Agriculture
November 16, 2012
MHP’s third-quarter financials indicate that despite the slowing Ukrainian economy, there has been no let-up in the company’s impressive 2012 performance. Revenue rose by 10% YoY to USD 389mn on a 9% YoY rise in poultry prices, and EBITDA increased by 4% YoY to another new quarterly record of USD 149mn. The company confirmed its plans to launch commercial production at its Vinnytsia industrial complex in early 2013, which it says will result in a 15-17% YoY rise in chicken meat output in FY13. We reiterate our BUY recommendation for the MHPC stock with a target price of USD 24.0.
