Quotes of major Ukrainian issuers remained largely unchanged. The indicative price for CentEnergo (CEEN) stood at UAH 9.60, while for Raiffeisen Bank (BAVL), it was 26 kopecks per share. Recently, the bank reported that its net profit reached UAH 5.2bn in 8M2023, which implies earnings per share of 8.46 kopecks. This means, that the forward-looking P/E for the BAVL stock is estimated at just 2.1x. However, we assume that Raiffeisen Bank’s net interest margin will decrease next year as interest rates are declining in Ukraine.
Ferrexpo (FXPO) failed to gain momentum after the company announced a 15% increase in production of iron ore pellets in the third quarter compared to the second quarter. On the London Stock Exchange, Ferrexpo is trading at GBp 76 per share, valuing the company at approximately USD 560mn.
Meanwhile, on the Warsaw Stock Exchange, Kernel (KER) experienced a 1.9% decline, dropping to PLN 6.85, as the delisting process for the KER stock may conclude by the end of the month. A group of minority shareholders opposing the delisting and demanding a fair buyout price has announced their intention to file lawsuits against Kernel in the European Union. The estimated legal expenses for these lawsuits will amount to EUR 30,000. The minority shareholders will also seek to annul the additional issuance of Kernel shares, which was conducted at a low price and diluted the stake of minority shareholders.
Other Ukrainian agro companies listed in Warsaw were mixed. Sugar maker Astarta (AST) traded flat at PLN 30.30 per share while Agroton (AGT) slipped by 5.3% to PLN 2.69. On the upside, shell egg producer Ovostar (OVO) gained by 5.3% to PLN 65.00 on a thin deal volume.
POLITICS AND ECONOMICS
- Biden Considering Massive USD 100bn Ukraine Aid Package for 2024
- Ukraine Moves Away From the Fixed Hryvnia Exchange Rate
The National Bank of Ukraine has opened a special fundraising account to support the Armed Forces of Ukraine. Please find more at the National Bank’s official website under the link below:
www.bank.gov.ua
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