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 ($) 5.200
Market Cap ($m) 557
Enterprise Value ($m) 1,838
Shares Outstanding 107,038,208
Code MHPC LI

Recommendations

FV ($) ****
Upside (%) ****
Recommendation ****
Indicator 2017 2018 2019 2020E 2021F
Sales ($m) 1,288 1,552 *** *** ***
EBITDA ($m) 459 450 *** *** ***
Net Income ($m) 230 129 *** *** ***
Net Debt ($m) 1,032 1,131 *** *** ***
Indicator 2017 2018 2019 2020E 2021F
P/E 2.42 4.30 *** *** ***
P/Sales 0.43 0.36 *** *** ***
EV/EBITDA 3.5 3.7 *** *** ***
P/Book 0.56 0.51 *** *** ***

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 2024 2026 2029
Issue Volume ($m) 500 550 350
Coupon Rate (% p.a.) 7.75% 6.95% 6.25%
Coupon Frequency S/A S/A S/A
Maturity date 5/10/2024 4/3/2026 9/19/2029
Ratings: Moody`s/S&P/Fitch -/B/B+ -/B/B+ -/B/B+
Market Price* ($) 106.50 103.50 98.00
Market YTM* 5.74% 6.19% 6.55%
Spread over UST* 547 592 586
Note: *Based on bid price.
Year 2019 2020E 2021F
Net Sales ($m) 2,056 *** ***
EBITDA ($m) 427 *** ***
Net Income ($m) 221 *** ***
EBIT Coverage Ratio (x) 1.54 *** ***
Net Debt/Equity (%) 104.8% *** ***
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

Sep 07, 2020
| Food & Agriculture

MHP — Conference call notes

LSE-listed MHP, Ukraine’s largest poultry producer, held a conference call to discuss its 2Q20 financial results and outlook.
Sep 04, 2020
| Poultry

MHP — Reports in-line 2Q20 results

LSE-listed MHP, Ukraine’s largest poultry producer, reported 2Q20 sales of $425m (-17% y-o-y), EBITDA of $129m (-22%; incl. IFRS 16 effect) and net income of $112m (-19%). EBITDA before IFRS 16 effect stood at $126m, down 24% y‑o-y. Quarterly export revenues totaled $215m or 51% of total revenue (vs. $284m or 56% of total sales in 2Q19).
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