Companies

Centrenergo

Centrenergo is Ukraine’s second-largest thermal generator by capacity (7,665 MW), operating three power plants in the Kyiv, Kharkiv and Donetsk regions. In addition to coal-fired power units, Centrenergo has three 800 MW gas-fired blocks installed at its Vuhlehirska plant and two 300 MW units at Trypilska, yielding a total gas-fired capacity of 3,000 MW. The GenCo’s generating units were built in the 1960s-70s.

Shareholders Structure

SUMMARY

Market Price ($)	0.129
Market Cap ($m)	47
Enterprise Value ($m)	4
Shares Outstanding	369,407,108
Code	CEEN

Recommendations

FV ($)	****
Upside (%)	****
Recommendation	****

Indicator	2018	2019	2020	2021	2022E
Sales ($m)	533	586	***	***	***
EBITDA ($m)	38	(69)	***	***	***
Net Income ($m)	18	(77)	***	***	***
Net Debt ($m)	(17)	(2)	***	***	***

Indicator	2018	2019	2020	2021	2022E
P/E	2.59	neg.	***	***	***
P/Sales	0.09	0.08	***	***	***
EV/EBITDA	0.8	neg.	***	***	***
P/Book	0.22	0.31	***	***	***

Centrenergo — Another attempt at privatization

The government decided to reanimate the previously liquidated Energy Company of Ukraine and transfer to it the state’s stake in Centrenergo as well as some of state-owned coal mines in order to create a vertically integrated company for further privatization.

Oct 26, 2021

| Utilities

Centrenergo — 3Q21 profitability improves

Centrenergo reported 9M21 net sales of $324m (-42% y-o-y), EBITDA of $1.3m (-9%) and net loss of $5.7m (vs. $6.1m loss in 9M20). Net operating cash flow was negative at $10.8m (vs. +$16.8m in 9M20), net investment cash outflow rose 11% y-o-y to $2.5m, and financing cash outflow stood at $2.7m (vs. zero in 9M20). End-9M21 cash totaled $29.4m, double y-o-y, with no short- or long-term debt.