Agriculture

Research

Agriculture
February 22, 2010Creativ – on the wings of success

The Creativ Group is the most dynamic agricultural holding in Ukraine and a leading manufacturer of oils and fats. The Company’s sales have shown an impressive growth of 63% CAGR for the last three years and are expected to grow 44% in 2010. Such an improvement is due to a three-fold increase in production capacities in 2H2009. The growing sales, increasing margins and Company’s fit financials – all indicate that Creativ is an attractive investment target. We issue a BUY recommendation with a target price of USD 26.2 per DR.

Agriculture
January 20, 2010Kernel – purchasing growth

The Kernel Group, one of the top Ukrainian bulk sunflower oil and grain traders, has recently entered into an option agreement to acquire a controlling interest in the Allseeds Group, another major Ukrainian producer and exporter of sunflower oil with an 11% market share. The acquisition, which we believe will occur, should lead to the establishment of an undisputed leader on Ukraine’s sunflower oil market with a 24% share of sunflower oil production and 25-28% of sunflower oil exports. Thus, we present you updated estimate on Kernel.

Agriculture
January 19, 2010MHP – integration inside

Myronivsky Hliboproduct (MHP) is a vertically-integrated holding and one of the leading companies in the consumer and agricultural sectors. It’s number one in the domestic poultry segment, with a 40% production market share, and is one of the largest Ukrainian agricultural holdings in terms of its land bank under lease. MHP’s fully closed business cycle, increasing diversification, quality control are factors that maintain the Company’s profitability at a stable level. We issue a HOLD recommendation for MHP’s shares with a fair value of USD 12.4.

Agriculture
December 17, 2009Astarta - the sweeter, the better

As a fast growing, diversified and vertically-integrated agro-holding with a stronghold on the sugar business, Astarta has already benefited from the sugar price rally on the domestic market. The aggressive growth of its land bank, excellent corporate governance, strong financial results and expanding operational margins are constantly enriching the value of the Company. Furthermore, Mr. Korotkov, one of Astarta’s major shareholders recently announced that it will be selling 5% of its shares on the WSE. Thus, we present you updated coverage on Astarta.

Agriculture
May 31, 2009Ukraine: Living Off the Fat of the Land

With this report, we decided to introduce the most promising Ukrainian agricultural companies that, in our view, have a winning combination of the strongest positions on the Ukrainian market, together with good corporate governance and a well-build business structure.

View all reports

Daily monitor

Agriculture
March 10, 2010Ukrros to post minor profit for 2009: POSITIVE

The Ukrros Sugar Union [UROS UZ, BUY], a major agro-holding with a focus on sugar production, finished 2009 with a net profit of USD 0.02 mln, compared to a net loss of USD 18.6 mln in 2008. In 2009, the assets of the Holding increased by 17.6% to UAH 549.6 mln. The financial results of the Group are to be approved during its AGM on April 23, 2010.

Agriculture
March 9, 2010Ukrainian importers claim 100% quotas for raw cane sugar

As of March 5, importers’ claims for raw cane sugar imports to Ukraine reached the 87% mark of the quota set by the World Trade Organization. The quota level for 2010 is 267.8 thsd tonnes. The largest share of the total import volume will come from Brazil (73.6%). The claims were filed by Ukraine’s major sugar producers; namely by Astarta [AST PW, BUY], the Ukrros sugar union [UROS UZ, BUY], Ukrprominvest, Rise, and the Dakor Agro Holding.

Agriculture
March 5, 2010Astarta’s EBITDA up 62% to USD 69.4 mln: POSITIVE

The Astarta agro-holding [AST PW, BUY], a major Ukrainian sugar producer, has released its preliminary consolidated 2009 financial results. Its consolidated revenue grew 40% YoY to UAH 1 358 mln (down 8% in USD terms to USD 170 mln). Its gross profit increased 75% to UAH 443 mln, while its gross margin was 33% vs. 26% in 2008. Its EBITDA was up 148% to UAH 555 mln (in USD terms, EBITDA rose 62% to USD 69.4 mln). The EBITDA margin constituted 41% vs. 23% in 2008.

Agriculture
March 4, 2010Ukrros to increase sugar output 31.5% in 2010: POSITIVE

The Ukrros sugar union [UROS UZ, BUY], a major agroholding with a focust on sugar production, has announced plans to increase beet sugar production in the 2010/11 season by 31.5% from 130 thsd tonnes to 171 thsd tonnes this season. In comparison, in the 2008/09 season, Ukrros produced 199 thsd tonnes of beet sugar.

Agriculture
March 4, 2010Agrogeneration raises EUR 12.6m in Euronext placement

The French agricultural group AgroGeneration [ALAGR GR, N/R], a producer of crops and oilseeds in Ukraine, has held a private placement for a 25% stake on the NYSE Euronext platform, through which it generated EUR 12.6m. The shares were valued at EUR 1.80, which corresponds to a MCap of EUR 47.6.

View all reports

E-Mail Password
Register
Forgot your password?

Stock indices

			Δ, day	Δ, %
PFTS	(16:56)	801,08	2,27	0,28%
UX	(17:00)	2 070,65	2,38	0,11%

NBU Exchange Rates

		Δ, day	Δ, %
USD	798,24	-0,16	-0,02%
EUR	1 086,40	4,01	0,37%
RUB	2,69	0,00	0,06%