|
Sections |
| Title | Starting Page | Number of Pages |
|---|
| INVESTMENT THESIS | 3 | 2 |
| EXECUTIVE SUMMARY | 5 | 2 |
| Agriculture: Stock market sector emerges | 6 | 1 |
| Fundamental drivers support future growth | 6 | 1 |
| Valuation summary | 6 | 1 |
| VALUATION | 7 | 4 |
| Valuation methods | 8 | 1 |
| DCF | 8 | 1 |
| DCF output | 9 | 1 |
| Relative valuation | 10 | 1 |
| THE COMPANY | 11 | 16 |
| Company profile | 12 | 1 |
| Placement results | 13 | 1 |
| 19% return since placement | 13 | 1 |
| Proceeds directed to support declared strategy | 13 | 1 |
| Key milestones | 14 | 1 |
| Land bank has grown by 22 ths ha since floatation | 14 | 1 |
| Machinery fleet expanding in line with cultivated area | 14 | 1 |
| 52 ths ha planted for 2008 harvest | 14 | 1 |
| Management strategy | 15 | 1 |
| Land holdings | 16 | 1 |
| Land bank: growth plan 80% completed | 16 | 1 |
| Time to buy | 16 | 1 |
| Land appreciation potential | 17 | 4 |
| Land cultivation | 21 | 1 |
| Cultivated area triples by 2013 | 21 | 1 |
| Yields already superior | 21 | 1 |
| Another 50% yield buildup planned in two years | 21 | 1 |
| Organic crops as a competitive edge | 22 | 1 |
| CapEx program: machinery and grain silos | 22 | 1 |
| Profitability outlook | 23 | 1 |
| Legal structure | 24 | 1 |
| Management team | 25 | 1 |
| Risks | 26 | 1 |
| MARKET OVERVIEW | 27 | 8 |
| Global rush for soft commodities | 28 | 1 |
| Prices will stay firm, high | 28 | 1 |
| Cereal stocks are falling | 29 | 1 |
| Demand for food & feed grain is strengthening | 29 | 1 |
| Biofuel is heating up demand for crops | 29 | 2 |
| Ukraine: Agricultural treasure chest | 31 | 2 |
| Benefits for agriculture from Ukraine s WTO entry | 33 | 1 |
| Land ownership conditions in Ukraine | 34 | 1 |
| APPENDICES | 35 | 10 |
| Appendix 1: Government subsidies | 36 | 1 |
| Appendix 2: Selected financial information | 37 | 1 |
| Appendix 3: Summary of projections | 38 | 2 |
| Appendix 4: Financial statements | 40 | 2 |
| Appendix 5: Peer comparison | 42 | 3 |
