Equity

26 February 2015 Equity

Kernel

Outlook update

We believe Kernel shares are poised for a rally toward PLN 50-60 region in the view of dramatic turnaround in fundamentals. After a long slump, EBITDA should surge to US$ 350m this year (+ 44% y/y) ...

ICUEquityInsight-20150226.pdf  (636kb)

7 August 2014 Equity

Ferrexpo

1H14 Earnings review: Unexpectedly strong

Ferrexpo’s 1H14 EBITDA increased 17% YoY to US$274m (adjusted for a US$47m one-off non-cash FX gain), 12% above the Bloomberg consensus. The company’s EPS rose 62% YoY to US$0.35. The devaluation of ...

ICUEquityInsight-20140807.pdf  (337kb)

4 June 2014 Equity

Kernel

3Q14 earnings review

Market reaction to Kernel’s 3Q report strengthened our view that sentiment towards the stock is picking up. What is needed now in order to promote a sustained share price recovery is a successful t...

ICUEquityInsight-20140604.pdf  (347.8kb)

22 April 2014 Equity

Ferrexpo

1Q14 interim management statement: Significant cost savings achieved

Ferrexpo’s 1Q14 interim management statement issued last Thursday disclosed ongoing growth in the company’s sales and production, which was in line with the market expectations. The company continues ...

ICUEquityInsight-20140422.pdf  (0b)

18 April 2014 Equity

Kernel

In search of a bottom

We are initiating coverage of Kernel, one of the high-ranked Ukrainian food producers. Once a growth leader and darling of investors, Kernel found itself in a difficult situation in recent years with ...

ICUEquityInsight-20140418.pdf  (2.4mb)

13 March 2014 Equity

Ferrexpo

FY13 Earnings review: Positive surprise again

Ferrexpo’s FY2013 results exceeded market expectations as the company’s EBITDA increased 25% YoY to US$506m, and its EPS increased 21% YoY to US$0.45, 7% and 3% above market consensus, respectively. W...

ICUEquityInsight-20140313.pdf  (293.9kb)