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 ($m) 595 300
Coupon Rate (% p.a.) 8.25% 7.88%
Coupon Frequency S/A S/A
Maturity date 7/9/2026 7/15/2028
Ratings: Fitch/Moody`s/S&P CC CC
Market Price* ($) 21.50 21.00
Market YTM* 75.40% 51.30%
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

May 15, 2023
| Railcars

Ukrainian Railways — EBRD approves EUR 200m loan

The EBRD approved a state-guaranteed loan of up to EUR 200m for Ukrainian Railways (RAILUA), consisting of EUR 100m in emergency CAPEX financing and EUR 100m in capital structure support. The loan is intended to facilitate the expansion of cross-border transportation capacity and improve rail connectivity corridors with the EU, address border-crossing bottlenecks, and mitigate the war impact through rehabilitation of critical infrastructure. The loan is expected to be supported by G7/EU guarantees of up to 50%.
Apr 06, 2023
| Railcars

Ukrainian Railways — Freight transportation up 9% m o-m in March

State rail monopoly Ukrainian Railways (RAILUA) reported freight transportation of 12.2 Mt in March, up 8.7% m-o-m and 47% y-o-y and the largest volume since the start of the war.
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