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 ($)	13.09
Market Cap ($m)	318
Enterprise Value ($m)	452
Shares Outstanding	24,310,102
Code	AST PW

Recommendations

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

Indicator	2017	2018	2019	2020E	2021E
Sales ($m)	516	440	***	***	***
EBITDA ($m)	131	74	***	***	***
Net Income ($m)	66	(22)	***	***	***
Net Debt ($m)	156	371	***	***	***

Indicator	2017	2018	2019	2020E	2021E
P/E	4.81	neg.	***	***	***
P/Sales	0.62	0.72	***	***	***
EV/EBITDA	3.6	9.3	***	***	***
P/Book	0.77	0.76	***	***	***

Astarta Holding — Reports 3Q21 operating results

WSE-listed Astarta Holding, Ukraine’s largest sugar producer, reported 3Q21 sugar sales in volume terms of 90 kt, down 6% y-o-y, at an average selling price of $697/t, up 87% y-o-y and 11% q-o-q. Grain and oilseed crops sales totaled 266 kt over the period (-18% y-o-y), including 237 kt of wheat (-7% y-o-y) priced at $236/t, +24% y o-y (but -1% q o q). Sales of soybean oil and meal totaled 8 kt and 20 kt, -37% and +4% y-o-y respectively, with the average selling price of oil rising 70% y-o-y to $1,252/t (-9% q-o-q) and that of meal increasing 39% y-o-y to $550/t (+4% q-o-q). Lastly, 3Q21 raw milk sales totaled 20 kt, flat y-o-y, priced at $433/t, +22% y-o-y.

Sep 15, 2021

| Food & Agriculture

Astarta Holding — Launches project for advanced soybean processing

WSE-listed Astarta Holding, Ukraine’s largest sugar producer, launched a $50m two-year project to build an advanced soybean processing line at its existing soybean facility in the Poltava region. The new line’s production capacity would total 100 kt of soy protein concentrate per year.