Astarta preliminary 2016 EBITDA rises 15% yoy
27 February 2017
Ukrainian farmer and sugar producer Astarta’s (AST PW) 2016 EBITDA rose 15% to EUR 150 mln, according to preliminary annual results released on Feb. 24. The company’s top line improved 18% to EUR 369 mln, while its net debt fell to EUR 146 mln from 173 mln in 2015. The company will release its audited consolidated annual report on April 10, 2017.
Igor Zholonkivskyi: Astarta posted predictably robust results driven by high global sugar prices in 2016 and strong production results across all its business segments, including record sugar exports. This has also enabled deleveraging at a record-low level. Its 2016 end-of-year net debt/EBITDA ratio stood at 0.97, which is among the lowest in the Ukrainian equity universe.
Market conditions so far look favorable for Astarta, as Ukrainian domestic sugar prices have risen by 15% to EUR 547/ton since the beginning of 2017, while global white sugar prices have increased 5% on average, year-to-date. We maintain our bullish view on Astarta stock.
