- Summary
-
- Country:
- Ukraine
- Sector:
- Consumer, Non-Cyclical | Agriculture
MAYA 12M Target: US$ 42.0 BUY - Analyst:
-
The company is not covered
research@bgcap.ge
+38 044 498 84 01
Ownership structure Huta family 80.0% Other 20.0% -
Business overview:
With land under control of over 190,000ha, Mriya Agroholding is one of the largest domestic crop producers, and 79% of the land was harvested in 2009. Mriya plans to grow the land bank to over 350,000ha by the end of 2011, while retaining cultivation levels at above 80% of total area throughout the expansion stage. Diversified crop structure includes wheat, sugar beet, corn, and rapeseed. Mriya posted impressive crop yields in 2008, including 6.3t/ha for wheat, which beat the Ukrainian average by over 170%.
-
Investment case:
- Mriya is pursuing an aggressive harvested land bank expansion that started in 2008 with a 3.8x increase followed by 1.7x growth in 2009. More than simply growing its land bank, the company also managed to harvest about 79% of its controlled land
- The highest EBITDA margin (biological revaluation excluded) of the reviewed peers at 74% in 2008
- Benefits from the government’s VAT and FAT indirect subsidy programs, which added roughly US$ 28mn to net income in 2008, according to our estimates
- Impressive 2008 yields: winter wheat at 6.6t/ha and spring barley at 4.6t/ha. We estimate 2009 yields were 20-25% lower (owing to newly acquired land), which are still roughly 50% above the Ukrainian sector average
- Most diversified crop mix among local peers
Recent news:
30.07.10
State moves to eliminate agro VAT exemptions [CORRECTED]30.07.10
State moves to eliminate agro VAT exemptionsRecent research:
24.08.10
Ukraine harvest update. Weather matters08.02.10
Ukrainian Agriculture Initiating Coverage23.10.09
Sintal Agriculture. The early birdStock Price History
Stocks
Common shares: MAYA GR Price: 6.15 1M change, %: +5.13 DRs: n/a MCap, mn: 653.4 6M change, %: -70.71 Default currency: EUR FF, %: 20 12M change, %: -33.51 Number of shares, mn: 106 FF MCap, mn: 130.7 Monthly turnover, '000: 16775 Common shs per 1 DR: n/a Net Debt, mn: n/a 6M Hi/Low: 23.50/4.05 Par value: n/a EV, mn: n/a 12M Hi/Low: 23.50/4.05 Eurobonds
Name Isin Coupon, % Maturity Mty/Ref type Price YTM, % Notes
Price, Hi/Low prices are displayed in selected currency units
MCap, EV, Net Debt - in millions of currency units
FF - % of shares in free float
FF MCap - value of shares in free float in millions of currency units
1M, 6M, 12M changes represent percentage chage of last traded price in selected currency over the respective period
Monthly turnover - in thousands of currency units
Disclaimer
This document has been prepared by BG Capital LLC (“BG Capital”) solely for informational purposes and independently of the respective companies mentioned herein. It should not be construed as an offer or solicitation of an offer to buy or sell any securities and should not be considered as a recommendation to any such actions. BG Capital is authorized to perform professional activities on the Ukrainian stock market.
BG Capital does, and seeks to do, business with companies covered in its research. As a result, investors should be aware of a potential conflict of interest that may affect the objectivity of the document. The information provided and opinions expressed in this document are based on the information available as of the issue date and are solely those of BG Capital as part of its internal research coverage. Opinions, forecasts and estimates contained herein are based on information obtained from sources believed to be reliable and in good faith, and may change without notice. BG Capital makes no warranty, express or implied, of this document’s usefulness in predicting the future performance, or in estimating the current or future value, of any security. This document should not be considered as a complete description of the securities or markets referred to herein. Any investment decision made on the basis of this document shall be made at the investor’s sole discretion, and under no circumstances shall BG Capital, any of it its employees or related parties be liable in any way for any action, or failure to act, by any party, on the basis of this document. Nor shall BG Capital or any of its employees or related parties be liable in any way for any loss or damages arising from such action or failure to act. Unauthorized copying, distribution or publication of all or any part of this document is strictly prohibited.
