Companies

Kernel Holding (KER PW)

Business Profile

Kernel Holding is the largest sunflower oil producer in Ukraine, operating about 24% of domestic sunseed crushing capacities (3.0 Mt out of 12.4 Mt p.a.) and 36% of the capacity attributable to more efficient large and medium-sized crushers. It is also one of the largest domestic grain exporters with 10% of total export volumes in 2013/14 MY (July-June).

Financial Summary

Indicator20132014201520162017E
Sales ($m)2,7972,393************
EBITDA ($m)291223************
Net Income ($m)115(102)************
Net Debt ($m)629665************

Valuation Summary

Indicator20132014201520162017E
P/E12.3neg.************
P/Sales0.500.59************
EV/EBITDA7.09.3************
P/Book1.041.37************
Prices are quoted in UAH.


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