Peers Valuation Competitor Bunge Rus Agro Pava Mriya Astarta MHP Agroton IMC KSG Agro Kernel Median Premium/Discount Weights Valuation Mark. Cap, USD M 8218. 31 792. 00 24. 85 523. 5 377. 57 1155. 13 117. 06 71. 00 88. 87 2098. 62 x P/E FY 2012 9. 8 2. 05 27. 40 n/a 3. 33 4. 75 4. 76 4. 02 2. 60 6. 80 4. 4 55. 09% 44, 5 51% EV/S FY 2012 0. 89 0. 45 2. 29 1. 59 1. 63 1. 52 3. 11 3. 73 0. 97 1. 6 -39. 01% 95, 9 11% 19, 30% EV/EBITDA 2012 7. 4 8. 16 18. 11 5. 67 4. 19 4. 98 5. 98 17. 41 9. 91 6. 47 7. 4 -12. 11% 77, 4 38% EV/LB FY 2012 n/a 2. 64 n/a 3. 30 2. 53 7. 15 0. 89 1. 51 2. 19 8. 43 2. 5 232. 68% X X
Peers Financials Ratios 2011/12 EBITDA Margin, % 8. 05 Net Margin, % 7. 18 ROE, % 2. 90 ROIC, % 1. 60 Dvd Payout 6. 78 Net Debt/EBIT 2. 76 EBITDA/ Interest 5. 63 Debt/ Equity 33. 80 Rus Agro 11. 11 4. 88 10. 94 5. 54 0. 00 4. 86 6. 49 Pava 0. 53 n/a 2. 48 0. 52 0. 53 27. 84 1. 12 Mriya Astarta 29. 42 33. 98 22. 05 22. 38 40. 33 37. 98 35. 23 32. 23 29. 42 n/a 2. 00 1. 95 3. 39 7. 57 64. 92 68. 40 MHP 31. 97 19. 16 32. 68 19. 80 31. 97 2. 50 6. 09 97. 03 Agroton -1. 76 12. 74 25. 39 -2. 12 0. 00 1. 63 13. 70 43. 20 IMC 19. 96 0. 09 17. 85 60. 66 0. 00 181. 52 2. 76 20. 21 KSG Agro Median Mean 67. 51 n/a 37. 67 80. 55 0. 00 1. 92 4. 53 25. 65 19. 96 22. 3 12. 74 12. 6 25. 39 23. 1 19. 8 26. 0 0. 27 8. 6 2. 5 25. 2 5. 63 5. 7 33. 8 40. 1 Bunge
Kernel Financials ratios FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Profitability Solvency Liquidit y WC/Revenue, % WC/Assets, % Current ratio, (х) Net debt/EBITDA Debt/Equity, (х) Financial leverage ratio, (х) CF to debt, (х) EBITDA margin, % EBIT margin, % Net profit margin, % ROA, % ROE, % ROIC , % 21. 84% 26. 37% 2. 1 0. 98 0. 59 1. 62 0. 139 16. 30% 14. 60% 11. 90% 16. 76% 23. 27% 18. 2% 31. 16% 31. 72% 2. 5 1. 86 0. 77 1. 80 x 14. 93% 11. 89% 9. 77% 11. 42% 17. 87% 13. 6% 19. 7% 22. 3% 2. 4 1. 76 0. 56 1. 75 0. 11 14. 3% 10. 7% 7. 8% 8. 37% 14. 7% 12. 0% 21. 5% 48. 0% 2. 6 1. 53 0. 56 1. 75 0. 14 14. 6% 11. 2% 8. 2% 9. 18% 16. 2% 13. 4% 25. 7% 31. 2% 2. 15 1. 32 0. 56 1. 75 0. 21 14. 8% 11. 5% 8. 5% 9. 16% 16. 2% 13. 4% 30. 9% 36. 3% 2. 76 1. 04 0. 57 1. 74 0. 25 15. 0% 11. 6% 8. 5% 8. 91% 15. 9% 13. 2% FY 2017 37. 2% 40. 8% 2. 53 0. 76 0. 57 1. 73 0. 27 15. 0% 11. 5% 8. 3% 8. 18% 14. 4% 12. 3%
Cap Ex financing 100 -0. 05 0 -100 -200 -300 -400 OCF Debt change Cap. EX WACC FY 16/17 F 0 FY 15/16 F 200 FY 14/15 F 0. 05 FY 13/14 F 300 FY 12/13 F 0. 1 FY 11/12 E 400 FY 10/11 E 0. 15 FY 09/10 E 500 FY 08/09 E 0. 2 FY 2007/08 E 600 ROIC -0. 15 -0. 25 -0. 3
M&A activities Kernel Holding S. A. M&A activity Data 23 January 2008 14 January 2010 15 February 2010 12 October 2010 21 March 2011 16 August 2011 15 September 2011 02 April 2012 02 October 2012 Company Segment Zaliznichni slyakhi JS Transshipment services Allseeds Group Oil Private farming Farming Ukrros Sugar Russkie Masla Group Oil Black Sea Industries OIl Farming companies (Khmelnytsk & Farming Poltava regions) Grain Port/Taman Transshipment services Value, M USD US 2. 4 42 28 1. 60 142 63. 8 140 149. 4 265
Average P/E, US $ Competitive position 8. 00 Kernel 7. 00 6. 00 Milkiland MHP 5. 00 Agroton 4. 00 Astarta IMC 3. 00 2. 00 Avangard 1. 00 0. 00 -5. 00 15. 00 35. 00 55. 00 -1. 00 ROE 2011/12 FY, % Key Competitors of Kernel KSG Agro Market attentiveness by sectors 75. 00 Bulk oil Ihh = 3464 Bottled oil Ihh = 3078 Grain Ihh = 1498 <1000 - 100 -1800 – ≥ 1800 competitiv monopol e market e/ y market monopoly 1 st place – 36% 1 st place – 32% 3 rd place – 8%
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