МироновÑкий хлебопродукт - Результаты за 1К18: жизнь поÑле гоÑÑубÑидий
МХП вчера предÑтавил результаты за 1К18 по МСФО. Выручка увеличилаÑÑŒ на 10% на фоне роÑта объема продаж мÑÑа птицы и Ð¿Ð¾Ð²Ñ‹ÑˆÐµÐ½Ð¸Ñ Ñредней цены на курÑтину. Ð”Ð¾Ð»Ñ ÑкÑпорта в выручке немного уменьшилаÑÑŒ, но Ñто не помешало компании показать роÑÑ‚ денежной EBITDA на 13% до $94 млн. Ð’ чиÑле негативных факторов Ñледует отметить, что МХП в Ñтом году не ожидает Ð²Ð¾Ð·Ð¼ÐµÑ‰ÐµÐ½Ð¸Ñ ÐДС и Ð¿Ð¾Ð»ÑƒÑ‡ÐµÐ½Ð¸Ñ Ð´Ñ€ÑƒÐ³Ð¸Ñ… гоÑÑубÑидий. Мы учли Ñто в нашей модели нарÑду Ñ Ð´Ð¸Ð½Ð°Ð¼Ð¸ÐºÐ¾Ð¹ цен, наблюдавшейÑÑ Ð² поÑледнее времÑ, и корпоративным прогнозом по объемам производÑтва. Мы повышаем нашу целевую цену до $15,00 за акцию, но понижаем рекомендацию до ДЕРЖÐТЬ.MHP is a holding company. Through its subsidiaries, Co. is engaged in poultry and related operations, grain growing, as well as other agricultural operations. Co.'s poultry and related operations integrate all functions related to the production of chicken, including hatching, fodder manufacturing, raising chickens to marketable age, processing and marketing of branded chilled products and include the production and sale of chicken products, sunflower oil, mixed fodder and convenience food products. Grain growing produces and sells grains. Other agricultural operations comprise the production and sale of cooked meat, sausages, beef, milk, goose meat, foie gras, fruit and feed grains.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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