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Analytics and Market news

Monday, 2 May 2022

Ukraine Weekly Market Monitor

Eavex Capital

The Ukrainian economy is going through extremely challenging conditions amid the russian invasion. The National Bank said that preliminary estimates put the countrys direct physical damage at USD 100bn, while for comparison Ukraines overall GDP was barely USD 200bn in the pre-war 2021. The State Statistics Committee has suspended a publication of the monthly industrial output data as a de-facto part of the country stuck due to the russian full-scale military aggression. Roughly a third of the Ukrainian enterprises were shut down due to the ongoing crisis. The countrys banking system was also hurt badly as for March alone it had a net loss of UAH 10bn (USD 342mn) while in January-February banks had a combined net profit of UAH 9.9bn. The National Bank said that banks remained profitable on the operational level but had to dramatically increase their non-performing loan reserves.

Warsaw-listed Kernel (KER) dropped by 15% to PLN 26.2 after the company reported that it had sold part of its farmland bank to support liquidity. We refrain from the assessment of the value of the unveiled deal between Kernel and its largest shareholder Andrii Verevskyi regarding the asset divestment. However, we can assume that some kind of behind the scene agreement exists in this divestment deal. The interesting thing here is that a few years ago Kernel purchased certain agro companies directly from Mr. Verevskyi.

In other Ukrainian agro companies, Agroton (AGT) fell 13% to PLN 4.60 while MHP (MHPC) gained by 5.2% to USD 4.47.

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

The Finance Ministry raised UAH 13bn from the placement of the special bonds. The 3-month issue was offered at a 9.5% yield and the 14-month UAH-domestic bond had a yield of 11%. Local and foreign investors can purchase the special Ukrainian bond through licensed brokers or banks.  


- Kernel Divesting 134,000 ha of Farmland for USD 210mn to Prop Up Liquidity Amid the War

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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