| Market Price ($) | 14.76 |
| Market Cap ($m) | 1,240 |
| Enterprise Value ($m) | 2,506 |
| Акції | 84,031,230 |
| Code | KER PW |
| FV ($) | **** |
| Upside (%) | **** |
| Recommendation | **** |
| Indicator | 2017 | 2018 | 2019 | 2020E | 2021E |
|---|---|---|---|---|---|
| Sales ($m) | 2,169 | 2,403 | *** | *** | *** |
| EBITDA ($m) | 319 | 223 | *** | *** | *** |
| Net Income ($m) | 176 | 52 | *** | *** | *** |
| Net Debt ($m) | 511 | 619 | *** | *** | *** |
| Indicator | 2017 | 2018 | 2019 | 2020E | 2021E |
|---|---|---|---|---|---|
| П/E | 7.04 | 23.78 | *** | *** | *** |
| П/Продажі | 0.57 | 0.52 | *** | *** | *** |
| EV/EBITDA | 5.5 | 8.4 | *** | *** | *** |
| П/Книга | 1.07 | 1.05 | *** | *** | *** |
| Year | 2022 | 2024 | 2027 |
|---|---|---|---|
| Issue Volume ($m) | 500 | 300 | 300 |
| Coupon Rate (% p.a.) | 8.75% | 6.50% | 6.75% |
| Coupon Frequency | S/A | S/A | S/A |
| Дата погашення | 1/31/2022 | 10/17/2024 | 10/27/2027 |
| Ratings: Moody`s/S&P/Fitch | -/B+/BB- | -/B+/BB- | -/B+/BB- |
| Market Price* ($) | 105.25 | 105.75 | 106.00 |
| Market YTM* | 3.48% | 4.69% | 5.31% |
| Spread over UST* | 335 | 450 | 486 |
| Note: *Based on bid price. | |||
| Year | 2019 | 2020E | 2021E |
|---|---|---|---|
| Net Sales ($m) | 3,960 | *** | *** |
| EBITDA ($m) | 346 | *** | *** |
| Net Income ($m) | 189 | *** | *** |
| EBIT Coverage Ratio (x) | 3.27 | *** | *** |
| Net Debt/Equity (%) | 57.0% | *** | *** |
| 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 |