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Analytics and Market news

Monday, 21 November 2022

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed stocks were mostly lower over the week as another missile attack on Ukrainian energy infrastructure increased the risks of prolonged blackouts across the country. The state-run electricity operator UkrEnergo has been shutting down power for several hours daily to maintain the country’s energy system afloat. The barrage of attacks came exactly in time when leaders of the Group of 20 nations met in Bali for a summit dominated by the topic of moscow’s war on Kyiv. They also followed what have been days of euphoria in Ukraine after one of its biggest military successes in the nearly nine-month russian invasion – the retaking of the southern city of Kherson.   

On the Ukrainian Exchange, shares of Raiffeisen Bank (BAVL) were down by 4.3% to 20 kopecks despite the bank continuing to report impressive financial results. Raiffeisen Bank had a net profit of UAH 2.4bn in 9M22, implying an earnings per share of 3.9 kopecks. Currently, we estimate the BAVL’s P/E at 5.9x and P/B at 0.6x.

The second-tier, Krukiv Wagon (KVBZ) fell 11% to UAH 10.00 ignoring the UX index committee’s decision to include the KVBZ stock into the UX index basket from Dec 16.

In Warsaw trading, Kernel (KER) rose by 1.2% to PLN 18.60 and Astarta (AST) surged by 7.8% to PLN 22.00 after the Black Sea Grain Initiative was prolonged allowing more agro exports from Ukraine.

Iron ore miner Ferrexpo (FXPO) declined by 3.6% to GBp 143 while Enwell Energy (former Regal) advanced by 9.3% to GBp 26.5.

MHP (MHPC) rebounded by 9.5% to USD 3.45 after the company reported better than expected financial results for 3Q22. MHP managed to increase its revenue by 10% YoY in the period overcoming the very challenging logistic problems with exports.

The hryvnia gained 0.9% on the OTC cash market to 40.25 UAH/USD.


- The National Bank Pushing MHP to Restructure Eurobonds

- Kernel Reports that its Debt-to-EBITDA Ratio Worsen to 6.8x

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


full report

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Please contact us by email:

Dmitry Churin, Head of Research, [email protected]

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