EUR reporting

Astarta Holding · AST.WA

Sugar / soybean / row crops · Filing

Acres: 543,000
Book / acre: EUR 368
Market cap (USD): $327M
EV / acre (USD): $1,131

Sector KPIs

Non-ag revenue: 5%

Tangible Balance-Sheet Assets

Asset-class composition from the latest FY filings, alongside market enterprise value for an asset-coverage view. Land at FMV when a per-property breakdown is available; other classes at filed book value.

Asset class	Book (EUR M)	FMV (EUR M)	Note
Land / property	200	381	Per-property breakdown below
PP&E (mills, plants, machinery)	212	—	Net of accumulated depreciation
Inventory	148	—
Intangibles + goodwill	6	—	Excluded from tangible total
Tangible total (ex-cash)	560	740
+ Cash & equivalents	45	45
Tangible total (incl. cash)	605	785
Reported total assets (BS)	580	—	Latest period 2024-12-31

Tangible book

EUR 605M

104% of total assets

Market cap

EUR 1,203M

199% of tangible book

Enterprise value

EUR 1,453M

240% of tangible book

Implied fair market analysis

As of 2025-12-31

Aggregate FMV

EUR 381M

Range EUR 266–495M · 542,065 acres

FMV vs. book

+36.0%

Book EUR 280M · FMV EUR 381M

Implied NAV / share

EUR 5.34

Range EUR 0.67–10.01

Live price vs. FMV NAV

+820.3%

Range +391.1% (high) to +7199.6% (low)

NOI cross-check (yield-based reasonableness)

FMV-weighted from property mix (5 of 5 properties): typical 8.4–12.4%

Reported NOI

EUR 100M

Cap rate at comp-based FMV

26.27%

Range 20.21–37.53%

Verdict

Above typical — comp-based FMV may be conservative vs yield benchmark

FMV by category

Aggregated from per-property assumptions below

Category	Properties	Acres	Avg book EUR/acre	Avg FMV EUR/acre	Book (EUR M)	FMV (EUR M)	FMV range (EUR M)	FMV vs book
Ukrainian central cropland — Poltava core	1	318,750	408	700	130	223	156–290	+71.6%
Ukrainian Western cropland — Khmelnytsky	1	103,780	482	750	50	78	54–101	+55.7%
Ukrainian dairy + fodder support	1	80,000	375	700	30	56	39–73	+86.7%
Ukrainian central cropland — other	1	39,534	506	600	20	24	17–31	+18.6%
Downstream processing (not farmland)	1	1	50,000,000	50	50	0	0–0	-100.0%
Total	5	542,065	517	702	280	381	266–495	+36.0%

Properties

5-row breakdown by Ukrainian region + business segment. Land bank concentrated 60% in Poltava region, 20% Khmelnytsky, plus dairy + sugar refineries + processing.

Property	Category / crop	Acres	Acquired	Cost (EUR M)	Book (EUR M)	EUR/acre book	FMV EUR/acre	FMV (EUR M)	vs book	Comps
Poltava region cropland (largest cluster) Poltava Oblast, Ukraine	Ukrainian central cropland — Poltava core Sugar beet + soy + grains (rotation) — supports Yareskivsky + Globinsky + Novoorzhytskyi sugar plants	318,750	—	—	130	408	700 490–910	223.1	+71.6%	UA-CROP-CENTRAL-2024UA-CROP-EU-2024 129K ha Poltava core land bank — central Ukraine away from frontlines; supports 3 sugar plants + soybean processing + biogas + dairy
Khmelnytsky region cropland Khmelnytsky Oblast, Ukraine	Ukrainian Western cropland — Khmelnytsky Sugar beet + grains — supports Volochysk sugar plant	103,780	—	—	50	482	750 525–975	77.8	+55.7%	UA-CROP-EU-2024UA-CROP-CENTRAL-2024 42K ha Khmelnytsky western Ukraine; closer to EU border so slightly lower wartime risk premium
Dairy operations + 22,000 head cattle Poltava + Cherkasy regions, Ukraine	Ukrainian dairy + fodder support Dairy operations (22,000 head + cropland for fodder)	80,000	—	—	30	375	700 490–910	56	+86.7%	UA-CROP-CENTRAL-2024 Dairy operations with 22,000 head + supporting fodder cropland
Vinnytsia + other regions cropland Vinnytsia + Cherkasy, Ukraine	Ukrainian central cropland — other Mixed grain + sugar beet rotation	39,534	—	—	20	506	600 420–780	23.7	+18.6%	UA-CROP-CENTRAL-2024 Smaller Vinnytsia + other-region land bank
Sugar plants + soybean processing + biogas + oil extraction (downstream) Poltava + Khmelnytsky, Ukraine	Downstream processing (not farmland) 5 sugar plants + soybean plant + biogas complex + oil extraction (Hlobine)	1	—	—	50	50,000,000	50 35–65	0	-100.0%	— Per-acre meaningless; placeholder for industrial assets — 5 sugar refineries, soybean processing 230K MT/yr capacity, biogas, oil extraction. About €120-150M of fixed assets pre-war

Comparable land transactions and surveys

2 reference points · all dated within last 24 months

ID	Description	Location	Acres	$ / acre	Date	Source
UA-CROP-CENTRAL-2024	Ukrainian central-region cropland	Poltava / Cherkasy / Vinnytsia, Ukraine	—	$1,200	Sep 2024	Astarta Holding 2024 disclosures + Ukrainian land market data
UA-CROP-EU-2024	Ukrainian agricultural cropland — EU border regions, post-2022 discount	Western Ukraine	—	$1,600	Sep 2024	Ukrainian agribusiness broker reports 2024 + Astarta/Kernel disclosures

Methodology

Astarta Holding refined from 1-row to 5-row breakdown reflecting both geographic and business-segment splits. Per Astarta's own FY24 disclosures: - Poltava Oblast: 129,000 ha (60%) — largest land bank; supports 3 sugar plants (Yareskivsky, Globinsky, Novoorzhytskyi) + soybean processing + biogas + oil extraction at Hlobine - Khmelnytsky Oblast: 42,000 ha (20%) — Western Ukraine, supports Volochysk sugar plant - Vinnytsia Oblast: 16,000 ha (7%) + other regions: ~33K ha (13%) Plus 22,000-head dairy operation with supporting fodder cropland. 5-row breakdown: - Poltava cropland (318.7K ac / 129K ha): largest single cluster, central Ukraine - Khmelnytsky cropland (103.8K ac / 42K ha): Western Ukraine slight EU-proximity premium - Vinnytsia + other (39.5K ac / 16K ha) - Downstream processing: 5 sugar plants + soybean + biogas + oil extraction (placeholder, per-acre meaningless) - Dairy + fodder support (80K ac including dairy facilities + supporting cropland) Per-acre marks reflect post-2022 wartime discount. Pre-war Ukrainian cropland traded at $2,000-3,000/acre USD; current 2024 transactions in central regions at $400-800/acre with western Ukraine slightly higher. Astarta's land bank is concentrated in safer central-Ukraine regions. Wartime context: FY25 revenue fell 23% to €472M as sugar volumes declined; net profit fell 4.2x. Land FMV stable but reflects deep wartime discount. Peace-scenario revaluation back to pre-war levels would imply 3-5x higher per-acre values.