Kryukiv Rail Car

Kryukiv Rail Car (KVBZ) is Ukraine’s monopoly producer of passenger railcars and top manufacturer of freight cars, with nameplate annual capacity of 12,000 freight cars and 300 passenger cars, which was heavily underutilized in recent years. Kryukiv is among the main suppliers of railcars to Ukrainian Railway and local municipal subway operators.

Shareholders Structure

SUMMARY

Market Price ($) 0.501
Market Cap ($m) 58
Enterprise Value ($m) 37
Shares Outstanding 114,679,552
Code KVBZ

Recommendations

FV ($) ****
Upside (%) ****
Recommendation ****
Indicator 2016 2017 2018 2019E 2020F
Sales ($m) 84 145 *** *** ***
EBITDA ($m) (1) 14 *** *** ***
Net Income ($m) (4) 12 *** *** ***
Net Debt ($m) (9) (31) *** *** ***
Indicator 2016 2017 2018 2019E 2020F
P/E neg. 4.61 *** *** ***
P/Sales 0.68 0.40 *** *** ***
EV/EBITDA neg. 1.9 *** *** ***
P/Book 0.81 0.74 *** *** ***

Latest news about Kryukiv Rail Car

Aug 13, 2019
| Railcars

Kryukiv Rail Car — Reports strong 1H19 results

Kryukiv Rail Car (KVBZ), the largest manufacturer of freight cars and sole producer of passenger railcars in Ukraine, reported stronger 1H19 operating and financial results. Over the period, the company sold 658 open cars (vs. 1,755 in 2018), 540 grain hoppers (vs. 1,723 in 2018) and 200 mineral hoppers (vs. zero in 2018). As a result, sales jumped by 76% y-o-y to $150m, EBITDA soared 265% to $27.0m and net income swelled by 203% to $21.1m, yielding an EBITDA margin of 18.0% (+9.3pp y-o-y) and a net margin of 14.1% (+5.9pp). The company was net cash positive at $39m (vs. net cash of $20m at end-2018).
May 10, 2019
| Railcars

Kryukiv Rail Car — Reports 2018 and 1Q19 results. DPS of UAH 1.75/share is approved

Kryukiv Rail Car (KVBZ), the largest local producer of freight cars and the only local producer of passenger railcars, reported 2018 operating and audited financial results. The company sold 3,682 cargo railcars, double y-o-y. That number is almost equally split between open cars and grain hoppers. Also, the company produced 8 passenger railcars (vs. 50 in 2017). Total revenues thus reached $203m, +40% y-o-y, with freight railcars accounting for 83% of total sales, spare parts for 6%, passenger railcars for 3% and other for 8%. Domestic sales accounted for 92% of revenues down from 99% in 2017 with export destinations including European and Asian countries. Stronger sales drove better profits with 2018 EBITDA up 39% y-o-y to $20m and net income +44% to $18m. The company’s net cash positive was at $20m (vs. net cash of $31m).
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