Companies

Kernel Holding

Kernel is the largest sunflower oil producer and leading grain exporter in Ukraine with 21% of the country’s total sunseed crushing capacity and 7.5% of total grain exports in 2016/17 MY. The company operates over 600,000 ha of farmland.

Shareholders Structure

SUMMARY

Market Price ($)	5.061
Market Cap ($m)	1,485
Enterprise Value ($m)	2,080
Shares Outstanding	293,429,230
Code	KER PW

Recommendations

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

Indicator	2019	2020	2021	2022	2023
Sales ($m)	3,960	4,107	***	***	***
EBITDA ($m)	346	443	***	***	***
Net Income ($m)	189	118	***	***	***
Net Debt ($m)	691	980	***	***	***

Indicator	2019	2020	2021	2022	2023
P/E	7.53	12.11	***	***	***
P/Sales	0.36	0.35	***	***	***
EV/EBITDA	6.1	5.4	***	***	***
P/Book	1.06	0.95	***	***	***

Year	2027
Issue Volume ($m)	300
Coupon Rate (% p.a.)	6.75%
Coupon Frequency	S/A
Maturity date	10/27/2027
Ratings: Fitch/Moody`s/S&P	CCC-/—/CCC
Market Price* ($)	88.00
Market YTM*	12.50%
Spread over UST*	-
Note: *Based on bid price.

Year	2021	2022	2023
Net Sales ($m)	5,595	***	***
EBITDA ($m)	806	***	***
Net Income ($m)	513	***	***
EBIT Coverage Ratio (x)	4.86	***	***
Net Debt/Equity (%)	72.3%	***	***

Covenants
Restriction on payment of dividend	-
Financial Reports	A - within 120 days; Q - within 90 days
Min. Fixed Charge Coverage Ratio*	3:1
Events of Default
Failure to pay	10 days
Cross default	$30m
Expiry of license, illegality, insolvency etc.	-
Judgements	$30m/60 days

Kernel Holding — Reports 3Q25FY operating results

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, published its 3Q25FY (calendar 1Q25) operating results, reporting vegetable oil sales of 347 kt (-15% q-o-q, -9.2% y-o-y) and an oilseed crushing volume of 845 kt (-13% q‑o‑q, +3.6% y‑o‑y).

Mar 03, 2025

| Food & Agriculture

Kernel Holding— Reports 2Q/1H25FY financial results

WSE-listed Kernel Holding, Ukraine’s largest sunflower oil producer and grain exporter, has published its 2Q25FY financial results (4Q24 calendar quarter), reporting sales of $1,149m, up 44% q‑o‑q and 10% y-o-y, EBITDA of $118m, down 30% q-o-q and 42% y-o-y, and net income of $56m, down 54% q-o-q and 58% y-o-y.