
4
5

2008 . :

,
$

DNEN

CEEN

402

86.4

1440

75.9

ENMZ

2525

69.8

MSICH

1661

69.1

UNAF

1649

68.2

BAVL

987

64.5

ZFER

239

62.8

USCB

1010

61.7

7
8

13

,
$

ZAEN

10

KIEN

955

59.5

417

59.1

COUGZC

( )

32

134.8

ODRNB


( )

70

86.4

OIMHLB


( )

42

85.1

CODSTA

( )

66

70.8

OLUAZA


( )

76

58.4

OMABB2

( )

54.5

COKPBF

( F)

26

53.6

OUGZBE

( )

44.9

ORODBB

( )

35

44.8

10

OPDILA

( )

70

42.2


1
2
3
4
5

, 2008 .
:
``

``

``


, ( ) ( ).

. , ,
, .

. 2008 .

. ,
,
-.

,
, .

14

2008-2009


, 135%, P/E
30, 2008 .
:
``

, 10-20%
,
;

``

2008 .
, ,
, $5 ., ,
, , ;

``

2008 . 10
,
;

``

``

2008 .
.

``

, ,
, , ,
P/E 2008 . 12.5.


, 2007 .
$100 ., 80% .

, %
80%
60%
40%
20%
0%
2004

2005

2006

2007

2008

. , 2008 .
: , , UFC

15

, %
100%
80%
60%
40%
20%
0%

. 2008 .
: , , UFC

, ,
.
,
2008 ., ,
. 2008
., , , , , ,
. ,
2009 . .
.
(. ).

. 2008 .
6%.
. 2008 .
,
. , . ,
.
2008 .
70% .

16

2008-2009

-25%

0%

2007 . 2006 .

25%

50%

75%

100%

125%

150%

4 . 2008 . 4 . 2007 .

. . 2008 . 2007 .
( 15%),
.
. , .
, ,
.

2009 .
. 2008 . ( ) ,
. ,
.

. ,

.
, (29%) .
, .

17

.
, .
10 , ,
, 3-4%.
, 2009 .
. . ,
2008 ., .
- (
5%),
.
. , ,
2008 . 2009 . , , ,
. , ,
,
, .
IPO. 2007
, :
Ferrexpo AG, Dragon Ukrainian Properties & Development plc (DUPD)
, ,
Kernel Holding, Landkom.
, 2008 . ,
.
- .
,
,
, .
.
, , .
, ..
.

2009
, , , .

18

2008-2009

, -
, , , ,
. .,
.
, ,

.

, - - .

.
, , ,
50%.

,
, ,
.


, 2008 .,
,
- .
.

,
2008 . 60%
, . 2008 .,
, 10% 12% .
2008 .
,
.

2009 .
2007-2008 . 30% . , 2007 . 17% , 2008
. , , .

19

2009 . .

, , .


,
, - .
6%,
, .

,

. ,
,
. ,
,
. ,
2008 .
5% .
,
.

,
27% 2007 ., , , , .
, 80%
, .
2006 ,
120%-
. 2007-2008 . , ,
,
. ,
, , 30%
.

20

2008-2009


.
.
, 3%- , , 45%.
2007 ., , .
, ,

2008 . 80%
. , 10% , ,

2008 ., 2009 .
,
5%, , 45-65%
12 , 2008 . 45% .

,
,
, ,
.

, 14% .
, . :
``


,
70% 2007 . 80% - 2008 .;

``

``

2006-2007 ., 25% ,
.
.

21

, 13%
,
50%-
.
- , 4.8%
.

,
2008 . .
,
11.2% 2008 ., 2009 .
,
10.5% 2009 . :
1. ,
( $3 .),
,
.
2. , , ,
$1.5 .
2007 ., 10%
.
3. 11-12%
, 2009 .
. , ..
.
4. , 2007 .,
2008 .
5. 2009 .
,
15%
. ,
$130 $179.5/. 3 2008 . 20% ,
.
, , 2007 .

22

2008-2009


2007 .
.
7.3%,
10.2%.

2001-2007 ., %
16
14
12
10
8
6
4
2
0

2001

, %

2002

2003

2004

2005

2006

2007

, %


. 2007 .
60% . 2008 .
. :
``


2008 . 30.5% ;

``

40%
;

``


20% 2008
., 2004 .
3%.

,
2007 ., , .

( , )
.
,
.

23

$7.9 . 2007 .,
2006 . ($4.8 .).
, 60% ,
.
,
( ), ,
( 27% 2007 .).
, ,
( 34.4%).
$7.3
., 2.5 2006 .

( -
% )
40
35
30
25
20
15
10
5
0
-5
-10

2001

2002

, % .

2003

2004

, % .

2005

2006

2007

, %

,
2007 . , ,
( 75% ).
.

0.8%.

24

2008-2009


35
30
25
20
15
10
5
0
-5
2004

2005

2006

2007

( ), %
, %
(), , %
, %
, %
:


( 12.8%)
( 12.5%).
.

5
2007 . 1.9% (
2002 .). , ,

. 16.6%.
, 2006 .
, ,
, 2007 .

, 80%
.
, , .
,

1. :
``

, ( )
;

``

25


;
``


(23.3% . . , 24.8%),
(, )
.

2. :
``

, .
2007 .
, 2006 .
46% 17.5% 2006 .
52.2% 34.5%;

``


,
: 98%
(134% 2006 .).

3. :
``

.
:
;

,
;

``

4.
53.9%,

2007 .
2008 . 30% ,
. ( 55%)
.
. 2006-2008 . .

26

2008-2009

,
, .

2005-2008 .
25%
20%
15%
10%
5%
0%
2005

2006

2007

2008

,
,
. ,
2008 ., , ,
. -,


.
, . ( 10%).

, , :
(, ), ,
,
,
, .
2007 .
23.3%.

27

2002-2007 .
( % )
30
25
20
15
10
5
0

2002

2003

2004

2005

2006

2007



,

:

2007 .
.
5.05 ./$.
11.53% 7.42 ./ 2007 .,
.
, ,
2000 . ( 2% ) : 2005 . ( 5.19 ./$ 5.05 ./$) 2008 . ( 5.05 ./$
4.85 ./$).
2008 .
4.6 .
(4.85 ./$)
,
,

(4.85 ./$ 4%).
$10.2 .
$32.46 .
($7.6 .) ($1.2 .). $1.7 .

28

2008-2009

2008 . :
``

( $179.5 ),
;

``

``

``

,

;

``



.

.
,
, .
.
, 2008 . , ,
, ,
,
.


, ( ).
2008 . , 2007 ., ,
,
, .

29

, , ,

.
,

, . ,
-
,


.

2003-2007 .
2003

2004

2005

2006

2007

, $ .

50.1

64.9

86.1

107.8

141.2

, %

9.4

12.1

2.7

7.3

7.6


, %

15.8

12.5

3.1

6.2

10.2

, %

8.2

12.3

10.3

11.6

16.6

,
%

0.2

3.2

1.8

0.7

1.1

,
% ( )

7.0

9.0

9.5

8.5

8.0


, $ .

1.32

2.25

7.84

4.72

7.88

./$
( )

5.3327

5.3192

5.1247

5.0500

5.0500

./$
( )

5.3315

5.3054

5.0500

5.0500

5.0500

30

2008-2009


P/S

P/S

NAFP

0.15

KORV

0.16

OKOR

0.26

DNSH

0.28

DGRM

0.30

ZACO

0.33

HGAZ

0.33

( )

CHVK

0.36

ZPVT

0.37

KRBD

0.38

DNON

0.41

( )

NORD

0.42

ODEN

0.44

( )

MZVM

0.46

KFTP

0.47

ZALK

0.47

DMPZ

0.49

UGRA

0.51

DOON

0.51

( )

DZKZ

0.54

DTRZ

0.54

HTZD

0.56

ZABR

0.57

AZOT

()

0.58

KMOL

0.58

DMZK

0.58

HARP

0.58

ENMZ

0.61

DKOK

0.67

31

P/E

P/E

AVTO

2.21

HGAZ

4.12

( )

AZOT

()

4.34

CHVK

5.02

LUAZ

7.80

KFTP

8.19

KRBD

8.30

ENUG

8.61

KIUZ

8.93

AZST

9.08

OKOR

9.10

KRCS

9.32

DNSS

9.33

UNAF

9.40

YASK

9.56

DNVM

9.68

ZPVT

9.78

ZALK

9.89

MMKI

-
.

10.10

VOLC

10.33

ZABR

10.43

MSICH

11.01

DMPZ

11.29

HMBZ

12.32

ALKZ

12.47

CGOK

12.50

KVBZ

12.78

SNEM

12.80

ZPST

13.26

STIR

13.48

32

2008-2009

EV/EBITDA

AVTO

EV/EBITDA
2.19

HGAZ

2.32

( )

AZOT

()

3.09

CHVK

3.11

DKOK

3.50

ZALK

3.88

ZPVT

4.42

ODEN

4.74

( )

KFTP

4.82

HMBZ

5.06

UNAF

5.21

MMKI

-
.

5.53

YASK

5.71

KIUZ

5.90

KKOL

6.01

MSICH

6.45

KRCS

6.46

DNSS

6.46

LUAZ

6.67

DNVM

6.68

ZHMZ

6.68

AZST

6.77

ZPST

6.90

VOLC

7.16

ZABR

7.24

ALKZ

7.29

AVDK

7.37

OKOR

7.52

SNEM

7.81

SUNI

8.09

33

SSOL

202%

AZOT

()

159%

ODEN

158%

( )

KFTP

158%

ZABR

155%

CHVK

152%

KORV

141%

CHEN

129%

UGRA

127%

MEGA

125%

OKOR

122%

YASK

117%

ZHMZ

115%

SNEM

113%

AVTO

109%

KREN

100%

HMBZ

98%

ZACO

98%

DZKZ

95%

ZPVT

92%

HAON

90%

DOEN

86%

CEEN

84%

KSOD

80%

CHON

76%

DNON

68%

( )

MSICH

65%

SFER

61%

( )

UGZB

57%

CGOK

56%

34

2008-2009

, : , - , ,
, . ,
, ,
. ,
, . ,
,
, .

,

. , ,
.
27 ,
. () 23 ,
,
.
( )
, . .
, ,
( ), ( ), , .

, . -
200
180
160
140
120
100
80
60
40
20
0

12

13

13

10

81

87

89

90

93

90

83

85

90

93

2004

2005

2006

2007

2003

35

, 50% , 40% . ,
, .

5% 6%

13%
9%

39%

52%

50%

26%

: , , UFC

( )

*, % 2007 .

DNEN

8 160

23%

CEEN

7 575

22%

ZAEN

4 400

36%

3 960

57%

DOEN

2 655

28%

26 750

31%

*
: , UFC

,
. () , ().
, , .
, , .
, ,
,

.

36

2008-2009

,
, .
, ;
, .
, ,

,
.

, ,
, ,
.

().
, .

:
``

, ,
;

``

1 (
27.5 );

``

2 (
27.5 ).

,

.

37



2007 ., . -

,
.

DNON

28 814

63.50

DOON

11 353

73.78

ZAON

11 301

41.99

KIEN

8 708

11.38

ODEN

5 899

47.50

HAON

5 825

46.45

KREN

4 657

36.23

LVON

3 981

39.24

HOEN

2 525

32.34

ZHEN

2 266

37.46

: ,

,
. .
.
,
, . ,
.
:
``

2008-2009 . ,
- ;

``

2010 . -
;

``

2011-2013 . ,

;

``

2014 . ,
.

38

2008-2009


. ,
.
,
. price cap (
, ,
, ..), (RAB).
,
,
, . , .
3% ,

. ,
,
.
( ),
,

.

. ,
,
IPO.


. ,
2007-2008 .
. , .

.

39

,
.

, , ,
,
.

, .
(
) ,
.
.
(, , ) ( ),
UCTE.
.
( ) ,
.
,
. 2007 . 5 , , 1 -
$0.09 $0.054.
,
, , , , .

, . -

2005

2006

2007

3 318.8

3 531.5

3 172.3

798.5

2 478.7

2 931.4

2 829.1

498.1

965.9

2.6

2 500.0

685.5

983.3

884.3

641.1

128.6

47.7

456.9

297.2

496.6

347.3

40

2008-2009


. .
2005 ., . ,
.

, .
2008 .
120 .
22 , ,
, . , , ,
: ,
, , .
, .
( , 2010 .).

,
. , 80%
.

2004-2007 ., .

2004

2005

2006

2007

2007
2006, %

11 399.4

12 056.4

12 228.1

12 361.1

+1.09%

5 817.3

6 167.2

6 340.6

6 414.8

+1.17%

6 111.2

6 241.0

6 750.6

6 127.3

-9.23%

5 283.7

5 453.3

5 708.0

5 738.0

+0.53%

8 701.2

8 260.1

8 133.7

5 237.8

-35.60%

2 424.6

2 574.6

3 094.5

3 428.3

+10.79%

4 607.4

3 636.5

3 333.2

3 059.6

-8.21%

3 413.5

3 354.2

3 173.7

3 024.9

-4.69%

2 386.6

2 311.5

2 762.7

2 864.4

+3.68%

41

2004

2005

2006

2007

2007
2006, %

2 564.4

2 616.2

2 887.9

2 805.6

-2.85%

3 098.5

3 107.3

2 127.6

2 571.7

+20.87%

2 287.2

1 667.8

2 220.0

1 994.9

-10.14%

1 225.7

1 426.9

1 684.0

1 902.4

+12.97%

3 702.2

3 255.3

2 898.0

1 826.1

-36.99%

2 658.6

2 019.0

2 177.7

1 717.4

-21.14%

794.7

911.1

1 296.7

1 500.0

+15.68%

1 502.5

1 617.8

1 454.0

1 301.8

-10.47%

799.4

838.7

795.9

1 084.2

+36.22%

1 761.0

1 269.9

1 588.1

1 057.6

-33.40%

:
:

2002-2007 .,
85
75
65
55
45
35
25

2002

2003

2004

2005

2006

2007

,
, 1 ,
, . ,
: $300/, $150/. ,
,
,
.

42

2008-2009


5.4
. 3 , 400 . 850
. . 95%
( , UNAF),

.

2004-2007 ., .

2004

2005

2006

2007

2 714.3

2 783.2

2 857.6

2 860.7

97.8

108.2

121.3

117.4

10.1

10.5

10.8

9.2

181.9

252.1

334.6

317.3

3 004.1

3 154.0

3 324.3

3 304.6

2004-2007 ., . 3

2004

2005

2006

2007

14 371.3

14 629.8

14 668.7

14 685.3

2 559.8

2 420.3

2 422.4

2 349.2

1 137.0

1 253.9

1 276.9

1 260.0

1 462.7

1 311.6

1 375.7

1 237.7

19 530.8

19 615.6

19 743.7

19 532.2


. ,
2007 . 69.8 . 3 , 19.5 . 3.
,
, ( 55 .
3).
RosUkrEnergo.
,
,
. 38.2 . ,
288 . 3,
178.5 . 3 . 2007 .
115 . 3.

43

42
(- ). , .
, .
17 ,
.
-
$11.5 1 . 3 $5.51
1 . 3 .

(), .
10-12% ,
.

2006-2007 ., .

820

823

1 191

1 317

4 979

4 927

52

660

662

891

862

5 588

5 651

2007 . . ,
.
66%, , .
, . 1 2008 .
,
Euro-4 Euro-5.
,
.

44

2008-2009

0
0

0
0

6 311
5 620

6 434
5 428

2006
2007

EEN

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

379.6

38.2

11.9

2.78

30.16

89.15

: $2.86

2006

524.9

69.8

17.3

2.01

16.52

61.00

: $5.25

2007

678.5

67.0

12.6

1.56

17.22

84.14

: 84%

2005

, , 7 575 . 23 175 800 ,


18 , 5
.

EEN

Bloomberg

CEEN UZ

ADR

CTEUY

1 ADR
``

``

``

``

:
,

( ).
,
2008., .
60%- .

,

.
2008 .
, .

10

78.3%

21.7%

369 407 108

($ )

1056.4

($ )

96.5

EV ($ )

1152.9


, $

2.86

, $

5.80

6
5
4

``

, , .

, ,
,
.

3
2
07.2007

10.2007

01.2008

04.2008


()

45


, $
31.12.2005

31.12.2006

31.12.2007

2.4

3.2

4.8

0.0

0.0

0.0

319.0

298.2

291.4

3.0

4.8

8.0

37.4

47.2

55.0

12.3

9.4

16.2

374.1

362.7

375.4

498.8

480.4

467.2

13.1

40.8

38.5

511.9

521.2

505.7

886.0

883.9

881.1

36.2

46.7

31.1

0.0

0.0

0.0

198.4

159.2

207.6

86.7

54.6

71.4

321.2

260.4

310.1

72.2

71.3

69.6

0.6

0.6

0.6

76.1

113.0

57.2

148.9

184.9

127.4

95.1

95.1

95.1

-102.9

-80.6

-91.4

423.7

424.1

439.9

415.9

438.6

443.6

886.0

883.9

881.1

, $
2005

2006

2007

379.6

524.9

678.5

341.7

476.6

618.4

()

37.9

48.3

60.2

5.9

15.3

8.5

5.6

-6.1

1.7

38.2

69.8

67.0

24.1

26.0

25.1

()

14.1

43.9

41.9

40.1

3.5

3.1

9.2

9.8

9.3

25.4

9.4

8.6

19.6

28.2

27.0

( )

EBITDA


()

46

2008-2009

7.7

10.8

14.4

11.9

17.3

12.6

DNEN

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

406.1

65.5

4.6

3.67

23.16

321.83

2006

551.2

56.6

2.5

2.70

26.78

596.23

2007

758.0

79.6

24.1

1.96

19.04

61.69

( )

(, )
8 160 . ,
.
``

``

``

``

2007 . , .
76%
50%+1 . ,
.
2008 .
60%+1 ,
.

.

. ,
2030 . 2 , , .


,
35-40 , , , .

: $379
: $565
: 49%

DNEN

Bloomberg

DNEN UZ

ADR

DNOEY

1 ADR

0.25

76.0%

DTEK Holdings Ltd. ()

10.5%

13.5%

3 923 998

**

5 967 432

($.)*

1489.5

($.)

26.8

EV ($.)

1516.3

*
**


, $

334.98

, $

524.09

550
500
450
400
350
300
250

07.2007

10.2007

01.2008

04.2008


()

47


, $
31.12.2005

31.12.2006

31.12.2007

9.4

2.7

11.9

0.0

0.0

0.0

117.6

18.6

21.3

11.4

5.6

20.2

45.5

43.5

69.7

10.1

5.3

2.1

193.9

75.8

125.3

308.3

319.5

319.3

46.9

38.0

45.8

355.2

357.5

365.1

549.1

433.3

490.3

10.7

23.8

34.6

41.3

32.6

4.1

256.2

152.0

31.0

135.2

96.6

84.5

443.5

305.0

154.2

14.9

13.8

0.0

0.0

0.0

0.0

21.9

31.1

0.0

36.8

44.9

0.0

19.4

19.4

29.5

-382.1

-371.9

-344.7

431.5

436.0

651.2

68.8

83.5

336.1

549.1

433.3

490.3

, $
2005

2006

2007

406.1

551.2

758.0

338.3

486.5

694.3

()

67.9

64.7

63.7

19.7

17.9

18.6

22.1

26.0

2.7

65.5

56.6

79.6

37.8

37.9

36.7

()

27.6

18.8

42.9

1.8

2.7

1.4

1.9

3.5

9.2

2.1

0.8

2.0

25.5

17.2

33.1

20.8

14.7

9.0

4.6

2.5

24.1

( )

EBITDA

()

48

2008-2009

DOEN

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

223.4

40.4

11.0

1.62

10.60

32.82

: $15.33

2006

272.0

28.9

-0.8

1.33

14.83

: $28.53

2007

290.9

32.7

5.3

1.25

13.10

68.96

: 86%

2005


.
, 2 655
. , .
``

``

``

``

2001 . ,

.
,

.
60%+1
. 2008 . -

.
, ,
,
,
,
- ,
, .

DOEN

Bloomberg

DOEN UZ

85.8%

14.2%

23 644 301

($ )

362.4

($ )

66.3

EV ($ )

428.7


, $

15.33

, $

39.15

40
35
30
25
20
15

07.2007

10.2007

01.2008

04.2008


``

2008 . 4
,
210 .
7, $30 .
4 .

()

49


, $
31.12.2005

31.12.2006

31.12.2007

11.9

15.2

4.6

0.0

0.0

0.0

139.6

134.7

122.8

19.5

6.3

8.7

32.0

28.5

28.5

1.7

1.4

2.6

204.7

186.1

167.1

204.9

196.7

199.8

113.5

115.8

113.6

318.4

312.5

313.3

523.1

498.6

480.4

16.6

28.8

27.6

21.2

30.8

29.6

41.1

13.3

17.7

105.1

107.4

93.2

184.0

180.4

168.2

35.6

27.1

5.0

13.9

12.2

8.7

117.4

113.2

111.1

167.0

152.5

124.8

46.8

46.8

46.8

-102.2

-107.3

-89.9

227.5

226.2

230.6

172.1

165.7

187.5

523.1

498.6

480.4

, $
2005

2006

2007

223.4

272.0

290.9

170.7

225.5

267.4

()

52.6

46.5

23.4

28.9

37.9

59.1

41.1

55.5

49.8

40.4

28.9

32.7

15.9

14.2

12.6

()

24.5

14.7

20.1

15.4

6.4

3.7

4.9

5.8

5.6

9.8

10.2

4.7

25.2

5.1

13.4

( )

EBITDA


()

50

2008-2009

14.2

5.8

8.2

11.0

-0.8

5.3

ZAEN

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

479.5

23.1

4.0

2.03

47.71

240.87

: $76

2006

617.0

43.0

4.5

1.58

25.70

218.18

: $104

2007

715.8

45.9

9.9

1.36

24.07

98.41

: 37%

,
,
4 400 .
, .
``

``

``

``

, ,
2008 . 60%+1
.
,
.

ZAEN

Bloomberg

ZAEN UZ

ADR/GDR

+/WT7

1 ADR/GDR

0.25

70.1%

10.0%

19.9%


.
9 ( $16
.), 7 ( 70 ; $32 .),
5 ( 50-70 ;
$42 .), 1-4 (
$155 . ).

, $

76.12


8 (
160 ; $33 .), 9 ( 225 ;
$125 .), 400-500 .

, $

123.43

,
.

12 790 541

($ )

973.3

($ )

130.5

EV ($ )

1103.8

135
120
105
90
75

07.2007

10.2007

01.2008

04.2008


()

51


, $
31.12.2005

31.12.2006

31.12.2007

1.3

1.0

0.2

0.0

0.0

0.0

128.9

113.4

114.7

22.1

23.2

26.7

43.2

53.9

46.3

6.3

8.4

7.9

201.7

199.9

195.8

249.2

253.9

272.7

58.5

65.1

62.3

307.6

319.1

335.0

509.4

519.0

530.8

51.5

95.4

121.0

1.5

1.8

2.3

44.7

40.6

42.4

49.5

50.9

43.3

147.3

188.8

209.0

8.4

7.5

6.6

0.9

0.9

0.9

77.5

42.5

30.2

37.6

86.8

50.9

25.3

25.3

25.3

-60.4

-61.6

-64.3

310.3

315.6

323.2

275.2

279.3

284.2

509.4

519.0

530.8

, $
2005

2006

2007

479.5

617.0

715.8

435.9

546.8

653.1

()

43.5

70.2

62.7

6.1

10.3

8.3

26.5

37.6

25.2

( )

EBITDA

23.1

43.0

45.9

12.2

12.6

10.9

()

11.0

30.4

35.0

2.9

1.0

1.0

5.0

10.5

16.1

2.1

0.3

0.2

6.7

20.7

19.7

2.7

16.2

9.9

4.0

4.5

9.9


()

52

2008-2009

CHEN

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

32.7

2.0

0.1

1.81

29.26

968.10

: $1.05

2006

42.0

2.6

0.1

1.41

22.35

633.30

: $2.39

2007

54.2

3.4

0.3

1.09

17.12

184.34

: 129%

2005


,
17.3 . . ,
, 1.36 . -,

.
``

``

``

``

CHEN

Bloomberg

CHEN UZ


. 22% VS Energy, .

70.0%

VS Energy Internatinal N.V.


()

22.0%

2007 .
, 10%
.
,
.

,
, .
2008 . $6.6 .,
62% , .
, ($4.7 .),
($1.4 .).

8.0%

56 780 680

($ )

59.3

($ )

-0.6

EV ($ )

58.7


, $

0.70

, $

3.04

3.5
3.0
2.5
2.0
1.5
1.0

``

. , 2008 .
25.4%,
2.5 .
.

0.5
07.2007

10.2007

01.2008

04.2008


()

53


, $
31.12.2005

31.12.2006

31.12.2007

0.2

1.0

1.0

0.0

0.0

0.0

44.2

37.7

37.1

0.2

0.2

0.4

1.1

1.1

1.0

3.2

2.5

2.1

49.0

42.4

41.6

15.7

16.9

18.3

0.8

0.5

0.9

16.5

17.5

19.3

65.5

59.9

60.9

0.6

0.8

0.4

0.0

0.0

0.0

53.5

47.3

47.1

3.7

3.5

4.4

57.8

51.6

51.9

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2.6

2.6

0.0

2.6

2.6

2.8

2.8

2.8

-13.5

-15.7

-15.2

18.7

18.4

18.7

7.7

5.7

6.4

65.5

59.9

60.9

2005

2006

2007

32.7

42.0

54.2

36.1

40.6

50.7

()

-3.4

1.4

3.5

5.2

0.4

1.1

-0.1

-0.8

1.2

2.0

2.6

3.4

1.8

1.8

1.6

()

0.2

0.8

1.9

0.1

0.1

0.2

0.0

0.1

0.1

0.0

0.1

0.0

0.3

0.8

1.9

0.3

0.7

1.6

0.1

0.1

0.3

, $
( )

EBITDA

()

54

2008-2009

CHEON

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

56.4

5.0

-1.9

1.83

22.13

: $0.87

2006

73.9

6.2

-0.4

1.40

17.83

: $1.35

2007

87.0

7.0

0.7

1.19

15.84

154.93

38 . ,
9 . . , 235
. 2007 . 1.8 . -.
``

``

``

``

: 56%

CHEON

Bloomberg

CHEON UZ

,
.
25% .

25.0%

Bikontia Enterprises Limited ()

20.0%

Larva Investments ()

20.0%

Lex Perfecta Limited ()

15.1%

2008 .
,
.

. .

Margaroza Commercial Limited


()

10.0%

2008 .
$9.9 .
( 2007 . $5.6 .).
,

$6.7 . ( 70% ).
. 2004-2006 .
2007 .
.

9.9%

119 318 024

($ )

103.3

($ )

7.6

EV ($ )

110.9


, $

0.69

, $

3.10

3.5
3.0
2.5
2.0
1.5
1.0

``

: 15%
13%.

0.5
07.2007

10.2007

01.2008

04.2008


()

55


, $
31.12.2005

31.12.2006

31.12.2007

0.1

0.1

0.1

0.0

0.0

0.0

1.5

2.0

2.2

0.9

1.3

1.3

2.0

1.9

2.2

0.2

0.3

0.4

4.6

5.6

6.2

39.1

38.9

40.8

3.4

3.1

2.5

42.5

42.1

43.3

47.1

47.6

49.5

5.5

5.2

5.2

0.0

0.0

0.0

1.8

1.6

0.9

4.2

5.6

7.5

11.5

12.4

13.6

0.0

0.0

0.0

3.0

3.0

2.5

1.2

1.2

1.9

4.3

4.3

4.4

5.9

5.9

5.9

-14.0

-14.4

-14.0

39.5

39.5

39.6

31.4

31.0

31.5

47.1

47.6

49.5

2005

2006

2007

56.4

73.9

87.0

55.0

70.4

81.4

()

1.4

3.5

5.6

0.5

0.1

0.1

-3.1

-2.6

-1.2

, $
( )

EBITDA

5.0

6.2

7.0

5.5

4.9

4.3

()

-0.5

1.3

2.7

0.9

0.5

0.6

1.9

1.8

1.5

0.4

0.4

0.4

-1.9

-0.4

1.4

0.0

0.0

0.7

-1.9

-0.4

0.7

()

56

2008-2009

HON

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

68.6

9.1

3.5

2.26

16.91

44.51

: $1.05

2006

85.0

10.7

3.2

1.82

14.47

47.73

: $1.84

2007

99.3

12.9

6.0

1.56

11.99

25.91

: 76%

2005

,
20.9 . 2.

40 . ,
3 745 . 2007 . 2.0 . -.
``

``

``

``

``



.
( 2008 .),
.
( 26%)
, . ,
, .

CHON

Bloomberg

CHON UZ

46.0%

25.0%

PALPON Trading Limited ()

10.8%

Crayham Investments Limited


(. )

8.2%

Vanair Limited
(. )

0.7%

9.3%

148 393 332

($ )

155.0

2004 . ,
.

.

($ )

, $

0.96

2008 . $16.3 .
($11.6
.) ($2.5 .).

, $

3.07

13.47%.

.

-0.7

EV ($ )

154.3

3.5
3.0
2.5
2.0
1.5
1.0
0.5
11.2007

01.2008

03.2008

05.2008


()

57


, $
31.12.2005

31.12.2006

31.12.2007

1.5

1.0

0.7

0.0

0.0

0.0

8.9

6.2

6.3

2.0

1.7

2.6

1.3

1.6

2.1

0.6

0.2

0.4

14.4

10.7

12.2

45.8

47.8

53.3

5.3

5.1

3.5

51.1

52.9

56.7

65.5

63.6

69.0

0.1

0.1

0.1

0.0

0.0

0.0

35.4

26.4

24.1

12.8

17.4

19.0

48.2

43.9

43.1

0.0

0.0

0.0

0.0

0.0

0.0

0.2

0.0

0.0

0.2

0.0

0.0

7.3

7.3

7.3

-50.0

-47.4

-44.7

59.7

59.8

63.2

17.1

19.7

25.8

65.5

63.6

69.0

2005

2006

2007

68.6

85.0

99.3

61.0

72.7

87.8

()

7.6

12.3

11.5

1.5

1.4

1.1

0.0

3.0

-0.2

, $
( )

EBITDA

9.1

10.7

12.9

4.0

4.4

4.3

()

5.2

6.3

8.5

0.7

0.3

0.3

0.0

0.0

0.1

0.7

0.7

0.3

5.1

5.9

8.4

1.7

2.7

2.4

3.5

3.2

6.0

()

58

2008-2009

DNON

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

839.2

15.2

-1.7

0.69

36.21

2006

1 175.1

26.3

4.0

0.49

20.86

145.72

2007

1 399.7

18.0

5.6

0.41

30.59

102.71

( )

, 20% , .
59 . , 10.8 .
``

``

``

,
, ,
$420 .
, , .

: $96
: $162
: 68%

DNON

Bloomberg

DNON UZ

75.0%

Larva Investments Ltd ()

15.9%

9.1%

,
.
, , ,
, ,
.

5 991 617

, $

93.5

, .
, 16% , .

, $

217.0

($ )

576.5

($ )

-27.4

EV ($ )

549.1

275
225
175

``


2008 . $50 ., 68%
,
.
2012 .

125
75
07.2007

10.2007

01.2008

04.2008


()

59


, $
31.12.2005

31.12.2006

31.12.2007

1.4

7.5

27.4

0.0

0.0

0.0

278.0

254.5

215.0

40.9

21.7

8.6

9.9

10.7

11.9

21.7

17.5

18.7

351.8

311.9

281.7

104.1

109.6

117.3

21.5

22.0

33.7

125.6

131.6

151.0

477.5

443.5

432.7

0.0

0.0

0.0

0.0

0.0

0.0

476.3

427.3

418.5

33.2

48.9

64.8

509.5

476.2

483.3

0.0

0.0

0.0

0.0

0.0

0.0

5.7

4.1

0.0

5.7

4.1

0.0

11.9

11.9

11.9

-112.7

-112.0

-107.1

63.0

63.4

44.6

-37.8

-36.8

-50.6

477.5

443.5

432.7

, $
2005

2006

2007

839.2

1 175.1

1 399.7

827.7

1 144.3

1 353.2

()

11.5

30.8

46.5

3.8

3.2

11.4

0.2

7.7

40.0

15.2

26.3

18.0

12.4

17.0

17.3

()

2.7

9.3

0.7

0.9

1.1

1.3

0.0

0.0

0.0

0.4

0.4

0.4

3.2

10.1

1.5

4.9

6.1

-4.1

-1.7

4.0

5.6

( )

EBITDA

()

60

2008-2009

DOON

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

309.1

-24.4

-33.6

0.78

2006

392.0

-111.9

-121.3

0.61

2007

469.9

-45.1

-58.6

0.51

( )

, . 77 .

160 ,
, .
``

``

``


,
$600
.
. ,
2001 . ,
-.
, 29% .
-, ,
.

: $3.68
: $4.96
: 35%

DOON

Bloomberg

DOON UZ

65.1%

DTEK Holdings Limited

19.5%

9.1%

6.5%

65 517 175

($ )

240.9

($ )

-4.5

EV ($ )

236.4


, $

2.87

, $

8.18

10
``

``

, ,
.

, 2008 . $50 . ,
( 70%), ( 25%).

8
6
4
2
07.2007

10.2007

01.2008

04.2008


()

61


, $
31.12.2005

31.12.2006

31.12.2007

2.5

0.8

5.6

0.0

0.0

0.0

544.4

435.0

387.6

17.7

15.9

10.5

13.0

13.8

17.2

20.9

21.7

22.8

598.5

487.2

443.8

98.2

98.7

110.1

9.1

11.8

19.3

107.3

110.5

129.3

705.8

597.7

573.1

7.4

6.6

1.1

0.0

0.1

0.0

837.6

847.5

880.2

25.9

27.1

31.7

870.9

881.3

913.0

0.0

0.0

0.0

0.0

0.0

0.0

0.4

0.7

1.0

0.4

0.7

1.0

16.2

16.2

16.2

-277.8

-399.1

-456.7

96.1

98.7

99.6

-165.4

-284.2

-340.8

705.8

597.7

573.1

, $
2005

2006

2007

309.1

392.0

469.9

330.1

423.9

444.5

()

-21.0

-31.9

25.5

7.2

17.9

17.4

10.6

97.9

88.0

-24.4

-111.9

-45.1

( )

EBITDA

10.1

8.5

12.4

()

-34.5

-120.4

-57.5

2.3

1.4

1.6

0.9

1.4

0.5

0.2

0.5

1.9

-33.3

-120.9

-58.3



()

62

2008-2009

0.3

0.4

0.2

-33.6

-121.3

-58.6

ENUG

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

44.6

2.8

1.7

1.63

26.30

43.80

: $13.23

2006

64.3

5.7

2.9

1.13

12.75

24.60

: $20.07

2007

68.7

5.6

8.4

1.05

13.03

8.61

: 52%

.
, 50%
.
``

``

``

``

``

``

1.1 . ,
380 . 2007 .
1.1 . -.

- ( ). ,

,
, .
-
( ) $70 . 2012 . , 2013 .
0.4-6 .
2008 .
$7.4 . (77%) ,
10% .

, 8%.
2006 . ,
, , .

ENUG

Bloomberg

ENUG UZ


D Holdings Limited ()

66.5%

24.6%

8.9%

5 478 271

($ )

72.5

($ )

0.0

EV ($ )

72.5


, $

6.27

, $

26.80

30
25
20
15
10
5

03.2008

04.2008

05.2008

06.2008


()

63


, $
31.12.2005

31.12.2006

31.12.2007

0.0

0.0

0.0

0.0

0.0

0.0

35.2

4.7

4.2

0.3

0.1

0.2

2.6

0.4

0.7

0.0

0.3

0.2

38.2

5.6

5.3

3.5

10.2

11.8

0.7

4.5

4.4

4.2

14.7

16.2

42.3

20.3

21.5

0.0

0.0

0.0

0.0

0.0

0.0

33.6

19.2

1.3

2.6

2.4

2.9

36.2

21.5

4.2

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

10.1

10.1

0.0

0.0

2.0

2.0

2.0

3.3

-9.1

-0.7

0.8

5.8

5.8

6.2

-1.3

7.2

42.3

20.3

21.5

2005

2006

2007

44.6

64.3

68.7

41.1

59.7

63.3

()

3.5

4.6

5.5

0.4

14.6

3.8

1.1

13.6

3.7

2.8

5.7

5.6

0.5

0.6

2.1

()

2.3

5.1

3.4

0.3

0.3

6.1

0.0

0.0

0.1

0.3

1.4

0.0

2.3

4.0

9.4

0.6

1.0

1.0

1.7

2.9

8.4

, $
( )

EBITDA

()

64

2008-2009

HAON

2005

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

194.2

14.1

2.6

1.58

21.25

117.93

: $1.20

2006

224.4

20.9

2.7

1.37

14.36

112.55

: $2.27

2007

282.5

25.0

3.2

1.09

11.96

96.11

: 90%

5 800 . -
.
,
.
``

``

,
24%
.
VS
Energy.
,
.

HAON

Bloomberg

HAON UZ

65.0%

Vanair Limited
( )

13.0%

Grayham Investments Limited


( )

10.6%

11.4%

256 540 760

($ )
``

``

``

,
2002 . .
2007 . , .


.

306.8

($ )

-7.3

EV ($ )

299.5


, $

1.20

, $

2.63

2008 .
$26.6 . $20.4 . , $2.4 .
.

3.0



2010 . 3 ( 80 ). 2008 . 17 .

1.0

2.5
2.0
1.5

0.5
07.2007

10.2007

01.2008

04.2008


()

65


, $
31.12.2005

31.12.2006

31.12.2007

2.0

6.7

7.3

0.2

0.2

0.2

68.0

35.9

31.8

2.5

3.0

4.3

5.0

4.5

3.9

2.3

2.3

2.9

80.0

52.6

50.3

157.2

161.1

366.9

10.0

10.5

9.4

167.2

171.6

376.3

247.2

224.2

426.6

0.0

0.0

0.0

0.0

0.0

0.0

130.3

90.2

83.9

16.7

25.6

28.7

147.0

115.7

112.7

0.0

0.0

0.0

0.0

0.0

0.0

19.0

25.0

72.9

72.9

19.0

25.0

12.7

12.7

12.7

-30.8

-25.2

-16.1

99.2

96.0

244.4

81.2

83.5

241.1

247.2

224.2

426.6

, $
( )

2006

2007

224.4

282.5

184.3

208.4

262.2

()

9.8

15.9

20.3

3.5

6.9

4.8

-0.7

2.0

0.1

14.1

20.9

25.0

EBITDA

9.2

9.1

15.7

()

4.9

11.8

9.4

5.3

1.3

1.6

0.0

0.0

0.0

4.7

0.5

1.9

5.5

12.6

9.1

2.9

9.8

5.9

2.6

2.7

3.2

()

66

2005
194.2

2008-2009

HMON

VS Energy

2005

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

59.7

5.2

1.6

2.35

26.94

90.34

: $1.04

2006

73.1

8.0

1.5

1.92

17.64

93.68

: $1.61

2007

91.8

8.3

1.6

1.53

17.06

86.03

: 55%


35 .
3.0 . 2.12 . - .
``

``

``

``


.
( 19%)
VS Energy,
.
VS Energy
.
,
VS Energy, ,
,
(
AES, CEZ).
2008 .
$9.5 ., 37% 2007 .
$6.7 . , , $1.3
. . ( 60%)
.

HMON

Bloomberg

HMON UZ

ADR

KHMGY

1 ADR

40

70.0%

VS Energy International N.V.


()

18.8%

11.2%

134 551 360

($ )

140.1

($ )

0.6

EV ($ )

140.7


, $

1.04

, $

2.90

3.0
``



,
, , EBITDA.

2.5
2.0
1.5
1.0
0.5
07.2007

10.2007

01.2008

04.2008


()

67


, $
31.12.2005

31.12.2006

31.12.2007

0.2

0.2

0.5

0.0

0.0

0.0

15.2

12.4

10.4

0.9

0.6

0.7

1.9

2.2

4.8

2.0

1.8

1.6

20.2

17.2

17.9

64.5

63.9

66.8

4.1

5.1

5.3

68.6

69.0

72.1

88.8

86.2

90.1

1.2

1.1

1.1

0.0

0.0

0.0

28.4

23.2

22.8

3.9

5.6

6.9

33.5

30.0

30.8

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

10.2

0.0

0.0

10.2

6.7

6.7

6.7

0.3

3.5

5.8

48.4

46.0

36.6

55.4

56.2

49.0

88.8

86.2

90.1

2005

2006

2007

59.7

73.1

91.8

52.6

66.8

82.6

()

7.1

6.4

9.2

2.3

2.1

1.9

4.1

0.5

2.9

5.2

8.0

8.3

2.5

5.3

5.4

()

2.7

2.7

2.8

0.8

0.3

0.8

0.1

0.1

0.1

0.9

0.0

0.4

2.5

2.8

3.1

0.9

1.3

1.4

1.6

1.5

1.6

, $
( )

EBITDA

()

68

2008-2009

HOEN

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

77.2

9.1

1.1

3.26

28.47

236.36

2006

95.1

4.1

-3.1

2.65

62.21

2007

121.2

6.2

0.04

2.08

41.36

6119.52

,
,
.
.
``

``

``

``

``


32 . , 4 400 . 2007 . 2.5 . -.
, .


.

VS Energy, 95%
.

.
,
. ,

21.5%.
.
2008 . 47% $11.1 . .
$7.8 . , , $2 .
.

: $1.41
: $1.19
: -15%

HOEN

Bloomberg

HOEN UZ


VS Energy International N.V.
()

94.5%

5.5%

178 895 040

($ )
($ )
EV ($ )

252.1
5.7
257.8


, $

0.69

, $

2.67

3.0
2.5
2.0
1.5
1.0
0.5
07.2007 08.2007 10.2007 11.2007 01.2008 03.2008 05.2008


()

69


, $
31.12.2005

31.12.2006

31.12.2007

3.1

0.4

0.4

0.0

0.0

0.0

70.7

64.3

60.4

2.2

0.7

2.8

4.3

9.3

8.7

3.5

2.9

2.8

83.8

77.6

75.2

53.1

52.4

53.2

2.9

2.4

7.7

56.0

54.8

60.9

139.8

132.4

136.1

0.0

0.0

2.2

75.3

0.3

3.9

7.4

7.8

7.7

6.2

5.7

12.7

88.9

13.9

26.5

0.0

0.0

0.0

0.8

0.0

0.0

14.3

82.3

74.4

15.1

82.3

74.4

8.9

8.9

8.9

-34.3

-36.6

-37.6

61.3

64.0

63.9

35.8

36.2

35.2

139.8

132.4

136.1

2005

2006

2007

77.2

95.1

121.2

70.8

87.5

113.6

()

6.4

7.6

7.7

1.0

1.9

2.4

-1.6

5.3

3.8

9.1

4.1

6.2

, $
( )

EBITDA

5.2

4.8

4.9

()

3.9

-0.7

1.3

0.7

1.7

1.5

0.2

0.1

0.1

1.2

1.9

0.6

3.2

-1.0

2.1

2.1

2.0

2.0

1.1

-3.1

0.04

()

70

2008-2009

KIEN

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

374.7

27.6

1.8

1.73

29.28

350.97

: $5.99

2006

650.3

38.1

3.9

1.00

21.21

167.41

: $5.91

2007

915.7

33.7

1.2

0.71

23.99

532.76

: -1%

, , . ,
-5 -6 1200 ,
8500 -,
11.4 . .
``

``

``

``

``

. ,
-.



.

KIEN

Bloomberg

KIEN UZ

50.0%

Kapiton Trading Ltd.()

25.0%

Fluminea Ltd. ()

15.7%

9.3%

108 364 280

($ )

648.7

($ )

159.2

EV ($ )

807.9

.
3 -6 (
70%, 250-300 ,
$140 .), 11 8 , 4 110 ,
,
.

, $

5.31

, $

9.31

,
.
( 70%)
.

10
9
8
7
6
5
07.2007

10.2007

01.2008

04.2008


()

71


, $
31.12.2005

31.12.2006

31.12.2007

7.1

3.7

14.1

0.0

0.0

0.0

37.3

72.4

103.3

16.5

2.8

3.7

73.3

77.6

78.9

1.4

1.4

2.8

135.5

158.0

202.8

269.8

301.3

310.8

101.4

122.2

126.2

371.3

423.5

437.1

506.8

581.5

639.8

3.4

5.4

50.0

7.8

12.7

8.8

82.7

57.7

37.2

74.1

113.8

143.7

167.9

189.7

239.8

65.4

106.7

114.5

0.0

0.0

0.0

0.0

0.0

0.0

65.4

106.7

114.5

5.4

5.4

5.4

1.2

4.0

4.0

266.9

275.7

276.1

273.5

285.1

285.5

506.8

581.5

639.8

, $
2005

2006

2007

374.7

650.3

915.7

331.1

676.6

962.6

()

43.6

-26.4

-46.9

10.7

72.4

83.8

26.8

7.9

3.2

27.6

38.1

33.7

20.7

23.4

23.6

()

6.9

14.7

10.0

9.2

10.6

10.7

3.4

7.0

15.8

3.7

6.2

2.0

9.0

12.1

3.0

7.2

8.2

1.8

1.8

3.9

1.2

( )

EBITDA

()

72

2008-2009

KION

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

57.5

9.4

0.6

3.99

24.62

411.06

: $1.92

2006

66.9

14.6

3.1

3.43

15.87

73.37

: $1.84

2007

78.6

13.3

3.9

2.92

17.39

59.62

: -5%

. 2007 . 1.7 . -. 33.3 .


, 3.6
. , 190 .
``

``

``

``

``

VS Energy.
. , VS Energy

.


- (. ),
, .

KION

Bloomberg

KION UZ


VS Energy International N.V
()

94.0%

6.0%

119 376 000

($ )

229.6

($ )

1.7

EV ($ )

231.3

2008
. $10.3 ., $6.0 . 2007 .
($7.2 .) , .

, $

0.75

, $

2.97


$24.7 .,
.

2.0

,
.

3.0
2.5

1.5
1.0
0.5
07.2007

10.2007

01.2008

04.2008


()

73


, $
31.12.2005

31.12.2006

31.12.2007

1.4

2.1

1.5

0.3

0.0

0.0

8.5

5.6

6.4

0.5

0.5

1.7

2.4

4.2

4.3

1.0

0.5

0.8

14.2

12.9

14.8

71.6

69.2

68.6

5.2

9.6

9.8

76.8

78.8

78.5

91.0

91.6

93.3

3.1

0.0

0.0

5.1

0.0

2.2

2.4

2.3

2.7

3.5

5.8

6.9

14.1

8.1

11.8

0.0

3.6

0.0

0.0

0.6

1.0

1.8

1.8

5.1

1.8

6.0

6.2

5.9

5.9

5.9

-7.5

1.6

5.7

76.7

70.0

63.8

75.0

77.6

75.3

91.0

91.6

93.3

2005

2006

2007

57.5

66.9

78.6

51.8

59.8

74.7

()

5.7

7.0

4.0

11.5

12.3

19.8

, $
( )

7.8

4.8

10.5

9.4

14.6

13.3

7.3

6.5

6.5

()

2.1

8.1

6.8

4.1

17.4

10.1

0.1

2.3

0.5

3.8

17.3

8.9

2.3

5.8

7.6

1.8

2.7

3.7

0.6

3.1

3.9

EBITDA

()

74

2008-2009

KREN

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

135.5

9.2

1.3

1.41

21.05

144.38

: $1.11

2006

169.6

12.9

1.4

1.13

15.06

133.58

: $2.22

2007

211.9

19.1

1.6

0.90

10.18

116.35

: 100%


.
36.2 . , 6.1 , 12 072 .
4.66 . -.
``

``

``

``

, , .
,
.
( 10%)
VS Energy, , ,
.
,

$177 . 12-15
LIBOR+1.5%.

,
, $350 . 2017 .

14%.
.

KREN

Bloomberg

KREN UZ

70.0%

30.0%

172 967 520

($ )

191.3

($ )

2.8

EV ($ )

194.1


, $

1.11

, $

2.84

3.0
2.5
2.0
1.5
1.0
07.2007

10.2007

01.2008

04.2008


``

2008 .
$23.8 ., 60% .

()

75


, $
31.12.2005

31.12.2006

31.12.2007

0.3

0.8

0.5

0.0

0.0

0.0

128.0

129.9

133.4

6.6

3.2

2.3

4.9

5.0

5.8

8.0

7.6

8.0

147.7

146.5

150.0

90.9

92.7

91.1

11.5

11.9

19.1

102.4

104.7

110.1

250.1

251.1

260.2

0.6

0.7

0.0

0.0

0.5

1.7

221.2

212.9

211.6

8.2

13.1

19.3

229.9

227.1

232.6

0.0

1.5

1.7

0.0

0.0

0.0

0.9

2.0

15.6

0.9

3.5

17.3

8.6

8.6

8.6

-97.8

-97.0

-97.0

108.4

109.0

98.8

19.2

20.6

10.3

250.1

251.1

260.2

, $
( )

2006

2007

169.6

211.9

130.3

147.4

188.8

()

5.3

22.2

23.1

2.8

1.4

1.8

-1.2

10.7

5.8

9.2

12.9

19.1

8.9

7.1

10.5

()

0.4

5.8

8.6

1.5

0.4

0.6

0.1

0.1

0.4

0.4

0.1

0.1

1.4

6.0

8.8

0.1

4.6

7.2

1.3

1.4

1.6

EBITDA

()

76

2005
135.5

2008-2009

LVON

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

136.6

11.5

0.2

2.16

27.32

1302.73

: $1.52

2006

161.0

20.5

5.9

1.83

15.39

49.58

: $1.89

2007

190.0

12.9

1.6

1.55

24.55

180.39

: 25%

2005

21.8 . 2. ,
40 . , 8 . . 2007 .
4 . -.
``

``

``

LVON

Bloomberg

LVON UZ

( ).
, .

27.0%

Larva Investments ()

20.2%

Bikontia Enterprises Limited ()

18.5%

Lex Perfecta Limited ()

13.3%


( 27%).
,

.
,
.

21.0%

2008
. $23 ., .

, (64%),
(13%).

193 972 320

($ )

294.6

($ )

20.8

EV ($ )

315.4

, $

1.32

, $

2.71

3.0
2.5
2.0

``


2012 . $90 .,

, .

1.5
1.0
0.5
07.2007

10.2007

01.2008

04.2008


()

77


, $
31.12.2005

31.12.2006

31.12.2007

0.5

0.8

0.5

0.0

0.0

0.0

13.9

7.1

4.9

4.6

3.1

6.8

3.0

2.5

4.6

0.5

0.4

0.7

22.5

13.9

17.5

63.5

67.1

68.6

10.5

9.9

11.4

74.0

77.0

79.9

96.5

90.9

97.4

5.2

5.2

10.2

0.0

0.0

0.2

22.5

5.9

5.8

6.0

9.1

10.5
26.6

33.7

20.1

0.0

0.0

0.0

11.7

12.7

10.9

4.0

4.0

4.7

15.7

16.6

15.6

9.6

9.6

9.6

-15.5

-9.3

-8.2

53.1

53.8

53.8

47.2

54.1

55.2

96.5

90.9

97.4

, $
2005

2006

2007

136.6

161.0

190.0

125.3

148.1

179.5

()

11.3

12.9

10.5

7.8

16.5

10.1

7.6

8.9

7.7

11.5

20.5

12.9

( )

EBITDA

6.6

6.8

7.0

()

5.0

13.7

5.9

0.4

1.4

1.0

2.8

2.4

2.2

0.4

1.2

0.9

2.1

11.4

3.8

1.9

5.5

2.2

0.2

5.9

1.6

()

78

2008-2009

ODEN

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

162.6

3.7

0.8

0.77

40.66

158.41

2006

215.6

11.6

0.8

0.58

12.85

148.31

2007

282.2

31.5

1.0

0.44

4.74

125.36

( )

.
VS Energy .
,
VS Energy ,
.
``

``

``

``

``

2006 . 3 ;
.
, 75% .

: $0.60
: $1.54
: 158%

ODEN

Bloomberg

ODEN UZ

44.4%

V.S. Energy International N.V.


()

10.4%

25.0%

20.2%

2008 . 25%- .

75%, . .

2008 .
$100 . ,
.

2008 . 16%
$44 .

2.0

VS Energy
500 . $300 .
.

1.0

208 495 560

($ )

124.7

($ )

24.7

EV ($ )

149.4

, $

0.60

, $

1.72

1.5

0.5
11.2007

01.2008

03.2008

05.2008


()

79


, $
31.12.2005

31.12.2006

31.12.2007

4.8

0.6

2.3

11.5

13.2

7.6

26.0

31.6

30.8

4.5

2.3

2.2

7.2

8.4

15.0

11.1

12.7

13.0

65.1

68.7

71.0

159.3

164.6

177.8

19.3

22.1

52.9

178.6

186.7

230.6

243.7

255.5

301.7

0.0

3.9

13.0

0.0

12.5

14.0

207.8

50.6

22.9

12.4

28.0

62.9

220.2

95.0

112.9

0.0

0.0

0.0

0.0

0.0

0.0

13.6

147.0

158.5

13.6

147.0

158.5

10.3

10.3

10.3

-133.6

-120.3

-76.0

133.2

123.5

95.9

10.0

13.5

30.3

243.7

255.5

301.7

, $
( )

2006

2007

215.6

282.2

161.0

214.0

251.9

()

1.6

1.6

30.3

5.1

11.4

11.3

3.0

1.4

10.1

3.7

11.6

31.5

9.1

11.1

13.4

()

-5.4

0.5

18.1

4.0

2.8

1.0

0.6

0.8

1.4

1.6

1.6

6.1

-3.6

0.9

11.5

-4.4

0.0

10.6

0.8

0.8

1.0

EBITDA

()

80

2005
162.6

2008-2009

POON

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

146.8

19.4

1.2

2.15

16.63

263.86

: $1.43

2006

165.7

21.8

0.9

1.91

14.84

351.44

: $1.27

2007

201.0

21.9

3.2

1.57

14.77

99.72

: -11%


49 . ,
10.6 . , 9.9 . .
. 2007 . 1.9 . - .
``

``

``

``

``


,
-
.

25%- .
2008 . -
.


.
,
.
2008 .
$17.5 ., 40% , 2007 . $12 .,
$1.8 .


10%, .

.

POON

Bloomberg

POON UZ

25.0%

Bikontia Enterprises Limited ()

21.0%

Larva Investments ()

19.0%

Lex Perfecta Limited ()

15.4%

Margaroza Commercial Limited


()

10.3%

9.3%

220 960 000

($ )

315.9

($ )

7.2

EV ($ )

323.1


, $

1.30

, $

2.84

3.0
2.5
2.0
1.5
1.0
0.5
07.2007

10.2007

01.2008

04.2008


()

81


, $
31.12.2005

31.12.2006

31.12.2007

2.5

6.7

17.0

0.0

0.0

0.7

3.8

6.8

5.4

6.5

10.1

10.1

4.2

6.8

5.2

1.4

2.5

3.4

18.3

32.8

41.8

89.2

88.0

91.5

14.1

13.1

17.5

103.3

101.1

109.1

121.7

133.9

150.9

12.1

2.0

5.6

0.0

0.0

0.0

0.9

2.9

6.3

13.3

20.8

28.3

26.3

25.7

40.2

0.0

11.9

11.9

7.2

6.9

6.8

0.3

0.3

0.3

7.5

19.1

19.0

10.9

10.9

10.9

7.7

13.8

20.5

69.2

64.3

60.2

87.8

89.1

91.6

121.7

133.9

150.9

, $
2005

2006

2007

146.8

165.7

201.0

134.6

152.6

182.0

()

12.2

13.1

19.0

3.4

2.2

1.2

-3.8

-6.4

-1.7

( )

EBITDA

19.4

21.8

21.9

13.2

15.4

11.4

()

6.2

6.4

10.5

0.5

0.7

3.0

1.3

1.8

2.0

3.2

1.2

3.7

2.2

4.1

7.7

1.0

3.2

4.6

1.2

0.9

3.2

()

82

2008-2009

PREN

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

80.5

5.8

0.0

2.21

32.08

7188.26

: $1.72

2006

92.4

7.8

0.7

1.93

23.91

271.37

: $1.83

2007

107.7

9.1

1.0

1.65

20.55

181.85

: 7%

2005


,
. 25%-
.
``

``

``

``

``

PREN

Bloomberg

PREN UZ

-
.

25.0%

2008 .
. ,

, .
.

Larva Investments ()

16.9%

Bikontia Enterprises Limited ()

16.9%

Lex Perfecta Limited ()

16.6%

Margaroza Commercial Limited


()

11.0%

13.6%

24 .
, 130 .
2007 . 2.1 . -.

103 635 500

($ )


2011 ., $95 .
, ,
, , .

($ )


2008 . $12.2 .
(66%)
; 17% .

3.5

178.1
9.0

EV ($ )

187.1


, $

1.01

, $

3.89

4.5

2.5
1.5
0.5

``

2009 . - 330
90 , . -.

07.2007

10.2007

01.2008

04.2008


()

83


, $
31.12.2005

31.12.2006

31.12.2007

0.5

0.7

0.6

0.3

0.3

0.0

7.0

6.3

5.5

4.3

5.6

4.5

1.8

2.0

2.2

0.2

0.3

0.6

14.0

15.2

13.5

34.3

35.1

37.8

7.6

7.7

7.6

41.9

42.8

45.4

56.0

58.0

58.9

5.5

4.0

6.2

0.0

0.0

0.1

0.4

0.5

1.0

5.2

7.3

8.1

11.1

11.8

15.3

0.0

0.0

0.0

6.7

7.2

3.3

1.6

1.6

1.6

8.3

8.8

4.9

5.1

5.1

5.1

-10.0

-9.4

-8.9

41.4

41.8

42.3

36.5

37.5

38.6

56.0

58.0

58.9

2005

2006

2007

80.5

92.4

107.7

75.7

84.3

96.2

()

4.8

8.1

11.5

0.9

0.7

0.7

-0.2

1.0

3.1

5.8

7.8

9.1

4.2

4.4

4.3

()

1.6

3.4

4.8

1.0

0.7

0.5

2.1

2.1

1.1

0.2

1.0

0.6

0.2

1.1

3.6

0.2

0.4

2.6

0.02

0.7

1.0

, $
( )

EBITDA

()

84

2008-2009

SMEN

2005

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

33.7

5.1

3.0

3.57

24.38

40.53

: $4.47

2006

41.9

6.9

4.0

2.87

18.12

29.90

: $4.63

2007

53.5

6.6

3.1

2.24

19.11

39.03

: 4%

.

.
2.1 . ,
, 870 .
``

``

``

``

SMEN

Bloomberg

SMEN UZ

VS Energy, .
CEZ Group
AES Corp., .

VS Energy International N.V.


()

,
, .
, , 240
$200 .

($ )


2008 . 25%
$3.1 .
(70%) (16%).
2008 . $20 .,
.

95.2%

4.8%

26 889 600
120.1

($ )

5.2

EV ($ )

125.3


, $

1.50

, $

7.16

8
6
4
2
0
07.2007

10.2007

01.2008

04.2008


()

85


, $
31.12.2005

31.12.2006

31.12.2007

0.5

0.7

0.2

0.0

0.0

0.0

9.3

4.2

2.4

1.1

6.1

6.9

1.0

0.9

0.9

0.1

0.2

0.4

11.9

12.0

10.8

6.5

8.1

9.2

1.3

3.8

0.7

7.8

11.8

9.9

19.7

23.9

20.7

1.5

0.0

3.8

0.0

0.0

0.0

2.4

0.5

0.2

2.6

6.1

3.3

6.6

6.6

7.3

1.2

4.2

0.0

0.1

0.4

1.6

0.2

0.0

0.0

1.5

4.6

1.6

1.3

1.3

1.3

5.4

6.3

5.3

4.8

5.0

5.2

11.6

12.7

11.8

19.7

23.9

20.7

2005

2006

2007

33.7

41.9

53.5

28.8

35.6

47.6

()

4.9

6.3

6.0

1.7

3.0

0.8

1.4

2.4

0.2

5.1

6.9

6.6

0.7

0.8

0.8

()

4.4

6.1

5.7

0.2

0.1

8.1

0.2

0.6

0.5

0.2

0.1

8.7

4.3

5.5

4.7

1.3

1.5

1.6

3.0

4.0

3.1

, $
( )

EBITDA

()

86

2008-2009

TOEN

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

34.9

3.1

-0.4

3.55

40.16

2006

42.4

4.9

0.9

2.92

25.51

140.62

2007

53.3

4.4

-0.03

2.32

28.57



. , , ,
.
``

``

``

: $2.03
: $2.02
: -1%

TOEN

Bloomberg

TOEN UZ


, . ,
. ,
.

51.0%

Bicontia Enterprises Limited ()

25.0%

Larva Investments ()

15.1%


2008 . $7.4 ., 1.8
2007 .
(63% ) , , 15%
.

($ )

, $

1.36


(
), ,
, , .

, $

3.50

8.9%

61 088 160
123.9

($ )

1.8

EV ($ )

125.6

3.5
3.0
2.5
2.0

``

, ,
.
.

1.5
1.0
07.2007

10.2007

01.2008

04.2008


()

87


, $
31.12.2005

31.12.2006

31.12.2007

0.4

0.5

0.2

0.0

0.0

0.0

6.9

4.8

4.1

0.2

0.6

0.3

1.4

1.0

0.9

0.0

0.1

0.3

8.9

7.0

5.8

23.9

23.9

26.7

2.2

2.8

1.8

26.1

26.7

28.5

35.0

33.8

34.3

1.7

2.5

2.0

0.0

0.0

0.0

16.3

5.8

11.4

1.5

8.9

2.8

19.6

17.2

16.2

0.0

0.0

0.0

0.0

0.0

0.0

0.7

0.7

0.6

0.7

0.7

0.6

3.0

3.0

3.0

-13.4

-12.5

-12.5

25.0

25.4

27.0

14.7

15.9

17.5

35.0

33.8

34.3

2005

2006

2007

34.9

42.4

53.3

31.0

39.7

48.4

()

3.9

2.7

4.9

1.2

4.0

1.3

2.0

1.8

1.8

3.1

4.9

4.4

2.8

3.2

3.6

()

0.3

1.7

0.8

0.5

0.5

0.4

0.4

0.4

0.4

0.1

0.1

0.1

0.3

1.7

0.8

0.7

0.8

0.8

-0.4

0.9

0.0

, $
( )

EBITDA

()

88

2008-2009

VIEN

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

64.2

4.8

0.7

4.37

58.86

384.21

: $90.72

2006

81.2

5.3

0.7

3.46

53.39

375.11

: $62.74

2007

97.9

5.6

0.9

2.87

49.93

304.91

: -31%


47 . , 2.17 . -. 7 11.3 .
``

``

``

``

2007 . 15% . ,
17%- .
.

. $80.2 . 10 .
, $2.8 .
6 . $1 . .

VIEN

Bloomberg

VIEN UZ

75.0%

17.0%

8.0%

3 097 366

($ )

281.0

($ )

-0.1

EV ($ )

280.9

2008 .
2007 . 66%
$10.7 . , $7.7 .
, $1.6 .
.

2015 .
. . $14 .,

. .
.

125

, $

38.68

, $

140.92

150

100
75
50
25
07.2007

10.2007

01.2008

04.2008


()

89


, $
31.12.2005

31.12.2006

31.12.2007

0.8

0.5

0.7

0.0

0.0

0.0

27.8

22.5

21.4

0.3

0.2

0.2

2.8

2.6

2.8

4.6

5.2

5.8

36.4

31.1

30.9

42.3

48.9

50.9

2.6

2.3

1.8

44.8

51.2

52.7

81.2

82.2

83.5

1.0

1.2

0.6

0.0

0.0

0.0

82.5

77.8

77.5

1.8

2.8

4.0

85.3

81.8

82.1

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

6.1

6.1

6.1

-43.4

-42.9

-43.1

38.4

33.1

37.3

-4.1

0.5

1.5

81.2

82.2

83.5

2005

2006

2007

64.2

81.2

97.9

62.0

73.3

87.9

()

2.2

7.9

10.0

2.5

1.7

2.5

-0.1

4.4

6.9

4.8

5.3

5.6

3.4

3.3

4.2

()

1.4

2.0

1.5

0.3

0.4

2.1

0.3

0.2

0.2

0.2

0.3

1.0

1.2

1.8

2.4

0.5

1.1

1.4

0.7

0.7

0.9

, $
( )

EBITDA

()

90

2008-2009

VOEN

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

38.6

2.6

0.5

3.86

57.22

330.10

: $0.31

2006

48.8

3.3

0.5

3.05

46.02

278.13

: $0.23

2007

61.2

4.3

0.6

2.43

34.92

243.39

: -25%

2007 .
1.3 . -.
. 26 .
,
2.1 .
``

``

``

``

``

``

20.2 . 2,
( 35%).

VOEN

Bloomberg

VOEN UZ

75.0%

20.3%

.
20%
.


.
2007 .,
15% , .

($ )

, , , 15%
.


16%, 13%.
2007 . , 4 .

4.7%

477 276 000

($ )

148.9
1.0

EV ($ )

149.9


, $

0.19

, $

0.68

0.75
0.60
0.45
0.30
0.15
0.00
07.2007

10.2007

01.2008

04.2008


()

91


, $
31.12.2005

31.12.2006

31.12.2007

0.7

1.5

0.4

0.0

0.0

0.0

6.7

5.7

4.9

0.1

0.1

0.4

1.2

1.4

1.3

0.6

0.8

0.7

9.2

9.4

7.7

16.2

18.1

104.1

1.1

1.3

0.4

17.3

19.4

104.6

26.5

28.8

112.2

0.6

2.0

1.4

0.0

0.0

0.0

10.6

9.8

9.1

1.6

3.6

4.5

12.9

15.4

15.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

20.2

20.2

0.0

0.0

4.7

4.7

4.7

-6.5

-7.0

-6.7

15.4

15.8

79.1

13.7

13.4

77.1

26.5

28.8

112.2

2005

2006

2007

38.6

48.8

61.2

36.5

43.8

55.8

()

2.1

5.0

5.3

2.1

1.8

2.7

1.5

3.5

3.8

2.6

3.3

4.3

1.8

1.9

2.5

()

0.9

1.3

1.8

0.2

0.2

0.2

0.0

0.2

0.3

0.1

0.0

0.1

0.9

1.3

1.7

0.5

0.7

1.0

0.5

0.5

0.6

, $
( )

EBITDA

()

92

2008-2009

ZAON

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

348.4

12.7

3.5

1.77

49.32

175.09

: $3.44

2006

462.0

15.2

-1.2

1.34

41.16

2007

569.0

8.4

3.9

1.09

74.28

159.97


.
,
.
60%.
``

``

``



, .
42 . ,
9.3 .

.
( 25%)
, .
, , . 2007 .
, .

: $4.17
: 21%

ZAON

Bloomberg

ZAON UZ

60.2%

Bikontia Enterprises Limited ()

18.7%

Le Perfecta Limited ()

10.2%

10.9%

179 360 000

($ )

617.6

($ )

10.0

EV ($ )

627.6


, $

3.37

, $

4.43

4.5
``

2008 . $28.5 .; :
2007 . $18.3 . ,
$21.6 .
, $3.42 . .

4.0
3.5
3.0
2.5
07.2007

10.2007

01.2008

04.2008


()

93


, $
31.12.2005

31.12.2006

31.12.2007

1.4

0.6

0.3

4.2

0.4

0.0

73.2

72.5

69.2

4.1

3.6

6.6

13.2

13.1

13.7

6.5

5.9

7.5

102.7

96.2

97.3

62.9

70.1

77.5

11.7

7.2

13.5

74.6

77.3

91.1

177.3

173.5

188.3

1.2

0.0

0.0

0.0

0.0

3.8

148.8

142.4

1.8

5.6

8.1

22.6

155.6

150.6

28.2

0.0

3.6

6.4

0.0

0.0

0.0

0.0

0.0

130.0

0.0

3.6

136.4

8.9

8.9

8.9

-27.5

-32.4

-29.2

40.3

42.9

44.1

21.7

19.4

23.7

177.3

173.5

188.3

, $
( )

2006

2007

462.0

569.0

341.0

453.7

556.8

()

7.4

8.4

12.2

4.8

5.3

2.6

-0.6

-1.6

6.4

12.7

15.2

8.4

6.4

7.6

7.4

()

6.3

7.7

1.0

0.7

0.9

3.2

0.0

0.2

0.4

2.4

4.8

0.7

4.6

3.6

3.1

1.1

4.8

-0.8

3.5

-1.2

3.9

EBITDA

()

94

2005
348.4

2008-2009

ZHEN

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

71.1

8.6

2.4

2.59

22.40

76.92

: $1.51

2006

87.4

12.5

4.1

2.11

15.49

45.25

: $1.46

2007

105.4

12.0

0.04

1.75

16.12

4190.79

2005

,
. 37.5 . , 8 843 . ( 51%)
( 29%).
``

``

``

``

2007 . 20%,
2007 .

, .
VS Energy,
2001 . .
2008 .
$20.6 .
.
2008 .
35 $1.2 .
100
0.4
( $0.9 .).

: -3%

ZHEN

Bloomberg

ZHEN UZ


VS Energy International N.V
()

91.6%

8.4%

122 398 540

($ )

184.2

($ )

9.0

EV ($ )

193.2


, $

1.19

, $

2.58

3.0
2.5
2.0
1.5
1.0

``

``

2008 . $9 .
, 51% 2007 .

16.5% , 1 .. .

0.5
07.2007

10.2007

01.2008

04.2008


()

95


, $
31.12.2005

31.12.2006

31.12.2007

0.8

0.9

0.4

0.4

0.3

0.0

6.4

2.1

4.5

1.3

1.7

2.5

1.1

5.4

1.3

0.3

0.3

0.4

10.4

10.7

9.0

39.4

38.9

156.0

6.7

16.5

19.7

46.2

55.4

175.8

56.6

66.1

184.8

0.0

2.9

3.0

0.0

0.0

5.3

0.4

0.0

0.2

4.2

7.7

4.7

4.6

10.6

13.2

3.2

5.0

0.0

0.3

0.2

1.1

0.0

0.0

0.0

3.5

5.3

1.1

6.1

6.1

6.1

9.1

10.6

15.1

33.2

33.6

149.3

48.4

50.3

170.5

56.6

66.1

184.8

2005

2006

2007

71.1

87.4

105.4

63.0

78.8

103.1

()

8.1

8.6

2.3

4.0

4.8

5.3

3.5

1.0

-4.3

, $
( )

EBITDA

8.6

12.5

12.0

4.2

5.1

11.1

()

4.5

7.4

0.9

1.6

3.2

0.6

0.1

0.5

0.7

1.5

2.7

0.3

4.5

7.3

0.4

2.1

3.3

0.4

2.4

4.1

0.04

()

96

2008-2009

ZOEN

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

53.7

3.6

0.6

3.28

49.86

318.67

: $1.42

2006

63.6

3.7

0.6

2.78

47.83

316.48

: $1.20

2007

78.2

4.0

0.7

2.26

44.41

257.63

: -16%

- .
17 . , 4 .
, 4.5 . , 2.3 .
, 4.6 .
``

``

``

``


(75%
). 2007 . 15% ,
.
2007 . - ,
,
Darisima Investments Limited.
- ,
.
,
. , 30%
,
4.8 . ,
. 22%.

2008 . $10.4 ., 2
. ($8.2 .) ($1.1 .)

ZOEN

Bloomberg

ZOEN UZ

75.0%

VS Energy International N.V.


()

10.5%

14.5%

124 603 240

($ )

176.4

($ )

1.4

EV ($ )

177.9


, $

1.02

, $

2.05

2.5
2.0
1.5
1.0
0.5
07.2007

10.2007

01.2008

04.2008


()

97


, $
31.12.2005

31.12.2006

31.12.2007

0.1

0.1

0.1

0.0

0.0

0.0

55.6

49.8

48.6

1.0

1.1

0.9

1.3

1.0

1.6

0.6

0.7

0.6

58.6

52.7

51.9

34.5

34.2

34.1

4.1

4.4

6.6

38.6

38.6

40.7

97.2

91.3

92.6

2.1

1.8

1.6

0.0

0.0

0.0

63.6

56.8

57.4

1.6

2.6

3.0

67.3

61.1

62.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

6.2

6.2

6.2

-14.4

-14.1

-14.1

38.1

38.1

38.6

29.9

30.2

30.7

97.2

91.3

92.6

2005

2006

2007

53.7

63.6

78.2

51.1

59.6

73.1

()

2.6

3.9

5.2

1.6

1.6

2.0

0.6

1.8

3.2

3.6

3.7

4.0

2.6

2.8

2.9

()

1.0

0.9

1.1

0.3

0.4

0.5

0.3

0.3

0.2

0.1

0.1

0.1

1.0

0.9

1.3

0.4

0.3

0.7

0.6

0.6

0.7

, $
( )

EBITDA

()

98

2008-2009

HGAZ

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

35.6

3.6

1.2

0.60

6.06

17.74

2006

44.7

4.1

1.3

0.48

5.36

16.61

2007

64.4

9.5

5.2

0.33

2.32

4.12

( )

,
, .
,
, .
``

``

: $58.21
: $58.21
: 53%

HGAZ

Bloomberg

HGAZ UZ

, 26%
.

.

,
,

.
.

50.0%

26.0%

24.0%

368 760

($ )

21.5

($ )

0.5

EV ($ )
``

``

2007 . 1.04 . 3 , 25%


.
2007 . 13% 4.5 . . 2007 . 9%
13.3 . .
, 2007 . , .

EBITDA .


, $

11.88

, $

63.23

65
50
35
20
5
07.2007

``

2008-2012 . 20.4 .

22.0

10.2007

01.2008

04.2008


()

99


, $
31.12.2005

31.12.2006

31.12.2007

0.3

0.5

0.2

0.0

0.0

0.0

4.5

5.4

6.9

1.5

3.3

1.5

1.9

1.3

1.7

1.4

2.6

1.6

9.6

13.1

11.8

29.1

35.4

42.9

3.4

3.3

4.9

32.5

38.7

47.8

42.1

51.8

59.6

0.6

1.5

0.7

0.0

0.0

0.0

12.4

13.5

7.2

3.9

5.9

8.7

16.8

20.9

16.6

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

1.1

1.1

1.1

-0.6

0.7

5.7

24.8

29.1

36.2

25.2

30.9

43.0

42.1

51.8

59.6

2005

2006

2007

35.6

44.7

64.4

30.3

38.7

59.5

()

5.2

6.0

4.9

0.7

0.5

4.0

2.3

2.5

-0.5

, $
( )

EBITDA

3.6

4.1

9.5

2.7

3.3

3.6

()

0.9

0.8

5.9

1.3

1.1

3.4

0.2

0.1

0.2

0.4

0.1

1.9

1.6

1.7

7.2

0.4

0.4

2.0

1.2

1.3

5.2

()

100

2008-2009

NAFP

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

265.6

27.5

15.4

0.22

4.87

3.75

: $4.40

2006

720.2

11.7

1.9

0.08

11.48

29.96

: $3.23

2007

386.6

7.8

-11.9

0.15

17.25

: -27%

.
.
``

``

``

``

``

NAFP

Bloomberg

NAFP UZ

ADR/GDR

+/N3ZA



- . ,
.

1 ADR/ GDR

2007 .
25% 890 . ,
35% 862 . . - 2008 .
70%
2007 .

,

. , .

,

.

2008 . . 2009 .
$100 .

15

26.0%

17.5%

Olbi Production Ltd.


( -)

16.8%

Copland Industries S.A.


( -)

14.1%

25.6%

13 121 008

($ )

57.7

($ )

76.4

EV ($ )

134.1

, $

3.23

, $

19.80

20

10
5
0
07.2007

10.2007

01.2008

04.2008


()

101


, $
31.12.2005

31.12.2006

31.12.2007

0.0

0.0

0.1

0.0

0.0

0.0

41.6

205.0

45.3

74.5

70.6

56.2

14.3

24.0

24.1

5.4

12.5

2.0

135.8

312.1

127.7

25.4

28.0

42.8

10.7

27.8

24.4

36.1

55.8

67.2

172.0

367.9

194.9

0.0

0.0

14.0

0.3

36.2

62.4

40.6

253.5

56.6

15.3

23.8

20.3

56.1

313.5

153.3

59.1

0.1

0.0

0.0

0.0

0.0

6.7

6.7

6.7

65.7

6.7

6.7
0.6

0.6

0.6

21.6

19.2

6.6

27.9

27.8

27.7

50.2

47.7

35.0

172.0

367.9

194.9

, $
2005

2006

2007

265.6

720.2

386.6

243.1

704.0

375.3

()

22.5

16.1

11.3

161.0

101.3

69.2

156.0

105.8

72.8

27.5

11.7

7.8

2.2

2.4

3.3

()

25.3

9.3

4.5

2.2

2.4

0.2

3.9

5.4

15.4

2.0

2.2

0.1

21.5

4.0

-10.8

( )

EBITDA


()

102

2008-2009

6.2

2.1

1.1

15.4

1.9

-11.9

UNAF

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

1 087.9

585.9

364.9

2.12

4.06

6.32

: $42.51

2006

1 659.2

748.0

477.7

1.39

3.18

4.83

: $58.34

2007

976.1

457.0

245.1

2.36

5.21

9.40

: 37%

,
(87% ), ( 16%)
( 27%). 563 ,
1000 2010 .
- .
``

``

``

``

-

, ,
50%- .

.

UNAF

Bloomberg

UNAF UZ

ADR

UKRNY

1 ADR

0.25

50.0%

Bordo Management Limited ()

13.4%

Littop Enterprises Limited ()

13.4%

Bridgemont Ventures Limited ()

13.4%


$478 .
2006 . $245 . 2007 .
, .

9.8%

2007 . 2 861 . , 0.1%


2006 . 299 . . (-10% 2006 .),
3 238 . 3 (-3% 2006 .).

EV ($ )

, $

42.51


, .
Urals LSE.

, $

98.58

54 228 510

($ )

2305.2

($ )

76.1
2381.3

120
100
80
60

``

2008 . $39.4
1 . 3,
$30 .

.

40
07.2007

10.2007

01.2008

04.2008


()

103


, $
31.12.2005

31.12.2006

31.12.2007

14.9

74.5

83.2

0.0

0.0

0.0

38.5

18.3

14.5

121.5

91.4

172.4

160.3

195.6

255.0

5.3

17.1

12.4

340.6

396.9

537.5

1 055.6

1 214.6

1 252.4

199.1

248.7

294.9

1 254.7

1 463.3

1 547.4

1 595.3

1 860.2

2 084.9

0.0

0.0

0.0

0.0

0.0

0.0

42.7

29.4

16.1

64.1

129.3

143.7

106.7

158.7

159.8

87.7

193.1

159.3

0.0

0.0

0.0

0.2

0.2

0.0

88.0

193.4

159.3

2.7

2.7

2.7

1 134.8

1 243.0

1 488.4

263.2

262.5

274.6

1 400.6

1 508.2

1 765.7

1 595.3

1 860.2

2 084.9

, $
2005

2006

2007

1 087.9

1 659.2

976.1

396.8

693.9

501.6

()

691.1

965.4

474.5

27.6

196.4

25.9

132.8

413.7

43.4

585.9

748.0

457.0

100.2

113.9

116.6

()

485.8

634.1

340.4

31.3

32.8

14.9

10.5

17.4

19.7

20.9

19.5

19.1

485.6

630.1

316.5

( )

EBITDA


()

104

2008-2009

120.7

152.4

71.3

364.9

477.7

245.1

SHCHZ

- 1

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

276.7

117.5

63.6

6.48

15.28

28.21

: $2.11

2006

272.0

83.9

16.6

6.59

21.41

107.72

: $1.08

2007

287.0

51.8

10.6

6.25

34.63

169.21

: -49%

- 1 200 . .
(),
.
2007 . 6.1 . , 9.2% , 2006 .
``

``

``

``

( ),
, .
1.
2007 .
: (+6%)
EBITDA (-38%), (-36%).
2007 .
,
,
1. ,
,
.
- 1
12 .
2011 ., .


, , , .

SHCHZ UZ

55.1%

40.8%

4.1%

848 535 009

($ )

1793.3

($ )

2.4

EV ($ )

1795.7


, $

0.72

, $

3.34

3.5
2.5
1.5
0.5
07.2007

``

SHCHZ

Bloomberg

10.2007

01.2008

04.2008


()

105

- 1


, $
31.12.2005

31.12.2006

31.12.2007

0.2

0.4

0.6

0.0

0.0

0.0

4.8

8.1

5.7

4.1

4.2

44.9

16.9

25.3

40.1

0.2

0.1

0.6

26.3

38.2

91.9

209.6

234.7

274.9

61.5

83.9

148.9

271.1

318.5

423.8

297.4

356.7

515.7

0.0

0.0

2.9

0.0

0.0

0.0

29.6

59.6

217.1

15.5

24.1

30.3

45.1

83.7

250.4

0.0

0.0

0.0

0.0

0.0

0.0

0.0

9.1

0.0

0.0

9.1

0.0

42.0

42.0

42.0

109.0

124.9

132.4

101.3

96.9

90.9

252.3

263.9

265.3

297.4

356.7

515.7

, $
2005

2006

2007

276.7

272.0

287.0

144.1

169.6

260.9

()

132.6

102.4

26.1

30.2

28.3

12.8

45.3

46.7

-12.9

( )

EBITDA

117.5

83.9

51.8

24.8

32.4

40.1

()

92.8

51.5

11.8

0.8

0.2

8.3

0.0

0.0

0.1

2.1

5.4

10.3

91.4

46.2

9.7

27.8

29.6

-0.9

63.6

16.6

10.6

()

106

2008-2009

SHKD

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

83.7

14.3

0.7

8.91

63.62

1063.02

: $2.23

2006

110.2

28.7

7.3

6.77

31.60

102.42

: $1.40

2007

152.4

52.6

14.0

4.89

17.25

53.39

: -37%


,
. 2007 . 3.4 . . ,
.
``

``

``

``

``

SHKD

Bloomberg

SHKD UZ


( ).

-
, -.



( ).
. ,

.

2007 .
, .
2012 .
4.0 . . (+17% 2007 .).

( )
, $217 . .

2008-2012 .
$206 .

50.0%

DTEK Holdings Limited ()

44.6%

5.4%

334 879 267

($ )

745.7

($ )

162.2

EV ($ )

907.9


, $

0.72

, $

3.13

3.5
2.5
1.5
0.5
07.2007

10.2007

01.2008

04.2008


()

107


, $
31.12.2005

31.12.2006

31.12.2007

0.6

1.6

1.2

0.0

0.0

0.0

10.0

12.3

7.4

4.7

5.0

5.5

4.2

14.3

4.1

0.1

0.0

0.1

19.7

33.2

18.3

71.4

169.8

171.0

9.4

7.7

170.1

80.8

177.5

341.1

100.4

210.8

359.4

0.0

0.0

0.0

0.0

0.0

1.8

45.9

24.2

4.5

19.1

37.6

58.2
64.5

65.0

61.9

0.0

0.0

0.0

0.0

25.7

161.6

0.0

24.0

20.3

0.0

49.7

181.9
16.6

16.6

16.6

-6.2

-15.8

-5.2

25.1

98.4

101.7

35.4

99.2

113.1

100.4

210.8

359.4

, $
2005

2006

2007

83.7

110.2

152.4

59.2

71.0

104.8

()

24.5

39.2

47.5

5.1

7.9

23.5

15.4

18.3

18.4

14.3

28.7

52.6

( )

EBITDA

7.3

8.9

22.7

()

7.0

19.8

30.0

1.6

14.1

0.9

0.0

3.7

5.4

3.0

15.1

1.2

5.5

15.1

24.3


()

108

2008-2009

4.8

7.8

10.3

0.7

7.3

14.0

.
-
.
,
,

.
2007 . 24.7%
42.2% .
-
. ,
(IISI),
3.2% (2007 .).
2007 . 9.9%
36.18 . , 5.3% 43.64 . , 5%
36.17 . , 0.9% - 2.79 . .
2008 . 4% 18.52 .
22.25 . , 6% 18.94 . ,
10% 1.27 . .

2007 , . .
50
40

43.6
36.2

36.2

30
20
10

2.8

: , UFC

,
, . 2007 .
1.8% 2006 . 32.2 .
. 28.3% $16.7 .
- 2007 .
33%, 19%,
- 12%.

109

: , 2007 ., %

24

33

12
12

19

: , UFC

. 26 2008 .

().


. , , , .
(
- ) (3.4 . , 52%
2007 .) (800 . , 12%).
ArcelorMittal ( ), , . . ( ), .
, ( ).

. . 98% .

110

2008-2009

2007 ., .

AVDK

ZACO
*
DKOK


SGOK

IGOK

CGOK

AZST

ENMZ
**

HRTR

YASK

DOMZ


ALKZ


ALMK

DMKD
.
DTRZ

-
MMKI
.
Midland
ZPST

Evraz
DNKOK

BKOK

DZKZ

PGZK
***
SUBA

DMZP
.
Arcelor Mittal
KSTL
Arcelor Mittal

NFER
****
ZFER

SFER

Interpipe
NITR

NVTR


Ferrexpo
PGOK

VS Energy
DNSS
*****

8.71
3.61
1.79
0.68
0.16
2.48
2.71
1.72
0.99
3.64
3.22
0.41
2.08
0.72
0.69
0.67
3.01
3.01
20.14

46.62
24.50
14.02
8.10
11.62
8.77
2.85
8.40
8.40
19.80
19.80
7.10
93.54

9.99
5.44
2.79
1.76
1.11
1.11
7.73
3.95
3.78
6.95
6.95
4.46
4.46
1.35
1.35
8.10
8.10
0.55
0.55
3.39
43.64

9.39
5.61
2.78
1.00
0.75
0.75
6.74
3.56
3.18
5.47
5.47
3.73
3.73
1.27
1.27
7.12
7.12
0.35
0.35
1.35
36.17

0.49
0.49
0.20
0.20
0.13
0.13
1.10
0.60
0.28
0.23
0.69
2.60

1.83
1.04
0.54
0.25
0.14
1.96

: , -, , , UFC.
* - UFC 51% , 42% - .
** - .
*** - UFC 51% Evraz, 44% - .
**** - .
***** - UFC 60% VS Energy, 34% - .

111

-
2007 . - . -, Evraz Group
.

- (
), .
.
,

. : , , .
22 , , 44%
. Ferriera Valsider. Trametal (), Promet
Steel () Spartan UK ().
2007 . -
-
. 2008 . 90% .
Evraz Group , 82.61% Lanebrook Limited, Millhouse Capital
, .
2007 . Evraz (99.25%
), .
(95.57%), (93.74%),
(98.65%) (93.83%).
Evraz . BNY Limited,
, 9.72%
Evraz Group S.A.
1992 .
.
, .

, .
20%.
-
,
.

112

2008-2009

2%-
13%- .
2007 . 2.4%, 2006 . 1.472 . .
24.3% $1.792 .,
18% $256 .
ArcelorMittal -
, , -
, , , , , .
Mittal Steel 93.02% 24 2006 . $4.72 . $1.95 .,
Mittal Steel , ArcelorMittal .
,
.
, . , .

.
, , , ,
.

, ,
. , ,
Dunaferr () Huta Czestochowa ().
, , .
- , , ,
, ,
, .
idland
,
. 2008 . . Midland
42% .

113



30 . , 20% . , ,
( 30%).

, 2007 ., %

, , .

, %

Vale

278

14.8

Rio Tinto

171

9.1

BNP Billiton

110

5.9

ArcelorMittal

46

2.5

40

2.2

39

2.1

1 189

63.4

1 873

100.0

: -, UFC

2007 . ()
30-40%. 2008 .
65-96%.
.
, 66%
2007 ., 2008 .
65-71%, $115-120.
2008 . ,
. ,
.
2007 .
60% 2006 . 3.4 . .
,
.
- , .

, 7 . .
43%.

114

2008-2009

2007 ., %

12.8

43.2

17.3


26.7

Arcelor Mittal

: , UFC

6 : , , , , ArcelorMittal .
, .
2007 . 13.7 . .
23%. 50%
. 2007 . 11 . .

2007 ., %
Arcelor Mittal
14.4

13.9
9.7

17.5
22.0

22.6

: , UFC

2008 . 6% 40.6 . , 8% 32.4 . ,


2% 36.8 . ( . . 2% 25.3 . ,
2% 11.5 . ).

,
, .

115

,
IISI, 2007 . 7.5%
1.34 . .

, .
1400
1300
1200
1100
1000
900
800
700

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

: IISI

, 2007 . 489 . , 16% .


.



2007 .

2005

2006

2007

355.8

422.7

489.0

112.5

116.2

120.2

94.9

98.6

97.2

66.1

70.8

72.2

45.8

49.5

53.1

47.8

48.5

51.4

44.5

47.2

48.5

38.6

40.9

43.6

31.6

30.9

33.8

10

29.3

31.6

32.0

: IISI, UFC

,
6-8% ,
.

116

2008-2009


2007 . 10% 36.18 .
, 5% 43.64 . , 5% 36.17 .
. 2008 .

4% 18.52 . 22.25 . , 6% 18.94 . .

, , , 2007 ., .

5 442

6 327

5 612

3 318

3 948

3 563

Arcelor Mittal

7 208

8 103

7 119

1 574

1 353

1 267

3 450

3 781

3 176

549

351

1 152

1 113

750

151

2 449

2 788

2 779

3 564

4 459

3 727

1 844

1 761

1 004

5 429

6 954

5 467

750

2 504

1 202

36 180

43 640

36 168

* - .
: , UFC

: .
2.4%,
33.8%,
- 56.4%,
9.8% .

,
. ,
2008 . ,
28% 2007 . $2.7 .

117


, ,
. , ,
.

9-30% - .
2007 . 2006 .
2% 32.2 . .
28% $16.7 .

2007 ., %

16

24

13
17

24

: , UFC

118

2008-2009


, ,
. ,

.
5 . , ,
50%, 80%.
2007 . 64% .
, ,
.

, *
3.0
2.76

2.8

2.80

2.6
2.40
2.4
2.2

2.14

2.13

2.0
2003

2004

2005

2006

2007

* .
:

2005-2006 . 13-15%.
- .
2004
. 2007 .
.
2007 . , ,
.
2007 .
1% 2006 . 2.6 . , I 2008 .
10% 1.27 . .

119

, 2007 ., %
, 3% , 1%
. , 5%
(), 22%
, 7%
, 7%
(), 8%
(), 18%
(), 9%
, 9%

(), 11%

: , UFC

, 42%
.
, ,
.

.
2007 . 20%
2006 . 1.66 . , 7%
0.8 . .
55%.

120

2008-2009


, --.
, ,
,
.
2007 .
6%- 5.5%
2006 . - 20.1 . .
2008 .
10% 11.2 . .
- ,
.
2007 . - . , , ,
31%.

, .
24
22.0
22

20.1

20.0
20
17.8

18.9

18.4

19.1

18
16

2001

2002

2003

2004

2005

2006

2007

: -, UFC

, 2004 .
. ,
.

, . , 2006 .
7.5 . 30 . 22-23 . ( ). 2006 . 15%. 2007 .
11-12 . ,
, 42 . .
.
1 . .

121

, 2001-2007 ., .

2001

2002

2003

2004

2005

2006

2007

2007 .

4 367

4 043

4 620

4 710

3 625

3 209

3 606

12%

2 127

2 245

2 348

2 567

2 644

2 739

3 224

18%

Arcelor Mittal

2 742

2 741

2 637

2 760

2 662

2 696

3 009

12%

2 016

1 846

2 270

2 383

2 282

2 533

2 476

-2%

632

1 116

1 733

1 949

1 883

1 936

1 794

-7%

1 072

1 186

1 574

1 634

1 274

1 525

1 719

13%

449

686

253

1 024

759

924

988

7%

749

849

747

853

658

740

715

-3%

981

976

917

1 052

830

772

691

-10%

1 316

1 341

1 435

1 407

991

630

680

8%

808

863

739

843

692

703

673

-4%

496

527

763

730

493

395

413

5%

66

60

298

156

-48%

17 755

18 419

20 036

21 978

18 853

19 100

20 143

5%

: -, UFC


, 2007 . 18% . , , Arcelor Mittal
( 16 15% ).

, 2007 ., %
, 3%
, 3%
, 3%
, 4%

, 2%
, 1%
, 18%

, 5%
, 9%

, 16%

, 9%
, 12%

Arcelor Mittal , 15%

: -, UFC

-
System Capital Management,
, , , .

122

2008-2009

. , Evraz.
.
2007 . ,
,
,
. - 2007 .
,
, . 2-3 50%.
10-12

60-70%. 2007. 3%, 5-7%.

, ,
, . 611 , 250-300
.

,
2008-2009 . ,
. , , .
,
6.4 . 8.3 . .
,
2008 . .
19.6 . , 28 .
. ,
. , 17 . , 11 .
. 7 . ,
, 4 . . 2 .
.
, , .
. , Arcelor
Mittal , . , . ,
2.8 . , .

123

. 5 6
1.2 . , 45%
. , , , . ,
4 . . 2007 . ( . ) .,
2010 . 0.7-0.8 . .
. 1.5 .
. ,
.
ArcelorMittal
3 400 . .
75% ( , 600-700 . . ),
- , ArcelorMittal ,
. 2007 . , 2008 . 800 . .
.
,
. , 4 . .
, , ,
,
, Evraz
( ).

21 . , Evraz , . ,
3 .
, .

2007 . $300, 2008 .
$400/.

124

2008-2009


, US Geological Survey, .

, .
24
22.0
22

20.1

20.0
20

18.9

18.4

17.8

19.1

18
16

2001

2002

2003

2004

2005

2006

2007

* - UFC
: US Geological Survey, UFC

,
, .
2004 . 2005 . , 2006 .
. 2008 .
,
, , .


( ), 2007 ., %
, 53%
27
1.96
.

53

, 27%
13
4
3

, 13%
, 4%
, 3%

: US Geological Survey, UFC


, . , .
, 80% .

125


( , 2006 .)

15%

9%

8%

5%

6%
0%

2%

4%

6%

8%

10%

12%

14%

16%

: , US Geological Survey, UFC

2007-2008 . 2007 . 2008 .


$17 1% .

2007 .

. 2008 .
( $2077/,
$1650-1700/).
2008 .
$1950/-$2170/, $3040/-$3200/, $2150/-$2560/.


2007 39 . , 16%
.

, 1996-2012 ., .
50

30

41.0

39.0

40

22.6 23.6 24.3 24.3


20.8 21.7

26.1

27.9

29.8

32.0

33.7

43.5

47.1
45.5

38.9

20
1996

1998

2000

2002

2004

: U.S. Geological Survey, Australian commodities, UFC

126

2008-2009

2006

2008

2010

2012

, 2015 .
65 . . ,
. , 2015
60% .
2007 . $2664/, 18 .

.

, 1988-2008 ., $/
3500
3000
2500
2000
1500
1000
500
2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

1992

1991

1990

1989

1988

: Bloomberg

()

. .
,
17 .

, , , .
2007 . 112 . .

.

127

, .
120

112

114

114

113

113

112

110
107

109

106
104

100
1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

: , UFC

1-2 .
,

.

128

2008-2009

CGOK

2005

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

455.1

145.2

97.5

3.19

10.48

14.87

: $1.24

2006

376.1

87.1

55.8

3.86

17.46

25.98

: $1.93

2007

535.9

176.3

116.1

2.71

8.63

12.50

: 56%

- () .
15% , ,

.
``

``

CGOK

Bloomberg

CGOK UZ

15
. , 6.4 .
, 4.5 . , 1 . 3 .

MetalUkr Holding ()

60.0%

23.5%

16.5%

, 88.5% .

1 171 811 000

($ )
``

``

``

``

1 ( ), 3 ( )
4 ( ), 4 . . ,
2004 . . , 2001 .
2007 .
1% 2006 . 2.2 . , 6.6% 5.9 . .
2008 .
5.9 .
4.5%, 100 . 2.1
. .
2008 . $62.2 ., 17.4% 2007
. ,
,
- .

1 450.5

($ )

70.9

EV ($ )

1 521.4


, $

0.65

, $

2.53

2.8
2.4
2.0
1.6
1.2
0.8
0.4
07.2007

10.2007

01.2008

04.2008


()

129


, $
31.12.2005

31.12.2006

31.12.2007

8.9

26.0

10.1

0.0

0.0

4.5

112.2

49.6

95.9

28.8

68.4

62.6

24.6

26.2

36.6

6.2

8.6

11.4

180.7

178.8

221.2

120.2

119.9

125.5

33.0

66.8

75.9

153.2

186.7

201.4

333.9

365.5

422.6

0.0

0.1

36.4

2.0

0.2

0.2

122.0

69.6

76.9

60.7

45.6

25.2

184.8

115.5

138.6

0.0

100.0

42.4

1.9

1.9

2.1

0.1

0.0

0.0

2.0

101.9

44.5

55.0

58.0

58.0

-6.7

1.1

89.4

98.9

88.9

92.1

147.2

148.0

239.5

333.9

365.5

422.6

, $
2005

2006

2007

455.1

376.1

535.9

300.4

281.7

345.7

()

154.7

94.4

190.2

29.7

117.7

45.4

39.3

125.0

59.4

145.2

87.1

176.3

9.4

15.4

16.3

()

135.8

71.7

159.9

24.0

38.2

5.0

0.1

5.3

7.2

23.6

37.3

4.9

136.0

67.3

152.8

( )

EBITDA


()

130

2008-2009

38.5

11.5

36.8

97.5

55.8

116.1

PGOK

Ferrexpo

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

435.2

104.6

60.4

4.58

20.30

32.95

: $14.15

2006

460.0

88.6

28.0

4.33

23.98

71.02

: $13.92

2007

556.9

139.5

67.5

3.58

15.23

29.51

: -2%

- ()
,
.
``


Ferrexpo AG, , , Ferrexpo
Plc., 2007 .
.
.

``

- .

``

2007 . .

``

``

``

90% ,

, , , , ,
, .
2007 6.1% 2006 . - 9.1 . , 9.9%, 10.7 . .
2008 . 45%, $40 ., 2007 . - $119 .

PGOK

Bloomberg

PGOK UZ

ADR/GDR

+/UVT

1 ADR/GDR


Ferrexpo AG ()

85.8%

Dem Decometal ()

11.1%

3.1%

140 750 000

($.)

1 991.8

($.)

132.4

EV ($.)

2 124.2


, $

14.04

, $

21.39

22
20
18
16
14

``

``

,
,
- .
2008 . 5.8% - 9.6 . . Ferrexpo 10
$4 . ,
3.5 32 .
.

12
07.2007

10.2007

01.2008

04.2008


()

131


, $
31.12.2005

31.12.2006

13.5

11.6

31.12.2007
8.8

0.0

3.1

12.0

19.9

28.6

48.7

138.7

59.9

63.0

55.7

43.1

55.0

5.3

0.9

3.1

233.1

147.2

190.6

211.3

225.9

253.9

77.5

115.2

135.9

288.8

341.1

389.8

521.9

488.3

580.4

91.4

20.1

0.0

47.3

66.2

0.7

28.6

17.2

17.4

14.9

13.2

59.6

182.2

116.8

77.8

43.1

43.7

2.6

31.6

29.6

137.9

0.1

0.1

0.3

74.8

73.4

140.8

217.0

227.6

227.6

37.5

62.2

124.5

10.5

8.3

9.7

264.9

298.1

361.8

521.9

488.3

580.4

, $
2005

2006

2007

435.2

460.0

556.9

273.6

293.4

331.3

()

161.6

166.6

225.6

10.7

8.7

14.8

67.7

86.7

100.9
139.5

( )

EBITDA

104.6

88.6

18.3

21.6

24.3

()

86.4

67.0

115.2

30.9

85.9

27.1

5.7

24.2

19.6

34.2

84.4

31.9

77.4

44.2

90.7

16.9

16.1

23.2

60.4

28.0

67.5

()

132

2008-2009

PGZK

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

266.3

37.4

5.0

14.13

102.10

746.87

: $1.76

2006

460.0

88.6

28.0

8.18

43.05

134.22

: $1.15

2007

571.0

199.7

119.6

6.59

19.09

31.48

: -35%

- ()
, . 9 .
5 . .
``

``

``

``

``

2007 . ,
-, Evraz Group 50% .
44% - .
.
2 , 35 . /
, 2 , 5.25 .
2 ,
17.1 . .
: , , ,
. , . , , , , ,
, .
2007 .
4.3 - $119.6 . EBITDA 2007
. 35.0%, 20.9%.

PGZK

Bloomberg

PGZK UZ

25.8%

Acretrend holdings ltd. ()

22.2%


()

22.2%

()

22.2%

7.6%

2 143 659 200

($ )

3 764.3

($ )

49.4

EV ($ )

3 813.7


, $

0.33

, $

1.76

2.0
1.5
1.0
0.5
0.0
07.2007

10.2007

01.2008

04.2008


()

133


, $
31.12.2005

31.12.2006

31.12.2007

1.3

11.6

0.0

0.0

3.1

0.0

22.3

28.6

64.8

105.2

59.9

212.9

49.2

43.1

60.2

3.1

0.9

1.5

181.1

147.2

339.5

178.2

225.9

169.4

26.5

115.2

51.5

204.7

341.1

220.9

385.7

488.3

560.4

48.4

20.1

49.5

0.0

66.2

0.0

72.2

17.2

65.1

33.5

13.2

40.7

154.0

116.8

155.3

0.0

43.7

0.0

0.0

29.6

0.0

45.5

0.1

98.2

45.5

73.4

98.2

106.1

227.6

106.1

50.8

62.2

172.5

29.2

8.3

28.2

186.2

298.1

306.9

385.7

488.3

560.4

, $
2005

2006

2007

266.3

460.0

571.0

204.3

293.4

342.9

()

62.1

166.6

228.1

246.0

8.7

485.6

270.7

86.7

514.0
199.7

( )

EBITDA

37.4

88.6

18.2

21.6

19.7

()

19.1

67.0

180.0

0.1

85.9

0.4

5.0

24.2

11.4

0.2

84.4

0.4

14.0

44.2

168.7


()

134

2008-2009

9.0

16.1

49.1

5.0

28.0

119.6

SGOK

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

961.8

371.1

263.7

5.22

14.12

19.04

: $2.18

2006

810.2

250.4

156.1

6.20

20.92

32.15

: $2.92

2007

1 466.8

524.5

361.0

3.42

9.99

13.91

: 34%

2005

- ()
.
10- .

SGOK

Bloomberg

SGOK UZ


, ,
630 .
450 . .

``


30 . .

``

-1,
, , .

($ )

,
- .


, $

0.98

2007 . 1.4
. , 12%, 2006 . 13.4 . ,
955 . , 9% 11.1 . .

, $

3.56

``

``

``

``

2008 . 2.2% 13.7 . .

``

,
.

``

2008 .
$259 ., 26.3% 2007 .

MetalUkr Holding ()

60.0%

36.1%

3.9%

2 304 075 800


5 019.9

($ )

220.1

EV ($ )

5 240.0

4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
07.2007

10.2007

01.2008

04.2008


()

135


, $
31.12.2005

31.12.2006

31.12.2007

19.8

101.5

16.3

0.0

0.0

3.8

138.4

160.9

419.6

51.1

127.2

139.8

61.1

51.5

65.8

8.0

4.5

10.4

278.4

445.5

655.8

160.0

197.6

254.5

162.4

154.8

141.9

322.4

352.3

396.4

1 052.2

600.8

797.9

0.0

0.0

0.0

6.1

0.0

109.1

103.8

86.9

156.1

72.8

52.2

39.0

182.7

139.2

304.3

0.0

300.0

127.3

0.1

0.1

0.1

0.6

0.6

0.6

0.7

300.7

127.9

108.7

114.1

114.1

182.5

105.2

361.4

126.2

138.7

144.5

417.4

358.0

619.9

600.8

797.9

1 052.2

, $
2005

2006

2007

961.8

810.2

1 466.8

576.0

539.4

932.2

()

385.8

270.8

534.6

11.2

213.4

77.1

25.9

233.8

87.2
524.5

( )

EBITDA

371.1

250.4

14.7

19.1

24.2

()

356.5

231.3

500.3

5.3

120.6

54.1

0.0

10.8

21.3

8.3

126.6

47.4

353.5

214.5

485.7



()

136

2008-2009

89.8

58.3

124.7

263.7

156.1

361.0

SUBA

- free float

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

58.3

11.9

6.7

7.50

37.91

65.62

: $0.52

2006

74.4

11.9

5.0

5.88

37.96

88.36

: $0.43

2007

92.6

24.3

14.8

4.72

18.55

29.54

: -17%

- ()
19% .
Evraz Group 2007 . 99.25% .
``

``


- , 2060
1500
. .

``

``

``

``


56-59%.
, .
110 . 3 . .
3.3 . .
2007 . 5.8%
2006 . 2.85 . .

``

2008 .
$12.7 .

``

2007 .

, $14.8 . EBITDA
2007 . 26.2%, 16%.

``

0.75%
.

SUBA

Bloomberg

SUBA UZ

ADR/GDR

+/S6D1

1 ADR/GDR

25


Bolkiviros Holdings ()

24.9%

Tollipone Ltd. ()

24.8%

Chantusos Holdings ()

24.5%

Heatshine Holdings ()

23.6%

2.2%

837 387 551

($ )

437.4

($ )

13.6

EV ($ )

451.0


, $

0.11

, $

1.28

1.5
1.2
0.9
0.6
0.3
0.0
07.2007

10.2007

01.2008

04.2008


()

137


, $
31.12.2005

31.12.2006

31.12.2007

0.1

0.8

0.5

0.0

0.0

0.0

12.3

16.6

25.3

16.0

14.0

17.0

12.4

11.9

18.4

0.1

0.3

0.1

40.9

43.6

61.3

29.6

33.1

38.4

17.3

18.7

18.8

47.0

51.7

57.1

87.9

95.4

118.5

9.9

4.6

14.1

0.0

0.0

0.0

1.7

10.4

10.1

5.8

5.0

4.9

17.4

20.1

29.1

0.0

0.0

0.0

0.0

0.0

0.0

2.0

1.4

0.6

2.0

1.4

0.6

7.7

8.3

8.3

41.6

46.6

61.4

19.1

19.1

19.1

68.4

74.0

88.8

87.9

95.4

118.5

2005

2006

2007

58.3

74.4

92.6

38.9

48.2

51.5

()

19.4

26.2

41.1

29.1

52.8

75.0

36.6

67.1

91.8

11.9

11.9

24.3

2.7

3.4

3.8

()

9.2

8.5

20.6

0.1

1.1

1.1

0.9

2.4

1.6

0.1

0.1

0.5

8.2

7.2

19.5

, $
( )

EBITDA


()

138

2008-2009

1.6

2.2

4.7

6.7

5.0

14.8

ALMK

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

992.5

136.5

78.4

2.12

36.36

31.10

: $0.082

2006

1 223.7

135.8

48.5

1.72

36.55

50.22

: $0.112

2007

1 775.2

204.2

64.4

1.19

24.30

37.87

: 37%


,
,
.
``

``

, , ,
, . , .
50 .
, 20 . , 35 . .
60
. .

ALMK

Bloomberg

ALMK UZ

94.5%

5.5%

25 775 254 803

($ )

2 104.0

($ )

2 859.7

EV ($ )

4 963.7

``

2007 .
6.3%, 3.95 . , 12% 3.32 .
.

``

2009 .
90-130% 2004 .
, 2004-2009 . $2.29
.
- . .

, $

0.051

, $

0.143

.

,
2011 .

0.09

``

0.15
0.13
0.11

0.07
0.05
07.2007

10.2007

01.2008

04.2008


()

139


, $
31.12.2005

31.12.2006

31.12.2007

3.1

7.1

2.3

0.0

0.0

0.0

42.1

37.0

176.2

149.6

117.0

148.1

88.4

123.4

224.3

9.1

29.2

47.5

292.3

313.7

598.4

177.4

288.6

468.7

85.7

466.2

704.2

263.1

754.8

1 172.9

555.4

1 068.5

1 771.3

5.1

33.3

39.4

0.0

0.0

0.0

194.6

253.8

294.6

23.1

52.3

195.9

222.8

339.4

529.9

175.0

340.4

529.2

0.0

0.0

0.0

0.0

0.0

0.0

175.0

340.4

529.2

15.4

213.4

213.4

33.9

68.2

131.7

108.3

107.1

367.2

157.6

388.7

712.3

555.4

1 068.5

1 771.3

, $
2005

2006

2007

992.5

1 223.7

1 775.2

831.8

1 043.0

1 522.7

()

160.7

180.7

252.5

70.8

79.5

76.9

95.0

124.4

125.2
204.2

( )

EBITDA

136.5

135.8

20.5

30.0

67.2

()

116.0

105.8

137.0

1.4

7.3

3.1

5.7

21.8

37.2

2.4

12.3

5.7

109.3

79.0

97.2




()

140

2008-2009

30.9

30.5

32.8

78.4

48.5

64.4

AZST

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2 417.2

378.2

226.6

1.58

10.65

16.84

: $0.91

2006

2 479.9

390.2

218.4

1.54

10.33

17.47

: $1.25

2007

3 243.0

595.1

420.3

1.18

6.77

9.08

: 38%

2005

, 15% .
6 . , 7 . 4.5 .
.
``

``

``

``

``

``

.
, ,
.

, .

, 2004 . 2007 :
, - , -,
-60.

, - ,
,
.
.
- ,
92.1% .
2007 . 6.32 . , 5.44 . ,
5.61 . .

AZST

Bloomberg

AZST UZ

ADR/GDR

AZVSY/DZ8

1 ADR/GDR

10


Metinvest B. V. ()

70.5%

Leman Commodities S. A.
()

21.6%

7.9%

4 194 295 728

($ )

3 816.7

($ )

212.9

EV ($ )

4 029.6


, $

0.74

, $

1.24

1.3
1.1
0.9
0.7
0.5
07.2007

10.2007

01.2008

04.2008


()

141


, $
31.12.2005

31.12.2006

31.12.2007

246.6

149.4

84.3

3.9

3.3

2.9

240.9

437.8

752.3

130.3

162.4

195.9

275.1

297.8

405.7

66.7

51.9

66.0

963.4

1 102.6

1 507.1

396.1

436.3

514.9

436.0

519.6

511.8

832.1

955.9

1 026.7

1 795.6

2 058.5

2 533.8

46.0

0.0

50.0

0.0

0.0

0.0

74.9

67.0

84.3

285.8

223.6

371.0

406.7

290.6

505.3

0.0

175.0

175.0

138.9

158.9

0.0

37.8

6.1

5.4

176.7

340.0

180.4

278.3

278.3

207.6

749.5

955.7

1 375.9

184.3

193.9

264.6

1 212.1

1 427.9

1 848.1

1 795.6

2 058.5

2 533.8

, $
2005

2006

2007

2 417.2

2 479.9

3 243.0

1 860.1

1 985.3

2 538.4

()

557.1

494.6

704.7

151.7

38.9

86.8

330.5

143.2

196.4
595.1

( )

EBITDA

378.2

390.2

37.2

50.8

57.4

()

341.0

339.5

537.7

79.9

102.3

42.7

17.5

28.6

23.7

92.9

92.5

7.1

310.5

320.6

549.6


()

142

2008-2009

83.9

102.2

129.2

226.6

218.4

420.3

DMKD

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

921.5

102.0

61.3

1.69

16.29

25.39

: $0.23

2006

1 139.5

148.5

88.9

1.37

11.19

17.49

: $0.26

2007

1 564.9

171.0

106.6

0.99

9.71

14.59

: 14%

2005

. ,
.
``

``


, , , , .
2008 . $535 .
.

- 2.

DMKD

Bloomberg

DMKD UZ

99.0%

1.0%

6 776 544 000

($ )

1 555.6

($ )
``

``

. 2007 . 0.5% 2006 . 3.2 . ,


4.2%, 3.8 . , 7.4%, 3.4 . ,
5.7% 5.1 . .
, , ,
, , .

105.3

EV ($ )

1 660.9


, $

0.23

, $

0.78

0.8
0.7

``

``

, 2011 . . ,
.
EBITDA 2007 . 10.9%, 6.8%.

0.6
0.5
0.4
0.3
0.2
07.2007

10.2007

01.2008

04.2008


()

143


, $
31.12.2005

31.12.2006

31.12.2007

0.5

0.3

3.6

0.0

0.0

0.0

98.8

18.7

73.4

49.3

122.9

73.5

129.8

180.0

274.5

5.3

5.5

4.5

283.7

327.4

429.5

170.7

182.7

218.8

176.7

224.2

284.2

347.4

406.9

502.9

631.1

734.4

932.5

13.0

51.6

36.6

0.0

0.0

37.6

125.5

171.5

161.3

131.1

69.2

165.8

269.5

292.3

401.4

1.1

22.2

0.0

0.0

30.0

34.6

0.1

0.1

0.0

1.2

52.3

34.6

137.5

137.5

137.5

26.7

76.6

180.6

196.2

175.8

178.3

360.4

389.8

496.4

631.1

734.4

932.5

, $
2005

2006

2007

921.5

1 139.5

1 564.9

800.9

957.9

1 326.8

()

120.6

181.6

238.0

44.2

124.2

61.7

62.8

157.3

128.8
171.0

( )

EBITDA

102.0

148.5

12.6

15.5

17.1

()

89.4

133.0

153.9

10.1

35.0

10.3

2.0

8.3

10.2

14.4

44.8

16.3

83.0

114.9

137.6


()

144

2008-2009

21.8

26.0

31.0

61.3

88.9

106.6

DMPZ

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

61.3

5.8

4.7

0.76

7.94

9.93

: $0.0186

2006

62.3

4.3

4.5

0.74

10.69

10.36

: $0.0183

2007

94.0

4.9

4.1

0.49

9.56

11.29

: -1%

2005

()
, , .
``


,
.

``

``

150
.

``

: , .

DMPZ

Bloomberg

DMPZ UZ

88.4%

11.6%

2 500 000 000

($ )

46.4

($ )

0.0

EV ($ )
``

``

``

``

70% , , , ,
, , , , ,
, , , .
2007 .
9.4% 2006 . 151 . .
2007 . $4.1 .,
4.4%.
, , , -
.

46.4


, $

0.0131

, $

0.1109

0.13
0.11
0.09
0.07
0.05
0.03
0.01
07.2007

10.2007

01.2008

04.2008


()

145


, $
31.12.2005

31.12.2006

31.12.2007

0.6

0.1

0.1

0.0

0.0

0.0

8.5

16.0

24.2

2.2

2.5

26.0

12.0

9.0

6.5

0.3

0.3

0.1

23.6

27.9

57.0

3.6

5.1

6.2

7.8

1.2

1.8

11.4

6.3

8.1

35.0

34.3

65.1

0.0

0.0

0.0

0.1

0.1

0.1

3.9

2.9

30.1

7.0

2.1

1.6

10.9

5.1

31.8

0.0

0.0

0.0

0.0

0.0

0.0

0.2

0.0

0.0

0.2

0.0

0.0

1.1

1.9

1.9

22.2

26.7

30.8

0.6

0.6

0.6

23.9

29.2

33.3

35.0

34.3

65.1

2005

2006

2007

61.3

62.3

94.0

52.8

55.1

86.9

()

8.4

7.2

7.1

2.7

14.1

17.8

, $
( )

5.3

16.9

20.0

5.8

4.3

4.9

0.6

0.6

0.8

()

5.3

3.7

4.0

0.2

1.1

0.2

0.0

0.0

0.1

0.1

1.1

0.2

5.4

3.8

4.0

0.7

-0.7

-0.1

4.7

4.5

4.1

EBITDA

()

146

2008-2009

DMZP

.
Evraz Group

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

381.4

3.0

-6.9

1.27

197.81

: $0.26

2006

454.8

16.2

9.7

1.06

36.50

49.79

: $0.31

2007

633.4

36.6

-2.8

0.76

16.18

: 18%

. (
. ) , , ,
, , .
``

``

``

``

``

``

1.8 .
1.3 . .
, - ,
.
. 2007 .
7.9% 2006 . - 1.27 . ,
- 1.8%, 1.35 . , - 7.3%, 1.57 . .

DMZP

Bloomberg

DMZP UZ


Feribol Holdings ()

17.0%

Agalios Investments Ltd. ()

17.6%

Alkiniros Holdings ()

17.1%

Sinillos Holdings ()

24.4%

Tollipone Ltd. ()

19.4%

4.5%

2007 . 95.57% Evraz Group.

2007 . $2.8 .,
EBITDA 5.8%.

($.)

484.3

($.)

107.9

EV ($.)

592.2

2008-2009 . Evraz Group .

1 849 350 440


, $

0.11

, $

0.51

0.55
0.45
0.35
0.25
0.15
0.05
07.2007

10.2007

01.2008

04.2008


()

147


, $
31.12.2005

31.12.2006

31.12.2007

0.7

15.7

21.7

0.0

0.0

0.0

66.3

103.3

54.9

124.3

270.0

327.0

36.5

54.9

74.8

20.7

39.5

34.4

248.5

483.4

512.8

74.1

151.0

145.6

35.6

21.7

36.2

109.7

172.7

181.7

358.2

656.1

694.5

18.0

93.2

129.6

0.0

0.0

0.0

81.5

86.5

47.2

268.2

404.8

261.2

367.7

584.5

438.0

0.0

0.0

0.0

0.0

0.0

0.0

0.6

0.0

136.9
136.9

0.6

0.0

42.0

42.0

91.6

-104.7

-101.3

-104.1

52.7

130.8

132.2

-10.0

71.6

119.6

358.2

656.1

694.5

, $
2005

2006

2007

381.4

454.8

633.4

368.7

427.4

542.0

()

12.6

27.4

91.4

133.4

157.1

140.3

143.0

168.3

195.1

3.0

16.2

36.6

6.2

6.7

7.7

()

-3.2

9.5

28.9

5.1

8.4

35.7

5.0

6.0

20.1

3.8

6.0

31.2

-6.9

5.8

13.3

0.0

-3.9

16.0

-6.9

9.7

-2.8

( )

EBITDA


()

148

2008-2009

DNSS

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

441.2

27.8

6.4

1.44

27.07

99.12

: $592

2006

503.5

66.5

38.8

1.26

11.31

16.41

: $815

2007

740.8

116.5

68.3

0.86

6.46

9.33

: 38%

.
, , , .
``

``

``

``

``

DNSS

Bloomberg

DNSS UZ

, , , , , .
,
.

Victorex Ltd. ()

16.5%

Miralton Investments ()

15.0%

Stapleton Services
(. -)

15.0%

Sofisu ()

15.0%

East One,
.
, VS Energy.

Styltex Trading ()

15.0%

Margaroza Commercial ()

11.0%

. , 2007 .
76% - $68 . EBITDA 2007 . 15.7%,
.
2007 . . , 5.9%
549 . , 6.1% 351 . .
$200 . .
.

Crascoda Holdings ()

6.7%

5.8%

1 075 030

($.)

636.5

($.)

116.0

EV ($.)

752.5


, $

538

, $

1028

1100
1000
900
800
700
600
500
400
07.2007

10.2007

01.2008

04.2008


()

149


, $
31.12.2005

31.12.2006

31.12.2007

1.8

22.5

45.8

5.9

7.4

56.4

23.7

31.6

37.2

8.5

19.8

16.7

55.8

66.1

94.6

19.7

9.6

14.1

115.3

157.1

264.7

75.9

82.6

88.1

25.2

25.2

19.6

101.1

107.8

107.7

216.4

264.9

372.5

32.0

41.6

139.4

19.2

16.3

9.4

19.1

21.9

29.0

19.5

21.4

22.8

89.8

101.2

200.6

14.9

13.0

12.9

0.0

0.0

0.0

0.0

0.0

0.0

14.9

13.0

12.9

9.8

9.8

9.8

-2.6

36.9

43.8

104.5

104.0

105.3

111.7

150.7

158.9

216.4

264.9

372.5

, $
2005

2006

2007

441.2

503.5

740.8

379.7

411.5

589.9

()

61.5

92.0

150.9

184.3

212.0

404.4

218.0

237.6

438.7

27.8

66.5

116.5

( )

EBITDA

8.7

8.6

11.0

()

19.1

57.9

105.6

44.0

18.1

96.1

6.3

6.1

12.0

41.8

17.2

95.4

15.1

52.7

94.2

8.6

13.9

25.9

6.4

38.8

68.3

()

150

2008-2009

ENMA

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

51.4

3.8

0.9

1.44

26.09

78.82

: : $0.19

2006

68.68

6.1

1.4

1.08

16.07

52.21

: $0.13

2007

104.3

5.9

2.0

0.71

16.53

36.81

: -31%

,
, , ,
.
``

``

``

``

PFTS

ENMA

Bloomberg

ENMA UZ

0.8 250
, , 4.3
360 .


Bondline Ltd. ()

25.0%

Gonado trade inc. (.- )

24.0%

Loofray Investment Ltd. ()

17.0%

,
, , ,
, Mittal Steel , , ..,
..

Portland Universal Inc.


( -)

10.3%

10.3%

13.4%

2008 . 110 . ,
. ,

.

2008 . ,
.

``

2007 . 57% .

``

2007 .
43% - $2 . EBITDA 2007 . 5.7%, 1.9%.


400 000 000

($.)

74.2

($.)

24.0

EV ($.)

98.2

, $

0.14

, $

0.72

0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
07.2007

10.2007

01.2008

04.2008


()

151


, $
31.12.2005

31.12.2006

31.12.2007

0.9

8.5

1.9

0.0

0.0

0.0

5.2

7.6

5.1

14.7

23.7

29.7

12.7

24.6

49.5

2.8

3.5

4.4

36.4

68.0

90.7

66.4

65.9

71.0

6.3

49.0

83.5

72.7

114.9

154.5

109.1

182.9

245.2

0.0

3.0

3.0

0.0

0.0

0.0

10.6

12.4

30.5

12.0

16.3

23.9

22.5

31.7

57.4

14.2

65.2

109.4

0.0

17.1

19.0

8.6

7.4

1.1

22.8

89.7

129.4

7.8

7.8

7.8

-0.1

2.0

5.5

56.1

51.7

45.2

63.8

61.5

58.5

109.1

182.9

245.2

2005

2006

2007

51.4

68.7

104.3

39.6

56.2

96.0

()

11.8

12.4

8.2

35.6

47.7

99.3

43.6

54.0

101.6

3.8

6.1

5.94

2.3

7.7

7.96

()

1.4

-1.6

-2.0

10.9

25.5

34.7

0.5

7.4

14.3

8.9

14.5

21.1

2.9

2.0

-2.7

1.9

0.6

-4.8

0.9

1.4

2.0

, $
( )

EBITDA

()

152

2008-2009

ENMZ

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

604.3

-16.3

-12.0

1.02

: $59

2006

701.9

40.6

31.0

0.88

16.01

19.98

: $89

2007

1 015.0

55.7

29.9

0.61

11.67

20.73

: 51%


. , , .
``

``

``

``

``

``


-
. , , ,
, . .
, , , , .

ENMZ

Bloomberg

ENMZ UZ


Metinvest B. V. ()

55.2%

Metinvest International SA
()

30.3%

15.5%

10 550 688

($ )

619.3

, , ,
. -,
160-
. -, ().

($ )

, $

34

2007 .
7.3% 2006 . - 2.8 . , - 9.2%,
2.8 . , - 11.3%, 2.4 . , -
4.8%, 2.2 . .

, $

101

90% .
, Leman Commodities
S.A.


2012 . 2007 . $54 ., 2008
. $270 .

30.8

EV ($ )

650.1

120
100
80
60
40
20
07.2007

10.2007

01.2008

04.2008


()

153


, $
31.12.2005

31.12.2006

31.12.2007

0.3

2.3

1.2

8.1

8.6

9.0

188.7

133.4

167.1

22.7

51.3

79.6

39.9

35.5

47.7

1.7

5.6

5.2

261.4

236.7

309.8

62.0

57.1

54.5

98.1

122.0

126.8

160.2

179.2

181.4

421.6

415.9

491.1

1.5

0.0

0.0

3.6

0.0

30.0

242.1

206.1

153.9

31.9

63.4

131.4

279.1

269.5

315.3

0.0

0.0

0.0

31.1

2.0

1.9

1.2

0.0

0.0

32.3

2.0

1.9

31.3

31.3

31.3

49.1

81.1

108.6

29.7

32.0

34.0

110.1

144.4

173.9

421.6

415.9

491.1

, $
2005

2006

2007

604.3

701.9

1 015.0

582.5

661.7

927.7

()

21.9

40.2

87.4

787.6

1 067.5

708.1

( )

825.7

1 067.1

739.8

-16.3

40.6

55.7

6.0

14.2

14.8

()

-22.3

26.4

41.0

62.0

46.4

5.2

0.4

0.4

2.7

51.3

32.3

1.9

-12.0

40.0

41.6

EBITDA


()

154

2008-2009

0.0

9.0

11.7

-12.0

31.0

29.9

KSTL

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

2 156.1

484.1

313.1

6.39

27.87

43.97

: $3.57

2006

2 851.3

827.4

580.4

4.83

16.31

23.72

: $1.97

2007

3 724.8

1 040.1

752.2

3.70

12.97

18.30

: -45%


- . , , , , , , .
``

``

``

``

Mittal Steel 93.02%


24 2006 .
$4.72 . $1.95 .,
Mittal Steel ,
.
, -,
.
2007 . 6%, 7.2 . , 7%, 8.1 . ,
4%, 7.1 . , 12%,
3 . , 8%, 8.5 . ,
12%, 2.1 . .
EBITDA 2007 . 27.9%, 20.2%. .

KSTL

Bloomberg

KSTL UZ


Mittal Steel Germany GmbH
()

94.7%

5.3%

3 859 533 000

($ )

13 767.0

($ )

-276.6

EV ($ )

13 490.4


, $

1.93

, $

3.83

4.1
3.8
3.5
3.2
2.9
2.6
2.3
2.0
1.7
1.4
07.2007

10.2007

01.2008

04.2008


()

155


, $
31.12.2005

31.12.2006

31.12.2007

258.5

251.3

367.8

0.0

0.0

0.0

67.9

377.2

525.3

84.9

421.0

707.4

230.0

207.6

286.8

5.8

20.0

38.6

647.1

1 277.1

1 925.9

486.4

484.6

657.1

257.9

333.9

373.9

744.3

818.5

1 031.0

2 956.9

1 391.3

2 095.6

0.0

0.0

0.0

0.0

16.7

50.0

44.9

68.3

114.5

75.6

92.1

154.4

120.4

177.0

318.8

0.0

0.0

0.0

0.0

183.3

150.0

0.0

0.0

0.0

0.0

183.3

150.0

764.3

764.3

764.3

457.5

911.2

1 633.9

49.1

59.8

89.9

1 270.9

1 735.2

2 488.1

1 391.3

2 095.6

2 956.9

, $
2005

2006

2007

2 156.1

2 851.3

3 724.8

1 588.4

1 864.2

2 397.9

()

567.7

987.1

1 326.8

1 455.7

1 171.9

1 656.3

1 539.2

1 331.7

1 943.0

484.1

827.4

1 040.1

( )

EBITDA

60.3

52.8

57.2

()

423.8

774.6

982.9

19.4

11.0

26.0

0.0

8.6

12.3

32.1

2.3

8.4

411.1

774.6

988.1


()

156

2008-2009

98.0

194.2

236.0

313.1

580.4

752.2

MMKI

- .

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2 796.1

441.9

248.4

1.01

6.14

11.41

: $0.85

2006

2 850.1

388.9

180.5

0.99

6.98

15.70

: $1.16

2007

3 543.3

490.9

280.6

0.80

5.53

10.10

: 37%

2005

, ,
, , ,
, .
.
``

``

``

``

``

.
, , , , .
, . ,
90.1% . , ,

.
2007 . 5.4 . , 6.9 . , 2% 5.5 . 14%, 12.9 . .
2007 . 55%,
$280.6 . EBITDA 2007 .
13.9%, 7.9%.
.
, 2011
.

MMKI

Bloomberg

MMKI UZ

ADR/GDR

+/IWD

1 ADR/GDR

20

40.1%

50%

9.9%

3 351 712 480

($ )

2 833.4

($ )

-120.3

EV ($ )

2 713.1


, $

0.85

, $

1.45

1.5
1.3
1.1
0.9
0.7
07.2007

10.2007

01.2008

04.2008


()

157

- .


, $
31.12.2005

31.12.2006

31.12.2007

168.2

159.6

84.3

0.0

0.0

0.0

102.6

152.6

180.8

171.9

337.6

246.0

293.2

262.8

280.4

30.6

33.3

30.6

766.5

945.9

822.1

573.9

723.3

835.7

413.8

748.6

751.5

987.8

1 471.9

1 587.2

1 754.3

2 417.8

2 409.3

4.0

35.3

56.2

0.0

0.0

0.0

115.8

116.1

126.1

117.3

549.3

211.2

237.2

700.8

393.5

0.0

0.0

0.0

0.0

0.0

0.0

1.7

4.9

5.8

1.7

4.9

5.8

165.9

165.9

165.9

250.7

181.1

294.5

1 098.6

1 365.2

1 549.6

1 515.3

1 712.2

2 010.0

1 754.3

2 417.8

2 409.3

, $
2005

2006

2007

2 796.1

2 850.1

3 543.3

2 126.9

2 203.7

2 804.6

()

669.2

646.4

738.8

1 799.7

2 012.8

2 429.8

2 027.0

2 270.2

2 677.7

441.9

388.9

490.9

59.2

75.9

101.8

()

382.8

313.0

389.1

11.0

44.8

23.8

0.0

1.0

1.2

24.9

65.1

19.4

368.8

291.8

392.3

120.4

111.3

111.7

248.4

180.5

280.6

( )

EBITDA

()

158

2008-2009

ZPST

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

1 555.8

251.4

149.0

0.93

5.16

9.75

: $0.55

2006

1 562.4

263.3

144.8

0.93

4.93

10.04

: $0.75

2007

1 930.0

188.0

109.7

0.75

6.90

13.26

: 37%

.
3.25 .
4.35 . .
``

``

``

, , 1.5-100 0.5-4 .
(6 ), (5 ), (9 ) .
4 ,
,
, . 3.5
. 600 . .
Midland .

``

2007 .
1.5% 2006 . 3.73 . ,
1.3%, 4.46 . 0.8%, 3.56 . .

``

70%
70 .

``

``

2008 .
,
Siemens-VAI. 2012 . $1.68 .
.

,
2011 .

ZPST

Bloomberg

ZPST UZ

ADR/GDR

+/UWP

1 ADR/GDR

10

16.9%

16.9%

16.9%

Global Steel Investments


()

11.2%

38.1%

2 643 681 779

($ )

1 453.6

($ )

-155.9

EV ($ )

1 297.7


, $

0.55

, $

1.03

1.1
1.0
0.9
0.8
0.7
0.6
0.5
05.2008

06.2008


()

159


, $
31.12.2005

31.12.2006

31.12.2007

54.0

146.1

194.1

6.9

0.9

0.6

29.6

31.3

35.7

77.1

73.0

64.8

135.0

140.1

146.2

2.6

3.2

4.1

305.2

394.4

445.4

367.1

392.5

495.8

354.2

420.5

489.7

721.2

813.0

985.5

1 026.4

1 207.5

1 431.0

0.0

0.0

0.0

0.0

0.0

0.0

69.0

98.6

107.8

36.0

44.1

53.4

105.0

142.7

161.3

32.7

34.9

38.2

0.0

0.0

0.0

3.7

3.1

3.0

36.4

38.0

41.2

41.8

41.8

130.9

463.8

600.5

708.3

379.5

384.5

389.3

885.1

1 026.8

1 228.5

1 026.4

1 207.5

1 431.0

, $
2005

2006

2007

1 555.8

1 562.4

1 930.0

1 240.1

1 237.1

1 666.9

()

315.7

325.3

263.1

977.7

834.0

1 037.3

1 042.1

896.0

1 112.4

251.4

263.3

188.0

43.3

50.1

51.2

()

208.1

213.2

136.8

68.1

25.5

185.7

4.4

2.3

52.4

64.9

33.6

123.8

206.8

202.7

146.3

57.8

57.9

36.7

149.0

144.8

109.7

( )

EBITDA

()

160

2008-2009

DMZK

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

77.3

7.9

3.7

1.07

13.11

22.31

: $0.42

2006

106.2

-0.2

-2.2

0.78

: $0.39

2007

142.7

5.1

0.3

0.58

20.29

314.00

() .
,
.
``

``

``

. , , , .

.
150 .
, 50 . , 25 .
4.35 . .

: -7%

DMZK

Bloomberg

DMZK UZ

40.7%

38.5%

11.6%

9.2%

199 482 864

($ )
``

``

``

2007 . 13% 2006 . 181 . .


,
, , , , , , , ,
, , ,
, , .
2007 . $26 ., EBITDA 3.6%, 0.2%.

82.9

($ )

20.4

EV ($ )

103.3


, $

0.41

, $

1.39

1.4
1.2
1.0
0.8
0.6
0.4
0.2
07.2007

10.2007

01.2008

04.2008


()

161


, $
31.12.2005

31.12.2006

31.12.2007

0.2

0.2

0.5

0.0

0.0

0.0

1.9

5.7

4.6

3.8

5.1

11.0

4.7

8.5

8.5

0.1

0.1

0.2

10.7

19.6

24.7

12.7

26.4

51.7

7.3

7.9

5.1

20.0

34.3

56.8

30.7

53.9

81.5

0.0

0.0

0.0

0.0

0.0

0.0

10.6

18.4

27.3

22.3

10.5

15.2

32.9

28.9

42.5

3.1

0.0

0.0

0.0

0.0

0.0

0.3

19.2

19.8

3.4

19.2

19.8

5.1

6.4

7.9

-24.2

-26.4

-25.7

13.5

25.8

37.0

-5.5

5.8

19.2

30.7

53.9

81.5

, $
2005

2006

2007

77.3

106.2

142.7

72.3

101.5

135.0

()

5.0

4.7

7.7

10.1

8.1

8.2

7.2

13.1

10.8

( )

EBITDA

7.9

-0.2

5.1

1.0

1.4

4.8

()

6.8

-1.6

0.3

1.4

0.7

2.0

3.5

0.1

0.0

0.3

0.5

0.7

4.4

-1.6

1.6

0.7

0.6

1.3

3.7

-2.2

0.3

()

162

2008-2009

DTRZ

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

144.0

25.0

21.7

0.61

4.70

4.03

: $83

2006

161.5

12.0

5.4

0.54

9.76

16.31

: $70

2007

162.9

4.2

-1.8

0.54

27.92

: -16%



, , , .
.
``

``

DTRZ

Bloomberg

DTRZ UZ


3000 , . .

700 .
/. : ,
.

I.S.H.C. Industrial Steel Holding Co


Limited ()

56.3%

43.7%

1 055 718

($ )

87.4

($ )

30.2

``

,
, ,
.

``

, $

83

, $

163

2007 . 40 . , 15.6% 2006 . 218 . .

180

2007 . $1.8 ., EBITDA 4.9


2.6%.

120

``

``

EV ($ )

117.6

160
140

100
80
07.2007

10.2007

01.2008

04.2008


()

163


, $
31.12.2005

31.12.2006

31.12.2007

0.9

1.3

0.7

0.0

0.0

0.0

25.0

12.5

12.7

7.9

7.8

16.2

21.5

29.1

41.1

0.3

0.2

0.1

55.5

51.0

70.8

18.1

18.0

18.5

3.7

4.2

9.0

21.8

22.2

27.6

77.3

73.2

98.4

6.9

19.1

26.4

0.0

0.0

0.0

33.7

20.9

35.9

12.0

1.9

2.0

52.6

41.9

64.4

0.0

0.0

4.5

0.0

0.0

0.0

0.0

0.7

0.7

0.0

0.7

5.2

17.2

17.2

17.2

6.2

5.1

-1.8

1.3

8.4

13.5

24.7

30.7

28.8

77.3

73.2

98.4

, $
2005

2006

2007

144.0

161.5

162.9

133.6

143.5

152.5

()

10.4

18.0

10.5

104.8

97.5

57.6

( )

90.1

103.4

63.8

25.0

12.0

4.2

2.0

2.3

2.3

()

23.0

9.8

1.9

0.0

0.1

1.0

0.7

1.3

2.7

0.2

0.8

2.1

22.1

7.7

-1.8

EBITDA


()

164

2008-2009

0.4

2.4

0.0

21.7

5.4

-1.8

HRTR

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

297.9

51.1

26.6

3.66

21.63

40.96

: $0.42

2006

624.3

136.7

77.9

1.74

8.09

13.99

: $0.23

2007

612.9

112.6

64.0

1.78

9.82

17.02

: -45%

() 478 1420 .
.
``

``

``

``

``

500 . 1.6 .
, 450-600 . .
,
- , .

HRTR

Bloomberg

HRTR UZ

ADR/GDR

+/LBY

1 ADR/GDR


Metinvest B.V. ()

61.0%

MetalUkr Holding ()

26.7%

12.3%

2007 .
16.4% - 485.5 . .

. 2007 .

. .

, ,
8% , 16%
.

($ )


- 350 . 3 6
,
. .

50

2 598 495 120


1 089.4

($ )

16.1

EV ($ )

1 105.5


, $

0.39

, $

0.76

0.80
0.75
0.70
0.65
0.60
0.55
0.50
0.45
0.40
0.35
07.2007

10.2007

01.2008

04.2008


()

165


, $
31.12.2005

31.12.2006

31.12.2007

11.3

13.5

0.8

0.0

0.0

0.0

10.3

37.7

80.1

24.1

44.3

31.3

42.4

49.5

62.8

1.5

1.0

0.6

89.7

145.9

175.6

52.4

104.3

129.0

16.6

32.1

9.1

69.1

136.4

138.1

158.7

282.3

313.7

27.8

0.0

0.0

0.0

0.0

0.0

2.3

28.0

73.5

13.2

24.8

21.6

43.4

52.9

95.1

1.9

0.0

0.0

1.6

1.6

1.6

0.0

14.8

4.8

3.5

16.4

6.3

25.2

25.2

25.2

86.5

124.1

110.2

0.2

63.7

76.8

111.9

213.0

212.3

158.7

282.3

313.7

, $
2005

2006

2007

297.9

624.3

612.9

226.7

488.4

497.2

()

71.2

136.0

115.7

203.6

456.5

4.7

223.7

455.8

7.8

51.1

136.7

112.6

( )

EBITDA

6.3

22.8

24.1

()

44.9

113.9

88.5

1.7

6.8

2.0

1.3

3.1

0.0

5.4

8.1

0.9

39.8

109.5

89.6


()

166

2008-2009

13.2

31.6

25.6

26.6

77.9

64.0

NITR

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

622.8

124.8

103.3

2.36

16.04

14.25

: $3.68

2006

754.3

164.5

111.7

1.95

12.16

13.18

: $2.61

2007

929.5

159.3

85.8

1.58

12.56

17.15

: -29%

()
. 15 . 40 .
``

``


152 530 ,
,
, ,
, , ,
, .

10-15%
.

NITR

Bloomberg

NITR UZ

ADR/GDR

ITRYY/NYZ

1 ADR/GDR


Interpipe Limited ()

86.5%

13.5%

``

850
. .

``

, .

``

$610 . 2009 .

``


,
, - .

``

2007 . 222 .
596 . .

``

19 - 5 2008 .
. 7.4
$19.8 .

400 000 000

($ )

1 471.9

($ )

529.2

EV ($ )

2 001.1


, $

3.68

, $

7.40

7.8
7.2
6.6
6.0
5.4
4.8
4.2
3.6
07.2007

10.2007

01.2008

04.2008


()

167


, $
31.12.2005

31.12.2006

31.12.2007

102.1

15.1

2.5

0.0

0.0

0.0

56.9

132.7

158.7

106.7

42.0

70.4

60.3

78.7

115.1

9.8

8.0

27.1

335.9

276.7

373.8

84.2

82.9

289.6

71.5

35.8

50.0

155.8

118.8

339.6

491.7

395.4

713.4

51.1

86.8

1.5

0.0

0.0

0.0

55.7

29.3

54.4

20.1

60.9

90.9

126.8

177.1

146.9

0.0

0.0

12.1

0.0

0.0

135.0

61.3

0.0

58.1

61.3

0.0

205.2

2.7

2.7

2.7

199.3

115.0

142.0

101.6

100.8

216.5

303.6

218.4

361.2

491.7

395.4

713.4

, $
2005

2006

2007

622.8

754.3

929.5

450.1

517.6

714.8

()

172.7

236.7

214.7

43.3

143.8

246.0

91.2

216.0

301.4

124.8

164.5

159.3

( )

EBITDA

7.7

8.5

41.3

()

117.1

156.0

118.0

190.7

132.8

60.0

3.2

3.7

10.5

162.3

132.3

44.7

142.3

152.9

122.8


()

168

2008-2009

39.0

41.2

37.0

103.3

111.7

85.8

NVTR

2005

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

122.0

4.6

1.4

2.86

76.83

243.25

: $1.75

2006

173.4

15.2

8.4

2.01

23.30

41.70

: $2.66

2007

246.0

34.3

17.2

1.42

10.31

20.35

: 52%

() - -
.
,
.
``


152 530 . 430 . .

NVTR

Bloomberg

NVTR UZ


Interpipe Limited ()

86.5%

Lindsell Enterprises Ltd ()

5.0%

(57)

6.8%

(3060)

1.7%

``

2007 . 14% - 278 . .

``


, .
11%, 40%.

($ )

``

``

``

``

2007 .
,
$17.2 . EBITDA 2007
. 13.9%, 7.0%.

2008-2009 .
$20 ., 2008 . $17
.
9-26 2008 .
. $9.31 .
$9.90 .

200 000 000


349.1

($ )

4.2

EV ($ )

353.3


, $

1.11

, $

2.52

2.6
2.3
2.0
1.7
1.4
1.1
0.8
07.2007

10.2007

01.2008

04.2008


()

169


, $
31.12.2005

31.12.2006

31.12.2007

1.6

0.3

2.3

0.0

0.0

0.0

15.0

12.3

24.4

1.3

14.3

32.3

7.2

12.0

27.7

0.5

0.5

2.2

25.5

39.4

88.8

23.3

24.8

40.2

6.2

11.1

12.0

29.5

35.9

52.2

55.0

75.3

141.0

0.0

3.5

2.1

0.0

0.0

0.0

9.4

17.3

49.9

1.0

4.8

16.9

10.4

25.5

68.9

0.0

0.0

4.4

2.7

0.0

0.0

0.0

0.0

0.0

2.7

0.0

4.4

0.6

0.6

0.6

9.2

17.4

18.4

32.1

31.8

48.7

41.9

49.8

67.7

55.0

75.3

141.0

, $
2005

2006

2007

122.0

173.4

246.0

108.9

145.3

196.4

()

13.1

28.0

49.7

4.2

26.0

80.2

12.7

38.8

95.5

4.6

15.2

34.3

( )

EBITDA

2.2

2.2

8.3

()

2.4

13.0

26.0

1.1

0.3

2.8

0.0

0.3

0.6

1.4

0.6

3.6

2.1

12.4

24.5


()

170

2008-2009

0.7

4.1

7.4

1.4

8.4

17.2

NFER


EastOne

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

481.4

6.8

-3.7

4.54

344.75

2006

525.0

8.8

0.2

4.16

266.02

9 582.79

: $0.89

2007

906.0

34.0

1.0

2.41

68.59

2 273.82

: -37%

()
.

1.2 . .
``

``

``


- . , 50 , ,
, .
,
.
33 . , , , .

: $1.41

NFER

Bloomberg

NFER UZ

ADR/GDR

+/N4AA

1 ADR/GDR

25

31.1%

37.3%

18.6%

13.0%

1 551 537 980

($ )
``

``

``

2007 . 22.3%, 2006 . 768 . , - 4.5%, 272 . .

2 186.0

($ )

145.0

EV ($ )

2 331.0

, 73% EastOne , 26%


.

2003 . 50%+1 ,
. 2005 . . 2007 .
5.1 ,
9.8%. 2008 .
8%,
$0.0495 $0.0535
. , .

3.7

, $

1.24

, $

3.42

3.0
2.3
1.6
0.9
07.2007

10.2007

01.2008

04.2008


()

171


, $
31.12.2005

31.12.2006

31.12.2007

0.5

0.4

8.6

0.0

0.0

0.0

43.9

60.3

109.7

12.6

31.4

21.8

29.0

35.3

77.6

4.9

7.0

13.1

90.9

134.4

230.9

84.5

86.0

93.7

11.2

8.9

16.6

95.7

94.9

110.3

186.6

229.4

341.1

7.0

70.4

153.1

0.0

0.0

0.0

18.3

12.1

52.3

40.2

30.9

46.0

65.6

113.3

251.5

0.0

0.0

0.0

0.0

0.0

0.0

2.1

2.0

0.1

2.1

2.0

0.1

15.0

15.0

15.0

29.7

30.0

9.7

74.1

69.0

64.9

118.9

114.0

89.6

186.6

229.4

341.1

, $
2005

2006

2007

481.4

525.0

906.0

446.1

494.9

835.2

()

35.3

30.1

70.8

23.5

10.4

6.9

52.0

31.8

43.6
34.0

( )

EBITDA

6.8

8.8

6.4

6.8

8.0

()

0.4

2.0

26.0

0.7

5.2

4.3

1.1

5.4

21.7

0.5

0.5

0.6

-0.5

1.3

7.9

3.3

1.1

7.0

-3.7

0.2

1.0

()

172

2008-2009

SFER

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

93.9

-1.1

-5.9

2.73

2006

129.0

9.3

0.8

1.99

34.07

310.02

2007

186.1

37.0

18.3

1.38

8.53

14.00

( )

(C) . .
``

``

``

,
,
.
2007 . - .
8 192 . .

: $0.018
: $0.029
: 61%

SFER

Bloomberg

SFER UZ

ADR/GDR

+/S5Z1

1 ADR/GDR

100


Philex Investments ltd. ()

24.5%

Mercliston ltd. ()

24.5%

Felicio Enterprices ltd. ()

24.5%

Kellton Enterprises ltd. ()

24.5%

``

``

``

``

``

25% ,
75% , , , ,
: , , ,
.

2.0%

14 356 915 145

($ )

256.5

2004 .,
.
.

($ )

, .

, $

0.005

, $

0.028

31 2007. 47.5%.
2007 . (
45%-) 30.3%, 2006 . 96.6 . ,
0.1% 148 . .

58.9

EV ($ )

315.4

0.03
0.02
0.01
0.00
07.2007

10.2007

01.2008

04.2008


()

173


, $
31.12.2005

31.12.2006

31.12.2007

1.0

0.0

28.8

0.0

0.0

0.0

7.7

5.5

15.2

3.6

42.0

32.1

14.9

13.7

19.2

2.6

1.7

2.3

29.9

62.8

97.6

21.5

28.2

28.1

8.9

3.9

5.1

30.4

32.1

33.2

60.3

94.9

130.8

16.3

54.2

59.0

0.0

0.0

8.2

2.1

2.0

11.1

13.5

9.7

10.0

32.0

65.8

88.2

0.0

0.0

0.0

8.1

8.1

0.0

0.0

0.0

3.3

8.1

8.1

3.3

28.4

28.4

28.4

-15.5

-14.7

3.6

7.2

7.2

7.2

20.1

21.0

39.3

60.3

94.9

130.8

, $
2005

2006

2007

93.9

129.0

186.1

92.5

114.4

142.4

()

1.4

14.6

43.7

36.0

51.9

32.1

38.5

57.2

38.8

-1.1

9.3

37.0

2.8

3.5

3.8

()

-3.9

5.7

33.1

0.4

0.8

2.9

2.1

3.7

10.3

0.2

1.7

2.6

-5.9

1.1

23.2

( )

EBITDA


()

174

2008-2009

0.0

0.2

4.9

-5.9

0.8

18.3

ZFER


2008 .

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

316.3

5.3

-2.1

3.50

217.99

2006

325.8

14.5

0.4

3.40

79.66

2496.62

: $0.35

2007

444.4

34.1

7.7

2.49

33.99

143.58

: -28%

() .
2% . 2/3
.
``

, . , ,
.

: $0.49

ZFER

Bloomberg

ZFER UZ

ADR/GDR

+/ZL3

1 ADR/GDR

100


Matrimax ltd. ()

22.4%

Soltex ltd. ()

22.4%

Tapesta ltd. ()

18.9%

Walltron ltd. ()

18.6%

4 () 7
, 35 .

ADR

16.4%

,
.

``


. .

($ )

``


, - 100%-
2008-2011 .

$145 .

, $

0.12

, $

0.52

I 2008 . 69.3% 43.6 . .


, 66.3% 31.1
. , 75.1% 5.5 . ,
77% 5.4 . .

0.2

``

``

``

``

,
( ).

1.3%

2 279 550 000

($ )

1 107.7
51.2

EV ($ )

1 158.9

0.6
0.5
0.4
0.3
0.1
0.0
07.2007

10.2007

01.2008

04.2008


()

175


, $
31.12.2005

31.12.2006

31.12.2007

3.9

3.1

4.0

0.0

0.0

0.0

26.6

18.0

37.3
84.0

64.1

111.6

36.4

20.5

44.9

12.1

7.6

10.6

143.2

160.7

180.8

80.8

82.6

91.5

28.6

34.8

14.1

109.4

117.4

105.5

252.6

278.1

286.4

15.4

58.2

0.0

0.0

0.0

0.0

0.7

20.3

37.8

89.1

36.7

40.0

105.2

115.3

77.9

0.0

14.8

51.2

0.0

0.0

0.0

64.1

63.8

64.9

64.1

78.7

116.0

45.1

45.1

45.1

1.3

1.8

9.4

36.9

37.2

37.9

83.3

84.1

92.5

252.6

278.1

286.4

, $
2005

2006

2007

316.3

325.8

444.4

301.2

302.4

369.8

()

15.2

23.4

74.6

141.3

72.5

130.9

151.1

81.4

171.4

5.3

14.5

34.1

4.9

5.5

5.8

()

0.5

9.1

28.3

4.0

1.8

1.1

3.6

4.7

11.2

0.7

1.9

4.0

0.1

4.3

14.3

( )

EBITDA


()

176

2008-2009

2.2

3.9

6.6

-2.1

0.4

7.7

ALKZ

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

170.8

20.7

7.4

3.32

29.14

76.86

: $0.19

2006

423.0

48.6

25.8

1.34

12.39

21.96

: $0.27

2007

644.5

82.7

45.5

0.88

7.29

12.47

: 41%

2005

()
. .
``

.
, ,
, .

``

2007 . 485
. , 17.7% 3.2 . , 2006 .

``

5 .
,
.

``

. , .

``

``

2008 . 1.5 .
. ,
.

,
.
.

ALKZ

Bloomberg

ALKZ UZ

97.8%

2.2%

3 011 960 000

($ )

567.2

($ )

35.4

EV ($ )

602.6


, $

0.11

, $

0.25

0.25
0.20
0.15
0.10
0.05
07.2007

10.2007

01.2008

04.2008


()

177


, $
31.12.2005

31.12.2006

31.12.2007

8.2

5.2

6.6

0.0

0.0

0.0

58.9

68.4

147.4

13.7

27.2

5.1

72.8

81.9

76.1

1.6

2.3

6.2

155.2

185.0

241.4

44.4

49.9

124.5

87.6

172.3

113.2

132.1

222.2

237.7

479.1

287.3

407.2

1.9

1.9

0.0

0.0

1.4

14.3

93.6

105.7

146.6

40.5

9.5

5.7

136.0

118.6

166.6

34.2

40.0

27.7

0.0

0.0

0.0

42.3

11.2

0.4

76.6

51.2

28.1

10.5

149.1

149.1

11.6

36.3

79.5

52.6

52.0

55.8

74.7

237.4

284.4

287.3

407.2

479.1

, $
2005

2006

2007

170.8

423.0

644.5

145.4

366.8

563.9

()

25.4

56.2

80.6

80.0

199.8

234.5

( )

84.7

207.3

232.4

20.7

48.6

82.7

4.1

4.5

15.0

()

16.6

44.1

67.6

32.9

25.3

16.0

3.9

5.6

3.3

33.4

26.4

16.6

12.1

37.4

63.8

4.8

11.5

18.3

7.4

25.8

45.5

EBITDA

()

178

2008-2009

AVDK

2005

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

1 128.3

190.3

73.6

0.64

4.30

9.80

: $3.73

2006

647.7

79.7

10.6

1.11

10.27

68.25

: $5.61

2007

963.9

111.0

-44.7

0.75

7.37

: 51%

()
. .
``

``

``

``

``

40 ,
.
20% .
2007 . $44.7 .
$403 ., .
$341 .

.
,
- .
2007 . 309
. , 11.4%, 2006 . 3.03 .

``

, 2007 . 5.7 .
, .

``

2007 .
,
, .

``

AVDK

Bloomberg

AVDK UZ


Metinvest B.V. ()

61.0%

MetalUkr Holding ()

25.0%

14.0%

193 604 500

($ )

721.2

($ )

97.5

EV ($ )

818.7


, $

2.43

, $

4.51

4.8
4.4
4.0
3.6
3.2
2.8
2.4
2.0
07.2007

10.2007

01.2008

04.2008


()

- 2007 .
200 . , .
179


, $
31.12.2005

31.12.2006

31.12.2007

36.1

3.7

102.5

34.0

0.0

0.0

46.3

31.0

105.3

46.1

80.2

412.8

35.2

44.2

52.2

2.6

3.5

3.1

200.2

162.6

675.7

134.6

434.5

395.3

708.8

743.4

392.0

843.4

1 177.9

787.3

1 043.6

1 340.6

1 463.0

0.0

0.0

0.0

0.0

0.0

0.0

94.3

140.4

275.3

50.0

112.0

119.4

144.3

252.4

394.7

0.0

150.0

100.0

297.7

0.0

100.0

23.6

89.1

45.8

321.2

239.1

245.8

67.5

67.5

67.5

419.1

439.5

468.4

91.6

342.0

286.5

578.2

849.0

822.4

1 043.6

1 340.6

1 463.0

, $
2005

2006

2007

1 128.3

647.7

963.9

954.5

557.6

868.1

()

173.8

90.1

95.8

116.4

16.0

11.6

99.9

26.4

-3.6

190.3

79.7

111.0

16.9

17.1

58.8

()

173.3

62.6

52.3

104.0

168.2

344.7

( )

EBITDA

49.4

21.7

14.1

110.9

185.1

404.4

117.1

24.0

-21.5

43.5

13.4

23.2

73.6

10.6

-44.7

()

180

2008-2009

BKOK

Evraz

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

140.0

8.0

3.8

0.88

15.48

32.83

: $0.124

2006

137.4

5.7

0.8

0.90

21.72

164.23

: $0.074

2007

90.8

-14.9

-14.0

1.36


2007 . 3.7
. . Evraz Group 2007 .
94% .
``

, -, , , ,
. 5, 6, 7
, , 450 . , 450 .
490 . .

``

2007 .
10.5% - 691 . .

``

2007 . 44% -
$90.8 ., $14 .

``

``

Evraz Group, 2007 .,


. ,
2010 . 1.23 . /, 78%
2007 .
2008 . 500 . /.
Evraz
Group
.

: -41%

BKOK

Bloomberg

BKOK UZ


Alkiniros Holdings ()

24.9%

Feribol Holdings ()

24.8%

Agalios Investments ()

24.8%

Sinillos Holdings ()

19.8%

5.7%

684 562 883

($ )

123.4

($ )

0.0

EV ($ )

123.4


, $

0.026

, $

0.261

0.30
0.25
0.20
0.15
0.10
0.05
0.00
07.2007

10.2007

01.2008

04.2008


()

181


, $
31.12.2005

31.12.2006

31.12.2007

0.1

0.0

0.0

0.0

0.4

0.0

16.3

7.6

36.0

47.6

38.0

25.2

10.2

16.2

6.1

0.8

2.1

0.4

74.8

64.4

67.6

14.0

21.7

22.1

13.2

28.1

30.0

27.2

49.8

52.1

102.1

114.2

119.7

0.0

0.0

0.0

0.0

0.0

0.0

47.7

33.4

50.2

22.8

23.1

28.2

70.5

56.5

78.4

0.0

0.0

0.0

0.0

0.0

0.0

2.3

10.6

8.3

2.3

10.6

8.3

16.9

34.0

34.0

-0.9

-0.2

-14.2

13.2

13.3

13.2

29.2

47.2

33.0

102.1

114.2

119.7

, $
2005

2006

2007

140.0

137.4

90.8

132.1

129.5

89.0

()

7.9

7.8

1.8

3.1

0.6

0.6

3.1

2.7

17.4
-14.9

( )

EBITDA

8.0

5.7

1.3

1.5

1.6

()

6.7

4.2

-16.5

12.9

1.7

0.8

0.1

0.0

0.0

13.3

0.5

0.6

6.2

5.3

-16.3


()

182

2008-2009

2.4

4.5

-2.3

3.8

0.8

-14.0

DKOK

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

56.6

11.1

4.7

0.33

1.48

3.97

: $0.075

2006

32.2

5.0

1.2

0.58

3.32

15.01

: $0.064

2007

27.9

4.7

0.7

0.67

3.50

26.50

: -14%

20 .
, .
1.9 . .
, ,
.
``

``

``

``

``

``

``

: , .

492 . .

.
1219 . , .
, 2008
. 5-6
.

284 . .
.
48%
, 13% -,
. .
2007 . $4.3 .,
15%, 2006 . $27.9.

DKOK

Bloomberg

DKOK UZ

23.8%

24.5%

Ultima Trading Group Inc. ()

16.0%

Medco Services Ltd.


(. -)

15.1%

13.0%

7.6%

249 086 000

($ )

18.7

($ )

-2.2

EV ($ )

16.5


, $

0.059

, $

0.162

0.17
0.14
0.11
0.08
0.05
07.2007

10.2007

01.2008

04.2008


()

183


, $
31.12.2005

31.12.2006

31.12.2007

0.1

1.3

2.2

0.0

0.0

0.0

17.7

1.2

2.2

17.0

1.7

1.5

5.1

3.5

2.9

0.1

0.0

0.0

40.0

7.7

8.8

23.5

22.2

20.6

22.4

53.3

53.5

46.0

75.5

74.1

86.0

83.2

82.9

0.0

0.0

0.0

0.0

0.0

0.0

6.5

2.1

1.2

0.7

0.7

0.6

7.3

2.8

1.8

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

12.3

12.3

12.3

41.8

44.2

46.7

24.6

23.9

22.1

78.7

80.4

81.1

86.0

83.2

82.9

2005

2006

2007

56.6

32.2

27.9

40.9

23.1

21.5

()

15.6

9.1

6.4

35.0

29.4

17.0

, $
( )

39.5

33.5

18.7

11.1

5.0

4.7

1.7

1.9

1.7

()

9.4

3.1

3.0

9.5

31.0

1.5

0.0

0.0

0.0

9.7

31.5

2.9

9.1

2.6

1.7

4.4

1.3

1.0

4.7

1.2

0.7

EBITDA

()

184

2008-2009

DZKZ

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

104.2

6.0

3.5

0.79

12.91

23.46

: $0.12

2006

138.5

4.1

3.1

0.59

19.08

26.49

: $0.23

2007

151.9

-10.6

-12.8

0.54

: 95%

.
2007 .
3.3%.

.

DZKZ


Bolkiviros holdings ()

25.0%

Tollipone ltd. ()

24.9%

. , , , , , , .

Chantusos holdings ()

24.2%

Heatshine holdings ()

19.7%


, .

2007 . , ,
. , 2006 .

2% 669 . .

EV ($ )

``

$13.4 .,
10%, 2006 . $151.9 . .

``

, 1 41.6 3.
$5 .; 2009 .

0.26
0.24
0.22
0.20
0.18
0.16
0.14
0.12
0.10

``

``

``

``

70%.

``

25 2008 .
.

6.2%

682 337 284

($ )

82.1

($ )

0.0
82.1


, $

0.12

, $

0.22

04.2008

05.2008

06.2008


()

185


, $
31.12.2005

31.12.2006

31.12.2007

0.1

0.6

0.0

0.0

0.0

0.0

6.8

51.4

22.4

50.9

41.3

33.4

11.1

11.6

5.7

1.0

1.6

0.9

69.9

106.6

62.3

16.4

15.6

15.2

0.5

18.0

20.1

16.9

33.6

35.3

86.8

140.2

97.6

0.0

0.0

0.0

0.0

0.0

0.0

46.9

68.3

45.7

7.4

20.0

11.7

54.3

88.3

57.4

0.0

0.0

0.0

0.0

0.0

0.0

0.7

0.1

1.3

0.7

0.1

1.3

16.9

33.8

33.8

-1.6

1.5

-11.5

16.5

16.5

16.6

31.8

51.8

38.9

86.8

140.2

97.6

, $
2005

2006

2007

104.2

138.5

151.9

97.4

133.1

154.8

()

6.7

5.4

-2.8

3.1

2.5

0.5

3.8

3.8

8.3

6.0

4.1

-10.6

1.4

1.6

1.4

()

4.6

2.5

-12.0

0.1

0.2

0.4

0.0

0.0

0.0

0.0

0.1

0.0

4.7

2.6

-11.7

1.2

-0.5

1.1

3.5

3.1

-12.8

( )

EBITDA


()

186

2008-2009

YASK

2005

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

213.5

16.6

8.2

1.34

17.41

35.07

: $1.05

2006

268.1

30.2

15.9

1.07

9.55

18.02

: $2.27

2007

366.7

50.5

29.9

0.78

5.71

9.56

: 117%

()
, .
, $200 .
``

``

``

``

``

, , , , .
2007 .
10.5% - 691 . .

, ,

- 1,
.

2008-2011 . $200 .
3.5 . 2012 .
,

.

YASK

Bloomberg

YASK UZ

31.3%

26.5%

11.4%

30.8%

273 598 680

60 000 000

($ )

286.2

($ )

2.1

EV ($ )

288.3


, $

0.73

, $

1.61

1.7
``

``

2007 . 37%, $366.7 .,


EBITDA 67%, $50.5 ., EBITDA
2.5 .. 13.8%, .
20082009 .
.

1.5
1.3
1.1
0.9
0.7
0.5
07.2007

10.2007

01.2008

04.2008


()

187


, $
31.12.2005

31.12.2006

31.12.2007

0.5

0.7

0.8

0.0

0.0

0.0

1.4

4.0

13.2

7.1

2.2

5.8

30.3

16.1

21.1

0.0

0.2

0.7

39.4

23.2

41.6

49.7

52.8

85.7

27.0

34.5

6.2

76.7

87.3

91.9

116.1

110.5

133.5

0.0

0.4

0.0

0.0

0.0

0.0

48.4

29.3

18.2

2.8

2.4

7.6

51.2

32.0

25.8

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.7

0.0

0.0

0.7

16.5

16.5

16.5

24.3

42.3

70.0

24.1

19.7

20.4

64.9

78.5

107.0

116.1

110.5

133.5

, $
2005

2006

2007

213.5

268.1

366.7

190.9

231.9

312.9

()

22.6

36.2

53.8

10.5

8.3

19.4

( )


EBITDA

14.4

22.8

30.2

50.5

4.1

4.7

7.7

()

12.4

25.4

42.7

0.0

5.3

3.1

0.2

0.1

0.0

0.1

6.3

3.6

12.2

24.4

42.2


()

188

16.5
16.6

2008-2009

4.0

8.5

12.3

8.2

15.9

29.9

ZACO

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

337.7

27.1

17.4

0.38

4.65

7.27

: $1.06

2006

321.5

18.9

10.8

0.39

6.68

11.70

: $2.11

2007

380.5

14.4

7.1

0.33

8.77

17.82

: 98%

2005


. 10% .

ZACO

Bloomberg
``

``

``

``

``

``

``

``

,
.

ZACO UZ

41.8%

MetalUkr Holding ()

25.0%

Omni International Ventures Ltd.


(. -)

15.3%

2008 . 30%, 6
. 2010 .

Jassen Enterprises corp.


(. -)

10.7%

($ )

. 2008
. ,
.

2007 .
7.3%, 142 . , 2006 .
1 794 . .

51% .
2007 . 18%, $380.5
., EBITDA 31%, $14.4 ., EBITDA 2.1 .. 3.8%.
20082009 .
.

7.2%

119 325 280


126.7

($ )

-0.8

EV ($ )

125.9

, $

1.06

, $

2.37

2.5
2.1
1.7
1.3
0.9
07.2007

10.2007

01.2008

04.2008


()

189


, $
31.12.2005

31.12.2006

31.12.2007

1.1

0.8

0.1

7.1

5.1

5.1

17.2

12.8

27.6

4.0

4.9

5.3

22.8

25.2

18.4

1.4

2.3

0.9

53.6

51.0

57.4

32.4

35.9

34.1

41.6

45.2

52.9

73.9

81.2

86.9

127.5

132.2

144.3

0.0

0.0

0.0

0.0

0.0

0.0

5.9

14.7

21.0

3.5

5.3

3.8

9.4

20.0

24.8

0.0

0.0

0.0

0.0

0.0

0.0

38.0

37.8

37.7

37.7

38.0

37.8

0.2

0.2

0.2

38.3

37.7

46.8

41.5

36.5

34.7

80.0

74.4

81.8

127.5

132.2

144.3

, $
2005

2006

2007

337.7

321.5

380.5

303.4

294.1

360.2

()

34.4

27.4

20.3

3.5

3.5

3.7

10.8

12.0

9.7

27.1

18.9

14.4

( )

EBITDA

3.2

3.7

4.3

()

23.9

15.2

10.0

1.2

3.3

17.4

0.1

0.0

0.1

0.5

3.0

17.5

24.5

15.5

9.8

7.0

4.6

2.7

17.4

10.8

7.1

()

190

2008-2009

CHVK

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

29.1

3.7

2.2

0.49

3.94

6.55

: $0.29

2006

29.4

1.9

0.5

0.48

7.54

28.03

: $0.72

2007

39.7

4.7

2.8

0.36

3.11

5.02

: 152%

, , ,
, .
``

.
,
.

CHVK

Bloomberg

CHVK UZ

25.0%

22.9%

25.2%
26.9%

``

, , , , , , ,
, .

``

``

2008 .
$0.46 ., 16%
2007 ., $2.35 .

``

2008 . . 2007 .

``

2007 . 35%, $39.7 .,


EBITDA 5.3 .. 11.9%,
5.5 .. 7.2%.


49 932 453

($ )

14.2

($ )

0.4

EV ($ )

14.6


, $

0.14

, $

0.43

0.50
0.45
0.40
0.35
0.30
0.25
0.20
0.15
0.10
07.2007

10.2007

01.2008

04.2008


()

191


, $
31.12.2005

31.12.2006

31.12.2007

0.1

0.1

0.0

0.0

0.0

0.0

1.8

2.2

2.8

0.8

0.9

0.4

13.6

14.7

18.1

0.2

0.5

0.2

16.4

18.4

21.5

10.5

9.5

8.8

0.7

0.8

1.0

11.1

10.3

9.8

27.5

28.7

31.3

0.2

0.6

0.4

0.0

0.0

0.0

0.7

0.8

0.8

1.0

1.0

1.0

1.8

2.4

2.3

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.1

0.0

0.0

0.1

0.0

0.1

0.1

0.1

13.1

13.7

16.5

12.5

12.5

12.4

25.7

26.2

29.1

27.5

28.7

31.3

2005

2006

2007

29.1

29.4

39.7

21.1

22.2

27.9

()

8.1

7.3

11.8

0.8

0.7

0.9

5.1

6.1

8.0

3.7

1.9

4.7

0.9

1.0

1.1

()

2.8

0.9

3.6

0.1

0.0

0.0

0.0

0.0

0.1

0.0

0.0

0.2

2.9

0.9

3.4

0.7

0.4

0.6

2.2

0.5

2.8

, $
( )

EBITDA

()

192

2008-2009

MGZC

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

104.0

6.5

4.7

5.24

83.97

116.01

2006

123.7

5.8

-1.8

4.41

93.91

: $0.30

2007

144.4

7.7

-0.6

3.78

70.84

: -18%

- .
``

``

``

, , , .


(- ).
80%
.

: $0.37

MGZC

Bloomberg

MGZC UZ

ADR/GDR

MARGY/NQ8

1 ADR/GDR


Fianex Holdings Ltd. ()

24.0%

Humax Enterprises Ltd. ()

23.9%

Mosfilia Investments Ltd. ()

23.9%

Counttenmax Holdings Ltd. ()

23.9%

``

, , 95.7%
.

``

,
,
,
.

``

2008 . $2.2
. .
, ,
, .

``

2008 .
148 . ,
61 . , 910.

``

,

. EBITDA
2007 . 5.4%, 7.0%.

100

4.3%


1 466 502 000

($ )

545.3

($ )

2.4

EV ($ )

547.7


, $

0.09

, $

0.96

1.10
0.95
0.80
0.65
0.50
0.35
0.20
0.05
07.2007

10.2007

01.2008

04.2008


()

193


, $
31.12.2005

31.12.2006

31.12.2007

1.2

7.1

1.1

0.0

0.0

0.0

23.7

49.6

42.3

44.2

28.7

35.0

32.0

28.2

24.6

0.1

0.1

3.8

101.1

113.8

106.8

53.6

53.3

50.7

6.1

23.7

3.8

59.7

77.0

54.6

160.8

190.8

161.4

3.0

19.5

3.5

0.0

0.0

0.0

4.2

4.4

9.2

7.0

23.0

5.3

14.2

46.8

18.1

0.0

0.0

0.0

0.0

0.0

0.0

2.0

1.2

1.3

2.0

1.2

1.3

72.6

72.6

72.6

13.2

12.0

11.3

58.8

58.2

58.1

144.6

142.8

142.0

160.8

190.8

161.4

, $
2005

2006

2007

104.0

123.7

144.4

93.1

114.9

128.8

()

11.0

8.9

15.7

25.9

51.5

28.3

30.4

54.6

36.3

6.5

5.8

7.7

6.7

6.7

6.0

()

-0.2

-0.8

1.7

40.0

7.0

5.9

0.1

1.8

1.1

33.2

6.5

6.4

6.4

-2.1

0.1

1.7

-0.3

0.8

4.7

-1.8

-0.6

( )

EBITDA

()

194

2008-2009

ZALK

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

240.7

5.9

-4.8

0.62

24.59

: $0.24

2006

304.5

41.5

18.8

0.49

3.50

7.86

: $0.26

2007

315.2

37.3

15.0

0.47

3.88

9.89

: 11%

()
, , .
``

``

100 . . , .
, 11.5%
.

ZALK

Bloomberg

ZALK UZ


Velbay Holdings Limited ()

2.5%

``

``

100% (), , .

.
,
, 263 . /, 109 . / 9 . /
.

97.5%

622 729 120

($ )

148.1

($ )

-3.1

EV ($ )

145.0


, $

0.22

, $

0.59

0.6
``

, 100 . ,
.

0.5
0.4
0.3
0.2

``

2007 . 63% .

``



1-2 , , .

``

,
.

0.1
07.2007

10.2007

01.2008

04.2008


()

195


, $
31.12.2005

31.12.2006

31.12.2007

0.3

0.1

3.4

0.2

0.2

0.0

6.9

8.6

13.6

19.5

23.0

26.8

54.4

54.8

61.0

1.2

0.8

1.3

82.6

87.5

106.0

59.6

68.5

75.5

34.6

25.3

29.7

94.2

93.8

105.2

176.8

181.2

211.2

15.2

66.4

0.0

11.4

2.5

0.0

14.3

7.1

22.3

6.2

7.4

76.0

47.1

83.4

98.3

15.5

0.0

0.0

34.4

0.0

0.0

0.3

0.2

0.2

50.2

0.2

0.2

30.8

30.8

30.8

27.0

45.2

60.3

21.6

21.6

21.6

79.5

97.6

112.7

176.8

181.2

211.2

, $
2005

2006

2007

240.7

304.5

315.2

219.1

251.6

268.0

()

21.6

52.9

47.2

118.3

93.9

177.6

134.0

105.3

187.5

5.9

41.5

37.3

5.3

6.6

8.0

()

0.6

34.9

29.3

5.3

1.2

0.3

7.4

7.3

5.6

1.3

0.8

2.3

-2.9

28.0

21.6

( )

EBITDA


()

196

2008-2009

1.9

9.2

6.6

-4.8

18.8

15.0

ZPVT

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

61.8

6.3

2.4

0.45

5.05

11.44

: $4.77

2006

66.4

4.9

1.3

0.42

6.44

20.86

: $9.19

2007

76.3

7.2

2.9

0.37

4.42

9.78

: 92%

. 27%
, 25% 51% .
``

``

``

``

2007-2008 . . , - .

ZPVT

Bloomberg

ZPVT UZ

11.0%

2007

36.1%

, ,
2006 . 63%,
37%.

12.7%

40.2%

, 84% .
, , ,
, , , .

4
: , , . , ,
.

, $

1.65

, $

6.77


5 840 400

($ )

27.9

($ )

3.8

EV ($ )

31.7

7
6
5
4

``

,
.

3
2
1

``

2007 . 15%, $76.3 .,


EBITDA 2 .. 9.4%,
1.7 .. 3.7%.

07.2007

10.2007

01.2008

04.2008


()

197


, $
31.12.2005

31.12.2006

31.12.2007

1.1

1.4

2.1

0.0

0.0

0.0

8.6

8.7

7.2

1.1

0.7

1.0

15.8

17.4

18.3

0.1

0.5

0.7

26.6

28.7

29.3

30.4

30.6

34.9

2.1

3.5

4.2

32.6

34.0

39.1

59.2

62.7

68.4

4.1

6.6

0.0

0.0

0.0

0.0

10.0

9.4

11.1

1.3

2.3

3.0

15.3

18.3

14.1

1.1

0.0

5.9

0.0

0.0

0.0

0.2

0.0

0.0

1.3

0.0

5.9

15.0

15.0

15.0

13.3

14.8

17.5

14.3

14.6

15.9

42.6

44.5

48.5

59.2

62.7

68.4

2005

2006

2007

61.8

66.4

76.3

52.5

57.6

63.9

()

9.4

8.8

12.3

2.2

2.4

3.8

5.3

6.2

9.0

6.3

4.9

7.2

2.0

2.2

2.4

()

4.3

2.7

4.8

18.1

5.4

0.4

0.5

0.7

0.7

17.8

5.5

0.3

4.1

2.0

4.2

1.7

0.7

1.4

2.4

1.3

2.9

, $
( )

EBITDA

()

198

2008-2009

2007 ., ,
2006 . 28.6%,
(10.2%).
,
2007 . 42.3% . ,
, .

, 30-50% .
, , , ,
.
, . , , .
: 2007 .
, . ,
(: HTZD).

. ,
(: ZATR) 2007 .
3.7 , . (: SMASH) 1.45 .
50% , 70%.
.
, , , ,
.
, , . ,

( , , , ). , ,

. ,

, , .

199


KNST

MSICH

, ,

PTMZ

, ,
,

SMASH

,
, ,

SNEM

TATM

ZATR


DGRM

DRMZ

DZVM

,
, - ,

HMBZ

,
,

YAMZ


AZGM

, / ,
,

DNVM

,
/

DSTR

KRBD

KVBZ

LTPL

, ,

MZVM

,
,

SVGZ

,
/


AVTO

HARP

HTZD

KKOL

200

2008-2009

KRAZ

, ,

LUAZ

, ,

SZLV

NORD


KNST

MSICH

PTMZ

SMASH

()

SNEM


()

TATM

ZATR

()


DGRM

DRMZ

DZVM

HMBZ

YAMZ


AZGM

DNVM

DSTR

KRBD

KVBZ

LTPL

,
( )

MZVM

SVGZ


AVTO

HARP

HTZD

()

201

KKOL

KRAZ

LUAZ

SZLV

NORD

: , UFC

,
,
- .
,
, , .

, ,
.
. -
. , .
,
2030 . 4800 .
, .

20
. 2008-2017 .
$117 ., $50 . .

.
. , .
,
, - .
.
.

202

2008-2009

. 90%, .

,
40%. ,
,
.
, , , , , , .
,
.
,
, .
,
,
.
, , , ,

. , . ,
,
.
, - 2015 .
$27 . , .
,
- ,
. , ,
, .
. -
.

203


.
,
. , , .
,
. ,
.
,

,
. .
, , , . ,

.
.
,
, , . ,
, . ,
, , .

204

2008-2009

AVTO

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

348.2

28.6

16.5

1.35

18.68

28.55

: $74

2006

650.2

31.3

10.1

0.72

17.05

46.45

: $155

2007

443.6

243.7

212.9

1.06

2.19

2.21

: 109%

()
.
400 .
``

``

``


Fabryka
Samochodw Osobowych (FSO).
Daimler-Chrysler, General Motors, Toyota, RenaultNissan .,
.
35.5% 2007 .

AVTO

Bloomberg

AVTO UZ

30.2%

Holmes Ventures ()

24.7%

Carson Industries ()

24.7%

20.4%

6 330 618

($ )

470.8

($ )

63.8

EV ($ )
``

``

``


. 2008 . , . ,
IPO.

534.6


, $

74

, $

158

2008

.

160

2008 .
(
, FSO) / ().

60

140
120
100
80
07.2007

10.2007

01.2008

04.2008


()

205


, $
31.12.2005

31.12.2006

31.12.2007

1.8

5.5

36.6

0.0

0.0

5.7

14.3

27.5

41.5

47.6

180.3

231.4

57.5

79.0

35.7

13.4

1.7

8.3

134.6

294.0

359.2
212.6

33.6

43.5

139.2

267.2

189.3

172.9

310.7

401.9

307.4

604.7

761.1

5.4

226.0

0.0

0.0

0.0

0.0

79.3

125.5

49.1

80.6

5.2

124.5

165.3

356.7

173.6

36.1

123.5

100.3

0.0

0.0

0.1

5.7

1.5

8.9

41.8

125.1

109.4

6.2

18.8

18.8

21.2

30.5

236.6

72.9

73.7

222.7

100.3

123.0

478.2

307.4

604.7

761.1

, $
2005

2006

2007

348.2

650.2

443.6

281.1

559.2

252.7

()

67.2

91.0

190.9

37.1

82.8

181.5

75.7

142.4

128.7

28.6

31.3

243.7

( )

EBITDA

1.8

5.8

6.9

()

26.8

25.5

236.8

0.4

155.3

400.7

5.2

15.1

37.9

0.1

150.9

361.3

22.0

14.8

238.3

5.5

4.7

25.4

16.5

10.1

212.9

()

206

2008-2009

AZGM

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

237.8

8.9

1.2

1.39

47.00

287.78

2006

324.9

9.7

0.2

1.02

43.07

1 735.57

: $3.16

2007

485.0

13.5

0.2

0.68

30.91

1 617.96

: -56%

, -, ,
, .
``

``

``

``

,
: ,
, -
.
2008 .
,
$3.8 . , 2008 .
$8.5 .


. ,
, ,
, , ,
.
EBITDA 2007 .
2.8% ( 2006 . 3.0%).
0.04% ( 2006 . 0.1%). .

: $7.12

AZGM

Bloomberg

AZGM UZ

26.4%

26.2%

""

23.8%

Derison Holdings ()

20.2%

3.4%

46 504 000

($.)

331.0

($.)

87.6

EV ($.)

418.6


, $

4.21

, $

12.07

13
11
9
7
5
3
07.2007

10.2007

01.2008

04.2008


()

207


, $
31.12.2005

31.12.2006

31.12.2007

8.8

0.8

17.0

0.0

0.0

0.0

23.2

52.3

45.6

25.8

17.6

95.5

28.8

42.6

69.3

1.3

1.9

4.9

87.8

115.2

232.4

22.5

28.6

28.8

4.8

5.4

9.5

27.3

34.0

38.3

115.1

149.2

270.6

35.9

49.7

104.6

0.0

0.0

0.0

25.0

43.2

66.6

27.8

29.7

72.6

88.7

122.6

243.8

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2.3

2.3

2.3

15.5

15.6

15.8

8.6

8.6

8.6

26.4

26.6

26.8

115.1

149.2

270.6

, $
2005

2006

2007

237.8

324.9

485.0

218.6

302.3

455.5

()

19.2

22.6

29.5

185.9

250.4

342.0

196.2

263.3

358.0

8.9

9.7

13.5

1.5

1.7

2.6

()

7.4

8.0

10.9

0.1

0.2

3.8

3.0

6.0

5.9

0.1

0.1

3.5

4.4

2.1

5.3

3.3

1.9

5.1

1.2

0.2

0.2

( )

EBITDA

()

208

2008-2009

DGRM

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

52.2

3.6

1.7

0.27

9.79

8.42

: $0.31

2006

34.8

-0.5

-3.5

0.40

: $0.23

2007

46.8

-4.2

-7.2

0.30

: -25%


,

, .
``

``


,

- ,
, . , .

DGRM

Bloomberg

DGRM UZ

19.8%

19.0%

18.6%

""

10.1%

6.0%

``

``

``

``

``

43 , 40
, .

: ,
-
.


. , .
2008 .
.
2007 .
$18.2 . ,
. ,
, , , .

26.5%

45 453 000

($ )

14.0

($ )

21.3

EV ($ )

35.3


, $

0.27

, $

0.67

0.7
0.6
0.5
0.4
0.3
0.2
07.2007

10.2007

01.2008

04.2008


()

209


, $
31.12.2005

31.12.2006

31.12.2007

0.2

0.4

0.1

0.0

0.0

0.0

15.7

14.2

6.6

13.1

4.1

1.8

11.9

7.3

8.3

5.3

1.6

1.6

46.2

27.6

18.3

12.3

15.5

16.9

2.5

4.1

4.5

14.7

19.6

21.4

61.0

47.2

39.7

3.2

3.2

3.2

0.0

0.0

0.0

24.1

20.4

17.3

7.7

5.2

1.7

35.0

28.8

22.2

0.0

0.0

0.0

14.6

11.8

18.2

0.8

1.1

1.0

15.5

12.9

19.2

2.3

2.3

2.3

0.7

-4.0

-10.9

7.5

7.3

7.0

10.5

5.6

-1.6

61.0

47.2

39.7

2005

2006

2007

52.2

34.8

46.8

43.3

30.1

46.6

()

8.9

4.7

0.2

0.6

4.4

3.6

5.8

9.7

8.0

3.6

-0.5

-4.2

, $
( )

EBITDA

1.2

1.2

1.8

()

2.4

-1.7

-6.0

36.3

6.2

1.5

0.2

0.7

0.6

36.3

6.7

1.5

2.2

-2.9

-6.6


()

210

2008-2009

0.5

0.6

0.6

1.7

-3.5

-7.2

DNVM

2005

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

122.0

5.9

-0.2

1.60

35.74

: $11.7

2006

99.5

7.9

2.4

1.97

26.91

81.84

: $12.2

2007

155.1

31.6

20.2

1.26

6.68

9.68

: 3%

.
, ,
, , ,
.
``

``

``

( 80%)
.
, .

DNVM

Bloomberg

DNVM UZ

46.3%

Avary Limited ()

24.0%

,
.

Latinaizen Limited ()

21.0%

2007 . : 20.4% EBITDA, 13.0%


(7.9% 2.4% 2006 . ).

8.7%

16 635 800

($ )
``

``

``

``


.
.
2008 .
39% 2007 .
3 426 ,
2007 . 4.7%.
,
.
.

, .

195.5

($ )

15.9

EV ($ )

211.4


, $

2.97

, $

23.37

26
22
18
14
10
6
2
07.2007

10.2007

01.2008

04.2008


()

211


, $
31.12.2005

31.12.2006

31.12.2007

3.6

5.0

0.4

0.0

0.0

0.0

4.6

2.1

2.1

10.3

25.3

20.6

19.6

20.9

29.0

1.7

1.2

1.1

39.8

54.5

53.3

7.4

9.7

9.3

2.7

0.9

1.1

10.0

10.6

10.4

49.8

65.1

63.8

20.2

37.6

16.3

0.0

0.0

0.0

5.7

3.2

1.3

3.4

2.2

3.6

29.3

42.9

21.2

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.2

0.4

0.0

0.2

0.4

1.6

1.6

1.6

-0.5

1.7

21.5

19.3

18.7

19.0

20.5

22.0

42.2

49.8

65.1

63.8

, $
2005

2006

2007

122.0

99.5

155.1

107.2

83.7

112.5

()

14.8

15.8

42.6

105.5

81.0

131.8

114.4

88.9

142.7

5.9

7.9

31.6

1.0

1.2

1.5

()

5.0

6.7

30.1

1.3

0.4

0.1

3.5

3.2

3.2

1.5

0.0

0.0

1.2

3.9

27.1

( )

EBITDA


()

212

2008-2009

1.4

1.5

6.8

-0.2

2.4

20.2

DRMZ

2005

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

89.9

6.5

0.3

1.37

19.29

373.46

: $0.59

2006

85.5

7.6

2.3

1.44

16.63

52.92

: $0.75

2007

151.0

14.0

5.1

0.81

8.99

24.21

: 26%

- .
, .
``

``

``

``

``

``

-
.
,
,
- .
2007 . 76.5%
2006 ., EBITDA 84.9%,
2.2
.
75%-
2007 . ,

.

DRMZ

Bloomberg

DRMZ UZ


Ukrainian Machine Building Holding
()

65.3%

12.0%

-XXI

9.7%

Bank Austria Creditanstalt ()

9.6%

3.4%

207 535 684

($ )

123.0

($ )

3.3


,
.

EV ($ )

, $

0.35

. :

.

, $

1.25

, .

126.3

1.5
1.2
0.9
0.6
0.3
0.0
07.2007

10.2007

01.2008

04.2008


()

213


, $
31.12.2005

31.12.2006

31.12.2007

2.2

1.2

2.7

0.0

8.3

9.3

27.8

24.6

28.5

32.7

35.5

35.7

37.2

66.5

36.4

12.6

4.3

1.9

112.6

140.4

114.5

26.6

26.9

26.1

9.2

9.8

10.0

35.9

36.7

36.1

148.4

177.2

150.6

5.9

5.9

0.0

0.2

0.1

0.0

94.0

104.0

56.9

13.7

37.9

35.1

113.8

148.0

92.0

0.0

0.0

5.9

0.0

0.0

0.0

0.0

0.0

18.5

0.0

0.0

24.4

10.3

10.3

10.3

22.4

16.9

23.9

2.0

2.0

0.0

34.6

29.2

34.2

148.4

177.2

150.6

2005

2006

2007

89.9

85.5

151.0

68.4

72.3

124.8

()

21.5

13.2

26.1

53.1

52.9

88.1

68.1

58.5

100.2
14.0

, $
( )

EBITDA

6.5

7.6

4.2

3.5

3.6

()

2.3

4.1

10.5

6.0

6.5

0.1

0.5

1.3

1.1

5.9

6.4

0.0

1.9

2.8

9.5

1.6

0.5

4.4

0.3

2.3

5.1

()

214

2008-2009

DSTR

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

40.4

3.8

1.7

0.84

8.73

20.60

: $134

2006

45.8

3.8

1.5

0.74

8.66

22.63

: $95

2007

46.6

3.8

1.5

0.73

8.69

22.65

: -29%


. , .
``

``

``

``

``


, ,
.
.
,
90% .
,
.

DSTR

Bloomberg

DSTR UZ

18.7%

18.3%

18.3%

11.2%

10.0%

7.0%

5.1%

11.4%

254 560

2007 .
2006 . ( 1.7%, EBITDA
0.4%, 0.1%).

($ )

34.1

2007 .
2006 . EBITDA margin 8.2%, 4.7%,

3.2%.

, $

105

, $

167

($ )

-1.0

EV ($ )

33.1

180
160
140
120
100
07.2007

10.2007

01.2008

04.2008


()

215


, $
31.12.2005

31.12.2006

31.12.2007

0.1

0.2

1.0

0.0

0.0

0.0

2.0

2.3

3.1

1.2

1.1

2.2

11.3

8.0

9.7

0.2

0.0

0.1

14.8

11.7

16.1

19.4

19.0

19.0

1.2

0.9

1.0

20.7

19.9

20.0

35.5

31.6

36.1

0.0

0.0

0.0

0.0

0.0

0.0

9.3

3.9

6.4

0.6

0.5

0.7

9.9

4.4

7.1

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.2

0.2

0.0

0.2

0.2

0.5

0.5

0.5

15.0

16.9

18.8

10.0

9.5

9.5

25.5

27.0

28.8

35.5

31.6

36.1

2005

2006

2007

40.4

45.8

46.6

33.7

39.0

39.8

()

6.7

6.9

6.8

2.6

7.2

10.5

, $
( )

5.5

10.2

13.5

3.8

3.8

3.8

1.5

1.4

1.6

()

2.3

2.4

2.2

0.0

0.1

0.1

0.0

0.0

0.0

0.3

0.3

0.3

2.1

2.2

2.0

0.4

0.7

0.5

1.7

1.5

1.5

EBITDA

()

216

2008-2009

DZVM

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

44.8

3.5

2.0

2.67

34.87

60.46

: $4.19

2006

57.9

1.7

-0.05

2.07

70.99

: $3.24

2007

72.3

3.6

0.5

1.65

34.52

221.53

() -
. , ,
, , . :
- , , - , .
``

``

``

``

(Mittal Steel
, , , ), ,
, , .

: -23%

DZVM

Bloomberg

DZVM UZ

49.9%

24.4%

9.0%

16.7%

2007 . 60%
. .


- .

EV ($ )

2007 .
. 29%, 9%,
59%.
. , , - 80% .

, $

2.18

, $

7.72

28 498 448

($ )

119.5

($ )

3.5
123.1

9
7
5
3
1
07.2007

10.2007

01.2008

04.2008


()

217


, $
31.12.2005

31.12.2006

31.12.2007

1.0

1.6

0.5

0.0

0.0

0.0

3.7

2.8

2.5

6.2

8.7

12.6

13.7

14.9

17.4

0.5

1.1

0.9

25.1

29.2

34.0

15.9

17.3

19.6

2.0

1.9

2.0

17.8

19.2

21.6

42.9

48.4

55.6

1.0

3.1

0.0

0.0

0.0

0.0

1.7

1.2

2.3

11.1

10.4

17.9

13.8

14.7

20.2

2.1

2.1

4.1

0.0

0.0

0.0

0.3

0.0

0.0

2.4

2.1

4.1

0.7

5.9

5.9

14.6

15.1

15.6

11.3

10.5

9.8

26.6

31.6

31.3

42.9

48.4

55.6

2005

2006

2007

44.8

57.9

72.3

29.1

41.0

51.1

()

15.8

16.9

21.2

5.4

18.7

21.0

17.7

33.8

38.7

3.5

1.7

3.6

1.2

1.2

1.7

()

2.3

0.5

1.9

0.7

0.6

0.2

0.3

0.5

0.6

0.4

0.6

0.4

2.3

0.1

1.1

0.3

0.1

0.6

2.0

-0.05

0.5

, $
( )

EBITDA

()

218

2008-2009

HARP

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

44.4

2.5

0.2

0.81

17.90

144.73

2006

45.5

-1.7

-2.7

0.79

: $3.41

2007

61.7

1.7

-0.8

0.58

26.36

: -16%

.
.
``

``

``

, , ,
.

. ,

.
, 2010 .,
15 . .

: $4.05

HARP

Bloomberg

HARP UZ

50.1%

World Trading Bearing


()

45.4%

4.5%

8 848 000

($ )

35.9

($ )

9.1

EV ($ )
``

``


. ,

.
. :
. ,
,
, -
, ,
. .

45.0


, $

1.19

, $

4.88

5
4
3
2
1
0
07.2007

10.2007

01.2008

04.2008


()

219


, $
31.12.2005

31.12.2006

31.12.2007

0.3

0.1

4.2

0.0

1.8

1.0

5.4

10.8

7.0

1.2

1.6

1.3

17.7

13.6

18.6

0.3

0.7

1.2

25.1

28.5

33.1

10.8

12.9

19.1

21.6

22.2

20.1

32.4

35.1

39.2

57.5

63.6

72.3

2.4

4.7

0.0

0.0

0.0

0.0

5.4

6.3

5.6

4.0

7.7

7.9

11.7

18.7

13.6

1.1

0.9

8.8

10.7

2.7

4.4

10.6

21.0

25.9

22.4

24.5

39.2

0.4

0.4

0.4

0.8

4.5

3.7

22.1

15.5

15.4

23.3

20.4

19.6

57.5

63.6

72.3

2005

2006

2007

44.4

45.5

61.7

38.6

43.6

54.5

()

5.8

1.9

7.2

20.0

21.8

24.4

23.2

25.4

29.8

2.5

-1.7

1.7

1.2

1.5

1.6

()

1.3

-3.1

0.2

11.6

8.2

12.9

0.7

0.7

1.2

12.0

7.9

12.7

0.2

-3.6

-0.8

-0.1

-0.9

0.0

0.2

-2.7

-0.8

, $
( )

EBITDA

()

220

2008-2009

HMBZ

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

40.2

13.0

9.4

1.89

4.70

8.08

: $0.23

2006

40.9

9.2

5.9

1.86

6.66

12.90

: $0.45

2007

53.4

12.1

6.2

1.42

5.06

12.32

: 98%



, ,
- .

.
``

``

``

``

``

``

HMBZ

Bloomberg

HMBZ UZ

. ,

, , .

26.8%

10.0%

17.9%

23.9%


, .

11.6%

-
.

9.8%

335 332 950

($ )

75.8

($ )

-14.6

, , ,
- .

EV ($ )

61.2

, $

0.22

,

.

, $

0.49

, , , .

0.5
0.4
0.3
0.2
0.1
07.2007

10.2007

01.2008

04.2008


()

221


, $
31.12.2005

31.12.2006

31.12.2007

12.0

12.6

14.6

0.0

0.0

0.8

4.4

4.4

4.1

7.3

11.2

12.6

16.4

16.4

19.0

0.7

0.4

1.2

40.8

44.9

52.2

7.8

9.2

9.6

1.2

1.2

2.3

9.0

10.4

11.9

49.8

55.4

64.1

0.0

0.0

0.0

0.0

0.0

0.0

1.7

0.5

2.4

2.2

3.0

3.7

3.8

3.5

6.1

0.0

0.0

0.0

0.0

0.0

0.0

0.1

0.0

0.0

0.1

0.0

0.0

0.2

0.7

0.7

12.0

12.6

18.8

33.7

38.6

38.6

45.9

51.8

58.0

49.8

55.4

64.1

2005

2006

2007

40.2

40.9

53.4

24.2

25.3

35.4

()

16.0

15.5

18.0

8.9

10.6

9.0

11.9

17.0

14.9

, $
( )

EBITDA

13.0

9.2

12.1

2.0

2.2

2.7

()

11.0

7.0

9.4

1.5

1.6

2.1

0.0

0.0

0.0

0.3

0.1

1.9

12.3

8.4

9.6

2.9

2.5

3.4

9.4

5.9

6.2

()

222

2008-2009

HTZD

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

75.1

2.1

-4.4

0.62

45.84

: $2.67

2006

73.2

4.1

-6.2

0.64

23.32

: $1.71

2007

82.8

-7.3

-17.8

0.56

: -36%


,
-
.
``

``

``

``

``

``


,
.
2007 .
(). .

,
, .
2005-2007 . .
,
,
.
, ,
.

.

HTZD

Bloomberg

HTZD UZ


2007

22.8%

21.8%

Golden Property Enterprises


()

17.9%

Calverton Estebilishment
()

14.9%

Alport Enterprises ()

14.5%

8.1%

17 400 280

($ )

46.5

($ )

48.4

EV ($ )

94.9


, $

0.98

, $

4.45

5
4
3
2
1
0
07.2007

10.2007

01.2008

04.2008


()

223


, $
31.12.2005

31.12.2006

31.12.2007

1.8

0.3

1.5

0.7

0.0

0.0

9.6

15.3

29.5

5.3

4.4

20.7

46.3

31.5

29.4

0.9

0.7

0.7

64.7

52.2

81.8

48.1

47.5

43.0

5.7

5.0

18.9

53.8

52.5

61.9

143.7

118.6

104.7

14.8

7.8

1.3

16.8

18.6

21.4

10.7

26.0

25.2

13.5

10.1

63.4

55.8

62.4

111.3

20.1

16.9

1.2

11.7

0.0

26.0

3.4

3.7

1.2

35.2

20.6

28.4

0.9

0.9

0.9

-4.5

-10.8

-28.6
31.7

31.2

31.5

27.6

21.6

4.0

118.6

104.7

143.7

2005

2006

2007

75.1

73.2

82.8

63.3

66.9

76.4

()

11.8

6.3

6.4

59.2

33.2

44.1

68.9

35.3

57.9

2.1

4.1

-7.3

3.4

3.4

3.3

()

-1.3

0.7

-10.6

6.0

4.0

1.9

5.8

4.6

1.9

4.3

4.4

8.1

-5.4

-4.3

-18.7

, $
( )

EBITDA


()

224

2008-2009

-1.0

1.9

-0.9

-4.4

-6.2

-17.8

KKOL

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

58.5

3.9

1.5

1.29

20.71

49.32

: $8.63

2006

69.8

10.8

4.6

1.08

7.57

16.56

: $7.81

2007

84.8

13.6

5.0

0.89

6.01

15.15

: -9%


,
, , ,
, .
``

``

KKOL

Bloomberg

KKOL UZ

,
.

13.8%

25% . ,
, - ,
, , , , , , .

13.5%

12.9%

12.2%

9.9%

``

(
), .

``

, ,
70%.

``

$5 . 2008 .
,
.

``

( , ). ,
(, , , - ).

37.7%

8 734 840

($ )

75.3

($ )

6.2

EV ($ )

81.5


, $

4.85

, $

9.93

11
9
7
5
3
07.2007

10.2007

01.2008

04.2008


()

225


, $
31.12.2005

31.12.2006

31.12.2007

1.3

0.1

3.0

0.0

0.0

0.0

0.9

1.9

1.9

3.6

6.4

8.8

11.5

14.2

20.0

0.4

0.6

1.4

17.7

23.2

35.0

13.3

17.3

24.7

2.6

1.9

7.0

15.9

19.2

31.7

33.6

42.4

66.7

4.4

2.8

5.1

0.0

0.0

0.0

1.0

1.5

4.4

2.5

3.1

5.6

7.8

7.4

15.1

0.0

0.0

4.1

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

4.1

11.2

11.2

11.2

1.6

4.6

5.0

13.0

19.2

31.2

25.8

35.0

47.5

33.6

42.4

66.7

2005

2006

2007

58.5

69.8

84.8

50.1

55.6

66.6

()

8.4

14.3

18.2

32.9

34.5

39.8

37.4

38.0

44.4

3.9

10.8

13.6

1.1

2.5

3.4

()

2.8

8.2

10.2

0.3

0.3

0.6

0.4

0.5

0.6

0.6

0.7

1.9

2.1

7.3

8.2

0.6

2.8

3.2

1.5

4.6

5.0

, $
( )

EBITDA

()

226

2008-2009

KNST

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

15.7

-0.2

-1.2

2.37

: $14.09

2006

17.2

2.5

-0.2

2.17

19.61

: $6.59

2007

24.7

1.3

0.6

1.51

37.47

59.44

: -53%

, , .
,
, .
``

``

``

``

``

, ,
,
.
.
, 10%
.
,
,
,
.
-
.

, , .
,
.

KNST

Bloomberg

KNST UZ


Morston Services ()

24.9%

Aldhelm Trade ()

24.9%

Mooridge Holdings
()

16.8%

Millenium Trade Bank


()

13.0%

20.4%

2 647 440

($ )

37.3

($ )

11.7

EV ($ )

49.0


, $

8.58

, $

17.22

18
16
14
12
10
8
09.2007

12.2007

03.2008

06.2008


()

227


, $
31.12.2005

31.12.2006

31.12.2007

0.1

0.1

0.1

0.0

0.0

0.0

0.8

0.9

1.0

1.2

1.7

9.6

12.0

11.7

14.2

0.4

0.3

0.6

14.6

14.8

25.4

26.6

26.4

26.6

1.3

1.4

0.8

27.8

27.8

27.4

42.4

42.6

52.8

3.1

0.4

5.9

1.0

0.5

2.6

0.6

0.8

1.7

4.7

2.8

6.3

9.3

4.5

16.5

0.0

5.2

3.2

0.0

0.0

0.0

0.0

0.2

0.0

0.0

5.3

3.2

33.0

33.0

33.0

-0.7

-1.1

-0.5

0.7

0.9

0.5

33.0

32.8

33.1

42.4

42.6

52.8

2005

2006

2007

15.7

17.2

24.7

11.2

11.6

19.0

()

4.5

5.5

5.7

5.5

6.2

4.4

10.3

9.2

8.7

-0.2

2.5

1.3

1.0

1.1

1.2

()

-1.3

1.4

0.1

0.4

0.3

3.3

0.5

0.6

0.6

0.4

0.2

2.1

-1.7

0.9

0.8

-0.5

1.1

0.1

-1.2

-0.2

0.6

, $
( )

EBITDA

()

228

2008-2009

KRAZ

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

119.7

4.6

9.8

2.66

95.02

32.57

: $0.14

2006

113.4

-15.7

11.4

2.81

27.90

: $0.07

2007

201.5

-3.7

14.7

1.58

21.73

: -49%

28
, , , , ,

400 .
``

``

``

``

``


- .
2007 20.7% 4206 2006 . 2008
. 5-5.5 . .
, , , .
,
.
2008 .
$25 . 3.7
, 2007 . . , ,

.
2007 . 7.3% ( 2006 . 10.1%). , EBITDA .

KRAZ

Bloomberg

KRAZ UZ

ADR/GDR

+/A6X1

1 ADR/GDR

100

17.1%

9.9%

9.9%

Ferrexpo ()

9.5%

8.8%

8.8%

8.8%

8.2%

6.1%

12.9%

2 262 969 820

($ )

318.8

($ )

116.2

EV ($ )

435.1


, $

0.09

, $

0.35

0.4
0.3
0.2
0.1
0.0
07.2007

10.2007

01.2008

04.2008


()

229


, $
31.12.2005

31.12.2006

0.0

0.1

31.12.2007
1.8

2.5

8.7

31.5

29.3

34.9

3.3

54.4

213.0

319.8

30.3

33.5

47.4

19.8

10.1

9.3

136.4

300.3

413.1

118.9

109.2

207.6

165.0

151.4

206.6

283.9

260.6

414.2

420.2

560.9

827.3

27.9

49.8

84.0

0.0

0.0

0.0

7.5

5.3

39.0

114.5

234.4

278.1

150.0

289.5

401.1

4.0

10.0

4.0

1.1

2.3

30.0

0.0

0.0

0.0

5.1

12.3

34.0

112.0

112.0

112.0

12.2

33.3

56.4

140.9

113.8

223.7

265.1

259.1

392.2

420.2

560.9

827.3

, $
2005

2006

2007

119.7

113.4

201.5

109.1

132.9

201.5

()

10.6

-19.5

-0.02

61.2

38.6

112.2

67.2

34.9

115.8

4.6

-15.7

-3.7

2.8

11.8

11.3

( )

EBITDA

()

1.8

-27.5

-14.9

80.4

429.0

403.1

4.8

8.5

12.1

67.6

380.5

359.0

9.8

12.6

17.1

0.0

1.1

2.4

9.8

11.4

14.7

()

230

2008-2009

KRBD

2005

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

12.0

0.6

1.4

1.39

53.04

11.90

: $0.41

2006

27.2

3.8

2.4

0.61

8.32

7.02

: $0.49

2007

43.6

3.8

2.0

0.38

8.32

8.30

: 18%


. .
- . , ,
.
``

``

``

``

``

``

, ,
, .


, ,
(), . , .
.
2007 . 60.7% 2006 . EBITDA
,
15.5%.
, 2007 .
, , .
.
.
2007 .
EBITDA 2007 . 8.7%, 4.6% ( 2006 . 14.0% 8.8%
).

KRBD

Bloomberg

KRBD UZ


Ganado Trade (- )

25.0%

22.6%

22.3%

30.1%

42 155 320

($ )

16.7

($ )

15.0

EV ($ )

31.7


, $

0.19

, $

0.53

0.6
0.5
0.4
0.3
0.2
0.1
07.2007

10.2007

01.2008

04.2008


()

231


, $
31.12.2005

31.12.2006

31.12.2007

0.1

3.3

7.1

0.0

0.0

0.0

1.0

2.5

2.2

0.5

1.1

6.6

10.5

11.3

18.6

1.4

0.8

2.2

13.4

19.0

36.6

11.7

12.6

16.9

6.3

11.4

15.4

18.0

24.0

32.3

31.3

43.0

68.9

0.6

0.5

1.3

0.0

0.0

0.0

3.4

5.7

7.1

11.3

6.3

20.4

15.3

12.4

28.7

1.7

8.3

14.0

0.0

5.1

6.8

0.1

0.2

0.1

1.8

13.6

20.9

11.7

11.7

11.7

-0.3

2.0

4.2

2.9

3.2

3.4

14.3

17.0

19.3

31.3

43.0

68.9

2005

2006

2007

12.0

27.2

43.6

9.3

18.9

34.4

()

2.7

8.3

9.2

4.9

13.7

24.8

, $
( )

7.0

18.2

30.3

0.6

3.8

3.8

0.6

0.8

1.0

()

0.0

3.0

2.8

1.9

7.3

6.1

0.4

1.3

2.5

0.1

6.3

3.9

1.4

2.6

2.5

0.0

0.3

0.5

1.4

2.4

2.0

EBITDA

()

232

2008-2009

KVBZ

2005

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

272.4

40.9

29.2

1.86

12.40

17.34

: $4.41

2006

225.4

29.6

18.3

2.25

17.15

27.65

: $4.42

2007

408.9

60.0

39.6

1.24

8.45

12.78

: 0%

.
(-, , ,
) ,
, ,
, , .
``

``

``

``

``

``

,
.
$12 . 2017 .
.
.
.
.


. .
, .
2007 . 81.4%
2006 . EBITDA 2.03 2.16 .
EBITDA 2007 . 14.7% ( 2006
. 13.1%).
9.7% ( 2006 . 8.1%).

KVBZ

Bloomberg

KVBZ UZ


Transbuilding Service
()

25.0%

Skinest Finants ()

25.0%

20.0%

12.0%

18.0%

114 679 552

($ )

506.0

($ )

0.8

EV ($ )

506.8


, $

2.08

, $

8.05

9
7
5
3
1
07.2007

10.2007

01.2008

04.2008


()

233


, $
31.12.2005

31.12.2006

31.12.2007

11.2

3.8

9.1

0.0

0.0

0.0

17.9

25.0

8.4

15.8

22.3

44.7

50.3

62.7

74.9

2.8

4.3

8.4

98.1

118.0

145.4

26.5

34.3

45.1

5.0

9.9

6.0

31.5

44.2

51.1

129.6

162.2

196.5

1.3

3.2

9.9

0.0

0.0

0.0

8.4

11.3

6.2

19.3

28.6

22.0

29.0

43.1

38.2

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

17.0

17.0

17.0

42.2

55.3

57.7

41.4

46.8

83.7

100.6

119.1

158.4

129.6

162.2

196.5

, $
2005

2006

2007

272.4

225.4

408.9

217.0

187.3

336.7

()

55.4

38.0

72.2

100.7

103.6

179.1

115.2

112.1

191.3

40.9

29.6

60.0

1.5

2.1

3.1

()

39.4

27.5

56.9

1.2

0.6

0.8

0.1

0.5

0.7

1.5

1.8

3.9

38.9

25.8

53.0

( )

EBITDA


()

234

2008-2009

9.7

7.5

13.4

29.2

18.3

39.6

LTPL

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

77.1

4.8

-0.1

2.78

47.27

: $0.98

2006

87.6

5.7

-3.1

2.44

40.14

: $0.42

2007

105.5

4.9

-2.9

2.03

46.32

: -57%

, - , , , , , .
``

,
.

``

``

2007 .
76% .
,
.

LTPL

Bloomberg

LTPL UZ


"

76.0%

24.0%

219 184 684

($ )

214.1

($ )

15.1

EV ($ )
``

``

``

.
EBITDA 2007 . 4.7%, 2.2% ( 2006 . 6.5%
3.8% ).
2007 . 20.5% 2006 . EBITDA
13.3%.

.

229.2


, $

0.68

, $

1.66

2.0
1.5
1.0
0.5
0.0
07.2007

10.2007

01.2008

04.2008


()

235


, $
31.12.2005

31.12.2006

31.12.2007

0.2

0.2

3.7

0.0

0.0

0.0

2.8

4.7

6.5

7.0

6.1

15.3

34.4

31.4

46.0

4.6

0.9

8.7

49.1

43.3

80.1

32.0

30.7

29.0

4.8

4.7

12.7

36.7

35.4

41.7

85.8

78.7

121.9

15.6

10.8

10.0

0.0

1.2

8.8

13.6

5.1

4.3

17.6

14.5

63.4

46.8

31.5

86.5

0.0

8.8

0.0

0.0

0.0

0.0

8.3

7.6

7.6

8.3

16.4

7.6

10.9

10.9

10.9

-11.5

-9.5

-9.2

31.3

29.4

26.1

30.7

30.8

27.8

85.8

78.7

121.9

2005

2006

2007

77.1

87.6

105.5

64.1

73.1

88.1

()

13.0

14.5

17.4

53.2

22.2

24.4

61.4

31.0

36.8

4.8

5.7

4.9

2.1

2.4

2.6

()

2.7

3.3

2.4

3.4

0.4

0.3

2.1

2.3

2.9

2.8

3.2

3.3

1.1

-1.8

-3.5

, $
( )

EBITDA


()

236

2008-2009

1.2

1.2

-0.6

-0.1

-3.1

-2.9

LUAZ

2005

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

211.8

22.7

18.8

2.72

30.67

30.61

: $0.17

2006

421.1

31.3

19.9

1.37

22.24

28.91

: $0.19

2007

818.0

104.2

73.8

0.70

6.67

7.80

: 10%


.

.
, .
(Kia, Hyundai), .
``

2007 . 94.2% 2006 . EBITDA 3.3 3.7 . ,


.

``

2007 . Kia 3.4 - 17.79 ., Hyundai 3.7


16.35 . .

``

EBITDA Margin 2007 . 12.7%, ( 2006


. 7.4%).
2007 . 9.0% (4.7% 2006 .).

``

``

2008 .
93%. .
, . ,
, ,
, ,
.

LUAZ

Bloomberg

LUAZ UZ

ADR/GDR

+/L4J1

1 ADR/GDR

100


SV Motors ()

48.0%

9.3%

8.3%

5.5%

28.9%

3 327 998 160

($ )

576.2

($ )

119.2

EV ($ )

695.4


, $

0.14

, $

0.29

0.30
0.25
0.20
0.15
0.10
07.2007

10.2007

01.2008

04.2008


()

237


, $
31.12.2005

31.12.2006

31.12.2007

2.0

9.4

67.7

0.0

0.0

0.0

42.8

54.9

30.8

81.7

159.4

374.3

62.8

40.8

85.5

2.2

34.4

14.2

191.5

298.9

572.4

6.8

16.4

35.5

7.0

63.5

165.5

13.8

79.9

201.0

205.3

378.7

773.4

1.7

70.6

108.9

0.0

0.0

0.0

65.6

32.7

20.0

49.8

39.8

275.9

117.1

143.1

404.8

0.0

0.0

52.0

26.2

25.9

25.9

0.0

0.0

7.1

26.2

25.9

85.0

36.4

164.8

164.8

19.9

39.5

112.3

5.6

5.5

6.5

62.0

209.7

283.6

205.3

378.7

773.4

, $
2005

2006

2007

211.8

421.1

818.0

170.4

360.6

636.1

()

41.4

60.6

181.9

17.6

17.4

60.0

36.4

46.7

137.6
104.2

( )

EBITDA

22.7

31.3

0.5

1.2

3.8

()

22.2

30.0

100.4

0.4

1.8

3.6

2.2

5.4

14.2

0.2

1.0

3.5

20.2

25.4

86.3


()

238

2008-2009

1.4

5.4

12.5

18.8

19.9

73.8

MSICH

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

212.8

40.0

9.6

2.12

12.74

46.83

: $217

2006

245.1

39.8

7.5

1.84

12.83

60.63

: $359

2007

346.5

79.0

41.0

1.30

6.45

11.01

: 65%

. , .

120 , 50% .
``

``

``

2008 . 14%,
26% 2007 .
2007 .
84.9% , 10.5% -
, 4.6% - .
2008 .
,
$130 .

MSICH

Bloomberg

MSICH UZ

ADR/GDR

+/BC21

- 1 ADR/GDR

0.2/0.1


Bartens Allians ()

36.0%

15.0%

11.0%

Business House Helena ()

6.1%

4.0%

27.9%

2 077 990

($ )

451.7

($ )
``

``

``

. 2008 .
(, , , , )
. .

EV ($ )

2008 . IPO
.
.

360

58.3
510.0


, $

193

, $

351

300
240
180
120
07.2007

10.2007

01.2008

04.2008


()

239


, $
31.12.2005

31.12.2006

31.12.2007

14.3

11.0

16.6

0.2

8.2

20.4

22.2

28.5

23.0

23.7

27.0

54.9

140.2

164.3

227.7

2.9

2.7

5.3

203.4

241.8

347.9

139.3

142.1

155.7

64.7

65.1

73.7

204.0

207.2

229.4

407.4

449.0

577.3

56.1

63.8

70.9

0.0

0.0

0.0

28.7

30.9

42.2

43.6

67.0

89.4

128.3

161.6

202.5

0.0

0.0

0.0

0.0

0.0

4.0

11.0

11.4

16.4

20.4

11.0

11.4

55.6

55.6

55.6

76.6

84.3

124.7

135.8

136.1

174.2

268.0

276.0

354.4

407.4

449.0

577.3

, $
2005

2006

2007

212.8

245.1

346.5

141.8

151.0

194.9

()

71.0

94.0

151.6

125.6

154.5

182.2

156.6

208.7

254.8

40.0

39.8

79.0

17.6

18.1

18.8

()

22.4

21.7

60.2

7.9

10.4

18.6

4.9

7.0

7.4

8.7

11.2

15.8

16.8

13.9

55.6

7.1

6.4

14.6

9.6

7.5

41.0

( )

EBITDA

()

240

2008-2009

MZVM

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

435.8

13.7

2.3

0.54

21.54

102.36

: $15.26

2006

501.9

10.4

0.1

0.47

28.38

2730.94

: $14.16

2007

511.7

8.7

0.3

0.46

34.01

821.93

: -7%


, , ,
, .
``

``

``

``

``


. ,
.
( 70%)
.
, , , , , , , , .
.
: ,
, .
,
.
2007 . 2.0% 2006 . EBITDA
16.6%. $0.3 . ( 2006 . $0.1 .).

MZVM

Bloomberg

MZVM UZ

ADR/GDR

+/M9X

1 ADR/GDR

50.0%

Derison Holdings ()

19.5%

11.0%

Bank of New York (ADR)

6.4%

13.1%

15 387 464

($ )

234.7

($ )

61.1

EV ($ )

295.8


, $

14.31

, $

30.00

35
30
25
20
15
10
07.2007

10.2007

01.2008

04.2008


()

241


, $
31.12.2005

31.12.2006

31.12.2007

0.6

0.4

0.5

0.0

0.0

0.0

56.5

79.7

68.1

27.9

29.9

50.8

63.1

63.9

43.4

10.1

7.5

2.8

158.1

181.3

165.5

57.1

54.0

50.4

13.9

11.5

16.2

71.0

65.5

66.6

229.2

246.8

232.1

53.2

13.8

41.0

0.0

0.0

0.0

49.6

85.2

62.6

54.1

49.7

42.5

156.8

148.6

146.1

0.0

32.9

20.7

0.0

0.0

0.0

2.0

1.9

1.7

2.0

34.8

22.4

0.8

0.8

0.8

26.6

26.6

27.0

43.0

36.0

35.9

70.4

63.4

63.6

229.2

246.8

232.1

, $
2005

2006

2007

435.8

501.9

511.7

402.9

469.3

480.2

()

32.9

32.7

31.5

133.9

234.5

159.1

153.0

256.7

182.0

13.7

10.4

8.7

3.0

3.5

3.4

()

10.7

6.9

5.3

3.0

12.5

17.8

4.5

7.9

4.7

4.3

9.6

15.2

4.9

2.0

3.2

2.6

1.9

2.9

2.3

0.1

0.3

( )

EBITDA

()

242

2008-2009

NORD

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

195.3

7.4

1.1

0.55

17.33

101.36

2006

221.6

5.9

-0.9

0.49

21.65

: $34.6

2007

259.2

11.2

2.7

0.42

11.36

40.51

: -13%

,
26 , , ,
, .
``

``

``

``

``

``

: $39.9

NORD

Bloomberg

NORD UZ

78% , 22% .

78.1%

1140 . . 2008 .
10%.

12.4%


2008 . $11.8 . $4.7 . ,
.
2008 .
$38 . .

.

,
90% .
EBITDA 2007 . 4.3%,
1.9%, 1.0%. 2005-2007 . . ,
.

9.5%

2 700 000

($ )

107.6

($ )

20.2

EV ($ )

127.8


, $

28.2

, $

47.3

50
45
40
35
30
25
20
07.2007

10.2007

01.2008

04.2008


()

243


, $
31.12.2005

31.12.2006

31.12.2007

1.4

2.3

0.8

0.0

0.0

0.0

7.8

9.6

22.2

3.0

5.6

7.6

8.9

9.9

17.9

1.7

0.8

1.3

22.8

28.1

49.7

47.7

46.6

48.7

2.2

5.0

7.4

49.9

51.7

56.1

72.8

79.8

105.8

0.7

10.2

20.6

0.0

0.0

0.0

8.9

10.4

23.9

2.6

2.5

3.8

12.2

23.1

48.3

4.2

1.0

0.0

0.0

0.6

0.3

0.0

0.0

0.0

4.3

1.6

0.3

0.0

0.0

0.0

11.7

10.5

13.2

44.6

44.6

44.0

56.3

55.1

57.2

72.8

79.8

105.8

, $
2005

2006

2007

195.3

221.6

259.2

168.5

194.9

225.7

()

26.9

26.6

33.5

75.3

18.2

14.9

94.8

38.9

37.1

7.4

5.9

11.2

( )

EBITDA

5.3

6.0

6.3

()

2.1

-0.1

4.9

0.8

1.6

1.7

0.7

0.9

1.5

0.1

0.8

1.2

2.1

-0.2

4.0

1.0

0.7

1.3

1.1

-0.9

2.7

()

244

2008-2009

PTMZ

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

26.2

3.6

2.4

1.95

15.80

21.22

: $0.35

2006

33.3

2.8

1.6

1.53

19.76

31.07

: $0.19

2007

37.1

2.3

0.6

1.38

23.98

78.53

: -46%

, , -,
, ,
, , .
``

2007 . 56%
, 24% - .

PTMZ

Bloomberg

PTMZ UZ

94.4%

``

``

``

``


, .

, , .

5.6%

147 037 010

($ )

51.0

($ )

5.2

EV ($ )

56.2


, , ,

.

2007 . EBITDA 6.3%, 1.8% ( 2006 . 8.6% 4.9%


).

0.4

, $

0.10

, $

0.41

0.5

0.3
0.2
0.1
0.0
07.2007

10.2007

01.2008

04.2008


()

245


, $
31.12.2005

31.12.2006

31.12.2007

0.1

0.0

0.1

0.0

0.0

0.0

7.0

6.6

3.5

0.6

1.0

1.2

10.4

11.7

16.2

0.5

0.8

1.8

18.5

20.0

22.7

7.2

6.7

9.0

0.7

0.4

2.9

7.9

7.1

11.9

26.4

27.1

34.7

1.3

0.1

0.0

0.0

0.0

0.0

1.5

1.5

3.7

1.7

1.4

3.8

4.5

3.0

7.5

1.8

2.9

5.3

0.0

0.0

0.0

0.0

0.0

0.0

1.8

2.9

5.3

0.3

0.3

0.3

8.3

10.0

10.6

11.5

10.9

10.9

20.1

21.2

21.9

26.4

27.1

34.7

2005

2006

2007

26.2

33.3

37.1

19.0

25.7

29.7

()

7.2

7.6

7.4

10.1

8.8

9.5

13.7

13.5

14.5

, $
( )

EBITDA

3.6

2.8

2.3

0.9

0.9

0.8

()

2.7

1.9

1.6

0.2

0.0

0.1

0.0

0.0

0.6

0.2

0.1

0.1

2.6

1.9

1.0

0.2

0.2

0.4

2.4

1.6

0.6

()

246

2008-2009

SMASH

2005

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

282.1

18.5

0.5

1.62

29.01

914.57

: $6.43

2006

242.7

19.1

7.7

1.88

28.20

59.08

: $7.14

2007

323.2

41.3

20.3

1.41

13.03

22.53

: 11%

- . ( . )
, . , , , .
``

``

``

``

. 90% .

, , , , . ,
, ,
, , .
2007 . 33.1%
2006 ., EBITDA 2.2 ,
2.6 .
,
,
.
82% ,
.
. : ;
; , ;
; -; .

SMASH

Bloomberg

SMASH UZ

ADR

+/M9Y1

1 ADR

20


TecLine Invest ()

25.0%

Torberg ()

23.6%

A.B. Finance ()

13.5%

Ogres Komercbanka ()

9.8%

9.6%

7.5%

11.0%

71 085 000

($ )

457.0

($ )

80.9

EV ($ )

538.0


, $

6.43

, $

12.01

13
11
9
7
5
3
07.2007

10.2007

01.2008

04.2008


()

247


, $
31.12.2005

31.12.2006

31.12.2007

5.9

0.5

11.8

0.0

0.0

0.0

25.1

19.8

16.7

29.3

32.0

43.4

151.9

157.3

167.7

5.4

5.6

30.7

217.6

215.3

270.3

75.6

72.7

110.0

99.6

90.9

44.3

175.1

163.6

154.4

392.7

378.9

424.7

27.9

45.0

92.4

0.0

0.0

0.0

30.3

15.8

13.6

95.9

73.2

64.2

154.1

134.0

170.2

0.0

0.0

0.3

0.0

0.0

0.0

65.7

66.5

64.7

65.7

66.5

65.0

140.8

140.8

140.8

16.9

22.2

20.1

15.2

15.4

28.6

172.9

178.4

189.5

392.7

378.9

424.7

, $
2005

2006

2007

282.1

242.7

323.2

158.9

149.0

220.0

()

123.2

93.7

103.2

329.8

256.9

315.5

434.4

331.5

377.4

18.5

19.1

41.3

7.1

7.1

10.3

()

11.5

12.0

30.9

14.5

20.0

7.3

1.9

4.3

7.5

16.3

12.2

2.8

7.7

15.6

28.0

( )

EBITDA


()

248

2008-2009

7.2

7.9

7.7

0.5

7.7

20.3

SNEM

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

20.2

3.5

1.8

1.31

9.00

14.25

: $0.85

2006

29.7

2.4

0.5

0.88

12.99

52.19

: $1.81

2007

33.9

4.1

2.1

0.78

7.81

12.80

: 113%


() , , ,
, , , ,
.
``

``

``

``

``

,
, .
,
, , 200-225 250-300
.
,

.
2007 . 14.0%, EBITDA 66.4%,
2006 . 4 .
2007 . EBITDA 12.0% ( 2006 . 8.2%). 6.1% (1.7%
2006 .).

SNEM

Bloomberg

SNEM UZ



()

83.0%

17.0%

30 902 073

($ )

26.3

($ )

5.4

EV ($ )

31.7


, $

0.40

, $

1.51

1.6
1.2
0.8
0.4
0.0
07.2007

10.2007

01.2008

04.2008


()

249


, $
31.12.2005

31.12.2006

31.12.2007

0.2

0.0

0.1

0.0

0.0

0.0

0.5

2.5

2.5

2.1

3.6

6.2

15.7

12.7

16.2

0.3

0.2

0.5

18.8

19.1

25.5

4.4

3.9

4.2

0.8

0.9

1.6

5.3

4.8

5.8

24.1

23.9

31.3

3.8

4.7

3.1

0.0

0.0

0.0

0.3

0.5

0.7

4.0

4.2

8.6

8.0

9.4

12.4

2.0

0.0

2.4

0.0

0.0

0.0

0.0

0.0

0.0

2.0

0.0

2.4

4.9

4.9

4.9

6.3

6.7

8.7

2.8

2.9

2.9

14.0

14.5

16.5

24.1

23.9

31.3

2005

2006

2007

20.2

29.7

33.9

13.4

22.8

24.7

()

6.8

7.0

9.2

16.2

20.6

29.5

19.5

25.1

34.6

3.5

2.4

4.1

0.4

0.5

0.5

()

3.1

2.0

3.6

0.5

0.4

0.2

0.7

0.6

0.6

0.3

0.5

0.1

2.6

1.3

3.0

0.8

0.8

0.9

1.8

0.5

2.1

, $
( )

EBITDA

()

250

2008-2009

SVGZ

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

50.3

2.9

0.5

4.02

89.86

397.40

: $5.36

2006

90.5

6.8

2.2

2.24

38.43

91.52

: $4.08

2007

235.3

15.5

9.9

0.86

16.91

20.52

: -24%

10 , , -, ,
, , , (), ,
, ,
.
``

``

``

``

``

``

SVGZ

SVGZ UZ

Bloomberg


EurlmEx ()

17.4%

-
, .

10.8%

95% .
.

6 . .
,
.
2007 . .
, ,
.

9.9%

9.8%

9.6%

Mulready Ventures
()

9.5%

9.5%

9.3%

Univita ()

6.4%

7.8%


37 731 585

202.3

($ )

59.0

($ )

261.3

EV ($ )


, $

5.36

EBITDA 2007 . 6.6%


( 2006 . 7.5%). 4.2% ( 2006 . 2.4%).

, $

13.68

2007 . 160%
2006 . 5556 ,
38 .
.

12

16
14

10
8
6
07.2007

10.2007

01.2008

04.2008


()

251


, $
31.12.2005

31.12.2006

31.12.2007

18.7

10.0

1.1

0.0

0.0

0.0

0.9

1.9

7.2

5.0

30.3

121.3

3.3

10.0

12.8

0.4

1.1

0.9

28.3

53.4

143.3

13.7

25.8

30.8

0.3

0.5

0.8

14.0

26.3

31.6

42.3

79.6

174.9

18.5

17.0

60.1

0.0

0.0

0.0

5.1

4.1

12.4

15.4

42.2

70.3

39.1

63.3

142.8

0.0

0.0

0.0

0.0

0.0

0.0

3.0

1.7

0.0

3.0

1.7

0.0

0.2

0.2

2.6

-20.1

-17.9

-8.0

20.1

32.3

37.5

0.2

14.6

32.1

42.3

79.6

174.9

2005

2006

2007

50.3

90.5

235.3

45.4

76.4

206.2

()

4.9

14.1

29.2

25.3

53.4

102.1

27.2

60.7

115.8

2.9

6.8

15.5

1.2

1.3

2.3

()

1.7

5.5

13.1

0.7

0.3

0.2

1.7

2.9

2.9

0.2

0.7

0.5

0.5

2.2

9.9

0.0

0.0

0.0

0.5

2.2

9.9

, $
( )

EBITDA

()

252

2008-2009

SZLV

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

20.7

-1.4

-3.9

4.01

: $0.09

2006

11.0

-1.1

-0.4

7.54

: $0.04

2007

32.6

2.2

0.7

2.55

55.29

111.35

. , - ,
.
``

-
,
.

: -60%

SZLV

Bloomberg

SZLV UZ


Fort Asset Management Ltd
()

67.1%
10.0%

``

1992 . .

``

,
80 .
2010 .

``

``


$3.2 . 2008 .

``

2007 . EBITDA 6.6%, 1.7%,


2.3%. 2006 . .

9.8%
13.1%

920 197 160

($ )

83.0

($ )

36.5

EV ($ )

119.5


, $

0.04

, $

0.19

0.20
0.15
0.10
0.05
0.00
07.2007

10.2007

01.2008

04.2008


()

253


, $
31.12.2005

31.12.2006

3.8

1.3

31.12.2007
1.1

0.0

0.0

22.9

4.1

0.2

0.1

3.6

31.4

38.0

9.1

22.3

27.5

0.6

0.1

0.1

21.2

55.3

89.8

47.2

47.6

48.0

0.4

20.0

13.7

47.6

67.6

61.8

68.8

122.9

151.5

5.4

27.7

35.4

1.1

1.1

1.1

1.4

0.8

14.9

11.2

24.1

43.4

19.1

53.7

94.7

0.0

0.0

0.0

14.2

14.2

1.1

0.0

0.1

0.1

14.2

14.3

1.2

25.8

45.6

45.6

-8.2

-8.2

-7.4

17.9

17.6

17.5

35.5

54.9

55.6

68.8

122.9

151.5

2005

2006

2007

20.7

11.0

32.6

21.6

10.0

27.2

()

-0.9

1.0

5.4

16.5

26.3

40.1

17.0

28.4

43.4

-1.4

-1.1

2.2

1.2

1.4

1.6

()

-2.6

-2.5

0.5

14.2

13.8

54.1

, $
( )

EBITDA

1.5

1.8

2.5

14.1

10.0

51.4

-3.9

-0.4

0.7

0.0

0.0

0.0

-3.9

-0.4

0.7

()

254

2008-2009

TATM

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

53.7

7.4

3.9

7.25

50.36

99.70

: $0.92

2006

52.0

10.9

4.4

7.48

34.26

88.49

: $0.43

2007

66.2

13.5

6.9

5.88

27.67

56.35

: -53%

, ,
, .
``

``

``

``

``

35
. 40% , 85% ,
95% .
- 2007 . : (57.8%), (29.9%)
(8.8%).
(, )
(
, , ) .

TATM

Bloomberg

TATM UZ

75.2%

15.0%

9.8%

422 496 520

($ )

389.1

($ )

-14.5

EV ($ )

374.7

, :
,
.

() .
.

1.2

, $

0.59

, $

1.39

1.5

0.9
0.6
0.3

``


, .
.

07.2007

10.2007

01.2008

04.2008


()

255


, $
31.12.2005

31.12.2006

31.12.2007

23.8

19.3

13.7

16.0

12.0

0.7

22.3

22.6

22.1

2.8

3.9

5.5

42.9

52.8

67.8

2.4

2.4

3.7

110.4

112.9

113.5

34.3

43.5

43.4

36.1

39.6

56.1

70.4

83.0

99.5

180.8

196.0

213.1

0.0

0.0

0.0

0.0

0.0

0.0

4.9

4.1

3.2

21.7

28.1

42.9

26.6

32.2

46.1

0.0

0.0

0.0

0.0

0.0

0.0

0.0

1.4

1.3

0.0

1.4

1.3

20.9

20.9

20.9

45.6

47.1

50.4

87.6

94.3

94.3

154.1

162.3

165.6

180.8

196.0

213.1

2005

2006

2007

53.7

52.0

66.2

44.1

37.0

45.4

()

9.6

15.0

20.8

39.6

37.9

57.1

41.7

42.0

64.4

7.4

10.9

13.5

2.5

2.4

2.6

()

4.9

8.6

10.9

1.1

2.0

2.7

0.1

0.1

0.2

0.3

1.8

0.7

5.8

8.7

12.7

, $
( )

EBITDA


()

256

2008-2009

1.8

4.3

5.8

3.9

4.4

6.9

YAMZ

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

29.5

6.6

4.5

1.41

7.10

9.18

: $1.82

2006

25.1

4.3

2.9

1.66

10.99

14.22

: $1.69

2007

25.8

2.0

0.05

1.60

23.08

830.37

: -7%


. ,
- , , , .
``

``

``

,
80% , .

YAMZ

Bloomberg

YAMZ UZ

ADR/GDR

+/WPB1

- 1 GDR

10

24.3%

20.1%


,
(, ) (, , ,
).

17.0%

16.2%

, ( ), ( ).

8.1%

Bank Austria Credit ()

7.9%

6.4%

``

``

``

``

22 785 888

2008 .
11.6%
.

($ )


,
.


, .

2.7

,
70%
.

41.5

($ )

5.8

EV ($ )

47.2

, $

1.72

, $

2.84

3.0

2.4
2.1
1.8
1.5
07.2007

10.2007

01.2008

04.2008


()

257


, $
31.12.2005

31.12.2006

31.12.2007

4.7

4.5

0.6

0.0

0.0

0.1

3.5

8.8

8.5

2.7

1.1

4.9

6.1

6.7

7.0

1.2

1.5

2.4

18.1

22.6

23.4

6.8

6.4

7.0

3.4

26.4

26.9

10.2

32.9

34.0

28.3

55.5

57.4

0.0

0.0

2.3

0.0

0.0

0.0

1.0

1.4

1.0

2.1

9.8

5.8

3.1

11.2

9.1

0.0

0.0

0.0

0.0

0.0

4.0

2.7

3.6

3.5

2.7

3.6

7.5

5.2

21.0

21.0

13.7

16.1

16.1

3.5

3.7

3.7

22.4

40.7

40.8

28.3

55.5

57.4

2005

2006

2007

29.5

25.1

25.8

17.9

15.9

18.4

()

11.6

9.1

7.4

13.6

12.3

20.0

18.5

17.1

25.3

6.6

4.3

2.0

0.8

0.7

0.7

()

5.9

3.6

1.3

0.4

0.7

14.7

0.0

0.2

1.3

0.3

0.0

14.6

6.0

3.9

0.1

1.5

1.0

0.0

4.5

2.9

0.05

, $
( )

EBITDA

()

258

2008-2009

ZATR

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

109.6

11.8

7.1

12.62

132.10

194.57

: $0.63

2006

204.7

38.3

22.8

6.76

40.49

60.57

: $0.50

2007

412.0

122.7

85.1

3.36

12.65

16.26

: -21%

,
: (,
), ( , ).
``

``

``

``

70% . .

(, , )
.
2008 .
, , , .
$35 ., .
2007 . , , 98.6%
. , ,
.

ZATR

Bloomberg

ZATR UZ

GDR

ZRTFY/YXZ1

- 1 GDR

100


Karatano ()

25.0%

Azidano ()

25.0%

Zadano ()

25.0%

Artamare ()

23.6%

1.4%

2 210 250 000

($ )

1 383.9

($ )

168.4

EV ($ )

1 552.3


, $

0.16

, $

0.75

0.8
``

2007 . 101% 2006 .


87% 2008 . 2007 .
2008 .
.

0.6
0.4
0.2
0.0
07.2007

10.2007

01.2008

04.2008


()

259


, $
31.12.2005

31.12.2006

31.12.2007

3.6

8.9

120.4

0.1

0.1

0.0

19.2

18.2

58.5

12.5

7.6

14.0

35.6

47.9

65.6

2.2

9.2

17.2

73.2

91.9

275.6

27.8

32.0

39.2

12.2

12.4

174.8

40.1

44.4

214.0

113.3

136.2

489.6

6.8

17.2

5.6

6.7

3.3

74.5

15.0

12.2

30.4

11.1

17.6

48.6

39.6

50.2

159.1

35.2

28.1

208.7

0.0

0.0

0.0

0.0

0.7

0.0

35.2

28.8

208.7

4.4

4.4

4.4

5.0

24.1

87.5

29.0

28.7

30.0

38.4

57.2

121.8

113.3

136.2

489.6

, $
2005

2006

2007

109.6

204.7

412.0

83.7

144.3

262.1

()

25.9

60.4

149.9

30.5

55.2

261.6

44.7

77.3

288.8

11.8

38.3

122.7

( )

EBITDA

1.5

1.8

2.8

()

10.3

36.5

119.9

4.0

1.7

2.7

3.6

5.5

10.0

1.5

2.3

5.3

9.1

30.4

107.2


()

260

2008-2009

2.0

7.6

22.1

7.1

22.8

85.1


2007 ., ,
2006 . 5.9%.

. ,
, (
, 2006 .), ,
.

.

STIR


( )

, , ,

AZOT

()

DCH (
)

, ,

DNAZ

(
)

RAZT


CHVO

(
, )

CHIM

DCH (
)

(
)

,
,

, , ,

Group DF ( )

DNSH


DLKZ

KSOD

:
* - , 1 2007 . 30 2008 . .

261


2007 .
10.6% 2.84 . , 13.1% 1.89 . , 0.2%
5.14 . .
2008 . 3.3%,
2007 . 1.47 . , 2.5 1.76 . ,
0.1% - 2.67 . .

: .
,
.
.

2007 ., %
" '' ", 24.1%

8.1
9.1
18.4

24.1

"", 21.9%
"", 18.4%

5.14 .

" '' ", 18.4%


21.9

18.4

"", 9.1%
"", 8.1%


.
, .
$179.5 ,
$350. ,
6%,
.
$290.6 . 2008 .

2009 . 2.2
$400 . .
2008
2007 . .
.

262

2008-2009

(FOB, , $/)

05.2008

03.2008

01.2008

11.2007

09.2007

07.2007

05.2007

03.2007

01.2007

11.2006

09.2006

07.2006

05.2006

03.2006

01.2006

11.2005

09.2005

07.2005

05.2005

03.2005

01.2005

11.2004

09.2004

700
600
500
400
300
200
100
0

: Bloomberg

,
.
.

. 2009 .
.


,
( ).


.

263


2007 . 17.4% 2006 . 5.858 . .

2007 ., %
0.1
""

13.5

""

5.858
.

""

86.4


.
,
. , 2008 .
1 . . ( 1995 . 600 . .).
2007 .
1.5 2006 . 0.5 . .

, . .
10000
8000

7940
6594

7531

7093
5858

6000
4000
2000
0
2003 .

2004 .

2005 .

2006 .

2007 .

.
. 5
5 ; - 11 .

264

2008-2009


2007 . 16.4% 2006
. 936.8 . . 60%
(, , , , , ).

,
. 80% 2.5% .
2008 .
13.8% 189.5 . .
,
( ,

47%).

, $/
200
150
100
50
0
1992 1993

1994 1995

1996 1997

1998 1999

2000 2001

2002 2003

2004 2005

2006 2007

: Bloomberg

265

266

2008-2009

AZOT

()

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

267.2

23.5

-59.1

1.16

15.82

: $2.50

2006

366.6

51.9

19.7

0.85

7.17

15.73

: $6.48

2007

536.0

120.4

71.6

0.58

3.09

4.34

: 159%


. 11
, .
``

``

. ,
- ,
.

,
.

AZOT

Bloomberg

AZOT UZ

ADR/GDR

+/A9T

1 ADR/GDR

30

47.7%

23.7%

23.7%

``

,
,
, , - , , .

``

18
26 .

2007 .
.

($ )

``

2007 . $71.6 . ,
88% .


, $

1.06

``

2007 .
166 . , 21%, 2006 .
944 . ., 62 . , 9%, 750
. .

, $

2.97

2008 . $55 .
, 73%
2007 . .
17.6% 2007
. $84.2 .

2.0

``

``

2008 .
.

124 292 917

($ )

310.6
61.8

EV ($ )

372.4

3.0
2.5

1.5
1.0
0.5
07.2007

``

4.9%

10.2007

01.2008

04.2008


()

267

()


, $
31.12.2005

31.12.2006

31.12.2007

0.2

2.4

10.2

0.0

0.0

0.0

15.4

2.3

27.1

30.3

41.5

97.6

48.0

48.3

62.5

1.2

0.3

1.1

95.2

94.7

198.6

237.7

238.3

221.9

14.5

13.5

18.8

252.2

251.8

240.8

347.4

346.5

439.3

19.7

16.3

35.9

0.0

37.9

21.1

61.4

5.5

6.0

16.1

16.7

30.1

97.1

76.5

93.1

0.0

0.0

15.0

0.2

0.1

0.0

18.6

19.1

27.2

18.7

19.2

42.2

209.2

209.2

209.2

-108.3

-89.3

-37.0

130.7

130.8

131.8

231.6

250.8

304.1

347.4

346.5

439.3

, $
2005

2006

2007

267.2

366.6

536.0

218.7

288.6

384.3

()

48.5

78.0

151.7

42.3

267.2

352.5

67.3

293.3

383.8

23.5

51.9

120.4

13.6

20.3

21.5

()

10.0

31.6

98.9

4.2

0.2

0.8

3.4

2.6

3.3

69.9

0.5

0.8

-59.1

28.7

95.6

( )

EBITDA


()

268

2008-2009

0.0

9.0

24.0

-59.1

19.7

71.6

DNSH

2005

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

143.2

6.4

2.8

0.28

14.91

14.21

: $13.33

2006

141.6

2.6

0.04

0.28

36.27

961.30

: $15.68

2007

144.7

11.2

2.1

0.28

8.52

19.16

: 18%


. 13%
.
``

``

``

``

``

``

``


, , , -,
- .
,
, .
2007 .
370 . ., 35%,
2006 . 696 . .
2007 . 83%.

DNSH

Bloomberg

DNSH UZ

ADR/GDR

+/D1V1
1

1 ADR/GDR


Aliatros Trading Co. ()

17.0%

Serverio Trading Co. ()

17.0%

Laindors Trading
(. -)

17.0%

Saphire Worldwide Assets


(. -)

17.0%

32.0%


2 985 254

2006 .
41%, 41%
18% .

($.)

39.8

($.)

55.8

EV ($.)

95.6


,
.

2008 .
, Matador .
400 . .

21

, $

13.33

, $

20.26

19
17
15
13

``

2007 .
50 - $2.1 . EBITDA
2007 . 5.9 .. 7.8%.

11
07.2007

10.2007

01.2008

04.2008


()

269


, $
31.12.2005

31.12.2006

31.12.2007

0.0

0.1

0.0

0.3

0.3

0.3

1.1

0.7

3.1

6.1

4.8

3.1

21.7

25.8

26.2

7.8

3.4

6.2

37.0

35.1

39.0

53.2

58.8

71.9

8.7

20.1

13.4

61.9

78.9

85.3

99.0

114.0

124.2

0.9

2.8

10.9

13.0

12.5

17.8

14.3

10.3

11.0

2.8

3.1

3.3

31.1

28.7

43.1

10.2

24.7

13.0

5.5

9.2

14.1

0.6

0.0

0.0

16.4

33.9

27.1

29.6

29.6

29.6

14.7

9.0

11.0

7.3

12.9

13.4

51.5

51.4

54.0

99.0

114.0

124.2

, $
( )

2006

2007

141.6

144.7

133.4

136.2

130.9

()

9.8

5.3

13.7

13.3

19.8

17.5

16.6

22.5

20.0

6.4

2.6

11.2

EBITDA

3.4

3.0

3.1

()

3.0

-0.3

8.1

2.4

4.0

3.9

2.7

4.2

6.3

0.6

2.7

3.5

2.2

-3.2

2.2

-0.6

-3.3

0.1

2.8

0.04

2.1

()

270

2005
143.2

2008-2009

KSOD

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

93.0

23.1

12.5

1.62

7.42

12.05

: $0.69

2006

106.1

12.8

1.5

1.42

13.43

99.54

: $1.24

2007

126.1

15.2

-0.3

1.20

11.28

: 80%


698 . .
``

, .

``

80% 2.5%
.

``

Group
DF .

``


2000 .

``

``

KSOD

Bloomberg

KSOD UZ

ADR/GDR

+/C6Z
10

1 ADR/GDR


OstChem Germany ()

90.0%

10.0%

2007 .
7.9%, 2006 . 734 . .

-
,
.

($ )

219 616 467

($ )

150.9
20.7

EV ($ )

171.6

2007 .
62%.

, $

0.41

, $

0.77

``

0.78

``


-,
.

``

``

``

47%,
- , 6 .

0.70
0.62
0.54
c

0.46
0.38
0.30
07.2007

10.2007

01.2008

04.2008


()

,
EBITDA 2007 . 12.1%.
271


, $
31.12.2005

31.12.2006

31.12.2007

2.1

2.8

1.6

0.0

0.0

0.0

3.9

3.5

2.8

4.1

5.4

19.6

14.7

12.8

11.9

2.3

2.0

3.8

27.1

26.5

39.6

64.8

123.3

126.0

3.9

3.8

9.8

68.7

127.1

135.8

95.8

153.6

175.4

10.0

9.1

22.2

0.0

0.0

0.0

2.1

1.7

3.8

2.9

1.8

9.4

15.0

12.6

35.4

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.4

0.0

0.0

0.4

0.0

43.5

43.5

43.5

19.8

20.7

20.4

17.5

76.3

76.1

80.8

140.6

140.0

95.8

153.6

175.4

, $
2005

2006

2007

93.0

106.1

126.1

66.0

85.3

105.6

()

27.0

20.9

20.5

53.0

54.6

75.3

56.8

62.6

80.6

23.1

12.8

15.2

( )

EBITDA

4.4

8.0

12.6

()

18.8

4.8

2.6

0.5

0.2

0.2

1.3

1.2

1.1

0.3

0.7

0.1

17.6

3.1

1.5

5.1

1.6

1.8

12.5

1.5

-0.3

()

272

2008-2009

STIR

2005

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

448.6

127.7

96.6

1.31

4.51

6.10

: $21.72

2006

652.0

43.8

43.4

0.90

13.16

13.57

: $25.39

2007

772.4

48.2

43.7

0.76

11.95

13.48

: 17%


, ,
. 3%
.
``

``

``

``

``

53.1%
Dotterbloem Holding B.V., 14.2% .
2007 .
- 3.2
2006 . 111.2 . , 26% 21.7
. , 72%, 956.9 . .
2007 .
,
17%.
2008 . .

STIR

Bloomberg

STIR UZ

ADR/GDR

SRLLY/SVX
1

1 ADR/GDR

90.4%

9.6%

* -

27 125 280

($ )

589.1

($ )

-13.1

2008 .
700 . . , ,
.
$25 .

EV ($ )

576.0

2008-2009 .
$140 .

.
,
, 60%.

31


, $

14.67

, $

27.52

27
23
19
15
11
07.2007

10.2007

01.2008

04.2008


()

273


, $
31.12.2005

31.12.2006

31.12.2007

282.0

236.6

143.1

0.0

0.0

0.0

21.2

32.2

36.8

47.2

88.7

68.7

46.7

47.7

57.1

0.4

0.2

0.1

397.5

405.3

305.8

108.7

133.7

181.1

61.9

107.4

162.5

170.5

241.1

343.6

568.1

646.4

649.4

16.9

72.0

5.0

0.0

0.0

0.0

18.0

20.1

18.1

65.6

68.4

98.6

100.5

160.4

121.6

125.0

125.0

125.0

0.0

0.0

0.0

0.0

0.0

0.0

125.0

125.0

125.0

64.5

188.0

188.0

98.0

43.2

43.7

180.1

129.8

171.0

342.6

361.0

402.7

568.1

646.4

649.4

, $
2005

2006

2007

448.6

652.0

772.4

271.3

556.9

665.0

()

177.3

95.1

107.4

409.1

284.5

398.3

458.7

335.8

457.5

127.7

43.8

48.2

14.0

17.2

21.4

()

113.8

26.5

26.8

75.3

182.6

61.7
21.9

( )

EBITDA

3.5

20.2

56.8

130.5

8.5

128.8

58.5

58.2


()

274

2008-2009

32.2

15.0

14.5

96.6

43.4

43.7

2007 . . , , ,
. , 2000-2006 .
41%, 2007 . 76%.
10% . 2000-2006 . 48.8%,
2007 . 76%
84%.
78% 2007 . 74.3% .
( ). 2000-2007 . 8.5 ,
25 . , .

319%

187%

224%

195%

206%

181%

185%

173%

180%

167%

168%

166%

160%

146%

136%

111%

136%

114%

121%

112%

110%

93%

109%

90%

107%

102%

85%

98%

83%

35%

74%

61%

73%

60%

71%

60%

68%

22%

65%

53%

63%

52%

60%

41%

57%

26%

275

48%

48%

44%

44%

42%

35%

: NationMaster, , UFC.

, .
,
.

, ,
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

2000

2001

2002

2003

2004

2005

2006

2007

1 2008 . 175 , 101


, 42
32 .
1362
73 .
2007 . 6 .


90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

2002

2003

2004

2005

276

2008-2009

2006

2007

, 100% . 2007 .
35 47,
100% 13 17.
1 2008 . $3 ., 2007 .
28% 35%. 23 . (20.3%), (20.3%),
(12.5%), (9.7%), (8.2%), (7.9%)
(6.1%).

2007-2008* .

,
$

, %

,
$

Unicredit Group

2200

94

413

Intesa Sanpaolo

750

100

152

-,
-

Swedbank

735

100

160

Commerzbank

600

60

196

150

100

25

Marfin Popular Bank

137

99

29

Bank Hapoalim

136

76

85

SEB

117

97

28

Bank of Cyprus Group

76

95

20

Volksbanken

75

98

19

Piraeus Bank

75

100

15

74

89

31

* - 1 2008 .
: -

2007 . 78%
1 2008 . $104.9 . , , 29% . : (31%),
, (29%)
(21%). 2007 .
,
.

277

. 2008 .
. 2008 .
.
2007 . 75% $122.6 .
66%
4.7% . 2007 . .
2008 . 16.0% 29.5%
2007 . , ,
.


( 1 2008 .)
*

, $
.

, %

122500

100.00

12531

10.23

BAVL

9351

7.63

Raiffeisen International
Bank-Holding ()

7950

6.49

BNP Paribas S.A,

USCB

6817

5.57

UniCredit Group ()

6423

5.24

NADR

4672

3.81

,
,

4270

3.49

OTP Group ()

3968

3.24

3626

2.96

- ()

10

FORM

3086

2.52

Commerzbank AG
()

17

UGZB

2275

1.86

18

RODB

2189

1.79

20

BPVD

1624

1.33

, ,
, East
Capital Explorer ()

28

ZUKB

1004

0.82

PKO Bank Polski SA ()

42

MEGA

463

0.38

*- .
: , UFC

278

2008-2009

2007 .
$1.3 ., 1.6
2006 . 12 2001 .
(ROA)
1.6% 2006 ., 2007 .
1 2008 . 1.5%.
(ROE) 1 2008 . 12.7%.

, $.
1400

1311

1200
1000

821

800
600

430

400
200
0

105

136

164

2001

2002

2003

250

2004

2005

2006

2007

2007 . .
(, ) 17.8% 13.2%.
2007 .
. 2 ,
10.0% 10.6%.
(78%) . . ,
, , 30% $40 .
.
1 2008 . .
I 2008 .
.
2 2008 .
34.2%, 34.3%
( -
). ,
-, ,
, -,
,

279

. 14-18% 2008 .

2008 .
35
30
25
20
15
10
5
0

: -

2007 .
-
. ,
2008 .
(),
, ,
. , ,
.


.

.
,
10 . ,
.
, , ,

.
.

280

2008-2009


.
.
,
. 20% ,
.

,
.
, ,
,
.
, .
,
.
,
.
,
P/BV 2-2.5,
, :
. , ,
6-7%. ,
, ,
.
.

, , , ,
2010 .
.
, , . , , .
.

281

. , ,
,
. ,
.
. , ,

, ,
.

282

2008-2009

BAVL

2005

($ )


($ )

P/BV

P/E

345.7

3.8

9.87

908.30

: $0.141

2006

637.0

68.1

5.35

50.05

: $0.144

2007

1 034.3

116.3

3.30

29.32

: 2%

,
.
, , , , .
``

2005 Raiffeisen International Bank-Holding AG.

``

2007 . 4 .
240 . .

``

``

``

1300
.
, -,
,
.
Raiffeisen International, , .
, ,
.

BAVL

Bloomberg

BAVL UZ


Raiffeisen International
Bank-Holding AG

95.7%

4.3%

24 149 349 080

50 000 000

($.)

3 410.8

* 01.07.08


, $

0.14

, $

0.25

0.26
0.24
0.22
0.20

``

2007 . .
2007 . 71%,
60%, 9.4%
.

0.18
0.16
0.14
07.2007

10.2007

01.2008

04.2008


()

283


, $
31.12.2005

31.12.2006

31.12.2007

640.0

477.5

504.4

316.3

368.9

362.4

184.5

92.4

250.2

, ...:

2 520.7

4 304.0

7 376.9

1 656.3

2 218.4

3 866.5

864.4

2 085.6

3 510.5

115.7

169.0

237.7

188.7

331.7

400.3

8.4

17.9

38.1

70.8

77.5

109.0

3 813.6

5 501.0

8 803.6

335.3

1 316.3

2 716.8

1 171.3

1 086.7

1 389.7

1 832.0

2 295.9

3 167.0

129.3

165.1

495.8

3 468.0

4 863.9

7 769.3

297.0

415.8

451.5

42.0

149.7

462.4

6.6

71.5

120.4

345.7

637.0

1 034.3

3 813.6

5 501.0

8 803.6

, $
2005

2006

2007

338.4

513.3

836.2

136.5

171.0

209.0

30.7

30.1

31.1

3.9

3.3

9.6

509.5

717.6

1 085.8

172.5

232.4

390.2

13.4

16.5

31.2

261.5

285.4

377.8

447.4

534.2

799.3

62.1

183.3

286.6

50.7

81.8

113.4

0.0

0.0

0.0

11.5

101.6

173.2

284

2008-2009

7.7

33.4

56.8

3.8

68.1

116.3

BPVD

($ )


($ )

P/BV

P/E

2005

51.8

5.0

14.07

144.68

: $1.18

2006

90.3

9.1

8.08

80.25

: $0.77

2007

156.4

19.1

4.66

38.18

: -35%

, 20% .
140 . .

BPVD

Bloomberg
``

``

``

2007 . East Capital Explorer



10%, .
P/BV 5.

BPVD UZ

20.4%

13.4%


, ,
,
97%.

10.9%

East Capital Explorer ()

10.0%

45.3%

2007 . . 2007 .
.

``


123 15 .

``

IPO,
$200 . IPO .

616 550 000

($.)

729.3


, $

0.66

, $

1.22

1.4
1.2
1.0

``

2007 . 20%.
.

0.8
0.6
0.4
07.2007

10.2007

01.2008

04.2008


()

285


, $
31.12.2005

31.12.2006

31.12.2007

48.8

61.9

126.5

27.9

67.8

97.1

16.0

12.1

13.4

, ...:

348.8

594.5

1 291.4

322.5

524.1

1 140.4

26.3

70.3

151.0

22.8

29.7

36.7

33.6

80.4

104.9

1.9

1.0

1.9

1.9

11.8

25.6

456.0

799.7

1 624.1

58.2

102.2

349.6

176.3

296.8

629.3

154.6

269.5

435.0

15.1

40.7

53.8

404.2

709.3

1 467.7

39.6

70.0

109.9

6.5

11.2

18.8

5.8

9.1

27.7

51.8

90.3

156.4

456.0

799.7

1 624.1

, $
2005

2006

2007

43.3

69.4

118.2

11.8

18.7

27.7

3.8

3.4

8.0

1.3

3.1

2.9

60.2

94.7

156.8

26.3

37.0

73.6

1.0

2.1

3.4

22.3

33.7

47.5

49.5

72.8

124.5

10.7

21.9

32.3

3.8

10.1

6.7

0.0

0.0

0.0

7.0

11.8

25.6

286

2008-2009

1.9

2.7

6.5

5.0

9.1

19.1

FORM

2005

($ )


($ )

P/BV

P/E

72.8

6.2

9.03

105.36

: $4.05

2006

151.8

5.5

4.33

119.59

: $4.42

2007

266.8

10.4

2.46

63.13

: 9%

, .

300 .
``

``

2008 . Commerzbank AG 60% 1


. 25%
3 .
, .

FORM

Bloomberg

FORM UZ

ADR/GDR

+/B5F

- 1 ADR/GDR


Commerzbank AG ()

60.0%

6.8%

``

2007 . . ,
80%.

``

0.25-0.30
.
.

Fitch Moodys ,
.

, $

3.98

, $

7.20

``

``

``

2007 .
,
.
, ,
,
, .

33.2%


162 100 000

($.)

657.3

8
7
6
5
4
3
07.2007

10.2007

01.2008

04.2008


()

287


, $
31.12.2005

31.12.2006

31.12.2007

51.9

50.9

149.5

180.9

339.3

660.6

22.7

28.3

93.2

450.9

978.3

1 849.4

27.6

51.1

77.8

6.0

9.0

16.0

3.0

4.1

8.8

743.1

1 461.0

2 855.2

173.0

421.6

902.6

455.8

844.6

1 532.6

41.5

43.0

153.2

670.3

1 309.2

2 588.4

53.5

123.0

222.0

5.1

9.4

20.5

14.2

19.4

24.3

72.8

151.8

266.8

743.1

1 461.0

2 855.2

, $
2005

2006

2007

64.3

120.7

228.8

7.8

12.5

22.1

3.2

4.2

8.6

0.5

0.8

1.4

75.8

138.3

261.0

38.0

76.6

146.2

1.5

2.4

2.9

21.2

41.1

68.3

60.7

120.2

217.4

15.1

18.1

43.6

7.0

10.9

30.6

0.0

0.0

0.0

8.1

7.2

13.0

288

2008-2009

1.9

1.7

2.6

6.2

5.5

10.4

MEGA

($ )


($ )

P/BV

P/E

23.0

1.1

3.43

72.15

: $0.40

2006

37.2

2.2

2.13

35.38

: $0.89

2007

63.7

4.8

1.24

16.56

: 125%

2005

,
300 . .
.
``

, 2007 . ,
50.3% .

MEGA

Bloomberg

MEGA UZ

ADR/GDR

+/WO41

- 1 ADR/GDR

10

``

41.8%

``

2008 . 4
,
100%- .

58.2%

, 2008 .
60% 300 .

($.)

, ,
, -.

, $

0.40

, $

1.11

``

``

``

2007 .
2 $4.8 .

``

2008 .
$800 .

.

200 000 000


79.0

1.5
1.2
0.9
0.6
0.3
07.2007

10.2007

01.2008

04.2008


()

289


, $
31.12.2005

31.12.2006

31.12.2007

15.2

15.6

30.4

19.7

29.5

47.1

12.7

16.2

33.0

, ...:

99.3

147.4

265.4

85.8

115.1

183.2

13.5

32.3

82.2

1.6

3.2

5.1

13.4

14.1

23.2

1.2

0.5

2.3

1.0

2.0

1.8

160.8

221.9

398.0

4.9

7.4

42.1

52.3

65.7

113.4

72.3

98.8

154.4

8.3

12.8

24.3

137.8

184.7

334.3

9.9

22.8

39.6

12.0

12.1

19.4

1.1

2.3

4.8

23.0

37.2

63.7

160.8

221.9

398.0

, $
2005

2006

2007

14.8

19.9

33.8

8.3

9.8

14.3

0.6

0.5

0.6

0.7

0.9

0.9

24.4

31.2

49.6

9.4

12.6

21.1

0.1

0.2

0.4

12.2

13.7

19.4

21.8

26.5

40.9

2.6

4.6

8.7

1.0

1.5

2.3

0.0

0.0

0.0

1.6

3.1

6.4

290

2008-2009

0.5

0.9

1.6

1.1

2.2

4.8

NADR

($ )


($ )

P/BV

P/E

2005

109.2

5.2

17.69

374.67

: $49.48

2006

262.3

37.0

7.36

52.28

: $25.04

2007

359.7

69.0

5.37

27.98

: -49%

,
.
,
.
``

``

, , , 83.3% .

``

``

``

``

2007 .
.
.
0.5 3.6%.

13%. 2007 . 1.5 .
, 8.5 . .
2007 . 50 ,
7% 750 .
2007 .
10% ,
.

NADR UZ

ADR/GDR

+/N8D1

1 ADR/GDR

``


2008 .


Novartik Trading Limited ()

61.0%

Manmade Enterprises Limited ()

30.7%

8.3%

39 035 785

($.)

1 931.7


, $

28.61

, $

67.99

80
65
50
35
20
07.2007

``

NADR

Bloomberg

10.2007

01.2008

04.2008


()


.
.

291


, $
31.12.2005

31.12.2006

31.12.2007

87.2

98.2

170.5

138.4

325.0

609.5

56.5

112.8

132.5

, ...:

851.1

1 435.2

2 884.4

519.0

674.5

1 188.7

332.2

760.7

1 695.7

38.6

60.8

107.7

41.9

70.1

222.1

17.5

33.3

117.6

18.7

24.5

196.4

1 172.8

2 038.4

4 225.3

308.9

553.5

1 399.1

180.0

372.2

800.0

495.5

745.9

1 491.3

79.2

104.4

175.2

1 063.6

1 776.1

3 865.6

47.5

77.2

77.3

56.4

148.1

213.3

5.2

37.0

69.1

109.2

262.3

359.7

1 172.8

2 038.4

4 225.3

, $
2005

2006

2007

106.2

186.1

341.8

27.7

63.7

91.0

2.9

36.3

23.3

2.9

2.8

61.9

139.7

288.9

518.0

65.1

104.6

199.5

4.0

5.5

10.7

54.1

98.1

171.3

123.3

208.3

381.6

16.4

80.7

136.4

9.6

36.3

55.5

0.0

0.0

0.0

6.8

44.4

80.9

292

2008-2009

1.6

7.4

11.9

5.2

37.0

69.0

RODB

2005

($ )


($ )

P/BV

P/E

35.2

2.1

13.72

225.21

: $1110

2006

89.1

4.5

5.42

107.72

: $1506

2007

226.0

12.3

2.14

39.30

: 36%

- ,
. 19
. 150 .
``

``

``

.
60%.
.
due diligence 23% ,
.
.
2007 .
.
2.7 , ,
.

RODB

Bloomberg

RODB UZ

76.8%

23.2%

435 000

($.)

482.8


, $

1 013.74

, $

1 854.79

2250
2000

``

IPO.
.

1750
1500
1250
1000

``

``


47% 220 .
. , ,
.

07.2007

10.2007

01.2008

04.2008


()


,
23 .

293


, $
31.12.2005

31.12.2006

31.12.2007

31.4

45.8

134.6

49.5

192.9

487.4

9.4

22.3

41.8

252.4

436.0

1 214.2

208.9

251.2

823.4

43.5

184.8

390.8

5.1

7.7

14.9

19.3

30.8

68.5

3.9

4.2

10.4

1.4

3.4

28.7

362.2

727.8

1 970.7

50.4

191.4

540.7

136.8

176.8

444.6

122.2

219.1

571.3

17.6

51.3

188.1

327.0

638.6

1 744.7

19.8

69.3

86.1

11.4

15.4

127.6

, ...:

4.0

4.5

12.3

35.2

89.1

226.0

362.2

727.8

1 970.7

, $
2005

2006

2007

22.0

51.3

123.4

5.8

11.4

21.3

2.0

3.1

12.0

1.1

2.0

3.2

30.9

67.7

159.8

16.6

41.1

95.5

0.5

0.9

2.2

7.8

17.2

38.1

24.9

59.2

135.7

5.9

8.5

24.1

3.3

3.1

10.8

0.0

0.0

0.0

2.6

5.4

13.3

294

2008-2009

0.5

0.9

1.0

2.1

4.5

12.3

UGZB

2005

($ )


($ )

P/BV

P/E

43.0

3.2

8.78

116.23

: $0.63

2006

94.4

6.1

4.00

61.94

: $0.99

2007

184.0

19.9

2.05

18.99

: 57%

, .
, .
``

``

``

``

``

``

``

287 , 17 .
457 . .

UGZB

Bloomberg

UGZB UZ

33.0%

18.0%

, ,
.

8.8%

8.2%

7.4%

2007 . 11 ,
17 .

4.9%


, 20%.

.
2008 . 33-42%,
$40-50 . .


.
,

.

3.9%

15.8%

599 522 922

477 078

($.)

377.4


, $

0.63

, $

1.61

1.8
1.5
1.2
0.9
0.6
07.2007

10.2007

01.2008

04.2008


()

295


, $
31.12.2005

31.12.2006

59.3

60.8

31.12.2007
99.1

112.3

231.6

759.4

42.6

93.2

97.8

, ...:

237.7

428.6

962.7

208.9

311.5

681.2

28.9

117.1

281.5

12.5

17.1

40.3

28.3

71.9

134.8

2.0

4.2

8.4

3.0

10.2

20.4

472.7

883.3

2 042.3

105.3

200.0

700.3

95.5

191.0

417.9

207.8

341.4

608.5

21.2

56.6

131.7

429.8

788.9

1 858.3

33.7

59.4

99.0

5.7

29.1

64.8

3.6

5.9

20.2

43.0

94.4

184.0

472.7

883.3

2 042.3

, $
2005

2006

2007

47.5

70.8

150.0

9.1

13.8

29.5

2.0

6.5

12.8

5.6

3.5

14.7

64.2

94.6

207.1

31.6

47.3

98.9

1.6

2.5

3.5

22.2

33.4

60.4

55.4

83.2

162.8

8.7

11.4

44.3

5.0

5.6

25.4

0.0

0.0

0.0

3.7

5.8

19.0

296

2008-2009

0.5

-0.3

-0.9

3.8

68.1

116.3

USCB

($ )


($ )

P/BV

P/E

2005

203.4

19.9

8.62

88.30

: $0.16

2006

381.5

56.9

4.60

30.84

: $0.20

2007

632.4

71.7

2.77

24.45

: 20%

, . 4- .
500 .
5%.
``

``

USCB

Bloomberg

USCB UZ

UniCredit
Bank Austria Creditanstalt 94.2%
.

UniCredit Group

UniCredit
Group,

,
. 700 .

94.2%

5.8%

10 694 986 050

5 013 950

($.)

1 753.8

* , 03.07.08
``

``

,
, -.

.
2008 . .
2.6 . 60%
.

``


3.2 , $450 ., $652 . 2011 .

``

2008 . 5%
($0.31 ). $149 .


, $

0.16

, $

0.35

0.45
0.40
0.35
0.30
0.25
0.20
0.15
07.2007

10.2007

01.2008

04.2008


()

297


, $
31.12.2005

31.12.2006

31.12.2007

322.8

541.6

559.6

82.0

40.1

190.0

107.4

101.1

250.1

, ...:

1 436.0

2 513.0

4 784.9

846.6

1 136.1

2 172.4

589.4

1 376.9

2 612.5

40.2

52.3

107.0

192.8

293.9

406.5

16.9

16.5

49.7

13.6

17.7

49.8

2 131.3

3 471.6

6 183.5

193.2

757.6

1 787.5

951.1

1 161.8

1 722.3

702.4

1 015.0

1 487.8

81.2

155.7

553.5

1 927.9

3 090.1

5 551.1

13.9

73.3

202.0

166.2

251.0

357.9

23.3

57.2

72.6

203.4

381.5

632.4

2 131.3

3 471.6

6 183.5

, $
2005

2006

2007

177.3

281.3

514.8

66.7

83.2

103.5

12.2

18.6

35.7

4.3

5.3

17.8

260.6

388.5

671.7

107.3

162.2

325.7

2.5

3.4

6.4

106.7

131.9

180.3

216.5

297.5

512.3

44.1

91.0

159.4

13.8

11.5

63.0

0.0

0.0

0.0

30.3

79.5

96.4

298

2008-2009

10.4

22.6

24.7

19.9

56.9

71.7

ZUKB

($ )


($ )

P/BV

P/E

31.5

2.1

5.19

78.07

: $0.0041

2006

51.0

4.6

3.20

35.61

: $0.0052

2007

85.5

0.4

1.91

465.18

: 27%

2005

. PKO Bank
Polski SA, ,
98.2%.
``

``

``

``

``

2007 .
81% $78 . 2012 .
$400-600 .
.

1% 5% 2012 .


. 2012 .
2.1 160
380.
2009 . ,
29 ,
.
2007 . 13 .

, ,
,
.

ZUKB

Bloomberg

ZUKB UZ


PKO Bank Polski SA ()

98.2%

1.8%

39 604 946 916

($.)

163.3


, $

0.004

, $

0.011

0.012
0.010
0.008
0.006
0.004
07.2007

10.2007

01.2008

04.2008


()

299


, $
31.12.2005

31.12.2006

31.12.2007

43.1

55.1

61.3

16.9

39.0

43.1

7.9

26.7

43.8

319.5

496.5

703.4

263.6

379.6

526.6

55.9

116.8

176.8

15.0

18.4

21.2

21.1

36.9

62.8

0.8

1.7

2.9

7.4

13.4

14.2

, ...:

401.7

651.0

910.3

39.6

96.5

141.1

130.7

191.5

255.7

180.3

288.3

387.8

19.6

23.6

40.2

370.2

599.9

824.8

28.4

43.4

78.4

0.9

3.0

6.7

2.1

4.6

0.4

31.5

51.0

85.5

401.7

651.0

910.3

, $
2005

2006

2007

37.7

58.2

93.0

14.7

14.8

16.6

2.7

2.2

2.7

0.5

0.7

2.0

55.5

76.0

114.2

22.8

34.7

57.8

1.5

1.5

1.6

20.4

29.7

46.9

44.6

65.9

106.3

10.9

10.1

7.9

7.7

3.1

4.4

0.0

0.0

0.0

3.2

6.9

3.5

300

2008-2009

1.1

2.3

2.4

2.1

4.6

0.4



.
.

, $

188.7

200
163.9
150

128.2
103.0

100
50
0

29.9
2000

37.9

46.0

53.1

2001

2002

2003

70.0

2004

2005

2006

2007

-
2008

,
%
140%
130%
120%
110%
100%

2003

2004

2005

2006

2007

-
2008

2007 . 116.6%.
2008 . ,
, 2008 . 2007
. 115.5%. ,
, , .

301

I 2008 .

115.5

, . .

124.0

122.0

133.5

97.5

142.5

156.3

110.9

108.4

101.0

()

114.6

109.8

, :
``

,
.
2007 . 6.5%,
14.5%,
21.6%, 24.3%,
15.2%,
7.7%.
.

``

,
,
, -
.

``

.
2007 . ,
, ,
, , . , 2008
.
.

.

``

302

2008-2009

``

.
2007 . 97.9%. , 2008 .

.

``

, , ,
.

``

. ,
, ,
, . , .

11-14% , .
, , , . , - 2009
. 10-15%
. ,
. , - ,
-
,
, .
- 2008 . 6%, 121.5
130.5 .
2008 .,
,
, .
, .

303


2007 .
80%. , 2008 .
.
30%,
50%. ,
15%,
. ,
510%. ,

: -
(, , ),
, .

.
, ,

. ,
, , 70%
.


.

24.8% 10.1% ,
. ,

,
. ,
,
85%, 15
20%.
- ,

. ,
2007 .
.
20 2006 .
.
,
2008 .
60 .
. 1 2008 .,
2000 .,
50% 3096.2 . .

304

2008-2009

,
,
,
.

.
,
. ,
.

2007 . $2.8
. $2.1 . 2006 .
,
,

2015 .
.

.
, ,
13 . 2006 . 20 . 2015 .
, ,
3.1 . ( 1 2008 .)
4.6 . . ,
, ,
24.3% 2006 .
80% 2015 .

305


2002-2006 . 2.3-2.4 . , 2007 .
1.9 . .

, .
2600
2460

2450

2400

2360
2300

2330

2303

2320

2200
2000

1912

1800
2000

2001

2002

2003

2004

2005

2006

2007



10%. , , , .
60-70% .
2007 . 20%, .
2007 . , ,
25 .
, .
2008 . 22%. 2008 .
2007 . 39%.
2005 . 2008 . 181%.

2007 . .
, -

. 13
2008 . ,
. ,
65 . .

306

2008-2009

.

. ,
.
2007 .,
10%, .

5%.
. . ,
.
,
30% .
.

- .
,
.
, .

. 100% 2010 . 50-60%.

307


.
Malteurop Ukraine, , . 84% .
16%
.
.
2007 . 6.6%
420 . . .
, 2007 . 460 . , 2008 20%
550 . . 2007 . 2006 .
41% 63.5 . . ,
, , , .
,
,
. , -

.
2007 .
. $297-356
, $148. , . 2007 .
6 . , 2006 . 8 .
. , . ,
.
. 2007 .
$693 772 .
,
.

308

2008-2009


50 . 96%
: ( , , , Becks,
Stella Artois, Staropramen, Brahma), (, , , Pils, hike), BBH Ukraine (, ,
, Carlsberg, Tuborg, Holsten) (,
, Drive Max, Kaltenberg).


2006 , %

2007 , %

2007 .
2006 .,

38.8

38.6

-0.2

30.2

30.1

-0.1

BBH Ukraine

17.8

20.4

2.6

9.9

7.6

-2.3

3.4

3.4


. 23% 2005 .
12% 2007 .
. , 20-30% .
.
- 20%.

, $
2.45

2.5
2.0

2.0
1.5

1.3

1.6

2005

2006

1.0
0.5
0.0
2007

2008


. ,
2008 . 20-25%. ,

309

, .
, 2008 .
10%, 7%
. 60
. 70-80
2010 . .

, /

118

160

114

100

97

95

86

67

85

61

150

160
140
120
100
80
60
40
20
0

: Baltic Beverages Holding

, ,
0.5 0.05, .

. ,
,
, .

. $1
, ,
$0.3 . ,
.
, , .

. 2007 .
. ,
15%, 5% . -
, .
,
.

8%, .
15%.

310

2008-2009

2008 . , , , 2007 . 2008 . .


, ,
, .
:
,
-.
2008 . 20%
35%. , , 14% 2007 . 360 .
. 165.8 . , 10% 2007 .
2008 . 320-330 . .



. 30% . ,
.

. 2007 .
$2 ., 32% , .

$47.6, 2005 . 80%.
.
, Good Manufacturing Practice
(GMP).
140 . ,
, GMP
23 12 ,
300 .
, ,
. ,
.

.


. 2007 .

311

Sopharma 75% .
$100 .
, . .
, 2008-2009 . 60% $3.2 ., . , 15-20%,
5-6% .

312

2008-2009

GALTN

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

48.5

3.0

0.4

1.00

20.97

123.26

: $2.09

2006

51.0

4.1

0.0

0.95

15.18

1477.99

: $1.84

2007

63.4

3.9

0.3

0.76

16.19

145.59

: -12%

, . 70 ,
, .
``

,
,
.
2005 .

``

15%.

``

, ,
.

``

``

``


, . , , , .


, .
.
EBITDA 14.7% 6.1% ,
2005 .

GALTN

Bloomberg

GALTN UZ

89.8%

10.2%

23 126 796

($ )

48.3

($ )

14.2

EV ($ )

62.5


, $

1.35

, $

2.90

3.2
2.6
2.0
1.4
0.8
07.2007

10.2007

01.2008

04.2008


()

313


, $
31.12.2005

31.12.2006

31.12.2007

0.0

0.0

0.0

0.0

0.0

0.0

3.5

1.5

1.0

0.8

2.2

2.8

3.8

3.4

4.5

0.1

0.3

0.4

8.2

7.3

8.7

9.1

12.5

11.8

11.1

11.1

10.7

20.2

23.5

22.5

31.2

28.4

30.9

3.0

2.1

0.0

0.0

3.4

14.2

3.0

4.6

3.9

5.7

2.6

2.1

11.7

12.7

20.2

7.0

7.4

0.0

0.0

0.0

0.0

0.0

1.0

1.0

7.0

8.5

1.0

1.7

1.7

1.7

4.0

4.0

4.4

3.9

3.9

4.0

9.7

9.7

10.1

28.4

30.9

31.2

2005

2006

2007

48.5

51.0

63.4

40.9

41.9

54.1

()

7.5

9.1

9.3

1.7

1.0

0.9

6.2

6.0

6.3

3.0

4.1

3.9

1.3

1.8

2.0

()

1.7

2.3

1.9

0.5

0.2

0.6

1.2

1.2

1.4

0.3

0.9

0.6

0.7

0.4

0.4

0.3

0.4

0.1

0.4

0.0

0.3

, $
( )

EBITDA

()

314

2008-2009

KMOL

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

27.1

2.7

0.3

1.13

15.20

98.72

: $0.41

2006

27.6

2.7

0.2

1.11

15.39

135.74

: $0.62

2007

52.9

3.4

0.7

0.58

12.14

44.20

: 50%

2005

.
100
, , , , .
``

1996 . . .

``

700 .

``

- 2007 .
, .

``

, ,
56.3%
2007 . $248 .

``

5% 2011 .
15-20%.

``

600 ,
600 , .

KMOL

Bloomberg

KMOL UZ


Thornby Trading Limited ()

59.9%

WMG West Milk Limited ()

24.9%

2.0%

13.2%

74 640 900

($.)

30.6

($.)

10.6

EV ($.)

41.2


, $

0.36

, $

0.87

0.90
0.75
0.60
0.45
0.30

``

$55 . ,
.

07.2007

10.2007

01.2008

04.2008


()

315


, $
31.12.2005

31.12.2006

31.12.2007

0.1

0.1

0.1

0.0

0.0

0.0

2.9

5.3

13.4

3.6

4.9

12.3

2.0

2.6

6.1

0.4

0.4

0.9

9.0

13.2

32.7

12.6

13.3

23.6

0.6

0.6

7.2

13.2

14.0

30.7

22.2

27.2

63.5

0.0

0.0

2.5

0.0

0.0

0.0

3.0

5.7

17.8

10.3

13.7

22.7

13.3

19.4

43.0

5.0

4.0

7.3

1.3

1.1

0.9

0.3

0.3

0.7

6.6

5.4

8.9

0.7

0.7

3.7

0.0

0.2

0.9

1.7

1.5

7.0

2.3

2.3

11.6

22.2

27.2

63.5

2005

2006

2007

27.1

27.6

52.9

23.8

25.4

47.5

()

3.3

2.3

5.3

11.0

4.2

11.2

11.6

3.8

13.1

2.7

2.7

3.4

1.6

1.9

1.6

()

1.1

0.8

1.8

0.4

0.0

2.5

0.6

0.6

0.7

0.4

0.0

2.5

0.5

0.2

1.2

0.2

0.0

0.5

0.3

0.2

0.7

, $
( )

EBITDA

()

316

2008-2009

KORV

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

51.7

1.3

-0.2

0.21

16.28

: $1.10

2006

59.1

2.5

1.0

0.18

8.49

10.59

: $2.66

2007

66.5

1.9

0.5

0.16

11.09

20.65

: 141%

2005

, , .
30%. 1000 .
``

``

``

``

``

``

``

20%
, 133 .

KORV

Bloomberg

KORV UZ


Cirdan United S.A.
(. -)

24.9%

West-Lot Limited ()

14.1%

11.8%

,
, .

Eemon Associated S.A. ()

10.0%

2
15% 78 . .


- .

2007 .
, 50%.

9.5%

8.5%
1.6%

19.6%

9 726 300

($ )

10.7

($ )

10.2

EV ($ )

20.9


, .

, .

2.1

, $

1.06

, $

2.27

2.4
1.8
1.5
1.2

``

2008 .
8-9%, .

0.9
0.6
07.2007

``

10.2007

01.2008

04.2008


()

317


, $
31.12.2005

31.12.2006

31.12.2007

0.6

2.0

0.8

0.5

0.0

0.0

1.0

3.9

1.5

0.3

1.4

8.6

3.6

3.2

2.6

0.3

0.3

0.4

6.2

10.7

13.9

7.8

8.9

10.0

9.1

8.8

6.7

16.8

17.7

16.7

23.0

28.4

30.6

0.2

2.9

10.3

0.0

0.0

0.0

4.2

8.9

0.9

1.2

1.3

2.9

5.6

13.2

14.0

3.0

0.0

0.7

0.0

0.0

0.0

0.0

0.0

0.0

3.1

0.0

0.8

0.6

0.6

0.6

5.8

6.6

7.1

8.0

8.1

8.1

14.4

15.3

15.8

23.0

28.4

30.6

2005

2006

2007

51.7

59.1

66.5

40.4

47.4

54.6

()

11.3

11.8

11.9

3.7

10.8

17.3

13.7

20.1

27.3

1.3

2.5

1.9

0.0

1.1

1.3

()

1.3

1.4

0.6

2.3

1.8

6.2

1.1

0.7

1.2

2.2

1.1

5.0

0.3

1.4

0.6

0.5

0.4

0.1

-0.2

1.0

0.5

, $
( )

EBITDA

()

318

2008-2009

OKOR

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

32.0

2.8

1.4

0.29

8.81

6.61

: $0.20

2006

38.3

3.4

0.3

0.24

7.18

32.96

: $0.43

2007

34.9

3.3

1.0

0.26

7.52

9.10

: 122%


, .
63%.
, , Euro.
``

``

``

``

``

``

2007 . 75.8%
. .
IPO 2008 .
.
220 .
2007 .
,
3% , .
2007 .
2 18%. 2008 .
2 30%.

, 20 40%.

OKOR

Bloomberg

OKOR UZ

75.8%

5.9%

Mandatum Arvo Russia Value


Fund ()

2.1%

Mandatum Ukrainian Fund


()

1.8%

SEALOT Ltd. S.A. ()

1.6%

12.8%

46 886 392

($ )

9.2

($ )

15.5

EV ($ )

24.7


, $

0.15

, $

0.45

0.5
``

``

2007 .
4.5
. $5 ., , -.
1.5 .
$17.3 .,
2008 .

0.4
0.3
0.2
0.1
07.2007

10.2007

01.2008

04.2008


()

319


, $
31.12.2005

31.12.2006

31.12.2007

0.1

0.4

1.8

0.0

0.0

0.0

4.5

4.4

1.7

18.5

18.2

23.6

1.7

1.6

1.4

0.0

0.0

0.0

24.7

24.7

28.6

5.5

6.6

6.8

1.0

0.5

0.7

6.5

7.1

7.6

31.2

31.8

36.1

0.0

0.0

2.0

0.0

0.0

4.3

1.9

4.2

4.6

2.2

1.3

2.8

4.1

5.5

13.7

17.0

15.9

7.4

0.0

0.0

3.7

0.0

0.0

0.0

17.0

15.9

11.1

2.3

2.3

2.3

7.4

7.7

8.7

0.3

0.3

0.4

10.1

10.4

11.4

31.2

31.8

36.1

2005

2006

2007

32.0

38.3

34.9

24.3

29.5

24.7

()

7.6

8.9

10.2

1.1

5.8

14.2

6.0

11.2

21.1

2.8

3.4

3.3

0.7

0.7

0.9

()

2.1

2.7

2.4

1.3

0.8

7.5

0.2

1.8

1.5

1.4

0.9

7.4

1.9

0.7

1.1

0.5

0.4

0.0

1.4

0.3

1.0

, $
( )

EBITDA

()

320

2008-2009

SLAV

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

121.2

21.4

3.1

3.59

24.61

139.17

: $0.51

2006

150.1

28.2

4.4

2.90

18.70

98.70

: $0.38

2007

232.8

51.6

19.3

1.87

10.22

22.56

: -26%

() , Baltic Beverages Holding


(BBH) .
``

``

, .
.


, , Tuborg, Carlsberg, Foster's,
Holsten, , , , Pepsi
7 UP.

SLAV

Bloomberg

SLAV UZ


Baltic Beverages Holding AB
()

92.4%

7.6%

853 692 014

2007 .
17.8%
20.4%.

($.)*

``

2008 .
20%.

* , 20.12.2007

``

2008 . 20-35%
.

``

``

, 2007
.,
.

434.8

($.)

92.2

EV ($.)

527.0


, $

0.51

, $

1.08

1.4
1.2
1.0

``

``

``

2007 . $97 .
,
.
2008 . $100 .,
101.6 . ,
2007 . 73.6 . .

0.8
0.6
0.4
07.2007

10.2007

01.2008

04.2008


()


:
2008 . 14%.
,
.
321


, $
31.12.2005

31.12.2006

31.12.2007

0.3

0.3

5.0

0.0

0.0

0.0

12.5

13.0

19.3

4.0

17.2

14.9

19.5

22.0

33.2

4.1

3.8

6.0

40.3

56.3

78.5

104.0

108.4

191.2

8.9

15.2

21.1

112.9

123.6

212.2

153.3

180.0

290.7

14.8

47.7

0.0

0.0

0.0

0.0

11.5

10.7

21.1

27.7

25.4

16.5

54.0

83.9

37.6

27.8

19.3

97.2

0.0

0.0

0.0

2.7

3.8

4.2

30.6

23.0

101.4

39.1

39.1

98.2

26.0

30.2

49.1

3.6

3.7

4.5

68.7

73.1

151.7

153.3

180.0

290.7

, $
2005

2006

2007

121.2

150.1

232.8

62.3

73.3

116.9

()

59.0

76.8

115.9

50.4

46.5

113.2

88.0

95.2

177.6

21.4

28.2

51.6

13.5

14.3

18.8

()

7.9

13.9

32.7

2.9

0.5

0.4

3.4

5.0

6.9

0.3

1.1

1.0

7.2

8.3

25.3

( )

EBITDA


()

322

2008-2009

4.1

3.9

6.0

3.1

4.4

19.3

SSOL

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

21.8

4.8

2.5

2.18

20.32

19.31

: $1.93

2006

23.8

4.2

1.4

2.00

23.25

32.97

: $5.81

2007

36.5

7.4

2.3

1.30

13.19

20.91

: 202%

2005

.
155 . .
, .
``

``

``

``

``

``

``

2004 . Soufflet Group


BBH.
2005 . 24% ,
.
, .
.
250
.
2007 . Soufflet Group
Soufflet Malting
.
.
, , .

.
.
2007 . ,
58%.
2008 . 20% 550 .
.

SSOL

Bloomberg

SSOL UZ


Compagnie Internationale de
Malteries ()

67.0%

24.0%

9.0%

24 705 920

($ )

47.6

($ )

49.7

EV ($ )

97.3


, $

0.92

, $

3.60

4
3
2
1
0
07.2007

10.2007

01.2008

04.2008


()

323


, $
31.12.2005

31.12.2006

31.12.2007

0.0

1.1

0.0

0.0

0.0

0.0

0.8

1.7

6.4

1.1

3.2

5.4

12.0

14.4

33.0

0.2

0.1

0.3

14.2

20.5

45.1

6.8

7.3

6.9

1.2

7.7

19.0

8.0

14.9

25.9

22.1

35.4

71.0

12.0

17.3

43.0

0.0

0.0

1.5

0.7

2.5

7.4

0.3

0.4

1.0

13.0

20.2

52.9

0.0

4.7

5.3

0.0

0.0

0.0

0.1

0.0

0.0

0.1

4.7

5.3

1.2

1.2

1.2

1.6

3.0

5.2

6.3

6.3

6.3

9.1

10.5

12.8

22.1

35.4

71.0

2005

2006

2007

21.8

23.8

36.5

15.7

17.9

26.6

()

6.2

5.9

9.8

4.9

15.6

28.9

, $
( )

6.3

17.3

31.3

4.8

4.2

7.4

0.8

0.8

0.8

()

4.0

3.4

6.6

0.6

0.1

0.2

0.8

1.1

2.3

0.1

0.1

0.7

3.7

2.2

3.7

1.2

0.8

1.4

2.5

1.4

2.3

EBITDA

()

324

2008-2009

SUNI

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

360.7

65.5

30.7

2.73

16.41

32.06

: $0.103

2006

373.9

85.4

32.3

2.63

12.59

30.43

: $0.092

2007

473.3

132.9

58.1

2.08

8.09

16.91

: -11%

- InBev.
, ,
.
``

2000 . , 2007 .
.

``

Stella Artois, Beck's, Brahma,


Staropramen, Leffe, Hoegaarden, Lowenbrau,
, .

``

2007 .
12 . .

``

2007
. 37.7%,
.

SUNI

Bloomberg

SUNI UZ


Interbrew Yntr Holding B.V.
()

68.4%

Interbrew DSN Holding B.V.


()

13.5%

18.1%

9 510 655 300

($ )

983.1

($ )

92.3

EV ($ )
``

2007 .
80% $58 . , 8.5% 12.3% 2007 .

1 075.4


, $

0.10

, $

0.16

``

2008 . 20-35%
.

``

, 2007
.,
.

0.14

``

0.08

``


:
2008 . 14%.

0.18
0.16

0.12
0.10
07.2007

10.2007

01.2008

04.2008


()

325


, $
31.12.2005

31.12.2006

31.12.2007

1.2

2.3

0.5

0.0

0.0

0.0

19.1

3.3

6.0

11.5

7.2

8.2

44.7

73.8

84.6

4.5

5.0

6.6

81.1

91.6

105.9

136.6

170.3

244.1

50.3

44.0

54.4

186.9

214.2

298.5

268.0

305.9

404.3

67.5

83.6

92.8

0.0

0.0

0.0

36.7

53.5

80.1

21.4

17.5

18.2

125.6

154.6

191.1

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

18.8

18.8

18.8

87.5

100.7

160.0

36.1

31.8

34.4

142.4

151.3

213.2

268.0

305.9

404.3

, $
2005

2006

2007

360.7

373.9

473.3

137.4

170.3

194.4

()

223.2

203.6

278.9

29.2

7.5

10.5

186.9

125.6

156.5

( )

EBITDA

65.5

85.4

132.9

19.7

26.2

35.5

()

45.8

59.3

97.4

3.9

0.5

0.3

6.0

8.6

9.0

1.8

2.4

5.9

41.9

48.7

82.8


()

326

2008-2009

11.2

16.4

24.6

30.7

32.3

58.1

ZHMZ

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

47.4

5.2

2.3

1.10

10.67

23.20

: $1.88

2006

46.9

7.3

3.6

1.11

7.56

14.38

: $4.03

2007

65.3

8.3

3.8

0.80

6.68

13.87

: 115%


, .
.
``

20%
20 . 2008 .

``

2007 . 1.5
15.5% 17%.

``

``

``

``

``

, .

ZHMZ

Bloomberg

ZHMZ UZ

50.6%

17.6%

13.7%

18.1%

, ,
1.5 .

27 865 000

.
1.7 2005
2007 .

EV ($ )

, $

1.78

, ,
, , .

, $

3.43


.
. .

2.0

($ )

52.3

($ )

3.2
55.5

3.6
3.2
2.8
2.4
1.6
1.2
07.2007

10.2007

01.2008

04.2008


()

327


, $
31.12.2005

31.12.2006

31.12.2007

0.5

0.5

0.5

0.0

0.0

0.0

3.8

4.2

5.8

2.1

1.2

2.4

2.3

2.9

5.8

0.1

0.0

0.0

8.7

8.9

14.6

10.9

14.4

19.1

0.9

1.4

1.8

11.8

15.7

20.8

20.5

24.6

35.4

1.2

0.9

3.7

0.0

0.0

0.0

2.1

2.2

5.5

1.7

2.4

3.7

5.0

5.5

12.8

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.3

0.3

0.3

11.1

14.7

18.1

4.2

4.2

4.2

15.5

19.1

22.6

20.5

24.6

35.4

2005

2006

2007

47.4

46.9

65.3

39.3

34.8

48.5

()

8.1

12.2

16.7

10.6

4.3

3.7

13.5

9.1

12.1

, $
( )

EBITDA

5.2

7.3

8.3

1.7

2.1

2.7

()

3.5

5.2

5.6

0.0

0.1

0.3

0.1

0.1

0.2

0.1

0.2

0.3

3.3

5.1

5.4

1.1

1.4

1.6

2.3

3.6

3.8

()

328

2008-2009

FARM

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

47.6

11.9

6.3

7.53

33.73

56.47

: $49.21

2006

57.5

13.8

5.1

6.23

29.03

69.97

: $16.23

2007

78.2

22.7

7.8

4.58

17.60

45.84

: -67%

11%. 200
.
``

``

15-20
.

``

15% ,
, .

``

``

``

``


,

(GMP).
2007 .
53% $7.8 .
2006 .
,
, .

-.

FARM

Bloomberg

FARM UZ

28.9%

15.3%

55.8%

7 273 200

($ )

357.9

($ )

41.9

EV ($ )

399.8


, $

19.80

, $

51.94

54
44
34
24
14
07.2007

10.2007

01.2008

04.2008


()

329


, $
31.12.2005

31.12.2006

31.12.2007

0.2

0.3

2.9

0.0

0.0

0.0

8.2

10.9

17.1

2.9

2.5

4.9

8.5

9.6

14.4

0.1

0.0

0.0

19.8

23.4

39.3

25.8

31.9

104.9

17.0

17.6

16.5

42.8

49.5

121.3

62.6

72.9

160.6

7.4

13.1

16.1

6.8

5.9

6.4

6.0

5.6

8.0

1.0

1.9

3.0

21.2

26.5

33.3

1.5

4.1

22.3

1.4

0.2

0.2

0.2

0.2

2.1

3.1

4.4

24.6

7.2

7.2

7.2

26.9

30.5

33.1

4.2

4.2

62.4

38.3

41.9

102.7

62.6

72.9

160.6

2005

2006

2007

47.6

57.5

78.2

28.6

33.3

41.4

()

19.0

24.2

36.8

1.1

4.2

9.2

8.2

14.7

23.2
22.7

, $
( )

EBITDA

11.9

13.8

2.9

3.5

5.2

()

8.9

10.2

17.5

1.2

0.6

0.7

1.2

2.2

3.1

0.6

0.7

2.3

8.3

8.0

12.8


()

330

2008-2009

2.0

2.9

5.0

6.3

5.1

7.8

KFTP

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

72.3

9.7

3.5

0.60

6.25

12.55

: $7.22

2006

84.0

15.1

6.9

0.52

4.03

6.31

: $18.62

2007

91.6

12.6

5.3

0.47

4.82

8.19

: 158%

() . 1200
. , , , , ,
.
``

``

``

``

``

``

``

KFTP

Bloomberg

KFTP UZ

60 . , .

88.8%

11.2%

75%
, .

2007 . 23%,

6.7% 2006 .
.

6 021 800

($.)

43.5

($.)

17.4

EV ($.)

60.8

,
, 2007 . .

, $

6.53

, $

15.38

2008 . , .

12

,
, .

18
15

9
6
07.2007

10.2007

01.2008

04.2008


()

331


, $
31.12.2005

31.12.2006

31.12.2007

0.2

0.3

0.7

0.0

0.0

0.0

8.6

5.8

10.5

3.4

2.3

3.3

12.7

16.3

16.2

2.8

2.6

3.0

27.7

27.4

33.8

19.1

18.7

19.6

1.7

1.4

2.0

20.8

20.1

21.6

48.5

47.5

55.3

1.6

1.7

2.4

11.7

3.9

1.2

13.9

8.1

7.8

1.3

1.3

1.8

28.6

15.0

13.2

3.0

8.8

14.5

0.0

0.0

0.0

0.4

0.6

0.4

3.4

9.4

14.9

9.5

9.5

9.5

5.6

11.8

15.7

1.4

1.8

2.0

16.6

23.1

27.2

48.5

47.5

55.3

2005

2006

2007

72.3

84.0

91.6

60.9

66.2

75.0

()

11.3

17.8

16.6

15.5

22.9

17.4

17.1

25.6

21.3

9.7

15.1

12.6

, $
( )

EBITDA

2.7

2.9

3.0

()

7.0

12.2

9.6

0.1

0.0

0.1

2.0

2.7

2.7

0.1

0.1

0.1

5.0

9.5

6.9

1.5

2.6

1.6

3.5

6.9

5.3

()

332

2008-2009

KMED

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

46.8

8.5

3.8

2.89

18.43

35.98

: $33.81

2006

38.1

8.8

2.3

3.55

17.80

59.31

: $21.43

2007

46.2

12.8

5.3

2.93

12.17

25.64

: -37%


.
.
``

``

,
80%.
, 10%
.

KMED

Bloomberg

KMED UZ


F.C.I.*

25.6%

74.4%

* -

``

2007 . 2.3
$5.3 .

``


, 30 . 4 , 80%
.

($.)

2007 .
, 3.3
$19.8 . ,
,
. .

``

``

``

, , ,
,
GMP, .
, , .

4 004 002
135.4

($.)

20.4

EV ($.)

155.7

, $

28.05

, $

86.14

95
80
65
50
35
20
07.2007

10.2007

01.2008

04.2008


()

333


, $
31.12.2005

31.12.2006

31.12.2007

0.1

0.1

0.1

0.0

0.0

0.0

9.2

14.9

19.5

0.8

2.5

13.9

9.3

9.3

7.2

0.0

0.0

1.3

19.3

26.9

41.9

16.0

18.3

19.3

19.8

19.5

19.2

35.8

37.7

38.6

55.1

64.6

80.5

6.5

4.2

5.5

0.0

0.0

0.3

5.9

6.6

5.0

2.0

2.5

15.6

14.5

13.4

26.4

7.5

15.7

13.6

0.0

0.0

1.0

5.4

5.7

4.5

12.9

21.4

19.1

6.0

6.0

6.0

21.0

23.0

27.7

0.7

1.0

1.2

27.7

29.9

34.9

55.1

64.6

80.5

2005

2006

2007

46.8

38.1

46.2

31.5

25.5

27.6

()

15.2

12.6

18.6

2.5

3.6

0.5

9.3

7.5

6.3

8.5

8.8

12.8

1.9

2.4

2.7

()

6.6

6.3

10.1

7.3

0.6

0.2

1.5

2.5

2.6

7.1

0.9

0.3

5.3

3.5

7.4

1.5

1.2

2.1

3.8

2.3

5.3

, $
( )

EBITDA

()

334

2008-2009

KIUZ

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

36.5

6.9

3.3

1.20

7.87

13.24

: $23.44

2006

49.1

8.9

3.9

0.89

6.05

11.30

: $23.63

2007

62.1

9.1

4.9

0.70

5.90

8.93

: 1%

2005

, , , .
``

, 12-14%.

``


. 2007
.
3.5% .

``

``

``

5000 ,
10%.
2007 . 37
43 , 2007 .
13
.
2007 .
, .
.

``

2008 .
10%.

``


2007 .

``

``

, 10% , , ,
74%
.
, .

- .

KIUZ

Bloomberg

KIUZ UZ

9.8%

9.7%

8.9%

8.7%

8.1%

7.7%

7.5%

7.2%

7.1%

3.8%

3.7%

17.8%

1 865 056

($.)

43.7

($.)

10.3

EV ($.)

54.0


, $

23.44

, $

44.39

45
40
35
30
25
20
08.2007

11.2007

02.2008

05.2008


()

335


, $
31.12.2005

31.12.2006

31.12.2007

0.2

0.4

6.8

0.1

0.0

0.0

0.6

0.7

1.4

4.4

3.5

4.1

27.4

37.1

40.5

0.5

0.6

0.2

33.1

42.4

53.0

10.9

10.6

10.4

3.2

2.5

15.1

14.0

13.2

25.5

78.5

47.1

55.6

2.0

2.1

1.0

7.8

8.7

16.1

7.9

9.1

7.6

15.2

17.6

30.8

32.9

37.5

55.5

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.4

0.4

0.4

6.0

9.9

14.8

7.9

7.9

7.9

14.3

18.1

23.0

47.1

55.6

78.5

2005

2006

2007

36.5

49.1

62.1

24.3

32.9

41.2

()

12.2

16.2

20.9

1.4

3.3

12.3

6.8

10.6

24.1

6.9

8.9

9.1

1.8

1.8

1.8

()

5.0

7.1

7.4

4.0

1.8

7.9

1.6

1.7

2.6

3.1

1.4

6.9

4.3

5.8

5.8

1.0

2.0

0.9

3.3

3.9

4.9

, $
( )

EBITDA

()

336

2008-2009


.

6%. 2003-2007 . 20-30%
. 2007 .
$7.9 .,
$3.2 ., 2006 . 19% 21%.
, 2007
. 27%, ,
4%.
2008 .
60%.
67-70% 32% . 26%
16 , 15% - . 38% , 21%
.

, 78.5% , 10 . . 2007 . 2006 .
1.6%, 43%. , 80%
,
. 22% ,
4%.
2008 .
67.8% ,
25%+1 . , ,
2008 .
.

, 2007 .

3% 5%
5%

8%


79%

Datagroup

337

3G-
Utel. 3G-. 2008 .
GSM
, . 3G-
WiMAX,
. -
-.
2008 .
( SIM-)
55.2 ., 12.6% , 2007 . (
, 46.2 . ).
32 . .

, 2007 .
1%
GSM

5%

16%
42%

36%

: AC&M Consulting

GSM , 99% , , ,
,
. 43.5% GSM
-, 56.5% Telenor.
, djuice .

( ).
95% , 99% . Jeans.
2005 .
life:) ,
91% .
35 . . 22 .
, .

338

2008-2009

Euroasia
Telecommunications Holdings B.V. (), 54.8%
Turkcell, 45.2%
.

( )
Beeline 2006 . , 86% .
IP- $2.4-2.8 . . 3-5 2010 .
2007 . ,
1 , 6.2-6.4 .
13.3-13.8% .
. ,
58% .
. ,
,
. - . , , . -,
,
.

339

340

2008-2009

UTEL

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

1 289.1

365.8

101.2

2.44

9.38

31.02

: $0.17

2006

1 327.0

391.1

92.8

2.37

8.77

33.85

: $0.10

2007

1 348.3

387.5

53.1

2.33

8.86

59.17

: -43%

- . 2007 (3G) UTEL.


``

``

``

UTEL

Bloomberg

UTEL UZ

78.5%
, 10 . .

ADR/GDR

+/UK1


. ,
67.8% ,
25%+1 , ,
.

67.8%
$2.4 ., $24.8 .
$3-4 .

``

``


,
SigmaBleyzer, SCM .

``

2007 .
1.6%, 43%. -
, $300 . ,
- 2006-07 .

- 1 ADR/GDR

50

92.8%

7.2%

18 726 248 000

($ )

3 140.3

($ )

291.4

EV ($ )

3 431.8


, $

0.17

, $

0.24

0.30
0.25
0.20
0.15
07.2007

10.2007

01.2008

04.2008


()

341


, $
31.12.2005

31.12.2006

31.12.2007

397.3

189.6

240.9

0.0

0.0

0.0

143.7

150.6

155.8

34.3

26.1

36.3

73.2

65.5

85.5

22.9

12.1

14.7

671.5

443.9

533.2

1 497.1

1 672.7

1 780.1

258.8

184.4

200.4

1 755.9

1 857.1

1 980.5

2 427.4

2 301.0

2 513.7

10.3

1.3

5.7

0.1

0.3

0.1

93.1

46.4

78.8

86.6

113.9

124.6

190.1

161.8

209.2

532.5

534.0

525.2

138.6

6.1

0.1

6.8

4.0

40.6

678.0

544.0

565.8

927.0

927.0

927.0

140.5

130.1

90.2

491.8

538.0

721.5

1 559.4

1 595.2

1 738.7

2 427.4

2 301.0

2 513.7

, $
2005

2006

2007

1 289.1

1 327.0

1 348.3

1 002.9

1 018.9

1 032.1

()

286.2

308.0

316.2

303.1

200.9

92.7

223.4

117.8

21.5

365.8

391.1

387.5

189.7

202.9

227.2

()

176.1

188.2

160.3

53.8

56.0

36.6

30.0

55.9

57.5

40.2

53.9

25.3

159.7

134.4

114.0

( )

EBITDA


()

342

2008-2009

58.4

41.6

60.9

101.2

92.8

53.1



. 1990 .
, 2000 . ,
, .

1990-2007 .
1990

1995

2000

2001

2002

2003

2004

2005

2006

2007

,
. 2

17 447

8 663

5 558

5 939

6 073

6 433

7 566

7 816

8 628

10 244

..

14 024

6 456

4 329

4 773

4 858

5 074

5 739

6 088

6 709

7 737

3 423

2 207

1 229

1 166

1 215

1 359

1 827

1 728

1 919

2 507

92.0

64.6

100.4

103.5

94.2

126.5

117.2

93.4

109.9

115.6

2007 . 16%
$11 .,
,
19.7% 16.1% . , ,
, , ,
53% 2007 .
2007 .
,

5%
17%



78%

2008 ., ,
, 1.2%.
,
. , ,
.

343


,
2008 . , ,
,
.

2012 .
,
(, , , , , ), . , , (: MTBD).
,
2000-2007 . .
, ,
. ,
2007 . ,
.
2003-2007 .

2003

2004

2005

2006

2007

. 2

13.0

17.0

19.8

21.3

27.5

8.9

10.6

12.2

13.7

15.0

1 563

1 829

1 890

2 054

2 311

. 3

2 492

2 763

3 204

3 732

4 585

733

716

811

748

632


. ,

, , .
2008 ., ,
.

.

344

2008-2009

KRCS

2005

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

26.5

2.1

0.9

3.36

43.01

101.98

: $0.21

2006

31.3

3.8

1.0

2.85

23.05

87.52

: $0.29

2007

55.5

13.7

9.6

1.61

6.46

9.32

: 34%

, ,
. 580 .
, 100%
``

``

``

``

2007 .
9 2006 .,
3.3% 17.3%.
, ,
.
,
.
(,
) 2006 .
.

.

,
.

KRCS

Bloomberg

KRCS UZ

92.9%

7.1%

418 577 500

**

4 185 775 000

($.)*

89.2

($.)

-0.5

EV ($.)*

88.7

*
**


, $

0.12

, $

0.32

0.35
0.30

``

10 .
10 7
2008 .

0.25
0.20
0.15
0.10
07.2007

10.2007

01.2008

04.2008


()

345


, $
31.12.2005

31.12.2006

31.12.2007

0.4

0.1

0.6

0.0

0.0

0.0

1.5

2.1

7.2

0.9

1.3

0.8

3.4

4.5

8.3

0.3

0.6

0.6

6.4

8.6

17.5

4.6

5.1

5.0

3.4

1.9

3.3

8.0

7.0

8.3

14.4

15.6

25.8

0.0

0.0

0.0

0.0

0.0

0.1

2.5

2.3

1.9

1.1

0.7

2.0

3.6

3.0

4.0

0.0

0.0

0.0

0.0

0.0

0.0

0.8

0.8

0.6

0.8

0.8

0.6

0.1

0.8

0.8

4.1

5.1

16.7

5.8

5.9

3.6

10.0

11.8

21.1

14.4

15.6

25.8

2005

2006

2007

26.5

31.3

55.5

19.6

23.0

27.4

()

6.9

8.3

28.1

3.9

2.9

0.4

8.8

7.3

14.8
13.7

, $
( )

EBITDA

2.1

3.8

0.6

0.6

0.7

()

1.4

3.3

13.0

0.2

0.4

0.2

0.0

0.0

0.0

0.2

1.6

0.1

1.4

2.1

13.1


()

346

2008-2009

0.5

1.0

3.5

0.9

1.0

9.6

MTBD

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

110.4

5.0

-0.6

1.44

34.54

: $273

2006

141.7

10.0

2.5

1.12

17.27

63.30

: $272

2007

175.6

7.3

-2.8

0.90

23.57

: 0%

2005

, , , .
,
,
.
``

``

``

``

11 ,

.

, .

. , , -
.

(
. ) .

MTBD

Bloomberg

MTBD UZ

25.0%

22.0%

21.3%

31.7%

579 940

($.)

158.6

($.)

14.4

EV ($.)

173.0


, $

241

, $

538

600
450

``

``

2008 .
The Sun Land Group Corp., $7 .

.

300
150
07.2007

10.2007

01.2008

04.2008


()



2012 .

347


, $
31.12.2005

31.12.2006

31.12.2007

0.7

1.2

2.1

0.0

0.0

0.0

9.9

10.7

10.3

15.1

18.9

58.7

25.3

30.9

45.4

1.5

4.4

10.0

52.6

66.1

126.4

38.1

42.3

44.6

1.2

1.6

2.2

39.2

43.9

46.8

91.8

110.1

173.2

3.6

0.6

2.1

0.0

0.0

0.0

11.1

13.2

16.5

42.9

45.7

102.6

57.6

59.5

121.2

0.0

10.9

14.4

0.0

0.0

0.0

0.6

4.0

4.9

0.6

14.8

19.3

1.1

1.1

1.1

1.0

3.1

0.2

31.4

31.5

31.4

33.5

35.7

32.8

91.8

110.1

173.2

, $
( )

2006

2007

141.7

175.6
166.7

102.9

133.5

()

7.6

8.2

8.9

15.6

21.1

14.6

18.1

19.3

16.1

5.0

10.0

7.3

3.9

5.0

6.1

()

1.1

5.0

1.2

0.2

0.2

0.2

1.1

1.6

3.3

0.2

0.2

0.1

0.1

3.4

-1.9

EBITDA


()

348

2005
110.4

2008-2009

0.8

0.9

0.9

-0.6

2.5

-2.8

VOLC

2005

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

51.6

10.5

6.9

7.27

33.21

54.22

: $13.38

2006

69.8

12.8

9.1

5.37

27.16

41.31

: $18.37

2007

127.7

48.7

36.3

2.94

7.16

10.33

: 37%

- ,
Dyckerhoff.
. 2 . .
``

``

``

``

``

- 2007 . 1.5 . (+13% 2006 .) 1.3 . (+18% 2006 .).


.
,
.
2000 .
Dykerchoff Zement International
GmbH, - .
Dykerchoff , .
28 .
2007 .
$18 .,
.

VOLC

Bloomberg

VOLC UZ


Dyckerhoff AG ()

94.8%

5.2%

28 048 440

($ )

375.1

($ )

-26.3

EV ($ )

348.8


, $

6.93

, $

17.49


2011 . 300 .,
- , 6,
400 . .

20

, - .

15
10

12.2007

02.2008

04.2008

06.2008


()

349


, $
31.12.2005

31.12.2006

31.12.2007

2.8

10.8

26.3

0.0

0.0

0.0

4.1

4.2

1.5

1.5

2.7

13.2

4.2

3.5

7.9

0.1

0.0

0.3

12.7

21.3

49.1

8.1

9.1

10.6

3.9

5.4

11.6

12.1

14.6

22.2

24.7

35.8

71.4

0.0

0.0

0.0

0.0

0.0

0.0

1.6

2.1

0.6

3.0

4.9

11.8

4.6

7.0

12.4

0.0

0.0

0.0

0.0

0.0

0.0

12.7

12.4

6.2

12.7

12.4

6.2

0.3

0.3

0.3

7.1

16.2

52.5

0.0

0.0

0.0

7.4

16.5

52.8

24.7

35.8

71.4

2005

2006

2007

51.6

69.8

127.7

36.8

50.3

74.5

()

14.8

19.5

53.2

11.1

11.7

12.1

15.4

18.3

16.6

10.5

12.8

48.7

, $
( )

EBITDA

0.7

0.9

1.0

()

9.8

11.9

47.7

0.3

0.5

2.3

0.0

0.0

0.1

0.6

0.1

0.1

9.5

12.3

49.9


()

350

2008-2009

2.6

3.2

13.6

6.9

9.1

36.3

GSKZ

Vetropack

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

46.0

15.2

8.4

1.52

8.76

8.35

: $1.58

2006

47.7

11.7

0.8

1.47

11.36

88.77

: $0.82

2007

60.5

13.7

2.3

1.16

9.69

30.84

: -48%

Vetropack , , , .
``

``

``

``

``

``

``

``

2006 . Vetropack Holding AG 75% , Vetropack .


2007 . 520 . , 22%
.
2007 . $59
. 40%
750 . . .

33% , .
.
32% 2004 . 10% 2007 .,
.
. ,

1 . ., 41% 2007 .
() 25%, .
, 30% .

GSKZ

Bloomberg

GSKZ UZ


Vetropack Austria Holding AG
()

75.1%

8.0%

16.9%

44 285 900

($ )

70.0

($ )

62.8

EV ($ )

132.8


, $

0.92

, $

2.03

2.2
1.7
1.2
0.7
07.2007

10.2007

01.2008

04.2008


()

.
351

Vetropack


, $
31.12.2005

31.12.2006

31.12.2007

2.1

3.0

7.5

0.0

0.0

0.0

3.4

5.9

9.4

0.9

4.1

5.6

8.5

7.2

9.1

0.5

0.5

0.8

15.4

20.7

32.4

35.2

43.2

81.1

9.8

6.1

10.8

45.0

49.3

91.9

60.5

70.1

124.3

1.9

0.0

14.0

3.1

2.7

5.7

2.4

3.1

10.9

1.6

2.2

4.7

9.0

7.9

35.3

19.3

26.1

50.6

0.0

0.0

0.0

0.0

0.1

0.1

19.3

26.1

50.8

0.0

3.1

3.1

25.4

26.7

29.8

6.7

6.2

5.3

32.2

36.0

38.3

60.5

70.1

124.3

2005

2006

2007

46.0

47.7

60.5

30.9

34.3

43.8

()

15.1

13.4

16.7

3.0

3.7

14.7

2.9

5.4

17.7

15.2

11.7

13.7

5.1

5.3

6.1

()

10.1

6.4

7.6

3.0

7.0

1.1

1.9

2.1

3.6

0.5

6.9

1.1

10.7

4.4

4.0

2.4

3.6

1.8

8.4

0.8

2.3

, $
( )

EBITDA

()

352

2008-2009

UGRA

2005

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

94.3

8.8

3.5

0.65

8.13

17.37

: $0.88

2006

97.3

1.9

-2.1

0.63

38.07

: $2.00

2007

120.4

8.7

2.2

0.51

8.22

28.46

: 127%


.
, , .
``

``

``

``

``

UGRA

Bloomberg

UGRA UZ


Starsurf Ltd. ()

20.0%

, 80% .

Osauhing Talienthal ()

19.8%

Osauhing Reetvex ()

19.3%

Osauhing Genesis Invest ()

19.2%

,
30 .

Downtown Invest ()

17.6%

(. ),
, ,
.

, , .
,
.

4.1%

69 838 500

($.)

61.5

($.)

10.5

EV ($.)

71.9


, $

0.79

, $

1.26

1.4
1.2

``

2007 . 23.7% 2006 ., EBITDA 4.6 .


$2.2 . ( 2006 .
).

1.0
0.8
0.6
07.2007

10.2007

01.2008

04.2008


()

353


, $
31.12.2005

31.12.2006

31.12.2007

2.1

8.2

2.7

0.0

0.0

0.0

7.5

9.1

10.3

1.1

0.9

4.4

27.6

27.9

31.0

1.2

0.5

1.1

39.5

46.6

49.5

32.9

35.0

46.4

9.0

4.9

5.3

41.9

40.0

51.7

81.4

86.6

101.2

0.0

0.0

10.3

0.0

0.0

2.9

29.9

5.8

7.9

2.4

2.8

3.4

32.3

8.6

24.5

0.0

4.0

0.0

0.0

0.0

0.0

0.7

0.3

1.1

0.7

4.3

1.1

16.3

46.3

46.3

3.1

-2.0

1.8

29.0

29.4

27.5

48.4

73.7

75.6

81.4

86.6

101.2

2005

2006

2007

94.3

97.3

120.4

79.1

86.3

101.0

()

15.2

11.1

19.4

21.3

17.3

46.3

27.6

26.5

57.0

8.8

1.9

8.7

3.0

3.4

3.9

()

5.9

-1.6

4.8

0.2

0.2

2.8

0.0

0.0

0.6

0.1

0.8

4.0

5.9

-2.1

3.1

2.4

0.0

0.9

3.5

-2.1

2.2

, $
( )

EBITDA

()

354

2008-2009

ZABR

($ )

EBITDA
($ )


($ )

P/S

EV/EBITDA

P/E

2005

45.7

7.5

3.9

0.71

7.04

8.24

: $1.07

2006

48.3

5.6

3.1

0.67

9.52

10.64

: $2.74

2007

57.4

7.3

3.1

0.57

7.24

10.43

: 155%

.
,
.
``

, ,
, ,
, .

ZABR

Bloomberg

ZABR UZ

64.9%

Steuermann ()

8.1%

``

``

``

2007 . 3.5 . . .
2008 .
10 . . , 80% 2007 .
2008 . 34.6%. 5 .
.
2007 . 19%,
24%, EBITDA 31%, 2%.

27.0%

30 229 500

($ )

32.5

($ )

20.3

EV ($ )

52.8


, $

0.98

, $

1.61

1.8
``

75%
.

1.5
1.2
0.9
0.6
07.2007

10.2007

01.2008

04.2008


()

355


, $
31.12.2005

31.12.2006

31.12.2007

0.6

0.1

0.1

0.0

0.0

0.0

1.8

1.7

2.7

3.9

10.2

16.4

9.5

10.1

17.7

0.4

0.7

0.4

16.3

22.7

37.1

22.9

23.4

23.8

2.6

2.6

6.1

25.6

26.1

29.8

41.9

48.7

66.9

1.6

3.9

20.4

0.0

0.0

0.0

0.6

0.5

0.6

1.1

2.8

1.3

3.4

7.3

22.3

0.0

0.0

0.0

0.1

0.0

0.0

1.6

1.6

1.5

1.7

1.6

1.5

0.3

0.3

0.3

4.0

6.9

3.1

32.6

32.6

39.7

36.9

39.9

43.1

41.9

48.7

66.9

2005

2006

2007

45.7

48.3

57.4

32.7

37.9

44.5

()

13.0

10.5

12.9

17.9

0.4

3.0

23.4

5.3

8.6

7.5

5.6

7.3

1.7

1.8

2.1

()

5.8

3.8

5.2

0.1

0.1

1.2

0.0

0.1

1.1

0.5

0.1

1.4

5.3

3.6

3.9

1.4

0.6

0.8

3.9

3.1

3.1

, $
( )

EBITDA

()

356

2008-2009

179
229
207
141
() 267
177
139
155

181
291
285
287

89
91
- 349

153

95
327

97
51
197
355
195
175
189
159
259
93

169

313
351

59
211
. 143
185
217
. 161
. 147
215
163
149
269
47
49
209
145
183
61
213

317
333
335
71
73
315
273
331
345
299
225
227
271
75
233

235
237
77

357

193
241
- . 157
289
347
239

249
101
167
171
243
. 247

79
319

321
81
131
245
83
63

283
293

325
85
135
323
231
251
173
253
137

329

165
65
219
223
69
99
67
221

129
45

191
57
55
53

107
- 1 105

151

133

87
255

358

205
353
295
103
297
341

2008-2009

257
187



01032, , . , . 75, 10

Dorfman@ufc-capital.com


Grigoruk@ufc-capital.com


Kulpinsky@ufc-capital.com


Suvorova@ufc-capital.com


Zhuliy@ufc-capital.com


Olefirenko@ufc-capital.com


S.Dorfman@ufc-capital.com


Gryshchenko@ufc-capital.com


Landa@ufc-capital.com


Kost@ufc-capital.com


Gorovoy@ufc-capital.com

Grechishkin@ufc-capital.com

Svyrydiuk@ufc-capital.com


Moroz@ufc-capital.com

Tatarchuk@ufc-capital.com

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