Electricity Generation and Distribution
September 30, 2011
DTEK has reported solid financial results for 1H11, with the private energy holding’s revenue jumping 74% YoY to USD 2.3bn, EBITDA up 92% YoY to USD 633mn and net profit advancing 71% YoY to USD 275mn in the period. We think that DTEK will manage to sustain a high pace of growth in 2012-2015 due to its vertical integration and expansion in its electricity generation/distribution segment. DTEK’s outstanding Eurobonds with maturity in 2015 are now trading at 13.8% YTM, a level which we view as too high in light of the holding’s net debt to EBITDA ratio of 0.7x.
