Avangard

Avangard is one of the largest vertically integrated producers of eggs and dry egg products in Ukraine. The company accounted for 31% of domestic industrial shell egg production in 2016 (-4pp y-o-y), reporting production of 2.5 billion eggs.

Shareholders Structure

SUMMARY

Market Price ($) 0.200
Market Cap ($m) 13
Enterprise Value ($m) 360
Shares Outstanding 6,387,185
Code AVGR LI

Recommendations

FV ($) ****
Upside (%) ****
Recommendation ****
Indicator 2016 2017 2018 2019E 2020F
Sales ($m) 191 128 *** *** ***
EBITDA ($m) 1 12 *** *** ***
Net Income ($m) (57) (7) *** *** ***
Net Debt ($m) 332 348 *** *** ***
Indicator 2016 2017 2018 2019E 2020F
P/E neg. neg. *** *** ***
P/Sales 0.07 0.10 *** *** ***
EV/EBITDA 231.7 30.7 *** *** ***
P/Book 0.09 0.15 *** *** ***

Avangard is one of the largest vertically integrated producers of eggs and dry egg products in Ukraine. The company accounted for 31% of domestic industrial shell egg production in 2016 (-4pp y-o-y), reporting production of 2.5 billion eggs.
Year 2018
Issue Volume ($m) 200
Coupon Rate (% p.a.) 10.00%
Coupon Frequency S/A
Maturity date 10/29/2018
Ratings: Moody`s/S&P/Fitch -/-/WD
Market Price* ($) 5.00
Market YTM* -
Spread over UST* -
Note: *Based on bid price.
Year 2018 2019E 2020F
Net Sales ($m) 170 *** ***
EBITDA ($m) (1) *** ***
Net Income ($m) (56) *** ***
EBIT Coverage Ratio (x) (0.53) *** ***
Net Debt/Equity (%) 866.8% *** ***
Covenants
Max. Consolidated Debt/EBITDA 3:1
Restriction on payment of dividend -
Financial Reports A - within 120 days; S/A - within 60 days
Events of Default
Failure to pay 14 days
Expiry of license, illegality, insolvency etc. -
Judgements $10m/60 days

Company Peers

Latest news about Avangard

Sep 02, 2019
| Eggs

Avangard — Reports 1H19 results

LSE-listed Avangard, Ukraine’s largest shell egg producer, reported 1H19 sales of $85m (+25% y-o-y), a loss from operating activities of $108m (vs. $17m operating loss in 1H18), and a net loss of $111m (vs. -$36m in 1H18).
Apr 08, 2019
| Eggs

Avangard — Reports 2018 financial results

LSE-listed Avangard, Ukraine’s largest shell egg producer, reported 2018 sales of $170m (+33% y-o-y), negative EBITDA of $1m (vs. positive $12m EBITDA in 2017) and net loss of $56m (vs. $7m loss in 2017). According to the company, export revenues from sales of shell eggs and egg products jumped 74% y-o-y to $66.1m or 39% of 2018 revenues (vs. 30% in 2017).
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