Kernel Holding

Kernel is the largest sunflower oil producer and leading grain exporter in Ukraine with 21% of the country’s total sunseed crushing capacity and 7.5% of total grain exports in 2016/17 MY. The company operates over 600,000 ha of farmland.

Shareholders Structure

SUMMARY

Market Price ($) 5.978
Market Cap ($m) 1,754
Enterprise Value ($m) 2,349
Shares Outstanding 293,429,230
Code KER PW

Recommendations

FV ($) ****
Upside (%) ****
Recommendation ****
Indicator 2019 2020 2021 2022 2023
Sales ($m) 3,960 4,107 *** *** ***
EBITDA ($m) 346 443 *** *** ***
Net Income ($m) 189 118 *** *** ***
Net Debt ($m) 691 980 *** *** ***
Indicator 2019 2020 2021 2022 2023
P/E 8.95 14.39 *** *** ***
P/Sales 0.43 0.41 *** *** ***
EV/EBITDA 6.9 6.0 *** *** ***
P/Book 1.26 1.14 *** *** ***

Kernel is the largest sunflower oil producer and leading grain exporter in Ukraine with 21% of the country’s total sunseed crushing capacity and 7.5% of total grain exports in 2016/17 MY. The company operates over 600,000 ha of farmland.
Year 2027
Issue Volume ($m) 300
Coupon Rate (% p.a.) 6.75%
Coupon Frequency S/A
Maturity date 10/27/2027
Ratings: Fitch/Moody`s/S&P CCC-/—/CCC
Market Price* ($) 92.00
Market YTM* 10.20%
Spread over UST* -
Note: *Based on bid price.
Year 2021 2022 2023
Net Sales ($m) 5,595 *** ***
EBITDA ($m) 806 *** ***
Net Income ($m) 513 *** ***
EBIT Coverage Ratio (x) 4.86 *** ***
Net Debt/Equity (%) 72.3% *** ***
Covenants
Restriction on payment of dividend -
Financial Reports A - within 120 days; Q - within 90 days
Min. Fixed Charge Coverage Ratio* 3:1
Events of Default
Failure to pay 10 days
Cross default $30m
Expiry of license, illegality, insolvency etc. -
Judgements $30m/60 days

Latest news about Kernel Holding

Mar 03, 2025
| Food & Agriculture

Kernel Holding— Reports 2Q/1H25FY financial results

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, has published its 2Q25FY financial results (4Q24 calendar quarter), reporting sales of $1,149m, up 44% q‑o‑q and 10% y-o-y, EBITDA of $118m, down 30% q-o-q and 42% y-o-y, and net income of $56m, down 54% q-o-q and 58% y-o-y.
Jan 29, 2025
| Sunflower oil

Kernel Holding — Majority shareholder amasses 95.1% stake, may initiate squeeze-out

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, announced that Namsen Limited, directly controlled by Kernel’s founder and Chairman of the Board Andrii Verevskyi, acquired on Jan. 27 a total of 2,032,127 Kernel shares at an average price of EUR 3.93 (PLN 16.56) per share.
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