Dragon Capital Research

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4C8A GF bid 840,000.00 ask 866,400.00 -
4C8A GR bid 10.20 ask 10.40 -
4K1A GF bid 219.04 ask 229.12 -
5CHA GF bid 18,000.00 ask 20,000.00 -
A2TA GR bid 7.23 ask 7.95 -
ALKZ bid 0.11 ask 0.19 -
ALMK bid 0.06 ask 0.06 -
AVDK bid 3.54 ask 3.61 -
AZOT bid 1.12 ask 1.12 -
AZST bid 0.95 ask 0.98 -
BAVL bid 0.10 ask 0.11 -
CDL LN bid 0.56 ask 0.56 -
CEEN bid 6.14 ask 6.17 -
CGOK bid 6.55 ask 7.00 -
CHIM bid 0.80 ask 0.88 -
DMKD bid 0.10 ask 0.12 -
DNAZ bid 0.03 ask 0.05 -
DNON bid 138.00 ask 198.00 -
DOEN bid 20.80 ask 21.18 -
ENMZ bid 43.25 ask 43.70 -
FLOT bid 9.60 ask 14.88 -
FORM bid 1.05 ask 1.17 -
GSKZ bid 0.05 ask 0.25 -
HANZ bid 0.24 ask 0.40 -
HOEN bid 0.41 ask 1.70 -
HRTR bid 1.24 ask 1.28 -
IVFC bid 378.48 ask 378.48 -
KIEN bid 4.50 ask 7.90 -
KREN bid 0.98 ask 1.30 -
KVBZ bid 16.55 ask 17.00 -
LA008 AV bid 3,000.00 ask 4,000.00 -
LAZA bid 0.008 ask 1.04 -
LINS bid 0.16 ask 0.56 -
LTPL bid 2.02 ask 2.19 -
MMKI bid 0.20 ask 0.21 -
MSICH bid 2,510.00 ask 2,512.00 -
MTBD bid 50.40 ask 53.00 -
MYGZ bid 0.16 ask 0.48 -
MZVM bid 0.11 ask 0.11 -
NVTR bid 0.28 ask 0.34 -
OCAB bid 0.16 ask 7.60 -
PGOK bid 14.66 ask 14.94 -
ROGA bid 240.00 ask 400.00 -
SAB08 AV bid 13,000.00 ask 15,000.00 -
SGOK bid 11.91 ask 12.00 -
SHCHZ bid 1.20 ask 1.27 -
STIR bid 19.62 ask 20.40 -
SUNI bid 0.13 ask 0.20 -
SVGZ bid 3.33 ask 3.40 -
UNAF bid 200.00 ask 203.00 -
USCB bid 0.19 ask 0.19 -
UTLM bid 0.31 ask 0.35 -
VKDV bid 2.48 ask 3.04 -
XXIC LN bid 0.06 ask 0.07 -
YASK bid 1.02 ask 1.05 -
ZAEN bid 136.20 ask 148.70 -
ZATR bid 0.96 ask 0.96 -
ZAZA bid 0.08 ask 1.76 -
ZCPK bid 0.40 ask 0.40 -
ZHEN bid 0.80 ask 0.82 -

Companies

Summary

Market Price ($)	13.44
Market Cap ($m)	85.84
Enterprise Value ($m)	302.78
Shares Outstanding	6,387,185
Bloomberg code	AVGR LI
Code	AVGR LI

Recommendations

PT ($)	****
Upside (%)	****
Recommendations	****
Ranking	****

Shareholder Structure

Avangard (AVGR LI)

Business Profile

Avangard is the largest vertically integrated producer of eggs and dry egg products in Ukraine. The company accounted for 43% of the country’s industrial shell egg production and 79% of dry egg products output in 2010.

Financial Summary

Indicator	2009	2010	2011E	2012E	2013F
Sales ($m)	320	440	****	****	****
EBITDA ($m)	152	194	****	****	****
Net Income ($m)	134	185	****	****	****
Net Debt ($m)	264	78	****	****	****

Valuation Summary

Indicator	2009	2010	2011E	2012E	2013F
P/E	0.6	0.5	****	****	****
P/Sales	0.27	0.20	****	****	****
EV/EBITDA	2.3	0.8	****	****	****
P/Book	0.24	0.12	****	****	****

Prices are quoted in UAH.

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

Corporates

Avangard (AVGR LI)

Issuer Profile

Bond Information

Year	2015
Market Price* ($)	81.00
Market YTM*	17.59%
Spread over UST*	1,721
Issue Volume ($m)	200
Coupon Rate (% p.a.)	10.00%
Coupon Frequency	-
Maturity Date	10/29/2015
Ratings: Moody's/S&P/Fitch	-

Memorandum Terms

Covenants
Financial Reports	A - within 120 days; S/A - within 60 days
Max. consolidated Debt/Ebitda	3:1
Events of Default:
Failure to pay	14 days
Expiry of licanse, illegality, insolvency etc.
Judgments	$10m/60 days

Issuer Financials

Year	2009	2010	2011E
Net Sales ($m)	320.00	440.00	553.00
EBITDA ($m)	152.00	194.00	246.00
Net Income ($m)	134.00	185.00	196.00
EBIT Coverage Ratio (x)	3.03	6.04	6.04
Net Debt/Equity (%)	73.59%	35.02%	35.02%

YTM

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Analyst: Tamara Levchenko

E-mail:

Company Events

AVGR Coupon payment 29.10.2012

Company Peers

Ovostar Union