Bohdana Dub


Retrospective diagnostics of main financial results of activity (profit, earnings and yield of shares); business capital, market capitalization, EBITDA, operating margin and net profit margin, P / E, ROA, ROE, ROC as of 2018 and an average of 5 years; Consideration of Montier C-Score and Piotroski F-Score indicators on financial issues of companies; liquidity of the balance of agroholdings on the criterion of the ratio of assets and liabilities; the coefficient analysis of enterprises and the diagnosis of bankruptcy probabilities using models of multiple discriminant analysis (MDA model), logistic regression (Logit-model) and rating methods (Beaver's indicators and definition of the class of the potential beneficiary of the investment prokect) helped to formulate a generalized conclusion on the probability of bankruptcy according to models and a general assessment of the financial condition of agricultural companies.
Based on the analysis, it has been determined that, according to all methods of the agroholding, the sample collectively generates a series from the highest to the lowest: MHP / Kernel, IMC, Agroton and Avangard. In view of this, it is necessary to formulate and continuously improve integrated risk management systems (integrated systems of enterprise economic security), rather than separate procedures at the level of different departments of the company.

Ключові слова

agricultural holding’s economic security, profit, revenue, profitability, efficiency, EBITDA, liquidity, risk, bankruptcy, insolvency.


The official website of MHP SE (2019). URL:

The official website of Avangard (2019). URL:

The official website of Agroton (2019). URL:

The official website of IMC (2019). URL:

The official website of Kernel (2019). URL:

The official website of MHP PrJSC (2019). URL:

Ivanov, N. S. (2010). Methods in effectiveness assessment of the enterprise economic security system. URL:

Stockopedia (2019). URL:

Investopedia (2019). URL:

BT Understanding Key Ratios (2019). URL: standing_Key_Ratios.pdf

Farm Financial Ratios and Benchmarks (2009). URL: Ratios andBenchmarks3192009.pdf

Interpreting Farm Financial Ratios (2019). URL:

Key financial ratios (2019). URL: 8116-key-financial-ratios-fs-pdf.pdf.pdf

Altman, E.I. (1968). Financial ratios, discriminant analysis, and the prediction of corporate bancruptcy. The Journal of Finance, 4, pp. 589-609.

Fulmer, J.G. Jr., Moon J. E., Gavin T.A., Erwin, M.J. (1984). A Bancruptcy Classification Model for small firms. Journal of Commercial Bank Lending, 7, рр. 25-37.

Taffler, R.J., Tisshaw H. (1977). Going, Going, Gone – Four Factors which Predict. Accountancy, 3, рр. 50-54.

Tereshchenko, O.O. (2003). Discriminant model for the integrated assessment of the enterprise financial condition. Economy of Ukraine, 8, p. 38-44.

Matviichuk, A.V. (2013). Fuzzy, neural network and discriminant models for diagnosing the bankruptcy possibility of enterprises. Neuro-fuzzy simulation technology in economics, 2, p. 71-118.

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