1. Investment Case
Chinese coke displaces Ukrainian exports
Export outlook for 2007: Scant
2006 Recovery backed by an increase in local consumption
Domestic consumption: outlook favorable for 2007-2008
Domestic coking coal balance: 30-35% annual supply deficit
Hooked on Russian coal imports
Coal supplies: Only a few can feel comfortable
Basic assumptions
2. Avdiyivka Coke
Sum-of-the-parts valuation
3. Alchevsk Coke
Alchevsk Coke. DCF model
4. Zaporizh Coke
5. Yasynivsky Coke
Sensitivity analysis: Implied share price, USD
6. Bagliy Coke
7. Donetsk Coke (Best Case Scenario)
8. Company Profiles
8.1 Avdiyivka Coke
MARKET INFORMATION
STOCK OWNERSHIP
MARKET MULTIPLES
KEY RATIOS
INVESTMENT CASE
SHARE PRICE PERFORMANCE*
FINANCIAL STATEMENTS
8.2 Alchevsk Coke
MARKET INFORMATION
STOCK OWNERSHIP
MARKET MULTIPLES
KEY RATIOS
INVESTMENT CASE
SHARE PRICE PERFORMANCE*
FINANCIAL STATEMENTS
8.3 Zaporizh Coke
MARKET INFORMATION
STOCK OWNERSHIP
MARKET MULTIPLES
KEY RATIOS
INVESTMENT CASE
SHARE PRICE PERFORMANCE*
FINANCIAL STATEMENTS
8.4 Yasynivsky Coke
MARKET INFORMATION
STOCK OWNERSHIP
MARKET MULTIPLES
KEY RATIOS
INVESTMENT CASE
SHARE PRICE PERFORMANCE*
FINANCIAL STATEMENTS
8.5 Bagliy Coke
MARKET INFORMATION
STOCK OWNERSHIP
MARKET MULTIPLES
KEY RATIOS
INVESTMENT CASE
SHARE PRICE PERFORMANCE*
FINANCIAL STATEMENTS
8.6 Donetsk Coke
MARKET INFORMATION
STOCK OWNERSHIP
MARKET MULTIPLES
KEY RATIOS
INVESTMENT CASE
SHARE PRICE PERFORMANCE*
FINANCIAL STATEMENTS
9. Analyst certification