MHP

MHP is the largest poultry producer in Ukraine with a 58% share of industrially produced poultry in 2016 and 33% of domestic poultry consumption (incl. imports). Sales of chicken meat and related products account for about 60% of annual revenues.

Shareholders Structure

SUMMARY

Market Price ($) 6.200
Market Cap ($m) 664
Enterprise Value ($m) 1,996
Shares Outstanding 107,038,208
Code MHPC LI

Recommendations

FV ($) ****
Upside (%) ****
Recommendation ****
Indicator 2019 2020 2021 2022 2023
Sales ($m) 2,056 1,911 *** *** ***
EBITDA ($m) 427 395 *** *** ***
Net Income ($m) 215 (133) *** *** ***
Net Debt ($m) 1,342 1,442 *** *** ***
Indicator 2019 2020 2021 2022 2023
P/E 3.08 neg. *** *** ***
P/Sales 0.32 0.35 *** *** ***
EV/EBITDA 4.7 5.3 *** *** ***
P/Book 0.42 0.53 *** *** ***

MHP is the largest poultry producer in Ukraine with a 58% share of industrially produced poultry in 2016 and 33% of domestic poultry consumption (incl. imports). Sales of chicken meat and related products account for about 60% of annual revenues.
Year 2026 2029
Issue Volume ($m) 550 350
Coupon Rate (% p.a.) 6.95% 6.25%
Coupon Frequency S/A S/A
Maturity date 4/3/2026 9/19/2029
Ratings: Fitch/Moody`s/S&P C/—/CCC C/—/CCC
Market Price* ($) 95.50 87.50
Market YTM* 11.60% 9.70%
Spread over UST* - -
Note: *Based on bid price.
Year 2021 2022 2023
Net Sales ($m) 2,372 *** ***
EBITDA ($m) 709 *** ***
Net Income ($m) 393 *** ***
EBIT Coverage Ratio (x) 3.60 *** ***
Net Debt/Equity (%) 105.0% *** ***
Covenants
Restriction on payment of dividend -
Financial Reports A - within 135 days; S/A - within 90 days
Max. Consolidated Net Debt/EBITDA* 3:1
Events of Default
Failure to pay 30 days
Cross default $10m
Expiry of license, illegality, insolvency etc. -
Judgements $10m/60 days

Latest news about MHP

Mar 11, 2025
| Food & Agriculture

Grain and oilseed exports stabilize at 3.8 Mt in February

Ukraine exported 3.8 Mt of grain and oilseeds in February, up 0.9% m-o-m but down 40% y‑o‑y. Grain exports totaled 3.4 Mt, down 0.9% m-o-m and 42% y-o-y, while oilseed exports stood at 0.4 Mt, up 19% m-o-m and down 30% y-o-y.
Dec 11, 2024

MHP — Submits offer to acquire Spanish poultry producer

LSE-listed MHP, Ukraine’s largest poultry producer, announced that it has submitted a binding offer to acquire UVESA Group, a vertically integrated poultry and pork meat producer in Spain. The potential acquisition is subject to the fulfillment of certain conditions, including securing a minimum acceptance threshold of 50.01%. Other parameters have not been disclosed.
Contact us at +38 (044) 490 7120 for more information

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