Ukrainian large farmers - Efficient farmers, aggressive accountants

Обзоры по компаниям и отраслям 19.07.2012 While we believe there is tremendous value growth potential in Ukrainian farmers, still unproven management credibility is the main encumbrance for minority shareholders. Our broad conclusion is Ukrainian food producers that farm as a secondary activity – Astarta, Kernel and MHP – look preferable for investors compared to pure farmers on better liquidity and lower execution risks backed by the proven sustainability of their business models. We initiate coverage of six Ukrainian pure farming companies with two BUY recommendations. To view the full report, follow this link and login: http://rs.concorde.ua/research/research/research-reports/?get_file=979