Astarta Announces Four-Year Plans

According to Interfax, Astarta (AST PW: N/R) announced it intends to increase sales by 122.8% from 2007 to EUR 176 mln (USD 261 mln) by 2011. The company’s net income target in four years is EUR 33 mln (USD 49 mln), which is 88.5% more than estimate for 2007. Olha Pankiv: We view the management’s projections as quite achievable in the mid-term given an expected recovery in Ukraine’s sugar market starting from 2008, and relatively high prices for agricultural commodities. Astarta is currently trading at 36% premium to Dakor (DAKOR: U/R) and 30% premium to its foreign peers on 2008 EV/EBITDA multiple.