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 ($)	10.72
Market Cap ($m)	64
Enterprise Value ($m)	63
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	3.68	neg.	***	***	***
P/Sales	0.51	0.61	***	***	***
EV/EBITDA	2.7	neg.	***	***	***
P/Book	0.51	0.53	***	***	***

Ovostar Union — Reports 1Q23 financial results

WSE-listed Ovostar Union, a leading shell egg producer in Ukraine, reported 1Q23 net sales of $47m (+71% y-o-y), EBITDA of $9m (vs. $15m EBITDA loss in 1Q22) and net income of $9m (vs. $16m net loss in 1Q22). Exports made up 51% of the top line (vs. 21% in 1Q21). End-1Q23 total debt stood at $8m, down from $11m at end-2022, while cash increased to $29m from $12m, respectively, yielding a net cash position of $21m (vs. $1m at end-2022).

May 02, 2023

| Food & Agriculture

Ovostar Union — Reports 2022 financial results and 1Q23 operating update

WSE-listed Ovostar Union, one of the largest shell egg producers in Ukraine, reported 2022 net sales of $136m (+1.7% y-o-y), EBITDA of $11m (+96%), and net income of $6m (+3.7x). Exports accounted for 40% of the top line (vs. 28% in 2021). End-2022 total debt stood at $10.9m, down from $12.9m at end-2021, with cash up to $12.2m $2.4m, respectively, yielding net cash of $1.3m (vs. net debt of $10.4m at end-2021).