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 ($m) 595 300
Coupon Rate (% p.a.) 8.25% 7.88%
Coupon Frequency S/A S/A
Maturity date 7/9/2026 7/15/2028
Ratings: Fitch/Moody`s/S&P CC/—/CCC+ CC/—/CCC+
Market Price* ($) 58.50 54.50
Market YTM* 40.70% 28.30%
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

Mar 08, 2024
| Transportation

Ukrainian Railways — February freight transportation at new wartime high

State rail monopoly Ukrainian Railways (RAILUA) reported freight transportation of 14.5 Mt in February, up 2.9% m-o-m and 30% y-o-y and a new wartime high.
Feb 09, 2024
| Railcars

Ukrainian Railways — January freight transportation up 3% m-o-m

State rail monopoly Ukrainian Railways (RAILUA) reported freight transportation of 14.1 Mt in January, up 3.0% m-o-m and 25% y-o-y.
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