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 ($) 3.900
Market Cap ($m) 417
Enterprise Value ($m) 1,928
Shares Outstanding 107,038,208
Code MHPC LI

Recommendations

FV ($) ****
Upside (%) ****
Recommendation ****
Indicator 2018 2019 2020 2021 2022E
Sales ($m) 1,552 2,056 *** *** ***
EBITDA ($m) 450 427 *** *** ***
Net Income ($m) 129 215 *** *** ***
Net Debt ($m) 1,131 1,342 *** *** ***
Indicator 2018 2019 2020 2021 2022E
P/E 3.23 1.94 *** *** ***
P/Sales 0.27 0.20 *** *** ***
EV/EBITDA 3.4 4.1 *** *** ***
P/Book 0.38 0.26 *** *** ***

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 ($m) 500 550 350
Coupon Rate (% p.a.) 7.75% 6.95% 6.25%
Coupon Frequency S/A S/A S/A
Maturity date 5/10/2024 4/3/2026 9/19/2029
Ratings: Moody`s/S&P/Fitch C/-/D C/-/D C/-/D
Market Price* ($) 43.00 42.00 41.00
Market YTM* 65.70% 36.50% 23.60%
Spread over UST* - - -
Note: *Based on bid price.
Year 2020 2021E 2022E
Net Sales ($m) 1,911 *** ***
EBITDA ($m) 395 *** ***
Net Income ($m) (133) *** ***
EBIT Coverage Ratio (x) 1.54 *** ***
Net Debt/Equity (%) 133.5% *** ***
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 28, 2022
| Poultry

MHP — Reports 2Q22 operating results

MHP reported 2Q22 poultry production (Ukrainian assets) of 170 kt (‑11% y-o-y and -3% q-o-q), with volume sales down 23% y-o-y to 141 kt due to disrupted logistics. Local meat sales fell 6% y-o-y to 68 kt (but +2% q-o-q), reflecting demand weakness due to the war. Poultry exports slid 37% y-o-y and 23% q-o-q, to 69 kt due to export bottlenecks. Exports accounted for 48% of 2Q22 poultry sales from Ukrainian assets (-8pp y-o-y).
Jul 25, 2022
| Food & Agriculture

MHP — Reports June operating update

MHP reported its Ukrainian poultry production totaled 57 kt in June (-11% y-o-y and -2% m-o-m), while monthly volume sales stood at 56 kt (+4% m-o-m but -8% y-o-y). Local meat sales declined by 12% m-o-m to 26 kt but were stable y-o-y. In turn, meat exports jumped by 24% m‑o‑m to 30 kt (but -29% y-o-y). Poultry sale prices averaged $2.04/kg last month, up 19% y o-y and 2% m-o-m. Vegetable oil sales rose substantially both y-o-y and m-o-m, with sunflower oil sales at 23 kt (+120% y-o-y and +158% m-o-m) and soybean oil sales totaling 4 kt (15% y-o-y and +359% m-o-m).
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