Ukrnafta

Ukrnafta is Ukraine’s top oil company, with a 68% production share in 2016, and second-largest gas producer. It also controls the largest network of filling stations in the country (537; selling 17% of total gasoline and diesel and 10% of LPG). Its 2P reserves are estimated at 0.8 billion boe. Privat Group, with a 40%-plus stake, has historically exercised heavy influence over Ukrnafta, though the state is formally a controlling shareholder.

Shareholders Structure

SUMMARY

Market Price ($) 9.383
Market Cap ($m) 509
Enterprise Value ($m) 501
Shares Outstanding 54,228,510
Code UNAF

Recommendations

FV ($) ****
Upside (%) ****
Recommendation ****
Indicator 2017 2018 2019 2020 2021E
Sales ($m) 1,012 1,328 *** *** ***
EBITDA ($m) 150 452 *** *** ***
Net Income ($m) 4 237 *** *** ***
Net Debt ($m) 1,172 1,179 *** *** ***
Indicator 2017 2018 2019 2020 2021E
P/E 132.99 2.15 *** *** ***
P/Sales 0.50 0.38 *** *** ***
EV/EBITDA 11.2 3.7 *** *** ***
P/Book 19.37 2.12 *** *** ***

Latest news about Ukrnafta

Aug 06, 2021
| Oil & Gas

Ukrnafta — CEO comments on current developments and outlook

Ukrnafta CEO Oleg Gez provided an update on the company’s current and planned future development. Starting with Kremenchuk Refinery, with which Ukrnafta works via a tolling arrangement, he said company shareholders could decide on either an asset split or creation of a joint vertically integrated company by end-2021. Ukrnafta received UAH 2.3bn ($85m) out of the UAH 7bn of restructured receivables due from counterparties that had procured oil from Ukrnafta in 2015 but failed to pay for it. The company plans to appeal the Antimonopoly Committee’s (AMC) UAH 2.4bn ($0.1bn) fine imposed over alleged price collusion. Ukrnafta considers the approach the AMC used erroneous as it computed the fine relative to the company’s total annual revenues but the calculation should have been based on the oil product retailing segment only.
Aug 03, 2021
| Oil & Gas

Ukrnafta — Reports mixed 2Q21 results

Ukrnafta published its 1H21 financial and operating results, reporting sales of $543m (+42% y-o-y), EBITDA of $91m (vs. -$76m in 1H20) and net profit of $57m (vs. $100m loss in 1H20), for an EBITDA margin of 16.8% (+36.7pp y-o-y) and a net margin of 10.5% (+36.6pp). The company sold 0.1 MMbbl of oil over the period (-87% y-o-y) at an average price of $52/bbl (+111% y-o-y), 305 million cubic meters of natural gas (-9% y-o-y) at $259/tcm on average, and $440m worth of oil products. Half-year oil production fell by 3.1% y-o-y to 5.4 MMbbl and gas extraction rose 9.7% y-o-y to 642 million cubic meters.
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