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 2026 2028
Issue Volume ($m) 595 300
Coupon Rate (% p.a.) 8.25% 7.88%
Coupon Frequency S/A S/A
Maturity date 7/9/2026 7/15/2028
Ratings: Fitch/Moody`s/S&P CC CC
Market Price* ($) 20.00 20.00
Market YTM* 73.40% 50.30%
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% *** ***

Company Peers

Latest news about Ukrainian Railway

Mar 22, 2023
| Railcars

Ukrainian Railways — New CEO appointed; ex-CEO becomes gov’t minister

Parliament confirmed yesterday Oleksandr Kamyshin, former CEO of Ukrainian Railways, as the new minister for strategic industries. Concurrently, the Cabinet of Ministers approved the dismissal of Kamyshin from Ukrainian Railways and appointed Yevhen Liashchenko as the new CEO for a two-year term starting tomorrow.
Feb 28, 2023
| Railcars

Ukrainian Railways — CEO resigns

Ukrainian Railways (RAILUA) CEO Oleksandr Kamyshin announced his resignation yesterday, saying he was moving to head RAILUA’s Eurointegration Office. Reportedly, RAILUA Board member Yevhen Liashchenko may take the position of acting CEO.
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