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 ($) 5.500
Market Cap ($m) 589
Enterprise Value ($m) 1,899
Shares Outstanding 107,038,208
Code MHPC LI

Recommendations

FV ($) ****
Upside (%) ****
Recommendation ****
Indicator 2017 2018 2019 2020 2021E
Sales ($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 2020 2021E
P/E 2.56 4.55 *** *** ***
P/Sales 0.46 0.38 *** *** ***
EV/EBITDA 3.5 3.8 *** *** ***
P/Book 0.60 0.54 *** *** ***

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 ($m) 500 550 350
Coupon Rate (% p.a.) 7.75% 6.95% 6.25%
Coupon Frequency S/A S/A S/A
Maturity date 5/10/2024 4/3/2026 9/19/2029
Ratings: Moody`s/S&P/Fitch -/B/B+ -/B/B+ -/B/B+
Market Price* ($) 108.00 105.50 99.50
Market YTM* 4.65% 5.60% 6.33%
Spread over UST* 423 488 526
Note: *Based on bid price.
Year 2019 2020 2021E
Net Sales ($m) 2,056 *** ***
EBITDA ($m) 427 *** ***
Net Income ($m) 221 *** ***
EBIT Coverage Ratio (x) 1.54 *** ***
Net Debt/Equity (%) 105.4% *** ***
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 19, 2021
| Food & Agriculture

MHP — Reports stronger 2Q21 operating results

LSE-listed MHP, Ukraine’s largest poultry producer, reported 2Q21 poultry production at Ukrainian assets of 191 kt (+5% y-o-y), with volume sales totaling 182 kt (+6% y-o-y), driven by stronger exports, mostly to MENA. Quarterly poultry exports stood at 109 kt (+23% y-o-y), representing 60% of volume sales (vs. 52% in 2Q20), while local meat sales fell 12% y-o-y to 73 kt on lower sales of frozen chicken. The average poultry sale price came in at $1.67/kg (+31% y-o-y, +17% q-o-q), boosted by stronger both export prices ($1.69/kg, +25% y-o-y and +22% q-o-q) and local prices (+43% y-o-y in UAH terms and +38% y-o-y in USD, to $1.63/kg). MHP also sold 35 kt of sunflower oil (-57% y-o-y) and 12 kt of soybean oil (+9%) in 2Q21.
May 20, 2021
| Food & Agriculture

MHP — Conference call notes

LSE-listed MHP, Ukraine’s largest poultry producer, held a conference call following the publication of 1Q21 financial results. The company reported 1Q21 sales of $447m (+1% y-o-y), EBITDA of $63m (-34%; incl. IFRS 16 effect) and net income of $1m (vs. net loss of $174m in 1Q20). Quarterly EBITDA before IFRS 16 stood at $57m, down 37% y-o-y.
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