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Ukraine's largest sunflower oil producer and grain exporter, also farming crops and operating port/silo infrastructure.
Ukraine's largest sunflower oil producer and grain exporter, also farming crops and operating port/silo infrastructure.
Crushes sunflower seed into oil and meal, mostly exported in bulk, and moves grain and oilseeds through its own Black Sea-region terminals, so volumes and margins depend on harvests and on whether export routes are open. Since Russia's 2022 invasion it has worked under war disruption to ports and fields.
In one line: Ukraine's largest sunflower oil producer and grain exporter.
Moat: narrow (scale, installed base). Largest Ukrainian sunflower oil crushing capacity and port export infrastructure.
Headquarters: Luxembourg (operations in Ukraine) · Founded: 1994 · Employees: 14,484
Size Kernel (KER.WA) is a Poland Consumer Staples company (Agricultural Commodities/Milling) with a market value of $1.47B, the 34th largest of 83 Poland companies the cockpit tracks. Shares closed at PLN 19.68 on 6 Nov 2026.
Performance Over six months the shares gained 0.2%, against -11.1% for the median peer and +14.3% for the Poland market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue fell 0.8% over the last twelve months (peer median +1.4%); the operating margin is 5.5% (peer median 4.8%).
Valuation It trades at 5.4× forward earnings against a peer median of 15.6× (2nd cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is -5%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.1 points below its cost of capital (11.6% WACC).
Next results Next results expected around 27 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | PLN 16.0B | PLN 16.0B | PLN 16.1B | PLN 14.5B | PLN 15.5B |
| Revenue growth | — | -1% | +11% | -6% | — |
| Gross profit | PLN 1.65B | PLN 1.65B | PLN 2.20B | PLN 2.79B | PLN 3.34B |
| EBITDA | PLN 1.30B | PLN 1.29B | PLN 1.70B | PLN 2.35B | PLN 2.94B |
| Net income | PLN 1.17B | PLN 1.17B | PLN 934M | PLN 682M | PLN 1.34B |
| Free cash flow | PLN 1.42M | PLN 1.42M | PLN 656M | PLN 1.33B | PLN 2.86B |
| Capital expenditure | PLN 577M | PLN 576M | PLN 338M | PLN 595M | PLN 391M |
| Total debt | PLN 4.09B | PLN 4.09B | PLN 2.73B | PLN 4.34B | PLN 6.73B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kernel KER.WA | $1.47B | 0% | -1% | 5% | 5.4× | 8.0% |
| Bunge Global BG | $19.0B | -20% | +55% | 4% | 9.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KER.WA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.1% | -4.8% | 5th highest of 21 |
| 6-month return | +0.2% | -11.1% | 6th highest of 20 |
| Distance from 52-week high | -15.2% | -25.0% | 6th highest of 21 |
| Revenue growth (TTM) | -0.8% | +1.4% | 9th lowest of 21 |
| Operating margin | 5.5% | 4.8% | 10th highest of 21 |
| Forward P/E | 5.4× | 15.6× | 2nd cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 8.0% | 5.3% | 5th most demanding of 11 |
| Growth delivered (Del g) | -5.4% | +11.6% | lowest of 11 |
| Hurdle (Req g minus delivered) | +13.3 pp | -3.1 pp | 3rd most demanding of 11 |
| ROIC minus cost of capital | -5.1 pp | -1.5 pp | 6th lowest of 21 |
| EV / EBITDA | 6.2× | 11.8× | 2nd cheapest of 10 |
| Net debt / EBITDA | 1.7× | 1.5× | 5th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kernel KER.WA | Poland | $1.47B | 0% | -1% | 5% | 5.4× | 8.0% | -5.4% |
| Balrampur Chini Mills BALRAMCHIN.NS | India | $1.50B | +28% | +11% | 9% | 19.5× | n/a | n/a |
| Shandong Yisheng Livestock & Poultry Breeding 002458.SZ | China | $1.54B | -16% | +15% | 17% | 18.2× | 6.3% | +11.1% |
| LT Foods LTFOODS.NS | India | $1.55B | -3% | +24% | 8% | 12.8× | 25.7% | +18.2% |
| Liuliumei 6658.HK | Hong Kong | $1.58B | n/a | +6% | 12% | n/a | n/a | n/a |
| China Modern Dairy 1117.HK | Hong Kong | $1.37B | +3% | +5% | -15% | 12.5× | n/a | n/a |
| Beijing Shunxin Agriculture 000860.SZ | China | $1.36B | -4% | -20% | -5% | n/a | n/a | n/a |
| Shenzhen Agricultural Products 000061.SZ | China | $1.63B | -22% | -22% | 12% | 26.1× | 4.2% | +15.6% |
| Adecoagro AGRO | United States | $1.30B | -31% | +7% | 2% | 5.3× | 37.5% | +12.1% |
| Del Monte DMC | United States | $1.29B | -27% | +1% | 4% | 12.1× | n/a | n/a |
| Great Wall Enterprise 1210.TW | Taiwan | $1.28B | -4% | +2% | 4% | 12.0× | n/a | n/a |
| Tecon Biology 002100.SZ | China | $1.72B | +6% | -8% | -5% | n/a | n/a | n/a |
| Jiangsu Provincial Agricultural Reclamation & Dev 601952.SS | China | $1.72B | -16% | -5% | 4% | 20.1× | -2.2% | +3.2% |
| Yuan Longping High-Tech Agriculture 000998.SZ | China | $1.77B | -11% | -5% | 5% | 46.5× | n/a | n/a |
| Godrej Agrovet GODREJAGRO.NS | India | $1.23B | +3% | +9% | 6% | 21.7× | 15.1% | +10.3% |
| M.P. Evans MPE.L | United Kingdom | $1.20B | -5% | +1% | 39% | 9.7× | -9.7% | +15.6% |
| Uie UIE.CO | Denmark | $1.81B | +5% | +12% | 37% | n/a | -13.0% | +13.1% |
| Leshan Giantstar Farming & Husbandry 603477.SS | China | $1.19B | -19% | -2% | -15% | n/a | n/a | n/a |
| Shandong Denghai Seeds 002041.SZ | China | $1.19B | -12% | -1% | 3% | 58.9× | 23.5% | +4.2% |
| BioMar Group A/S BIOMAR.CO | Denmark | $1.83B | -37% | 0% | 6% | 13.0× | -2.0% | -0.5% |
| Beijing Dbn Technology 002385.SZ | China | $1.86B | -23% | -1% | -6% | n/a | n/a | n/a |