Ukrainian Railway

State-owned rail monopoly Ukrainian Railway (RAILUA) was incorporated as a public JSC in December 2015, consolidating its regional rail operators. The company owns almost 21,000 km of rail track and a fleet of c. 4,000 locomotives, 110,000 freight and 5,000 passenger railcars. RAILUA accounts for 62% of total freight transportation in Ukraine, being the largest freight operator in Europe, and 36% of domestic passenger transportation. It is the largest domestic employer with a c.300,000-strong labor force.
Year 2024 2026
Issue Volume ($m) 595 300
Coupon Rate (% p.a.) 8.25% 7.88%
Coupon Frequency S/A S/A
Maturity date 7/9/2024 7/15/2026
Ratings: Moody`s/S&P/Fitch C/-/- C/-/-
Market Price* ($) 21.50 21.50
Market YTM* 123.20% 65.40%
Spread over UST* - -
Note: *Based on bid price.
Year 2020 2021E 2022E
Net Sales ($m) 2,793 *** ***
EBITDA ($m) 359 *** ***
Net Income ($m) (454) *** ***
EBIT Coverage Ratio (x) (0.77) *** ***
Net Debt/Equity (%) 18.4% *** ***

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Latest news about Ukrainian Railway

Aug 11, 2022
| Railcars

Ukrainian Railways — S&P downgrades to CCC-

S&P Global Ratings downgraded its long-term foreign currency rating on Ukrainian Railways (RAILUA) to CCC- from CCC. The agency said it viewed Ukraine’s offer to postpone all principal and interest payments on its debt for two years as a sign of material deterioration in its financial capacity, including ability to continue providing support to Ukrainian Railways. The agency said that RAILUA’s 70% cargo tariff increase that took effect in July and the recent resumption of grain exports via Ukrainian Black Sea ports could support the company’s cash flows and reduce its dependence on state support, but the timing of such improvement was uncertain.
Aug 04, 2022
| Railcars

Ukrainian Railways — July cargo transportation up 9% m-o-m

Ukrainian Railways (RAILUA) reported its July cargo transportation rose by 9% m‑o‑m to 10.3 Mt, including domestic deliveries of 6.2 Mt (+11% m-o-m), exports of 3.4 Mt (+9%), and 0.6 Mt of imports (+4%).
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