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Analytics and Market news

Monday, 4 September 2023

Ukraine Weekly Market Monitor

Eavex Capital

Kernel (KER) plummeted to its lowest point since its 2007 IPO. Over the week, the KER stock suffered a 6.2% drop, landing at PLN 11.00, triggered by news of the companys additional issuance of 216mn shares at a price of 27.77 cents (PLN 1.15 per share). Small shareholders of Kernel were denied participation in this additional issuance. Consequently, there will be a significant dilution of the minority shareholders stake, reducing their share in the companys future profits and dividends. Prior to the additional issuance, the main shareholder of Kernel controlled 80% of the voting shares. According to our calculations, after the registration of the additional issuance, the main shareholder will concentrate approximately 95% of the voting shares, reducing the minority shareholders stake from 20% to 5%. Furthermore, there is now the possibility of a squeeze-out of minority shareholders, as Luxembourg law, where the Kernel holding structure is registered, allows for compulsory acquisition of minority stakes when ownership exceeds 95%.

Meanwhile, shares of the agro-holding company Astarta (AST) surged by 5.7% to PLN 33.45 following the companys report of a substantial profit of EUR 55mn euros for the first half of this year (net profit per share of PLN 10.00). The current price-to-earnings (P/E) ratio for Astrata shares stands at just 2.3x.

As for Milkiland (MLK) shares, their price increased by 1.2% over the week, reaching PLN 0.84. Over the past 12 months, Milkiland shares hit a low of PLN 0.72 in October of last year and a high of PLN 1.16 in September of the same year. Since the beginning of 2023, the companys shares have lost 4.5% of their value.

Among the stocks trading on the Ukrainian Exchange, there were no significant transactions that had an impact on quotations. Regarding Raiffeisen Bank (BAVL), the buy/sell range remains at 26/29 kopecks per share. The indicative price for Centrenergo (CEEN) stands at UAH 4.89 per share.

STOCKS IN THE NEWS

- Astarta Doubles Net Profit to EUR 55mn in 1H23 Implying PLN 10 per Share

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:

www.bank.gov.ua


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, [email protected]



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