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 ($)	16.44
Market Cap ($m)	99
Enterprise Value ($m)	97
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	5.65	neg.	***	***	***
P/Sales	0.79	0.94	***	***	***
EV/EBITDA	4.3	neg.	***	***	***
P/Book	0.78	0.82	***	***	***

Ovostar Union — Majority shareholders to announce share purchase tender

WSE-listed Ovostar Union, one of the largest shell egg producers in Ukraine, announced its majority shareholders — Prime One Capital Limited, controlled by Ovostar Chairman of the Board Vitalii Veresenko and CEO Borys Bielikov, and Fairfax Financial Holdings Limited — jointly holding 95.45% of outstanding shares, agreed on Apr. 19 to act in concert in relation to the company. Yesterday, Prime One Capital and Fairfax notified the Polish Financial Supervision Authority (KNF) of their intent to announce a voluntary tender offer to acquire all Ovostar shares listed on the Warsaw Stock Exchange (4.55% of shares issued) at PLN 70 per share.

Feb 02, 2024

| Food & Agriculture

Ovostar Union — Reports 2023 operating results

WSE-listed Ovostar Union, one of the largest shell egg producers in Ukraine, reported 2023 operating results. The bird flock totaled 7.7 million hens (+6.9% y-o-y) as of end-2023, including 6.4 million laying hens (+6.7% y-o-y). Shell egg production inched down by 1.0% y-o-y to 1,531 million eggs, with volume sales declining by 10.4% y-o-y to 970 million eggs. Domestic sales fell by 21% y-o-y to 626 million eggs while exports jumped by 19% y-o-y 344 million (35% of total volume sales). The volume of shell eggs processed increased by 15% y-o-y to 492 million eggs in 2023. Sales of dry egg products rose by 15% y-o-y to 2.5 kt and sales of liquid egg products grew by 20% y-o-y to 12.8 kt.