Companies

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 ($)	4.767
Market Cap ($m)	1,399
Enterprise Value ($m)	1,994
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	7.07	11.37	***	***	***
P/Sales	0.34	0.33	***	***	***
EV/EBITDA	5.9	5.2	***	***	***
P/Book	1.00	0.90	***	***	***

Year	2027
Issue Volume ($m)	300
Coupon Rate (% p.a.)	6.75%
Coupon Frequency	S/A
Maturity date	10/27/2027
Ratings: Fitch/Moody`s/S&P	CCC-/—/CCC
Market Price* ($)	88.00
Market YTM*	12.40%
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

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.