IMC

IMC is an integrated agribusiness operating 136,600 ha of farmland and 554 kt of storage capacity in northern and central Ukraine. The company focuses on growing, storing and processing crops such as corn, wheat, sunflower, soybeans and potatoes (99% of 2016 revenue). IMC is also involved in cattle breeding and milk production, remaining one of Ukraine’s top-10 industrial milk producers.

Shareholders Structure

SUMMARY

Market Price ($) 3.524
Market Cap ($m) 117
Enterprise Value ($m) 292
Shares Outstanding 33,178,000
Code IMC PW

Recommendations

FV ($) ****
Upside (%) ****
Recommendation ****
Indicator 2018 2019 2020 2021 2022E
Sales ($m) 132 170 *** *** ***
EBITDA ($m) 51 39 *** *** ***
Net Income ($m) 28 7 *** *** ***
Net Debt ($m) 55 145 *** *** ***
Indicator 2018 2019 2020 2021 2022E
P/E 4.23 15.98 *** *** ***
P/Sales 0.89 0.69 *** *** ***
EV/EBITDA 3.4 6.7 *** *** ***
P/Book 0.97 0.88 *** *** ***

Company Peers

Latest news about IMC

Jul 01, 2022
| Food & Agriculture

IMC — Investor conference notes

WSE-listed Ukrainian agricultural producer IMC hosted an investor conference to discuss its recently published 2021 and 1Q22 results and update on the company’s YTD performance. IMC reported 2021 net sales of $182m (+13% y-o-y), a gain from change in fair value of biological assets (IAS 41) of $113m (+47%), record high EBITDA of $110m (+54%; incl. IFRS 16), and net income of $79m (+148%). Last year’s profitability surge was in line with expectations, reflecting both a bumper grain harvest and strong prices.
Jun 24, 2022
| Food & Agriculture

Corporates: IMC Reports 2021 and 1Q22 Financials

WSE-listed IMC published its 2021 results, reporting net sales of $182m (+13% y-o-y), a gain from change in fair value of biological assets (IAS 41) of $113m (+47%), record high EBITDA of $110m (+54%; incl. IFRS 16), and net income of $79m (+148%). Last year’s profitability surge was in line with expectations, reflecting both a bumper grain harvest and strong prices. IMC harvested 718 kt of corn in 2021 (+11% y-o-y), reporting a yield of 10.6 t/ha, its second-best on record. In turn, its corn selling prices rose 18% y-o-y to $200/t on average. We estimate IMC’s 2021 EBITDA per hectare at $920/ha (incl. IFRS 16), in-between Astarta Holding’s est. $835/ha and MHP’s $1,130/ha (all incl. IFRS 16). End-2021 financial debt stood at $33m (flat y-o-y), with net financial debt at a minor $4m (vs. $15m at end-2020). Also, the company recognized $171m of lease liabilities under IFRS 16, implying end-2021 net debt of $175m, for a Net Debt to EBITDA of 1.6x (vs. 1.6x at end-2020).
Contact us at +38 (044) 490 7120 for more information

or