Bonne résistance en attendant un rebond des prix - ACHAT, OC 0,68€ vs 0,74€
La société a été confrontée à une conjoncture particulièrement défavorable en 2015: la situation économique ukrainienne a continué à avoir un impact négatif sur la monnaie locale et le prix des matières premières agricoles a poursuivi sa baisse. Dans ce contexte difficile, les résultats montrent la pertinence du modèle mis en place : le recul du CA (-8,9%) et de l’EBITDA (-3,9%) sont limités. En 2016, si la situation se stabilise en Ukraine, un rebond du prix des matières premières agricoles semble peu probable contrairement à ce que nous avions anticipé. Nous révisons à la baisse nos prévisions 2016 et 2017. Notre objectif n’est que légèrement modifié à 0,69€ contre 0,74€ précédemment du fait de l’impact positif de la baisse des taux longs ukrainiens sur notre WACC et de l’amélioration du levier opérationnel à moyen terme. Opinion ACHAT maintenue.Agrogeneration SA is a France-based company engaged in the fishing and farming industry. The Company is a producer of grain and oilseeds. Following its merger with Harmelia, the Company becomes the producer of grain and oilseeds in Ukraine. Agrogeneration SA focuses mainly on the production in Ukraine, both in terms of cultivated acreage and operational efficiency. The Company follows traditional crop rotation and puts money into fertilizers, seeds, and agricultural chemicals for the purpose of achieving profitability crop. Operated farmlands of Agrogeneration SA are located in a number of regions in Ukraine, such as Kharkiv, Lviv and Sumy, among others, which represent standards and a propitious climate for achieving yields.
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