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Consumer goods
November 13, 2008
Slavutych - a Stable Head of Foam
On the November 11, 2008 the Carlsberg Group – the holding company for Slavutych –held a conference on the latest tendencies on the Ukrainian beer market and released 9M2008 financial consolidated results for Slavutych and Lvivska Pyvovarnia. In spite of the slowdown of the Ukrainian beer market, Slavutych was able to increase its sales 48% YoY in value terms and expand its position on the domestic market, reaching 23.8% in 9 months 2008. We reiterate our BUY recommendation for Slavutych and put the target price of the company’s shares under review.
Consumer goods
August 20, 2008
Flash Note: Kovelmoloko — Additional Share Issue
According to a press release issued by Kovelmoloko, the company is going to increase its charter fund by 15.2 times to USD 58.61 mln. The final decision on increasing the charter fund is up to KMOL’s shareholders and will be made at the company’s AGM on August 27, 2008. Its management is planning to use the proceeds from the additional share issue toward the modernization and development of its assets. Our earlier target, adjusted for the share issue, is USD 0.20 per share. We reiterate our recommendation of “BUY” for Kovelmoloko.
Consumer goods
August 8, 2008
Growth Knows No Limits
Kovelmoloko is a main asset of the Western Milk Group (WMG), accounting for 33% of the group’s total output. WMG is one of the top domestic dairy producers with a 4.1% market share in 2006. WMG has a wide distribution network and is represented in all parts of Ukraine. KMOL’s sustainable financial growth, healthy investments in the plant’s modernization, improving staple access and the company’s exposure to an unsaturated market niche of functional products will enrich the value of Kovelmoloko and drive the market share price up. We recommend BUYing for KMOL with a fair price of USD 1.02.
Consumer goods
June 9, 2008
Slavutych & Sun InBev Ukraine
The Ukrainian beer market expanded 18% in terms of output in 2007. Taking into account the low beer consumption per capita (61 lt) compared to average European (90 lt), we see the potential for growth on the Ukrainian beer market and are initiating coverage of two traded breweries, Sun InBev Ukraine [SUNI] and Slavutych [SLAV]. We believe that SUNI‘s excellent corporate governance standards and strong fundamentals will be key growth factors for SUNI’s market price. Moreover SLAV sustained earnings’ recovery lead us to believe, that SLAV is undervalued. We issue BUY recommendations for both stocks with a fair price of USD 0.945 for SLAV and a fair price of USD 0.14 for SUNI.
Consumer goods
May 8, 2008
Prydniprovsk Dairy Plant, Dairy, Dairy quite contrary
Prydniprovsk Dairy Plant is a Ukrainian independent dairy producer with its own distribution chain. It processes 200 mt of milk daily. The company has a diversified product portfolio exposed to the high marginal baby food segment and unsaturated market niche of high value-added products. It had a stable sales growth at 10% CAGR in 2003-2006. We recommend BUYing with a fair price of USD 21.1. The company is not listed on the PFTS and traded over the counter.

Daily monitor

Consumer goods
April 6, 2011
Ukrproduct Group [UKR LN, U/R] has increased its net income by 5.1% in 2010
Ukrproduct [UKR LN, U/R], one of the largest Ukrainian dairy producers, posted its financial results for FY10. According to the Company’s data, net income rose by 5.1% YoY to GBP 1.09 mln (FY09: GBP 1.04 mln). Revenue grew by 4.3% YoY to GBP 45.02 mln (FY09: GBP 43.17 mln), profit from operations fell by 11.4% YoY to GBP 1.57 mln versus GBP 1.77 mln in FY09. EBITDA fell by 16.9% YoY to GBP 2.64 mln (FY09: GBP 3.18 mln). The EBITDA margin fell by 1.5 p.p. to 5.9% in FY10.
Consumer goods
March 29, 2011
MHP [MHPC LI, U/R] has increased its net income by 34.7% in FY10
MHP [MHPC LI, U/R] posted strong financial results for FY10. The Company’s net sales increased by 32.8% YoY, to USD 944.2 mln (FY09: USD 711.0 mln). The EBITDA increased by 19.8% YoY, to USD 324.7 mln (FY09: USD 271.0 mln). The EBITDA margin remains high; however, it decreased to 34.4% from 38.1% in FY10. Net income grew by 34.7% YoY, to USD 215.4 mln versus USD 160.0 mln in FY09, mostly due to increases in volume sales and prices of chicken meat and sunflower oil.
Consumer goods
March 25, 2011
Slavutich [SLAV UK, N/R] has increased net income by 50.4% in 2010
According to a preliminary report, one of the leaders in the beer industry, Slavutich [SLAV UK, N/R], has posted UAH 333.8 mln in net income in 2010, which is 50.4% more than in 2009 (UAH 222.01 mln).
Consumer goods
March 22, 2011
SUN InBev Ukraine [SUNI UK, N/R] has reduced net income by 24.2% in 2010
According to a preliminary report, one of the leaders in the beer industry, SUN InBev Ukraine [SUNI UK, N/R], has posted UAH 294.43 mln in net income in 2010, which is 24.2% less than in 2009 (UAH 388.67 mln).
Consumer goods
December 3, 2010
PepsiCo Inc. [PEP US] will buy Wimm-Bill-Dann [WBDF RU] for USD 5.8 bln

PepsiCO Inc. [PEP US] agreed to buy 66% stake in Wimm-Bill-Dann [WBDF RU] for USD 3.8 bln (USD 132 per share) and plans to make an offer to the rest shareholders.

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