Turboatom

Turboatom produces turbine equipment for thermal, nuclear and hydro power plants, supplying 13% of the world’s nuclear power generating capacity, which makes it the world’s fourth-largest turbine producer. In Ukraine, the company’s turbines operate at 40% of the country’s thermal power plants, 85% of nuclear power plants and 95% of hydropower plants. Turboatom’s current capacity allows for annual production of steam and hydro turbines with total generating capacity of 8 GW and 2.1 GW, respectively.

Shareholders Structure

SUMMARY

Market Price ($) 0.123
Market Cap ($m) 52
Enterprise Value ($m) 61
Shares Outstanding 422,496,520
Code TATM

Recommendations

FV ($) ****
Upside (%) ****
Recommendation ****
Indicator 2018 2019 2020 2021 2022E
Sales ($m) 96 109 *** *** ***
EBITDA ($m) 42 28 *** *** ***
Net Income ($m) 28 12 *** *** ***
Net Debt ($m) (17) 1 *** *** ***
Indicator 2018 2019 2020 2021 2022E
P/E 1.85 4.27 *** *** ***
P/Sales 0.54 0.48 *** *** ***
EV/EBITDA 0.8 1.9 *** *** ***
P/Book 0.26 0.23 *** *** ***

Latest news about Turboatom

Dec 13, 2021
| Turbines

Turboatom — State orchestrates heavy dilution of minorities

Parameters of the merger between Turboatom (TATM), the largest power machinery producer in Ukraine, and affiliated Electrovazhmash (EVM), which formed a new company named Ukrainian Energy Machines (Ukrenergomachines, UEM), have been made public. The state turned EVM into a new entity immediately before the merger and boosted its share capital to UAH 1.3bn from UAH 0.09bn (plus the company had negative book value of UAH 0.3bn at end-2020 and was de facto bankrupt). In the next step, the state converted all EVM shares into UEM shares at a 1-to-4 ratio. As a result, EVM received 5.2 billion shares in the merged company as opposed to 0.4 billion shares allocated to TATM. As a result, TATM minority shareholders saw their stakes diluted 13-fold. (Interfax)
Nov 02, 2021
| Heavy Machinery

Turboatom — Reports 9M21 results

State-controlled Turboatom (TATM; recently renamed Ukrainian Energy Machines), the largest domestic producer of power turbines, reported 9M21 sales of $36m (-12% y-o-y), EBITDA of $4.5m (-34%) and net income of $0.2m. The EBITDA margin dropped 6.5pp y-o-y to 12.9% and net margin shrank to zero (vs. 21.8% in 9M20). Net debt increased to $11.5m from $6.7m as of end-1H21 and $9.3m as of end-2020.
Contact us at +38 (044) 490 7120 for more information

or