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

Indicator2014201520162017E2018F
Sales ($m)2,3932,330************
EBITDA ($m)223397************
Net Income ($m)(102)101************
Net Debt ($m)665327************

Valuation Summary

Indicator2014201520162017E2018F
P/Eneg.11.4************
P/Sales0.480.49************
EV/EBITDA8.13.7************
P/Book1.121.29************
Prices are quoted in UAH.


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