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 ($m) 595 300
Coupon Rate (% p.a.) 8.25% 7.88%
Coupon Frequency S/A S/A
Maturity date 7/9/2026 7/15/2028
Ratings: Fitch/Moody`s/S&P CC CC
Market Price* ($) 54.00 48.00
Market YTM* 43.50% 32.10%
Spread over UST* - -
Note: *Based on bid price.
Year 2020 2021 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

Nov 21, 2023
| Transportation

Ukrainian Railways — Gov’t approves 2024 financial plan

State rail monopoly Ukrainian Railways (RAILUA) has published key figures from its 2024 financial plan approved by the government. Total sales are projected at UAH 103.2bn ($2.8bn based on our 2024 average exchange rate forecast of UAH 37.3:USD) and cost inflation at 13% y-o-y, with the latter primarily reflecting planned salary increases and higher electricity tariffs. The company expects 2023 EBITDA at UAH 11.8bn ($316m) and projects a net loss of UAH 12.6bn ($338m), with stronger-than-forecasted cargo transportation volumes potentially compensating for the anticipated net loss. RAILUA has also budgeted 2024 CAPEX at UAH 38bn ($1.0bn), factoring in no state support.
Nov 13, 2023
| Railcars

Ukrainian Railways — October freight transportation up 13% m-o-m thanks to expanding seaborne exports

State rail monopoly Ukrainian Railways (RAILUA) reported a freight transportation volume of 13.6 Mt in October, up 12.8% m-o-m and 12.6% y-o-y.
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