OREANDA-NEWS  On 17 September was announced, that Millennium Capital published Stirol Research Report. According this report, Stirol by taking advantage of strong domestic demand as well as world market trends for nitrogen fertilizers prices significantly improved its financials in 1H2008 and we expect it to stay on this trend over the whole of 2008 and 2009. The looming announcement of gas price increases for Ukraine is not going to be a surprise for the management of the company. Given the experience gained over the previous years, Stirol has started an aggressive modernization program devoted to increasing energy efficiency in order to minimize gas costs. The shock of higher gas prices will be dampened at Stirol due to many positive factors such as continuously increasing prices for nitrogen fertilizers, the expected cancellation of antidumping duties for Ukrainian producers and access to lucrative new markets due to WTO membership. This positive outlook is supported by our valuation offering an upside of 141.2% and we recommend to Buy the stock.