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MHP SE GDR RegS
(LSE:MHPC)
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Rating:50Neutral
Price Target:
$7.50
▲(0.27% Upside)
Action:Reiterated
Date:08/24/26
The score is held back primarily by mixed financial quality—elevated leverage and inconsistent/negative free cash flow alongside recent TTM margin compression. Technicals also weaken the outlook with the stock trading below key moving averages and negative MACD. Offsetting factors include a reasonable P/E and an earnings call that reiterated full-year EBITDA guidance and highlighted diversification benefits, though near-term profitability and cash flow headwinds remain clear.
Positive Factors
Integrated poultry value chain
MHP’s integrated model captures economics across feed inputs, farming, processing and distribution, while branded and value-added products can improve mix. This broad operating footprint supports control over multiple production stages and provides a durable platform for serving retail, foodservice and wholesale demand.
Negative Factors
Sharp profitability deterioration
The substantial decline in net income and quarterly adjusted EBITDA shows that revenue growth is not currently translating into stable earnings. Persistent margin pressure would reduce internal funds available for investment, debt reduction and shareholder returns, weakening the durability of the company’s profit base.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated poultry value chain
MHP’s integrated model captures economics across feed inputs, farming, processing and distribution, while branded and value-added products can improve mix. This broad operating footprint supports control over multiple production stages and provides a durable platform for serving retail, foodservice and wholesale demand.
Read all positive factors
MHP SE GDR RegS (MHPC) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
$744.99M
Dividend Yield8.22%
Average Volume (3M)7.22K
Price to Earnings (P/E)13.1
Beta (1Y)1.14
Revenue Growth29.07%
EPS Growth-61.75%
CountryUK
Employees40,020
SectorConsumer Defensive
Sector Strength42
IndustryAgricultural Farm Products
Share Statistics
EPS (TTM)0.53
Shares Outstanding110,770,000
10 Day Avg. Volume7,409
30 Day Avg. Volume7,224
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)0.36
Price to Sales (P/S)0.21
P/FCF Ratio-193.17
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.97
Revenue Forecast (FY)$3.92B
MHP SE GDR RegS Business Overview & Revenue Model
Company Description
MHP SE, alongside its various subsidiaries, operates as a significant producer and distributor of food and poultry products, serving markets both within Ukraine and globally. The company organizes its extensive operations into four distinct divisi...
How the Company Makes Money
MHP SE generates revenue primarily by selling poultry and related food products. Key revenue streams include (1) sales of poultry meat (fresh, chilled, and processed products) to retailers, foodservice customers, and other wholesale channels, and ...
MHP SE GDR RegS Earnings Call Summary
Earnings Call Date:Jun 16, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Sep 09, 2026
Earnings Call Sentiment Neutral
The call presents a mixed picture: strong top-line growth (revenue +31% YoY) and tangible progress on European expansion and agricultural performance are counterbalanced by a notable decline in adjusted EBITDA (~29%), an attributable net loss from FX effects, weakened poultry profitability due to lower export prices and higher energy-driven production costs, and weaker operating cash flow. Management highlights diversification benefits (UVESA consolidation, agriculture strength, vegetable oil recovery) and outlines further M&A (Nitsiakos) and a conservative full-year EBITDA target (USD 520–550M), but acknowledges material near-term headwinds and seasonality risk in poultry.Positive Updates
Strong Top-Line Growth
Group revenue increased 31% year-on-year to USD 1.0 billion in Q1 2026, driven primarily by consolidation of UVESA and growth in European operations.
Negative Updates
Decline in Adjusted EBITDA and Margin Pressure
Adjusted EBITDA (excluding IFRS 16) decreased to USD 79 million in Q1 2026 from USD 111 million in Q1 2025, a decline of ~USD 32 million (~29%), and reported EBITDA margin was 8%, reflecting softer poultry market conditions and integration impacts.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Group revenue increased 31% year-on-year to USD 1.0 billion in Q1 2026, driven primarily by consolidation of UVESA and growth in European operations.
Read all positive updates
Company Guidance
The company reiterated full‑year guidance of adjusted EBITDA of USD 520–550 million and CapEx of USD 250–275 million, while flagging a challenging cost/price environment (Q1 poultry costs were ~7–8% higher YoY but are now expected to be ~4–5% higher for the full year) and saying poultry will likely generate weaker results in 2026 offset by stronger Agriculture, European operations and Crushing; Q1 metrics were: revenue USD 1.0 billion (+31% YoY), gross profit USD 162 million, adjusted EBITDA ex‑IFRS16 USD 79 million (EBITDA margin 8%), net loss USD 85 million, operating cash flow USD 14 million, working capital investment USD 20 million, and Q1 CapEx USD 43 million; segment Q1 detail included Poultry revenue USD 453 million (EBITDA USD 19 million; sales 152,000 t; processed volumes +14,000 t), Europe revenue USD 354 million (EBITDA USD 42 million; Europe = 35% of revenue and >50% of segment EBITDA), Agriculture revenue USD 99 million (adj. EBITDA USD 39 million) and Vegetable oil revenue USD 116 million (adj. EBITDA USD 3 million); liquidity/debt actions include repayment of USD 550 million 2026 notes and issuance of a USD 550 million 2029 Eurobond, cash of ~USD 518 million at 31‑Mar (management later noted ~USD 300 million current, with a minimum cash policy ~USD 200 million), short‑term debt ~USD 550 million, acquisition leverage 2.6x (below covenant limit 3.0x) and a pro‑forma target to remain <3.0x after the announced Nitsiakos acquisition (Nitsiakos ~USD 100 million revenue, ~8–9% EBITDA margin; purchase in three tranches with first closing expected in Q1 2027 and a put on the remaining 30% exercisable 2030–2035).MHP SE GDR RegS Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
52
Neutral
Cash Flow
40
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.77B | 3.05B | 3.02B | 2.64B | 2.37B |
| Gross Profit | 900.00M | 848.00M | 687.00M | 608.21M | 744.52M |
| EBITDA | 645.00M | 500.00M | 502.00M | 640.91M | 748.71M |
| Net Income | 175.00M | 134.00M | 144.00M | -225.58M | 375.51M |
Balance Sheet | |||||
| Total Assets | 5.45B | 4.43B | 3.89B | 3.81B | 4.10B |
| Cash, Cash Equivalents and Short-Term Investments | 435.00M | 357.00M | 458.00M | 312.43M | 283.29M |
| Total Debt | 2.48B | 1.93B | 1.87B | 1.91B | 1.88B |
| Total Liabilities | 3.23B | 2.46B | 2.32B | 2.36B | 2.31B |
| Stockholders Equity | 2.16B | 1.94B | 1.56B | 1.43B | 1.76B |
Cash Flow | |||||
| Free Cash Flow | -4.00M | -53.00M | 219.00M | -29.85M | -29.54M |
| Operating Cash Flow | 271.00M | 246.00M | 438.00M | 138.46M | 124.80M |
| Investing Cash Flow | -541.00M | -333.00M | -228.00M | -174.28M | -99.97M |
| Financing Cash Flow | 298.00M | 17.00M | -86.00M | 56.65M | 34.75M |
MHP SE GDR RegS Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | £14.48B | 15.46 | 8.44% | 3.04% | -2.16% | -24.87% | |
65 Neutral | £2.80B | 17.79 | 14.99% | 2.15% | 9.52% | 18.08% | |
63 Neutral | £2.02B | 81.79 | 0.73% | 1.02% | 25.76% | -73.03% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
50 Neutral | $744.99M | 13.13 | 2.69% | 8.22% | 29.07% | -61.75% |
* Consumer Defensive Sector Average
GB:MHPC
MHP SE GDR RegS
6.96
1.04
17.57%
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GB:GNC
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GB:PRN
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MHP SE GDR RegS Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
MHP SE Deputy CEO Purchases Nearly USD 50,000 in GDRs
Positive
Jul 23, 2026
MHP SE has disclosed that Serhii Dobrohorskyi, Deputy Chief Executive Officer for Agribusiness, purchased Global Depositary Receipts in the company. The transaction, carried out via Interactive Brokers Group, Inc., totaled USD 49,995.40 for 6,097 ...
Business Operations and StrategyRegulatory Filings and Compliance
MHP SE Deputy CEO Buys GDRs in Market-Regulated Transaction
Positive
Jul 10, 2026
MHP SE has disclosed that Serhii Dobrohorskyi, Deputy Chief Executive Officer for Agribusiness, purchased 3,000 Global Depositary Receipts in the company. The transaction, executed on July 9, 2026 via Interactive Brokers, amounted to a total consi...
Executive/Board ChangesFinancial DisclosuresShareholder Meetings
MHP SE Shareholders Approve All Resolutions and Reappoint Board at 2026 AGM
Positive
Jun 18, 2026
MHP SE announced that shareholders at its Annual General Meeting in Limassol, Cyprus, approved all resolutions presented, including the adoption of the audited financial statements and annual report for the year ended 31 December 2025. The meeting...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
MHP SE Grows Revenue but Slips to Q1 Loss as War and FX Weigh on Margins
Negative
Jun 16, 2026
MHP SE reported solid operational performance in the first quarter of 2026 despite intensified war-related disruptions in Ukraine and broader geopolitical headwinds affecting energy, logistics and supply chains. The group increased revenue 31% yea...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.