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 ($)	15.98
Market Cap ($m)	389
Enterprise Value ($m)	562
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	282.08	39.32	***	***	***
P/Sales	0.77	0.81	***	***	***
EV/EBITDA	8.1	4.3	***	***	***
P/Book	0.79	0.94	***	***	***

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.

Apr 30, 2025

| Food & Agriculture

Astarta Holding — Reports solid 2024 financials, doesn’t plan to increase dividends

WSE-listed Astarta Holding, Ukraine’s second-largest sugar producer, reported 2024 net sales of $661m (-1.2% y-o-y), EBITDA of $173m (+10% y-o-y), and net income of $90m (+35% y-o-y). The full-year results imply 4Q24 sales of $183m (+40% q-o-q, +25% y-o-y), EBITDA of $29m (-43% q-o-q, -5.6% y-o-y), and net income of $8m (-76% q-o-q, +20% y-o-y).