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 ($)	5.512
Market Cap ($m)	134
Enterprise Value ($m)	306
Shares Outstanding	24,310,102
Code	AST PW

Recommendations

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

Indicator	2018	2019	2020	2021	2022E
Sales ($m)	440	503	***	***	***
EBITDA ($m)	74	86	***	***	***
Net Income ($m)	(22)	1	***	***	***
Net Debt ($m)	371	308	***	***	***

Indicator	2018	2019	2020	2021	2022E
P/E	neg.	97.29	***	***	***
P/Sales	0.30	0.27	***	***	***
EV/EBITDA	6.8	5.1	***	***	***
P/Book	0.32	0.27	***	***	***

Astarta Holding — 4Q22 crop sales more than double q-o-q

WSE-listed Astarta Holding, Ukraine’s largest sugar producer, reported 4Q22 sugar sales in volume terms of 62 kt, down 8.5% q-o-q and 28% y-o-y, with sale prices averaging $700/t, up 6.2% q-o-q and 4.7% y-o-y. Quarterly grain and oilseed sales totaled 253 kt, up 134% q-o-q (but -38% y-o-y), including 135 kt of wheat and 82 kt of corn. Wheat and corn prices averaged $257/t (+4.9% q-o-q, -8.5% y-o-y) and $263/t (+6.2% q-o-q, +22% y-o-y). Astarta also reported having harvested 90% of its corn area with an average yield of 9.0 t/ha (+5% y-o-y).

Jan 13, 2023

| Food & Agriculture

Astarta Holding — 2022 sugar production down 17% y-o-y

WSE-listed Astarta Holding, Ukraine’s largest sugar producer, reported 2022 sugar production of 282 kt, down 17% y-o-y, having processed 2.0 Mt of sugar beets. Based on the preliminary industry data, Astarta’s share of total Ukrainian sugar production stood at 25% in 2022.