1. Investment Summary
2. Investment Opportunities
ENMZ
DMPZ
AZST
DMZP
3. Stock market monitor
4. Valuation summary
5. Local M&A activity is on the rise
The largest-ever Ukrainian M&A shook up the sector
Hawks and doves
HAWKS
DOVES
PRIVAT: LEAVING THE BOAT
Big talks have started
Industrial Union of Donbas
Midland Resources
Sorting players by acquisition attractiveness
6. Efficiency: Room for improvement
Gas issue - Not a problem
Efficiency programs are on track
7. Market outlook: Favorable for a few
Production driven by integrated producers
Export outlook: Upbeat
Competing for the domestic market
Growth in long prices outperforms flat products
8. Cleaning up reported financials
9. Forecast revisions
10. Valuation
Comparison with Russian peers
Comparison with international peers
Comparison with international specialty steel producers
11. Company profiles
11.1 Enakievo Steel
INVESTMENT CASE
BUSINESS OVERVIEW
SHARE PRICE PERFORMANCE - chart
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIO - table
Pig Iron Output - chart
11.2 Donetsk Metal Rolling
INVESTMENT CASE
BUSINESS OVERVIEW
SHARE PRICE PERFORMANCE - chart
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIO - table
Steel Products Output - chart
11.3 Azovstal
INVESTMENT CASE
BUSINESS OVERVIEW
SHARE PRICE PERFORMANCE - chart
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIO - table
Crude Steel Output - chart
11.4 DMP Petrovskogo Steel
INVESTMENT CASE
BUSINESS OVERVIEW
SHARE PRICE PERFORMANCE - chart
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIO - table
Steel Products Output - chart
11.5 MMK Illicha Steel
INVESTMENT CASE
BUSINESS OVERVIEW
SHARE PRICE PERFORMANCE - chart
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIO - table
Crude Steel Output - chart
11.6 Dniprospetsstal
INVESTMENT CASE
BUSINESS OVERVIEW
SHARE PRICE PERFORMANCE - chart
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIO - table
Crude Steel Output - chart
11.7 Alchevsk Iron & Steel
INVESTMENT CASE
BUSINESS OVERVIEW
SHARE PRICE PERFORMANCE - chart
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIO - table
Crude Steel Output - chart
11.8 Donetsk Steel Plant
INVESTMENT CASE
BUSINESS OVERVIEW
SHARE PRICE PERFORMANCE - chart
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIO - table
Steel Products Output - chart
11.9 Arcelor Mittal Kryviy Rih
INVESTMENT CASE
BUSINESS OVERVIEW
SHARE PRICE PERFORMANCE - chart
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIO - table
Crude Steel Output - chart
11.10 Zaporizhstal
INVESTMENT CASE
BUSINESS OVERVIEW
SHARE PRICE PERFORMANCE - chart
MARKET INFORMATION - table
STOCK OWNERSHIP - table
MARKET MULTIPLES - table
KEY RATIO - table
Crude Steel Output - chart
12. Appendix: Domestic steel group snapshots
Metinvest Holding
Arcelor Mittal Kriviy Rih
Industrial Union of Donbas
Illych Stal
Privat group
Vtorsyrovina
Donetskstal group
Midland group
13. Analyst Certification
