Agriculture
March 21, 2016
The hryvnia devaluation, debt management and changed tax legislation for Ukrainian agriculture are among the core issues for the country’s agro producers over 201516. These factors have varying effects on the financial positions of the companies covered in this report. Our updated equity valuations yield BUY ratings for Astarta, IMC, Kernel and Ovostar, a HOLD for MHP and a SELL for Avangard. On the bond side, MHP20s looks undervalued, ULF18s is fairly priced while AVINPU18s seems to be too expensive.
