Companies

Ukrtelecom

Ukrtelecom (UTLM) is Ukraine’s largest fixed-line telecom operator with close to 6 million fixed-line customers (68% of Ukraine’s total), accounting for almost half of total domestic fixed-line sales (local, long-distance and international). Its cable network of 214,498 km includes 42,764 km of fiber-optic lines. UTLM also owns a 100% stake in 3G cellular operator TriMob.

Shareholders Structure

SUMMARY

Market Price ($)	0.003
Market Cap ($m)	63
Enterprise Value ($m)	107
Shares Outstanding	18,726,248,000
Code	UTLM

Recommendations

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

Indicator	2016	2017	2018	2019E	2020E
Sales ($m)	248	230	***	***	***
EBITDA ($m)	62	74	***	***	***
Net Income ($m)	29	33	***	***	***
Net Debt ($m)	29	55	***	***	***

Indicator	2016	2017	2018	2019E	2020E
P/E	2.19	1.92	***	***	***
P/Sales	0.25	0.27	***	***	***
EV/EBITDA	1.5	1.6	***	***	***
P/Book	0.18	0.18	***	***	***

Ukrtelecom — Reports selected unaudited 2019 financials

Ukrtelecom (UTLM) reported preliminary 2019 results, with net sales in USD terms rising 4% y-o-y to $246m (-1.4% y-o-y in UAH terms, to UAH 6.4bn) and EBITDA recovering by 15% to $68m (+10% to UAH 1.8bn). Thus, the EBITDA margin came in at 27.8% (+2.8pp y-o-y). According to the company CEO, net income is expected at the 2018 level (or c. UAH 500m or $19m). Final figures will be announced following an audit.

Jan 15, 2020

| TMT

Ukrtelecom — SCM pays Raga over $700m under amicable settlement

According to local media, SCM, which owns a 92.79% stake in Ukrtelecom through ESU, has paid Raga Establishment (formerly Epic Telecom Invest) over $700m to amicably settle their dispute over a 2013 deal to sell Ukrtelecom. SCM confirmed that a settlement was reached but refused to comment on the size of the payment.