Sintal Agriculture in six charts
Landbank dynamics, ths ha |
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Crop structure, by ha |
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Source: Company data, Concorde Capital |
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Source: Company data, Concorde Capital |
Crop yields, 2010 |
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Crop yields, 2011 |
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Source: Company data, State Statistics Committee of Ukraine |
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Source: Company data, State Statistics Committee of Ukraine |
Production costs, USD/ha, 2011 Wheat |
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Sunflower |
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Soybean |
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Source: Company data |
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Source: Company data |
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Source: Company data |
Astarta Sugar maker
Farming segment core focus is to produce sugar beets for its sugar processing plant
The best location of its landbank: we estimate fair value of its land at USD 2,713/ha vs. USD 994-2,288/ha for other listed companies
Able to achieve one of the highest crop yields premiums to the average for its benchmark region: 30% for corn and sugar beets, 21% and 22% for wheat and barley respectively in average in 2010-11
In landbank expansion aims to acquire cheap low-quality land and develop it to a high quality within five years
Landbank dynamics, ths ha |
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Crop structure, by ha, 2011 |
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Source: Company data |
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Source: Company data |
Production costs, USD/ha, 2011 Wheat |
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Production costs, USD/ha, 2011 Corn |
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Source: Company data |
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Source: Company data |
Crop yields, t/ha, 2010 |
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2011 |
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Source: Company data, State Statistics Committee of Ukraine |
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Market data |
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Bloomberg |
AST PW |
Reuters |
AST=PW |
Recommendation |
SELL |
Price, PLN |
17.5 |
12M target, PLN |
17.0 |
Upside |
-3% |
No of shares, mln |
21.7 |
Market Cap, PLN mln |
379.2 |
52-week performance |
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52-week range, PLN |
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ADT, 12M, PLN mln |
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Free float, % |
37% |
Free float, PLN mln |
177.2 |
Source: Bloomberg |
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Ownership structure |
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Victor Ivanchyk |
37% |
Valery Korotkov |
26% |
Free float |
37% |
Source: Company data |
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Share price performance |
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Source: Bloomberg |
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Company description Largest sugar producer in Ukraine with 16% market share in 2011. Derives 64% of revenues from sugar segment (60% of gross profit), 26% from farming (ex sugar beets; 32% of gross profit) and remaining from cattle farming.
Company`s landbank, ths ha
Source: Company data |
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