MHP is the largest poultry producer in Ukraine with a 58% share of industrially produced poultry in 2016 and 33% of domestic poultry consumption (incl. imports). Sales of chicken meat and related products account for about 60% of annual revenues.
MHP is the largest poultry producer in Ukraine with a 58% share of industrially produced poultry in 2016 and 33% of domestic poultry consumption (incl. imports). Sales of chicken meat and related products account for about 60% of annual revenues.
| Market Price ($) | 8.580 |
| Market Cap ($m) | 918 |
| Enterprise Value ($m) | 2,496 |
| Shares Outstanding | 107,038,208 |
| Code | MHPC LI |
| FV ($) | **** |
| Upside (%) | **** |
| Recommendation | **** |
| Indicator | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Sales ($m) | 1,911 | 2,372 | *** | *** | *** |
| EBITDA ($m) | 395 | 709 | *** | *** | *** |
| Net Income ($m) | (133) | 393 | *** | *** | *** |
| Net Debt ($m) | 1,456 | 1,608 | *** | *** | *** |
| Indicator | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| P/E | neg. | 2.33 | *** | *** | *** |
| P/Sales | 0.48 | 0.39 | *** | *** | *** |
| EV/EBITDA | 6.0 | 3.6 | *** | *** | *** |
| P/Book | 0.73 | 0.51 | *** | *** | *** |
MHP is the largest poultry producer in Ukraine with a 58% share of industrially produced poultry in 2016 and 33% of domestic poultry consumption (incl. imports). Sales of chicken meat and related products account for about 60% of annual revenues.
| Year | 2029 | 2029 |
|---|---|---|
| Issue Volume ($m) | 550 | 350 |
| Coupon Rate (% p.a.) | 10.50% | 6.25% |
| Coupon Frequency | S/A | S/A |
| Maturity date | 7/28/2029 | 9/19/2029 |
| Ratings: Fitch/Moody`s/S&P | CCC/CCC-/Caa3/—/CCC+/CCC+ | CCC/CCC-/Caa3/—/CCC+/CCC+ |
| Market Price* ($) | 104.00 | 93.00 |
| Market YTM* | 8.90% | 8.80% |
| Spread over UST* | - | - |
| Note: *Based on bid price. | ||
| Year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Net Sales ($m) | 2,372 | *** | *** |
| EBITDA ($m) | 709 | *** | *** |
| Net Income ($m) | 393 | *** | *** |
| EBIT Coverage Ratio (x) | 3.60 | *** | *** |
| Net Debt/Equity (%) | 105.0% | *** | *** |
| Covenants | |
|---|---|
| Restriction on payment of dividend | - |
| Financial Reports | A - within 135 days; S/A - within 90 days |
| Max. Consolidated Net Debt/EBITDA* | 3:1 |
| Events of Default | |
| Failure to pay | 30 days |
| Cross default | $10m |
| Expiry of license, illegality, insolvency etc. | - |
| Judgements | $10m/60 days |