MHP

MHP is the largest poultry producer in Ukraine with a 58% share of industrially produced poultry in 2016 and 33% of domestic poultry consumption (incl. imports). Sales of chicken meat and related products account for about 60% of annual revenues.

Shareholders Structure

SUMMARY

Market Price ($) 5.220
Market Cap ($m) 559
Enterprise Value ($m) 2,137
Shares Outstanding 107,038,208
Code MHPC LI

Recommendations

FV ($) ****
Upside (%) ****
Recommendation ****
Indicator 2020 2021 2022 2023 2024
Sales ($m) 1,911 2,372 *** *** ***
EBITDA ($m) 395 709 *** *** ***
Net Income ($m) (133) 393 *** *** ***
Net Debt ($m) 1,456 1,608 *** *** ***
Indicator 2020 2021 2022 2023 2024
P/E neg. 1.42 *** *** ***
P/Sales 0.29 0.24 *** *** ***
EV/EBITDA 5.1 3.1 *** *** ***
P/Book 0.45 0.31 *** *** ***

MHP is the largest poultry producer in Ukraine with a 58% share of industrially produced poultry in 2016 and 33% of domestic poultry consumption (incl. imports). Sales of chicken meat and related products account for about 60% of annual revenues.
Year 2026 2029
Issue Volume ($m) 550 350
Coupon Rate (% p.a.) 6.95% 6.25%
Coupon Frequency S/A S/A
Maturity date 4/3/2026 9/19/2029
Ratings: Fitch/Moody`s/S&P C/—/CCC C/—/CCC
Market Price* ($) 93.50 81.00
Market YTM* 17.50% 12.20%
Spread over UST* - -
Note: *Based on bid price.
Year 2021 2022 2023
Net Sales ($m) 2,372 *** ***
EBITDA ($m) 709 *** ***
Net Income ($m) 393 *** ***
EBIT Coverage Ratio (x) 3.60 *** ***
Net Debt/Equity (%) 105.0% *** ***
Covenants
Restriction on payment of dividend -
Financial Reports A - within 135 days; S/A - within 90 days
Max. Consolidated Net Debt/EBITDA* 3:1
Events of Default
Failure to pay 30 days
Cross default $10m
Expiry of license, illegality, insolvency etc. -
Judgements $10m/60 days

Latest news about MHP

Jul 21, 2025
| Poultry

MHP — Attracts up to EUR 100m from DFIs

LSE-listed MHP, Ukraine’s largest poultry producer, has attracted up to EUR 100m in loans from development finance institutions, including EUR 40m from the EBRD, EUR 30m from British International Investment, EUR 20m from Swedfund (Sweden), and another EUR 10m from undisclosed sources.
May 22, 2025
| Poultry

MHP — Reports solid 1Q25 financial results, reiterates view on Eurobonds

LSE-listed MHP, Ukraine’s largest poultry producer, reported 1Q25 revenue of $779m (-0.6% q-o-q, +8.3% y-o-y), EBITDA of $120m (-22% q-o-q, -5.5% y-o-y; incl. IFRS 16 effect), and net income of $32m (+11x q-o-q, +100% y-o-y). EBITDA before IFRS 16 stood at $111m, down 14% q-o-q and 6.7% y-o-y. Export sales totaled $489m, flat y-o-y, accounting for 63% of total revenue. End-1Q25 net debt before IFRS 16 stood at $1,192m, for a Net Debt to EBITDA ratio of 2.13x (vs. 2.08x at end-2024). End-1Q25 cash balances totaled $359m, up slightly from $355m at end-2024, with c. 60% of the total held outside Ukraine.
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