Общая характеристика:
Дата подготовки исследования: Июль 2008
Компания: Сократ Капитал
Стоимость обзора: 150 грн.
Способ оплаты: безналичный расчет
Способ получения: электронной почтой
Форма получения: в электронном виде
Количество страниц:7

Краткое описание:(English)

The Uzbek electricity system, which was part of the former USSR electricity network, is somewhat similar to the current Ukrainian and the pre-reformed Russian electricity systems. Although the state is to privatize 15-25% of the stakes in most of the Uzbek electricity generators and distributors, so far all of them are entirely state-owned; that is, all except one. Bukhara Electric Gridlines is the only option available to portfolio investors, as 49% of the company is in private hands. The company provides electricity distribution to users of the Bukhara Region.
Executive summary
• With a 40% stake privatised in 2006 and 9% in the hands of minority shareholders, most of whom are the company’s employees, Bukhara Electric Gridlines currently is the only one of all 14 Uzbek electricity distributing companies that is accessible to portfolio investments.

• The company operates a 13-thsd-kilometer-long electricity gridline network in the Bukhara Region. It was designed as part of the Soviet electricity network, and therefore, it is operationally and technically similar to its Ukrainian and Russian analogues. The company provides power to 266,766 customers. The average monthly volume of electric power sold is 195,956 MWh and the technological expenses for electric power transportation account for 9.12% of the power input. Most of the company’s consumers are industrial and agriculture enterprises. The Bukhara Region is a region of irrigative agriculture and oil and gas exploration and, therefore, the major part of the region's electricity output is used by pumping plants.

• Although retail electricity tariffs in Uzbekistan are set by the state and are relatively low, even compared to the CIS countries, Bukhara Electric Gridlines demonstrates growth in its Net Sales and keeps being profitable. In the long run, the expected economic growth of Uzbekistan would also add to the growth of both electricity consumption and tariffs, as well as the performance of electricity distributing companies.

• We based our comparative valuation on the price to length of gridlines ratio. Compared to its Ukrainian analogues, the shares in Bukhara Electric Gridlines havea 473% upside potential with a target price of USD 172 per common share. Therefore, we recommend BUYing shares of Bukhara Electric Gridlines.

Table of Content:(English)

1. Executive summary
2. Structure of the Uzbek electricity sector
3. Bukhara region on the map of Uzbekistan
4. Structure of Uzbek electric gridlines, in thsd km and % of total length
5. Operational data of Bukhara Electric Gridlines
6. Electricity tariffs comparison, USD/MWh
7. Electricity consumption distribution in the Bukhara Region
8. Comparative valuation
9. Balance sheet of Bukhara Electric Gridlines, USD thsd
10. Income statement of Bukhara Electric Gridlines, USD thsd
11. Ratios of Bukhara Electric Gridlines