| Market Price ($) | 3.627 |
| Market Cap ($m) | 293 |
| Enterprise Value ($m) | 1,129 |
| Акції | 80,804,230 |
| Code | KER PW |
| FV ($) | **** |
| Upside (%) | **** |
| Recommendation | **** |
| Indicator | 2018 | 2019 | 2020 | 2021 | 2022E |
|---|---|---|---|---|---|
| Sales ($m) | 2,403 | 3,960 | *** | *** | *** |
| EBITDA ($m) | 223 | 346 | *** | *** | *** |
| Net Income ($m) | 52 | 189 | *** | *** | *** |
| Net Debt ($m) | 619 | 691 | *** | *** | *** |
| Indicator | 2018 | 2019 | 2020 | 2021 | 2022E |
|---|---|---|---|---|---|
| П/E | 5.62 | 1.55 | *** | *** | *** |
| П/Продажі | 0.12 | 0.07 | *** | *** | *** |
| EV/EBITDA | 4.1 | 2.8 | *** | *** | *** |
| П/Книга | 0.25 | 0.22 | *** | *** | *** |
| Year | 2024 | 2027 |
|---|---|---|
| Issue Volume ($m) | 300 | 300 |
| Coupon Rate (% p.a.) | 6.50% | 6.75% |
| Coupon Frequency | S/A | S/A |
| Дата погашення | 10/17/2024 | 10/27/2027 |
| Ratings: Moody`s/S&P/Fitch | C/-/CC | C/-/CC |
| Market Price* ($) | 39.00 | 37.00 |
| Market YTM* | 64.20% | 33.30% |
| Spread over UST* | - | - |
| Note: *Based on bid price. | ||
| Year | 2020 | 2021E | 2022E |
|---|---|---|---|
| Net Sales ($m) | 4,107 | *** | *** |
| EBITDA ($m) | 448 | *** | *** |
| Net Income ($m) | 118 | *** | *** |
| EBIT Coverage Ratio (x) | 2.29 | *** | *** |
| Net Debt/Equity (%) | 90.3% | *** | *** |
| 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 |