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Agriculture
October 16, 2008
Sokrat Flash Note: Agricultural conference notes
Earlier this week the ESGroup hosted a conference with all the major players in the agricultural sector of Ukraine’s economy. Among the participants were Anatoly Kinakh, the President of the Ukrainian Union of Manufacturers and Entrepreneurs, and Yuriy Luzana, the Deputy Minister of Agriculture.
Agriculture
October 8, 2008
Astarta: Sweet Future Plans
На прошлой неделе Холдинг Астарта объявила о своих стратегических планах на 2008-2012. Компания собирается ввести в эксплуатацию новый элеватор до конца 2011 года и инвестировать в общей сложности 50-60 млн. долл. в модернизацию сахарных заводов. Кроме того, Астарта планирует увеличить производство сахара на 29-42% до 200-220 тыс. тонн в 2008 году и расширить свой земельный банк с нынешнего 160 тыс. га до 180-185 тыс. га в 2009 году. Указанные цифры соответствуют нашим ожиданиям, поэтому наши основные предположения остаются неизменными. Тем не менее, мы понижаем нашу целевую цену из-за использование для акций украинских компаний в моделях DCF более высокой risk free rate - 8,6% (ранее 6,1%). Наша новая целевая цена составляет 25.2 USD с потенциалом роста 165,3%. Мы подтверждаем нашу рекомендацию ПОКУПАТЬ.
Agriculture
July 10, 2008
Successful transition to a diversified agricultural holding
Astarta, a dynamically growing vertically integrated agro-holding with a diversified business structure, has aggressively expanded its land bank by 30% CAGR over last four years. This leaves room for more expansion, which we estimate at 26% CAGR over the next five years. Excellent corporate governance, strong financial results and expanding operational margins are constantly enriching the value of the company’s stock. We reiterate our recommendation to BUY with a fair price of USD 29.9.


Daily monitor

Agriculture
December 30, 2008
Astarta’s production results for 2008: POSITIVE

In 2008, Astarta [AST PW, BUY] harvested more than 394 thsd mt of grains and oilseeds (+96% YoY), and processed more than 32 thsd mt of raw milk ( +20% YoY).The company processed 1.5 mln mt of sugar beet (+61% YoY) and its sugar production totaled 235 thsd mt (+51% YoY). Moreover, the company’s share on the domestic sugar market increased two times to 15%.

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Agriculture
December 18, 2008
Astarta to launch bioethanol production: POSITIVE

Astarta [AST PW, BUY], is planning to launch bioethanol production at its Yaresivskiy sugar plant. According to Mr. Ivanchyk, the CEO of the Astarta holding, work has been started and its planned output capacities can reach 200 cubic meters per day. Currently, the estimated total value of the project is not finalized and will be defined in the process.

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Agriculture
December 18, 2008
Astarta sells its carbonic quotes: POSITIVE

Astarta [AST PW, BUY] has reached an agreement on selling its carbonic credits to the International Fund of Carbonic Credits that was founded by the European Bank of Reconstruction and Development in cooperation with the European Investment Bank.

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Agriculture
December 16, 2008
Mriya plans to expand its land bank in 2009: NEUTRAL

Mriya [MAYA GR, N/R], a Ukrainian agricultural holding, released its plans to expand the holding’s land bank under lease by 35.7% to 190 thsd ha in 2009.

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Agriculture
December 15, 2008
Sugar production shrunk by 16% YoY in 2008/09: NEUTRAL

As of December 12, 2008 a total of 1.53 mln mt of sugar has been produced by domestic sugar plants in Ukraine. An overall 12.5 mln mt of sugar beet was processed, which is 22.8% less YoY. Moreover, 83% of all sugar plants that obtained government permission for sugar processing in the 2008/09 marketing year have completed their sugar processing season.

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