Companies

Astarta Holding

Astarta Holding is the largest sugar producer in Ukraine with a 25% share of total output in 2016. The company cultivates 250,000 ha of land in central Ukraine and harvested 910 kt of crops in 2016 (1% of total domestic harvest).

Shareholders Structure

SUMMARY

Market Price ($)	15.44
Market Cap ($m)	375
Enterprise Value ($m)	549
Shares Outstanding	24,310,102
Code	AST PW

Recommendations

FV ($)	****
Upside (%)	****
Recommendation	****

Indicator	2019	2020	2021	2022	2023
Sales ($m)	503	480	***	***	***
EBITDA ($m)	86	128	***	***	***
Net Income ($m)	1	10	***	***	***
Net Debt ($m)	308	159	***	***	***

Indicator	2019	2020	2021	2022	2023
P/E	272.53	37.99	***	***	***
P/Sales	0.75	0.78	***	***	***
EV/EBITDA	7.9	4.2	***	***	***
P/Book	0.77	0.91	***	***	***

Astarta Holding — Reports weaker but still solid 1Q25 financials

WSE-listed Astarta Holding, Ukraine’s largest sugar producer, reported 1Q25 net sales of $129m (-28% y-o-y), EBITDA of $28m (-11%), and net income of $7m (-32%). End-1Q25 net debt stood at $126m, yielding a Net Debt/LTM EBITDA ratio of 0.75x (vs. 0.67x at end-2024). Factoring out $144m of lease liabilities, the company was $18m net cash positive as of end-1Q25. In other news, Astarta scheduled an AGM for Jun. 12 to vote on a dividend payout of EUR 0.5 per share (EUR 12.5m in total) and resume its share repurchase program of up to 5% of issued share capital.

May 06, 2025

Week 167 — Russian attacks at YTD high, but gains limited; Ukraine rejects Moscow’s 3-day ceasefire; US approves new military sales to Ukraine

Key highlights from last week: Russian ground assaults intensified, remaining concentrated around Pokrovsk in Donetsk region, but produced little in terms of territorial gains. Ukraine rejected Russia’s May 8-10 ceasefire offer, insisting on a US-proposed 30-day truce. Russia continued mass drone attacks on large population centers while abstaining from strikes on energy assets despite declaring the end of the energy ceasefire. The US approved new military sales to Ukraine, first under the Trump administration, and reportedly seeks to supply additional PATRIOT systems.