Ovostar Union

Ovostar Union is a leading shell egg producer in Ukraine with an 18% market share in volume terms in 2016 (+6.0pp y-o-y). The company produced 1,479 million shell eggs last year (+24% y-o-y). Ovostar accounts for 97% of domestic production of liquid egg products and has a 23% share of dry egg products.

Shareholders Structure

SUMMARY

Market Price ($)	9.635
Market Cap ($m)	58
Enterprise Value ($m)	68
Shares Outstanding	6,000,000
Code	OVO PW

Recommendations

FV ($)	****
Upside (%)	****
Recommendation	****

Indicator	2018	2019	2020	2021	2022E
Sales ($m)	125	105	***	***	***
EBITDA ($m)	22	(16)	***	***	***
Net Income ($m)	17	(20)	***	***	***
Net Debt ($m)	(5)	6	***	***	***

Indicator	2018	2019	2020	2021	2022E
P/E	3.31	neg.	***	***	***
P/Sales	0.46	0.55	***	***	***
EV/EBITDA	2.4	neg.	***	***	***
P/Book	0.46	0.48	***	***	***

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Latest news about Ovostar Union

Jan 03, 2023

| Eggs

Ovostar Union — Approves interim DPS of EUR 0.65

The Board of Directors of WSE-listed Ovostar Union, one of the largest shell egg producers in Ukraine, passed a resolution on Dec. 22 to distribute an interim dividend of EUR 3.9m ($4.2m) or EUR 0.65 ($0.70) per share, to be paid to shareholders on the register as of Jan. 13, 2023. The payment will be made in EUR by Jan. 27, 2023. No income tax on the dividends will be withheld in Cyprus from the amounts payable to the shareholders irrespective of their tax residency.

Nov 21, 2022

| Food & Agriculture

Ovostar Union [Not Rated] — Reports 3Q22 financial results

WSE-listed Ovostar Union, one of the largest shell egg producers in Ukraine, reported 3Q22 net sales of $34m (+2.3% y-o-y), EBITDA of $22m (+11.3x y-o-y) and net income of $20m (+15.6x). Exports accounted for 42% of the top line (vs. 30% in 9M21).

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