Companies

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 ($)	19.12
Market Cap ($m)	115
Enterprise Value ($m)	113
Shares Outstanding	6,000,000
Code	OVO PW

Recommendations

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

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

Indicator	2018	2019	2020	2021	2022
P/E	6.57	neg.	***	***	***
P/Sales	0.92	1.10	***	***	***
EV/EBITDA	5.0	neg.	***	***	***
P/Book	0.90	0.95	***	***	***

Ovostar Union — Reports strong 9M23 financials

WSE-listed Ovostar Union, one of the largest shell egg producers in Ukraine, reported 3Q23 net sales of $34m (-17% q-o-q but +2% y-o-y), EBITDA of $10m (-16% q-o-q and -53% y-o-y) and net income of $8m (-27% q-o-q and -59% y-o-y). Exports accounted for 50% of the 9M23 top line, up from 42% in 9M22.

Oct 31, 2023

| Eggs

Ovostar Union — Reports 3Q23 operating results

WSE-listed Ovostar Union, one of the largest shell egg producers in Ukraine, published its 3Q23 operating update, reporting production of 416 million eggs (+12% q-o-q and +5.1% y-o-y) and volume sales of 256 million eggs (+8.0% q-o-q but -9.5% y-o-y). Domestic sales jumped by 37% q-o-q to 184 million eggs (-2.1% y-o-y) while exports fell 30% q-o-q to 72 million (-24% y-o-y). The average sale price fell by 22% q-o-q to $0.09/egg, still up 18% y-o-y. The volume of shell eggs processed rose by 17% q-o-q to 141 million eggs (+15% y-o-y). In turn, sales of dry egg products decreased by 12% q-o-q to 0.6 kt (-28% y-o-y) while sales of liquid egg products dropped by 1.7% q-o-q to 3.0 kt (+28% y-o-y). The average sale price of dry egg products slid by 6.5% q-o-q to $8.2/kg (-11% y-o-y) and that of liquid products lost 14% q-o-q to $2.1/kg (+15% y-o-y). (Company)