olivLaw · European equity research
ASTARTA HOLDING PLC AST.WA
Poland · GPW Warszawa · Vertical: Listed companies from Poland
Astarta is one of the largest vertically integrated agro-industrial holdings in Ukraine, active in grain and oilseeds production, sugar production, soybean crushing and dairy farming. In 2022, despite the war, the company reported the highest revenue in its public history, which shows the resilience of its business model under conflict conditions.
At the close of 05 Nov 2026, ASTARTA HOLDING PLC (AST.WA) stock was 30.10 PLN (−0.17% on the day), with beta 0.47, 52-week range 29.55–57.20 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 27.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 25.70 – 40.49
- in the lower half of the band · %B 0.30 · band width 44.7%
- SMA 50 / 200
- 36.27 / 44.70
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -2.10 / -2.03
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −19.1% | +0.4% | −19.5 pp | — |
| 3 months | −31.4% | −3.3% | −28.2 pp | — |
| 6 months | −43.1% | +4.0% | −47.1 pp | — |
| Year to date | −32.8% | +8.1% | −40.9 pp | — |
| 1 year | −33.6% | +10.7% | −44.3 pp | +7.5% |
| 3 years | +0.5% | +50.1% | −49.6 pp | +3.3% |
| 5 years | −45.7% | +43.6% | −89.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | 12.9 bn | 15.6 bn | 17.6 bn |
| Revenue YoY | unavailable | +20.9% | +12.3% |
| Net income | 266.4 m | 4.0 bn | 2.2 bn |
| Net income YoY | unavailable | +1,401.0% | −45.2% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 2.1% | 25.6% | 12.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 1.0 bn UAH
- Financial debt
- 2.3 bn UAH
- Net debt
- 1.3 bn UAH
- Equity
- 19.1 bn UAH
- Total assets
- 27.6 bn UAH
- Debt / equity
- 0.12x
- Current ratio
- 3.38x
- ROE
- 12.8%
- ROA
- 9.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (UAH)
Margins
Income statement · UAH
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 12.9 bn | 15.6 bn | 17.6 bn | esef· 10 May 2023verified |
| Cost of revenue | 10.8 bn | 13.2 bn | 13.0 bn | esef· 10 May 2023verified |
| Gross profit | 3.7 bn | 7.1 bn | 7.1 bn | esef· 10 May 2023verified |
| Operating income | 1.7 bn | 4.9 bn | 3.7 bn | esef· 10 May 2023verified |
| Interest expense | 334.3 m | 141.4 m | 289.0 m | esef· 10 May 2023verified |
| Pre-tax income | 284.8 m | 4.2 bn | 2.6 bn | esef· 10 May 2023verified |
| Income tax | 18.4 m | 199.8 m | 361.4 m | esef· 10 May 2023verified |
| Net income | 266.4 m | 4.0 bn | 2.2 bn | esef· 10 May 2023verified |
| Weighted average diluted shares | — | 24.3 m | 24.6 m | esef· 10 May 2023verified |
| Dividend per share | — | 0.50 | — | esef· 10 May 2023verified |
Balance sheet · UAH
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 774.8 m | 356.9 m | 1.0 bn | esef· 10 May 2023verified |
| Inventories | 3.7 bn | 7.0 bn | 9.5 bn | esef· 10 May 2023verified |
| Current assets | 6.7 bn | 10.7 bn | 15.0 bn | esef· 10 May 2023verified |
| Property, plant & equipment, net | 6.8 bn | 6.1 bn | 7.6 bn | esef· 10 May 2023verified |
| Intangibles (excl. goodwill) | 35.9 m | 21.6 m | 13.6 m | esef· 10 May 2023verified |
| Total assets | 17.8 bn | 21.4 bn | 27.6 bn | esef· 10 May 2023verified |
| Short-term debt | 0 | 245.5 m | 1.6 bn | esef· 10 May 2023verified |
| Long-term debt | 1.2 bn | 644.9 m | 647.7 m | esef· 10 May 2023verified |
| Current liabilities | 2.1 bn | 2.4 bn | 4.4 bn | esef· 10 May 2023verified |
| Equity | 11.7 bn | 15.3 bn | 19.1 bn | esef· 10 May 2023verified |
Cash flow · UAH
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 4.8 bn | 1.8 bn | 1.4 bn | esef· 10 May 2023verified |
| Investing cash flow | -419.9 m | -125.0 m | -524.9 m | esef· 10 May 2023verified |
| Financing cash flow | -3.9 bn | -2.1 bn | -185.3 m | esef· 10 May 2023verified |
| Dividends paid | 0 | 406.2 m | 0 | esef· 10 May 2023verified |
| Share repurchases | 0 | 18.6 m | 0 | esef· 10 May 2023verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.6% | 57 (vs peers) | 38% |
| Net margin · Quality | 12.5% | 79 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 12.8x | 100 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 3.4x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality66/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ASTARTA HOLDING PLC (AST.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 17.6 bn UAH in 2022; YoY growth 12.3%; net margin 12.5%; ROE 12.8%.
The estimated value range is 4.90–6.06 UAH per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 12.5%
- Interest coverage: 12.8x
- Current ratio: 3.4x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| CAR.WAInter Cars Spółka Akcyjna | 14.8 bn | 21.2 | 17.0% | 3.9% | +18.0% | +86% / +79% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for AST.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Astarta is one of the largest vertically integrated agro-industrial holdings in Ukraine, active in grain and oilseeds production, sugar production, soybean crushing and dairy farming. In 2022, despite the war, the company reported the highest revenue in its public history, which shows the resilience of its business model under conflict conditions. 1
SWOT
Strengths
- Strong vertical integration from cultivation through processing and storage, with in-house storage capacity and largely in-house sugar beet supply.
- Long operating history and stable relationships with local and international financiers and with Ukrainian food supply chains.
- Proprietary AgriChain digital platform and in-house logistics network that support operational efficiency.
Weaknesses
- Concentration of operations in a single country makes the business dependent on Ukraine's political and security conditions.
- Gross margin declined in 2022 compared with the prior year, and net profit fell significantly.
- Dependence on volatile raw material prices and the hryvnia exchange rate can affect results.
Opportunities
- Diversifying export routes and expanding value-added products could reduce reliance on traditional markets.
- Regenerative agriculture and carbon sequestration projects could generate additional long-term revenue.
- Expanding bioenergy capacity could provide energy self-sufficiency and potential sales to the market.
Threats
- The war continues to affect logistics, personnel and assets, including possible loss of land and infrastructure.
- Climate change can reduce yields and raise production costs.
- Changes in climate and reporting legislation could impose compliance costs or fines.
Risks
- Military and security riskhigh
Operations take place in conflict-affected areas, which can lead to loss of assets, production interruptions or shortages of staff.
- Logistics and export riskhigh
Blocked ports or destroyed logistics chains can limit exports and increase transport costs.
- Currency riskmedium
Volatility of the hryvnia and exchange rate fluctuations can affect financial results, especially in transactions with foreign-currency inputs.
- Climate riskmedium
Unfavourable weather can reduce harvests and raise unit costs, weighing on profit margins.
- Regulatory risklow
Changes in fiscal, climate and non-financial reporting rules can create additional costs or new obligations for the company.
Investment thesis
What would need to be true (bull case)
- The vertically integrated model and the ability to keep operations running during the war could support stable results if security conditions improve.
- The record revenue in 2022 and the leading position in the sugar market could form a base for growth as exports normalise.
- Investments in bioenergy, digitalisation and regenerative agriculture could generate efficiencies and new revenue over the medium term.
What would break the thesis
- Net profit fell significantly in 2022 and gross margin declined, which could signal pressure on profitability if the war continues.
- Almost complete exposure to a single country makes the company vulnerable to political, military and currency shocks.
- Logistics and security costs could remain high, limiting the fiscal or operational advantage of vertical integration.
What to watch
- Security developments and access to export ports2023
- EBITDA and gross margin in quarterly reportingQ1 2023
- Progress of bioenergy and decarbonisation projects2023
- Company guidance on harvests and sugar productionnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Astarta is one of the largest vertically integrated agro-industrial holdings in Ukraine, operating since 1993 with a nationwide presence in seven regions. Its main activities include grain and oilseeds production, sugar production from sugar beets and raw cane sugar, soybean crushing, milk production and grain and oilseeds storage and handling services. In 2022 the company reported revenues of EUR510m and EBITDA of EUR155m, a 30% EBITDA margin. 1
The vertically integrated model gives the company control over much of its supply chain: about 220 kha of land are under management and in-house grain storage capacity reaches 562kt. More than 80% of sugar beets are grown in-house, reducing reliance on external suppliers. 1
The company has also expanded into humanitarian and digital activities: it co-founded the Common Help UA project after the 2022 full-scale invasion and develops its proprietary AgriChain platform for agribusiness management. These initiatives form part of its long-term resilience and operational efficiency strategy. 1
Segments
Agriculture
The agricultural segment manages about 220 kha and produces corn, wheat, sunseeds, sugar beets, soybeans and rapeseeds. In 2022 segment EBITDA was EUR75,974k, down from the prior year, reflecting war-related conditions and fair value effects. 1
Sugar Production
Astarta is one of the largest sugar producers in Ukraine, with a 21% market share. Its five operating sugar plants produce sugar from sugar beets and refined raw cane sugar, and in 2022 segment EBITDA was EUR34,752k. 1
Soybean Processing and Cattle Farming
Soybean processing grew the fastest of the company's segments, with segment EBITDA of EUR27,690k in 2022. The cattle farming business, described as the biggest industrial dairy farmer in Ukraine, produced 102kt of milk in the same year. 1
Market context
Astarta operates in Ukraine's agriculture and agro-industry, where export volumes and access to alternative logistics routes became critical after the Odesa ports were blocked. The company exported production to 41 countries in 2022. The domestic market for sugar and soybean products remains an important part of sales. 1
The war directly affects the scale and logistics cost of the business, and management's stated goal is to diversify seaborn and overland export routes. The shift to regenerative agriculture and decarbonisation are also long-term priorities for the sector. 1
Trends
- Redirecting exports after port blockademixed
The temporary closure of the Odesa ports forced the company to look for alternative export routes. Reopening of the ports in August helped restore flows, and diversifying routes remains a strategic goal.
- Demand for energy independencetailwind
The war accelerated interest in energy autonomy. The bioenergy facility and backup generators support operations, and if energy prices remain volatile, investment in alternative sources could become more valuable.
- Climate conditions and yieldsheadwind
Droughts, floods and soil erosion can affect crop yields and per-unit production costs. Expanding irrigation and regenerative farming are adaptation measures cited by the company.
- Climate and reporting requirementsmixed
Legislation aimed at reducing the climate impact of agriculture and higher non-financial reporting requirements may generate additional costs. On the other hand, carbon and soil finance instruments could open new revenue sources.
Competitive position
Astarta competes with other large Ukrainian agro-industrial and sugar producers, particularly in sugar and soybean processing. The provided sources do not detail individual competitors, so the market analysis is limited to the general context of the sector.
- Other Ukrainian agro-industrial holdings
Compete in domestic and export markets for grains, sugar and soybean products, though the sources do not describe their profiles.
- Ukrainian sugar producers
Compete in the sugar segment, where Astarta holds a significant market share.
- Regional soybean processors
Compete in the soybean products market, including oil and meal.
- International grain traders
Act as export partners and, at the same time, as competitors for logistics access and buyers.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202210 May 2023
- Annual report 202113 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / ASTARTA HOLDING PLC · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.