Dragon Capital Research

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4C8A GF bid 840,000 ask 866,400 -
4C8A GR bid 10.20 ask 10.40 -
4K1A GF bid 219.0 ask 229.1 -
5CHA GF bid 18,000 ask 20,000 -
A2TA GR bid 7.23 ask 7.95 -
ALKZ bid 0.11 ask 0.14 -
ALMK bid 0.04 ask 0.04 -
AVDK bid 3.14 ask 3.15 -
AZOT bid 1.12 ask 1.12 -
AZST bid 0.59 ask 0.60 -
BAVL bid 0.10 ask 0.10 -
CDL LN bid 0.56 ask 0.56 -
CEEN bid 4.30 ask 4.32 -
CGOK bid 5.64 ask 6.78 -
CHIM bid 0.80 ask 0.88 -
DNAZ bid 0.03 ask 0.05 -
DNEN bid 190.1 ask 194.5 -
DNON bid 55.00 ask 200.0 26.67
DOEN bid 20.84 ask 21.12 -
ENMZ bid 33.48 ask 34.05 -
FLOT bid 9.60 ask 14.88 -
FORM bid 0.55 ask 0.63 -
GSKZ bid 0.05 ask 0.25 -
HANZ bid 0.24 ask 0.40 -
HOEN bid 0.17 ask 1.40 -
HRTR bid 0.49 ask 0.51 -
IVFC bid 378.5 ask 378.5 -
KRAZ bid 0.02 ask 0.03 -
KREN bid 0.66 ask 0.80 -
KVBZ bid 23.81 ask 24.75 -
LA008 AV bid 3,000 ask 4,000 -
LAZA bid 0.008 ask 1.04 -
LINS bid 0.16 ask 0.56 -
LTPL bid 1.59 ask 1.73 -
LUAZ bid 0.04 ask 0.05 -
MMKI bid 0.16 ask 0.19 -
MSICH bid 2,096 ask 2,110 -
MTBD bid 14.70 ask 17.70 -
MYGZ bid 0.16 ask 0.48 -
MZVM bid 0.14 ask 0.16 -
NVTR bid 0.18 ask 0.20 -
OCAB bid 0.16 ask 7.60 -
PGOK bid 8.40 ask 9.09 -
ROGA bid 240.0 ask 400.0 -
SAB08 AV bid 13,000 ask 15,000 -
SGOK bid 6.80 ask 7.50 -
SHCHZ bid 0.54 ask 0.55 -
SHKD bid 0.85 ask 1.09 -
SMASH bid 2.51 ask 3.19 -
STIR bid 11.11 ask 11.27 -
SVGZ bid 1.32 ask 1.38 -
UNAF bid 115.9 ask 117.0 -
USCB bid 0.12 ask 0.12 -
UTLM bid 0.13 ask 0.14 -
VKDV bid 2.48 ask 3.04 -
YASK bid 0.55 ask 0.58 -
ZAEN bid 77.60 ask 82.00 -
ZATR bid 0.96 ask 0.96 -
ZAZA bid 0.08 ask 1.76 -
ZCPK bid 0.40 ask 0.40 -
ZHEN bid 0.62 ask 0.70 -

Companies

Summary

Market Price ($)	17.72
Market Cap ($m)	443.0
Enterprise Value ($m)	677.9
Shares Outstanding	25,000,000
Bloomberg code	AST PW
Code	AST PW

Recommendations

PT ($)	****
Upside (%)	****
Recommendation	****

Shareholder Structure

Astarta Holding (AST PW)

Business Profile

Astarta Holding is the largest sugar producer in Ukraine with a 16% share of total output in 2011. The company cultivates 245,000 ha of land in central Ukraine and harvested 660 kt of crops in 2011 (1% of Ukraine’s total).

Financial Summary

Indicator	2010	2011	2012E	2013E	2014F
Sales ($m)	293	424	****	****	****
EBITDA ($m)	132	155	****	****	****
Net Income ($m)	105	122	****	****	****
Net Debt ($m)	147	249	****	****	****

Valuation Summary

Indicator	2010	2011	2012E	2013E	2014F
P/E	4.2	3.6	****	****	****
P/Sales	1.51	1.05	****	****	****
EV/EBITDA	4.5	4.5	****	****	****
P/Book	1.59	1.11	****	****	****

Prices are quoted in UAH.

*Data available to Dragon Capital's institutional clients only.