| Market Price ($) | 10.99 |
| Market Cap ($m) | 900 |
| Enterprise Value ($m) | 1,645 |
| Акції | 81,941,230 |
| Code | KER PW |
| FV ($) | **** |
| Upside (%) | **** |
| Recommendation | **** |
| Indicator | 2016 | 2017 | 2018 | 2019E | 2020F |
|---|---|---|---|---|---|
| Sales ($m) | 1,989 | 2,169 | *** | *** | *** |
| EBITDA ($m) | 346 | 319 | *** | *** | *** |
| Net Income ($m) | 225 | 176 | *** | *** | *** |
| Net Debt ($m) | 283 | 514 | *** | *** | *** |
| Indicator | 2016 | 2017 | 2018 | 2019E | 2020F |
|---|---|---|---|---|---|
| П/E | 4.00 | 5.11 | *** | *** | *** |
| П/Продажі | 0.45 | 0.42 | *** | *** | *** |
| EV/EBITDA | 3.4 | 4.4 | *** | *** | *** |
| П/Книга | 0.90 | 0.78 | *** | *** | *** |
| Year | 2022 |
|---|---|
| Issue Volume ($m) | 500 |
| Coupon Rate (% p.a.) | 8.75% |
| Coupon Frequency | S/A |
| Дата погашення | 1/31/2022 |
| Ratings: Moody`s/S&P/Fitch | -/B/BB- |
| Market Price* ($) | 105.50 |
| Market YTM* | 6.10% |
| Spread over UST* | 455 |
| Note: *Based on bid price. | |
| Year | 2018 | 2019E | 2020F |
|---|---|---|---|
| Net Sales ($m) | 2,403 | *** | *** |
| EBITDA ($m) | 223 | *** | *** |
| Net Income ($m) | 52 | *** | *** |
| EBIT Coverage Ratio (x) | 2.14 | *** | *** |
| Net Debt/Equity (%) | 63.8% | *** | *** |
| 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 |