Research Reports

  • 06.14.12 Machinery

    Following the recent steep slide in Ukrainian blue chips, Motor Sich is now trading at multiples of just 1.7x for 2012E EV/EBITDA and 2.2x for 2012E P...> read more

  • 06.07.12 Metals and Mining

    Avdyivka Coke’s share price has plunged by 61% year-to-date compared to a 41% YtD drop in the UX index. One of the key reason for the stock’s underper...> read more

  • 05.31.12 EAVEX Weekly

    Ukrainian stocks fell sharply on Wednesday (May 30), giving back their gains from the previous session, as worries about the Spanish banking system sh...> read more

  • 05.23.12 Macroeconomics

    Despite recent speculative attempts to undercut the reputation of Ukraine’s state finances, the country looks to be on sound footing for the near term...> read more

  • 05.17.12 Agriculture

    Strong year-on-year growth in its average selling price allowed MHP to post an EBITDA increase of 48% YoY to USD 84mn in 1Q12. Revenue was up by 21% Y...> read more

  • 04.27.12 Metals and Mining

    Avdyivka Coke disclosed disappointed earnings for 2H11 this week: EBITDA turned negative USD 35mn vs. positive USD 41mn in 1H11 while sales were down ...> read more

  • 04.19.12 Machinery

    Stakhanov Wagon continued a pattern of failing to meet its production guidance in 1Q12, and saw its freight car output fall by 35% YoY in the period. ...> read more

  • 04.18.12 Fixed Income

    Metinvest has reported outstanding preliminary results for FY11: revenue was up by 52% YoY to USD 14.2bn, and the group’s EBITDA rose by 40% to USD 3....> read more

  • 04.11.12 Electricity Generation and Distribution

    With CentrEnergo’s tiny net profit of UAH 35mn (USD 4.4mn) for FY11 already priced in by the market, traders’ focus has shifted to the company’s FY11 ...> read more

  • 04.10.12 Macroeconomics

    With Ukraine’s headline inflation now at a 9-year low of 1.9%, real interest rates have reached historically high levels of 8% to 10%, driving a sharp...> read more