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Analytics and Market news

Monday, 25 April 2022

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv and Moscow put on pause their peace talks as both sides await the outcome of Russias ongoing offensive in eastern Ukraine. Kyiv likely assesses that its military has the potential to push Russian forces back to their pre-February 24 positions and is unlikely to engage in negotiations until that outcome occurs or becomes significantly less probable.

On the Ukrainian stock market trading in stocks and bonds remained suspended as the country is under martial law.

The Finance Ministry was offering USD and EUR denominated special bonds at the primary auction held on Apr 19, raising rather moderate proceeds of USD 82mn at 3.7% and EUR 33mn at 2.5%. Demand for UAH-denominated special bonds at the offered yield of 11% was small. Local and foreign investors can purchase the special Ukrainian bond through licensed brokers or banks.  

London-listed MHP (MHPC) shed by 1.2% to USD 4.25. The company beat expectations with a moderate 3% YoY increase in its poultry sales volumes in 1Q22 even in so challenging operational conditions in Ukraine. Ferrexpo (FXPO) dropped by 9.3% last week to GBp 174. The FXPO stock had no positive reaction to the companys solid financial results. Ferrexpos full-year EBITDA rose by 68% YoY to USD 1.44bn in 2021 and net profit grew by 37% YoY to USD 871mn. Simply speaking, Ferrexpo is now valued at less than 2.0x of trailing price-to-earnings (P/E). Meanwhile, Enwell Energy (former Regal) climbed by 3.7% to GBp 25.0. 

On the Warsaw Stock Exchange, agro giant Kernel (KER) declined by 5.4% to PLN 30.92 ignoring the companys better than expected operational report saying that Kernel managed to boost grain exports by 17% YoY last quarter due to outstanding performance in January and February. Agroton (AGT) edged up by 0.8% to PLN 5.28 trading in the wide range from PLN 3.96 to PLN 7.26 since the beginning of February. 


- Putin Reported to Have Lost Interest in Peace Talks as Blinken, Austin Visit Kyiv


- Kernel Reports Mixed Operational Results for Jan-Mar; Grain Exports Up 17% YoY to 2.1mn tonnes

- MHP Surprises with 3% YoY Growth in Poultry Sales Volume in 1Q22

The National Bank of Ukraine has opened a special fundraising account to support the Armed Forces of Ukraine. Please find more at the National Banks official website under the link below:


The National Bank also opened a fundraising account for Humanitarian Assistance to Ukrainians. Please see details under the link below:


full report

Eavex Capital welcomes any questions or comments you may have regarding our research products.
Please contact us by email:

Dmitry Churin, Head of Research, d.churin@eavex.com.ua

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