1. Investment Case
2. Operating Performance in 10M06
Production
Ukrainian Export4
Product Mix Transition
3. Ferroalloy Market Outlook
Global Demand To Rise Driven by Steel Expansion
Ukrainian Consumption Estimated To Grow xx% by 2010
4. Supply: Shortage Forecasted by 2009
China's Production Slow Down Brought on a Global Shortfall
More Capacity in 2009-2010 Will Restore The Balance
Ukraine Production To Increase Slowly
5.Prices Forecast: Deficit Favors An Increase
Prices Lifted In Late 2006
Revised Prices Forecast
6. Financials Recovered in 9M06
7. Case Study 1: Ukraine, Resource-Rich Player
Manganese Ore is a Key Issue
Ore Price Hikes Shock Stand-alone Producers
8. Case Study 2: Privat - New Manganese Giant
Privat A Global Player: What Next?
9. Valuation
Zaporizhya Ferroalloy (Base Case Scenario)
Stakhaniv Ferroalloy (Base Case Scenario)
Nikopol Ferroalloy (Base Case Scenario)
Peer Comparison
10. Company Profiles
10.1 Zaporizhya Ferroalloy
Improving Financial Performance.
Stable Output in 2006: As Expected.
Financial Statements
10.2 Stakhaniv Ferroalloy
Financials Continue to Recover.
Output Declined in 2006; Expected To Grow in 2007.
Modernization Continues in 2007.
Financial Statements
10.3 Nikopol Ferroalloy
Future Ownership is Not Clear.
Production Grew in 2006.
Poor Reported Financials.
