{"id":11210,"date":"2026-05-20T08:01:00","date_gmt":"2026-05-20T08:01:00","guid":{"rendered":"https:\/\/iocharts.io\/blog\/?p=11210"},"modified":"2026-05-19T16:55:22","modified_gmt":"2026-05-19T16:55:22","slug":"top-3-ukran-reszveny-es-egy-titkos-tipp-2026-ra","status":"publish","type":"post","link":"https:\/\/iocharts.io\/blog\/top-3-ukran-reszveny-es-egy-titkos-tipp-2026-ra\/","title":{"rendered":"Top 3 ukr\u00e1n r\u00e9szv\u00e9ny \u00e9s egy titkos tipp 2026-ra","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">\ud83c\udf0f Piaci \u00e1ttekint\u00e9s<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Melyik a legjobban agyonvert ukr\u00e1n r\u00e9szv\u00e9ny? Ki merne most beleny\u00falni egy ilyen m\u00e9hkasba? Ha van olyan befektet\u00e9si t\u00e9zis, amelyik egyszerre tartalmaz makrokock\u00e1zatokat \u00e9s irre\u00e1lisan alacsony \u00e9rt\u00e9kelts\u00e9get, akkor az az ukr\u00e1n r\u00e9szv\u00e9nypiac. Nem m\u00e9lyelemz\u00e9s k\u00f6vetkezik, ink\u00e1bb egy gondolat\u00e9breszt\u0151: <strong>lehet-e min\u0151s\u00e9gi compoundert tal\u00e1lni egy akt\u00edvan h\u00e1bor\u00faz\u00f3 orsz\u00e1g t\u0151zsd\u00e9j\u00e9n, \u00e9s ha igen, milyen krit\u00e9riumok ment\u00e9n \u00e9rdemes gondolkodni?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A h\u00e1rom legt\u00f6bbet emlegetett n\u00e9v a Kyivstar (KYIV), az MHP \u00e9s Astarta (AST), mind m\u00e1s-m\u00e1s szektort k\u00e9pvisel, m\u00e1s kock\u00e1zati profillal b\u00edr, \u00e9s elt\u00e9r\u0151 m\u00e9rt\u00e9kben van kit\u00e9ve az orosz rak\u00e9tat\u00e1mad\u00e1soknak. Ami k\u00f6z\u00f6s benn\u00fck: mindh\u00e1rmat alaposan agyonverte a piac, \u00e9s mindh\u00e1rmat \u00e9rdemes legal\u00e1bb egy alapos \u00e1tvil\u00e1g\u00edt\u00e1s erej\u00e9ig komolyan venni.<\/p>\n\n\n\n<!-- TradingView Widget BEGIN -->\n<div class=\"tradingview-widget-container\">\n  <div class=\"tradingview-widget-container__widget\"><\/div>\n  <div class=\"tradingview-widget-copyright\"><a href=\"https:\/\/www.tradingview.com\/?aff_id=155122\" rel=\"noopener nofollow\" target=\"_blank\"><span class=\"blue-text\">Az ukr\u00e1n r\u00e9szv\u00e9nyindex, az UTX doll\u00e1rban kifejezve<\/span><\/a><\/div>\n  <script type=\"text\/javascript\" src=\"https:\/\/s3.tradingview.com\/external-embedding\/embed-widget-symbol-overview.js\" async>\n  {\n  \"lineWidth\": 2,\n  \"lineType\": 0,\n  \"chartType\": \"area\",\n  \"fontColor\": \"rgb(106, 109, 120)\",\n  \"gridLineColor\": \"rgba(46, 46, 46, 0.06)\",\n  \"volumeUpColor\": \"rgba(34, 171, 148, 0.5)\",\n  \"volumeDownColor\": \"rgba(247, 82, 95, 0.5)\",\n  \"backgroundColor\": \"#ffffff\",\n  \"widgetFontColor\": \"#0F0F0F\",\n  \"upColor\": \"#22ab94\",\n  \"downColor\": \"#f7525f\",\n  \"borderUpColor\": \"#22ab94\",\n  \"borderDownColor\": \"#f7525f\",\n  \"wickUpColor\": \"#22ab94\",\n  \"wickDownColor\": \"#f7525f\",\n  \"colorTheme\": \"light\",\n  \"isTransparent\": false,\n  \"locale\": \"en\",\n  \"chartOnly\": false,\n  \"scalePosition\": \"right\",\n  \"scaleMode\": \"Normal\",\n  \"fontFamily\": \"-apple-system, BlinkMacSystemFont, Trebuchet MS, Roboto, Ubuntu, sans-serif\",\n  \"valuesTracking\": \"1\",\n  \"changeMode\": \"price-and-percent\",\n  \"symbols\": [\n    [\n      \"VIE:UTX|60M\"\n    ]\n  ],\n  \"dateRanges\": [\n    \"1d|1\",\n    \"1m|30\",\n    \"3m|60\",\n    \"12m|1D\",\n    \"60m|1W\",\n    \"all|1M\"\n  ],\n  \"fontSize\": \"10\",\n  \"headerFontSize\": \"medium\",\n  \"autosize\": false,\n  \"width\": \"100%\",\n  \"height\": 400,\n  \"noTimeScale\": false,\n  \"hideDateRanges\": false,\n  \"hideMarketStatus\": false,\n  \"hideSymbolLogo\": false\n}\n  <\/script>\n<\/div>\n<!-- TradingView Widget END -->\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83d\uddfa\ufe0f A geopolitikai sz\u0171r\u0151: nyugat vs. kelet \ud83d\uddfa\ufe0f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">2022 febru\u00e1rj\u00e1ban kit\u00f6rt az orosz-ukr\u00e1n h\u00e1bor\u00fa, ami a legt\u00f6bb befektet\u0151t teljes m\u00e9rt\u00e9kben elt\u00e1ntor\u00edtotta az ukr\u00e1n piact\u00f3l. Egy fajta no-go z\u00f3na lett a befektet\u00e9sek ter\u00e9n a t\u00e9rs\u00e9g, ami teljesen \u00e9rhet\u0151: senki nem szereti, ha a c\u00e9ge l\u00e9tes\u00edtm\u00e9nyeire rak\u00e9taes\u0151 hullik, hiszen ez teljes m\u00e9rt\u00e9kben tervezhetetlenn\u00e9 teszi a j\u00f6v\u0151t. Ukrajn\u00e1ra r\u00e1ad\u00e1sul r\u00e1\u00e9gett a korrupci\u00f3 jelz\u0151je is, hiszen sz\u00e1mtalan h\u00edrt lehetett arr\u00f3l hallani, hogy az ottani rendszer finoman sz\u00f3lva sem az \u00e1tl\u00e1that\u00f3s\u00e1g\u00e1r\u00f3l h\u00edres. <strong>Viszont a h\u00e1bor\u00fa m\u00e1r t\u00f6bb, mint 4 \u00e9ve tart \u00e9s az nem k\u00e9rd\u00e9s, hogy a felek egyre k\u00f6zelebb \u00e1llnak a kifullad\u00e1shoz, \u00edgy ha az \u00f6sszecsap\u00e1sok nem is \u00e9rnek felt\u00e9tlen\u00fcl v\u00e9get, a harcok akkor is el\u0151bb vagy ut\u00f3bb nyugv\u00f3pontra jutnak.<\/strong> Ez pedig az agyonvert r\u00e9szv\u00e9nypiacon mindig nyit egy fajta asszimetrikus kock\u00e1zat\/profit ar\u00e1nyt, ahol az alacsony \u00e9rt\u00e9kelts\u00e9g miatt a felpattan\u00e1s es\u00e9lye megn\u0151.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"628\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszvenyek-ukrajna-terkepe-1024x628.jpg.webp\" alt=\"Ministry of Defence, az ukr\u00e1n harcok \u00e1ll\u00e1sa 2026 febru\u00e1r 27-\u00e9n\" class=\"wp-image-11213 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/628;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszvenyek-ukrajna-terkepe-1024x628.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszvenyek-ukrajna-terkepe-414x254.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszvenyek-ukrajna-terkepe-768x471.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszvenyek-ukrajna-terkepe-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: X, Ministry of Defence, az ukr\u00e1n harcok \u00e1ll\u00e1sa 2026 febru\u00e1r 27-\u00e9n<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Miel\u0151tt a fundamentumokba belemenn\u00e9k, \u00e9rdemes tudni, hogy Ukrajna egyes megy\u00e9i befektet\u00e9si szempontb\u00f3l teljes m\u00e9rt\u00e9kben elt\u00e9r\u0151k. Az orsz\u00e1g keleti \u00e9s d\u00e9li r\u00e9szei, Donyeck, Zaporizzsja, Herszon, akt\u00edv frontvonalak k\u00f6zel\u00e9ben helyezkednek el, ahol az infrastruktur\u00e1lis k\u00e1r katasztrof\u00e1lis. Ezzel szemben a nyugati r\u00e9gi\u00f3k, mint Lviv, Ternopil, Khmelnytskyi, Vinnycja, l\u00e9nyegesen kevesebb k\u00f6zvetlen tal\u00e1latot kaptak, hab\u00e1r az energiainfrastrukt\u00fara ellen ir\u00e1nyul\u00f3 rak\u00e9tat\u00e1mad\u00e1sok az eg\u00e9sz orsz\u00e1got \u00e9rintik. Ez a sz\u0171r\u0151 az els\u0151 \u00e9s legfontosabb l\u00e9p\u00e9s ukr\u00e1n r\u00e9szv\u00e9nyek elemz\u00e9sekor: <strong>hol vannak a m\u00e9g \u00e9p termel\u00e9si kapacit\u00e1sok?<\/strong> Ha a c\u00e9g eszk\u00f6zeinek t\u00f6bbs\u00e9ge a Dnyeper foly\u00f3t\u00f3l nyugatra helyezkedik el, az eg\u00e9sz m\u00e1s kock\u00e1zati profilt jelent, mint egy keleti kitetts\u00e9g.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"715\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszvenyek-ukrajna-terkepe-nyugat-1024x715.png.webp\" alt=\"Wikipedia, a nyugati orsz\u00e1gr\u00e9szben az ukr\u00e1n c\u00e9gek sokkal v\u00e9dettebbek, mint m\u00e1shol\" class=\"wp-image-11214 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/715;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszvenyek-ukrajna-terkepe-nyugat-1024x715.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszvenyek-ukrajna-terkepe-nyugat-414x289.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszvenyek-ukrajna-terkepe-nyugat-768x536.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszvenyek-ukrajna-terkepe-nyugat.png.webp 1181w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: Wikipedia, a nyugati orsz\u00e1gr\u00e9szben az ukr\u00e1n c\u00e9gek sokkal v\u00e9dettebbek, mint m\u00e1shol<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Ukrajna t\u0151kepiaca rendk\u00edv\u00fcl fejletlen a nyugat-eur\u00f3pai m\u00e9rc\u00e9vel m\u00e9rve: a helyi t\u0151zsde (PFTS) minim\u00e1lis forgalommal m\u0171k\u00f6dik, \u00e9s az igaz\u00e1n j\u00f3 ukr\u00e1n c\u00e9gek jellemz\u0151en a vars\u00f3i (WSE), a londoni (LSE) vagy \u00fajabban a New York-i (Nasdaq) t\u0151zsd\u00e9n jelennek meg, ha egy\u00e1ltal\u00e1n t\u0151zsd\u00e9re mennek. Sokan nem mennek: a leg\u00e9rt\u00e9kesebb ukr\u00e1n v\u00e1llalatok, mint az Ajax Systems biztons\u00e1gi hardvergy\u00e1rt\u00f3 vagy a Monobank fintech, ma is priv\u00e1t k\u00e9zben vannak.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"710\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszveny-pfts_index-1024x710.png.webp\" alt=\"ukr\u00e1n r\u00e9szv\u00e9ny index, nem \u00e9ppen a hozamair\u00f3l volt h\u00edres az elm\u00falt \u00e9vekben\" class=\"wp-image-11233 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/710;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszveny-pfts_index-1024x710.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszveny-pfts_index-414x287.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszveny-pfts_index-768x532.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszveny-pfts_index.png.webp 1500w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: Trading Economics, ukr\u00e1n r\u00e9szv\u00e9ny index, nem \u00e9ppen a hozamair\u00f3l volt h\u00edres az elm\u00falt \u00e9vekben<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Van h\u00e1rom olyan tanuls\u00e1gos adat, amit \u00e9rdemes a piaccal kapcsolatban megjegyezni. <strong>El\u0151sz\u00f6r: az orsz\u00e1g gazdas\u00e1gilag \u00e9s katonailag sokkal ellen\u00e1ll\u00f3bbnak bizonyult, mint a piacok 2022-ben v\u00e1rt\u00e1k.<\/strong> A GDP 2023-ban 5.3%-ot n\u0151tt, a mez\u0151gazdas\u00e1gi export nem \u00e1llt le, a telekommunik\u00e1ci\u00f3s h\u00e1l\u00f3zatok m\u0171k\u00f6dnek, az e-kereskedelem b\u0151v\u00fcl. <strong>M\u00e1sodszor: Ukrajna egyes orsz\u00e1gr\u00e9szei teljesen m\u00e1s lehet\u0151s\u00e9geket rejtenek. <\/strong> Ukrajna keleti \u00e9s d\u00e9li r\u00e9szei akt\u00edv frontvonal-k\u00f6zeli ter\u00fcletek, ezzel szemben a nyugati r\u00e9gi\u00f3k (Lviv, Vinnycja, Khmelnytskyi, Ternopil) \u00f6sszehasonl\u00edthatatlanul kevesebbet szenvedtek a k\u00f6zvetlen katonai puszt\u00edt\u00e1st\u00f3l. <strong>Harmadszor: az \u00fajj\u00e1\u00e9p\u00edt\u00e9si opci\u00f3 aszimmetrikus. <\/strong>B\u00e1rmilyen tart\u00f3s t\u0171zsz\u00fcnet vagy b\u00e9ket\u00e1rgyal\u00e1sos meg\u00e1llapod\u00e1s ezeknek a r\u00e9szv\u00e9nyeknek az \u00e1r\u00e1t azonnal \u00e9s massz\u00edvan \u00fajra\u00e1razn\u00e1, ez az upside, amit a jelenlegi \u00e9rt\u00e9kelts\u00e9gek egy\u00e1ltal\u00e1n nem t\u00fckr\u00f6znek \u00e9s nyilv\u00e1n a nyugati ter\u00fcleteken m\u0171k\u00f6d\u0151 c\u00e9geknek ebben is el\u0151nye lesz.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udccc Gyakorlatban:<\/strong> a rak\u00e9tat\u00e1mad\u00e1sok az energiainfrastrukt\u00far\u00e1t c\u00e9lozz\u00e1k szerte az orsz\u00e1gban, ez minden ukr\u00e1n v\u00e1llalatn\u00e1l emeli az \u00fczemeltet\u00e9si k\u00f6lts\u00e9geket (gener\u00e1torok, akkumul\u00e1toros tartal\u00e9k, alternat\u00edv energiaforr\u00e1sok). De ez m\u00e1r be\u00e1razott kock\u00e1zat, ami a sz\u00e1mokban is megjelenik. Az igazi k\u00e9rd\u00e9s az, hogy a v\u00e1llalat \u00fczleti modellje el\u00e9g rugalmas-e ahhoz, hogy ezeket a t\u00f6bbletk\u00f6lts\u00e9geket kezelje. A m\u00e1sik lehet\u0151s\u00e9g az, hogyha a c\u00e9g a teljes infrastrukt\u00farj\u00e1t, illetve a munkav\u00e1llal\u00f3it is k\u00fclf\u00f6ldre k\u00f6lt\u00f6zteti, \u00edgy tett p\u00e9ld\u00e1ul az EPAM, ahogy azt k\u00e9s\u0151bb l\u00e1tni fogj\u00e1tok.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-default\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">1. \ud83d\udce1 Top 3 ukr\u00e1n r\u00e9szv\u00e9ny: Kyivstar (KYIV): digit\u00e1lis monopolista h\u00e1bor\u00fas k\u00f6rnyezetben<\/h2>\n\n\n\n<!-- TradingView Widget BEGIN -->\n<div class=\"tradingview-widget-container\">\n  <div class=\"tradingview-widget-container__widget\"><\/div>\n  <div class=\"tradingview-widget-copyright\"><a href=\"https:\/\/www.tradingview.com\/?aff_id=155122\" rel=\"noopener nofollow\" target=\"_blank\"><span class=\"blue-text\">A Kyivstar ukr\u00e1n r\u00e9szv\u00e9ny \u00e1rfolyama a Tradingview platformj\u00e1n<\/span><\/a><\/div>\n  <script type=\"text\/javascript\" src=\"https:\/\/s3.tradingview.com\/external-embedding\/embed-widget-symbol-overview.js\" async>\n  {\n  \"lineWidth\": 2,\n  \"lineType\": 0,\n  \"chartType\": \"area\",\n  \"fontColor\": \"rgb(106, 109, 120)\",\n  \"gridLineColor\": \"rgba(46, 46, 46, 0.06)\",\n  \"volumeUpColor\": \"rgba(34, 171, 148, 0.5)\",\n  \"volumeDownColor\": \"rgba(247, 82, 95, 0.5)\",\n  \"backgroundColor\": \"#ffffff\",\n  \"widgetFontColor\": \"#0F0F0F\",\n  \"upColor\": \"#22ab94\",\n  \"downColor\": \"#f7525f\",\n  \"borderUpColor\": \"#22ab94\",\n  \"borderDownColor\": \"#f7525f\",\n  \"wickUpColor\": \"#22ab94\",\n  \"wickDownColor\": \"#f7525f\",\n  \"colorTheme\": \"light\",\n  \"isTransparent\": false,\n  \"locale\": \"en\",\n  \"chartOnly\": false,\n  \"scalePosition\": \"right\",\n  \"scaleMode\": \"Normal\",\n  \"fontFamily\": \"-apple-system, BlinkMacSystemFont, Trebuchet MS, Roboto, Ubuntu, sans-serif\",\n  \"valuesTracking\": \"1\",\n  \"changeMode\": \"price-and-percent\",\n  \"symbols\": [\n    [\n      \"NASDAQ:KYIV|60M\"\n    ]\n  ],\n  \"dateRanges\": [\n    \"1d|1\",\n    \"1m|30\",\n    \"3m|60\",\n    \"12m|1D\",\n    \"60m|1W\",\n    \"all|1M\"\n  ],\n  \"fontSize\": \"10\",\n  \"headerFontSize\": \"medium\",\n  \"autosize\": false,\n  \"width\": \"100%\",\n  \"height\": 400,\n  \"noTimeScale\": false,\n  \"hideDateRanges\": false,\n  \"hideMarketStatus\": false,\n  \"hideSymbolLogo\": false\n}\n  <\/script>\n<\/div>\n<!-- TradingView Widget END -->\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A Kyivstar Ukrajna vezet\u0151 mobilh\u00e1l\u00f3zat-\u00fczemeltet\u0151je \u00e9s egyre ink\u00e1bb digit\u00e1lis platformja: k\u00f6zel 22 milli\u00f3 mobilel\u0151fizet\u0151vel \u00e9s 1.2 milli\u00f3 sz\u00e9less\u00e1vot haszn\u00e1l\u00f3 \u00fcgyf\u00e9llel az orsz\u00e1g telekommunik\u00e1ci\u00f3s piac\u00e1nak mintegy fel\u00e9t uralja.<\/strong> 2025 december\u00e9ben els\u0151k\u00e9nt list\u00e1z\u00f3dott ukr\u00e1n c\u00e9gk\u00e9nt a Nasdaq t\u0151zsd\u00e9n (ticker: KYIV), ez \u00f6nmag\u00e1ban is a int\u00e9zm\u00e9nyi befektet\u0151i bizalom meger\u0151s\u00edt\u00e9se. A kibocs\u00e1t\u00e1st Morgan Stanley, Barclays \u00e9s Rothschild vezette. Az utols\u00f3 negyed\u00e9v adatainak a bemutat\u00f3j\u00e1t itt \u00e9ritek el: <a href=\"https:\/\/investors.kyivstar.ua\/news-events\/presentations\" target=\"_blank\" rel=\"noreferrer noopener\">prezent\u00e1ci\u00f3k<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszveny-kyivstar-drawdown-1024x576.jpg.webp\" alt=\"a top 3 ukr\u00e1n r\u00e9szv\u00e9ny egyikre: a Kyivstar \u00e1rfolyam\u00e1nak visszaes\u00e9se\" class=\"wp-image-11234 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszveny-kyivstar-drawdown-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszveny-kyivstar-drawdown-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszveny-kyivstar-drawdown-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszveny-kyivstar-drawdown-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszveny-kyivstar-drawdown-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszveny-kyivstar-drawdown-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: &nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a top 3 ukr\u00e1n r\u00e9szv\u00e9ny egyikre: a Kyivstar \u00e1rfolyam\u00e1nak visszaes\u00e9se<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Fontos megjegyezni: <strong>a Kyivstar a le\u00e1nyv\u00e1llalat, m\u00edg a VEON holding (Nasdaq: VEON) az <strong>anyac\u00e9g,<\/strong> <\/strong>amely Pakiszt\u00e1nban, Kazahszt\u00e1nban, Bangladesben \u00e9s \u00dczbegiszt\u00e1nban is m\u0171k\u00f6dtet telk\u00f3kat. Aki teh\u00e1t a Kyivstarra fogad, azt megteheti k\u00f6zvetlen\u00fcl (KYIV ticker), vagy k\u00f6zvetve az anyac\u00e9gen kereszt\u00fcl (VEON ticker), mindk\u00e9t r\u00e9szv\u00e9ny el\u00e9rhet\u0151 IBKR-en.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszveny-veon-drawdoen-1-1024x576.jpg.webp\" alt=\"a top 3 ukr\u00e1n r\u00e9szv\u00e9ny k\u00f6z\u00fcl a Kyivstar holdingc\u00e9g\u00e9nek, a VEON-nak az \u00e1rfolyam\u00e1nak visszaes\u00e9se\" class=\"wp-image-11236 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszveny-veon-drawdoen-1-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszveny-veon-drawdoen-1-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszveny-veon-drawdoen-1-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszveny-veon-drawdoen-1-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszveny-veon-drawdoen-1-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/ukran-reszveny-veon-drawdoen-1-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: &nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a top 3 ukr\u00e1n r\u00e9szv\u00e9ny k\u00f6z\u00fcl a Kyivstar holdingc\u00e9g\u00e9nek, a VEON-nak az \u00e1rfolyam\u00e1nak visszaes\u00e9se<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A p\u00e9nz\u00fcgyi teljes\u00edtm\u00e9ny meggy\u0151z\u0151: a 2025-\u00f6s \u00e1rbev\u00e9tel ~1.16 milli\u00e1rd USD-re n\u0151tt (+25% \u00e9ves n\u00f6veked\u00e9s), az EBITDA-marzs ~48% k\u00f6r\u00fcl alakult. Ez nem egy stagn\u00e1l\u00f3 infrastrukt\u00fara-\u00fczemeltet\u0151, ez egy akt\u00edvan terjeszked\u0151 digit\u00e1lis platform. A k\u00f6zvetlen digit\u00e1lis bev\u00e9telek 2025-ben t\u00f6bb mint 500%-ot n\u0151ttek az Uklon (szem\u00e9lyi fuvaroz\u00e1s, mint az Uber) felv\u00e1s\u00e1rl\u00e1sa \u00e9s a Helsi (elektronikus eg\u00e9szs\u00e9g\u00fcgyi platform) terjeszked\u00e9se nyom\u00e1n. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-margins-1024x576.jpg.webp\" alt=\"a Kyivstar marzsai\" class=\"wp-image-11244 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-margins-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-margins-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-margins-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-margins-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-margins-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-margins-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: &nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a Kyivstar marzsai<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A multiplay \u00fcgyfelek, akik legal\u00e1bb egy digit\u00e1lis szolg\u00e1ltat\u00e1st is ig\u00e9nybe vesznek a mobilkapcsolat mell\u00e9, sz\u00e1ma meghaladta a 6.6 milli\u00f3t, az akt\u00edv mobilb\u00e1zis k\u00f6zel 32%-\u00e1t t\u00e9ve ki. A Kyivstar l\u00e9nyeg\u00e9ben az ukr\u00e1n piacon monopol helyzetben van. L\u00e9nyeges, hogy mivel a helyzet gyorsan v\u00e1ltozik, ez\u00e9rt \u00e9rdemes a negyed\u00e9ves sz\u00e1mokat n\u00e9zni az \u00e9vesek helyett.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-bevetel-1-1024x576.jpg.webp\" alt=\"a top 3 ukr\u00e1n r\u00e9szv\u00e9ny k\u00f6z\u00fcl a Kyivstar bev\u00e9tele \u00e9s profitja\" class=\"wp-image-11241 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-bevetel-1-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-bevetel-1-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-bevetel-1-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-bevetel-1-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-bevetel-1-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-bevetel-1-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: &nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a top 3 ukr\u00e1n r\u00e9szv\u00e9ny k\u00f6z\u00fcl a Kyivstar bev\u00e9tele \u00e9s profitja<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Ami a m\u00e9rleget illeti: <strong>a Kyivstar ~456 milli\u00f3 USD cash-sel rendelkezik, \u00e9s minim\u00e1lis nett\u00f3 ad\u00f3ss\u00e1ggal, ami nem m\u00e1s mint a k\u00e9szp\u00e9nz \u00e9s a teljes ad\u00f3ss\u00e1g k\u00fcl\u00f6nbs\u00e9ge.<\/strong> Egy telcohoz k\u00e9pest ez rendk\u00edv\u00fcl j\u00f3 min\u0151s\u00e9g\u0171 m\u00e9rlegnek sz\u00e1m\u00edt, az eur\u00f3pai t\u00e1rsak jellemz\u0151en elad\u00f3sodottabbak, az amerikai t\u00e1rsair\u00f3l, AT&amp;T \u00e9s a Verizon, meg ne is besz\u00e9lj\u00fcnk.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-cash-debt-1024x576.jpg.webp\" alt=\" Kyivstar ad\u00f3ss\u00e1ga \u00e9s k\u00e9szp\u00e9nze\" class=\"wp-image-11242 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-cash-debt-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-cash-debt-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-cash-debt-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-cash-debt-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-cash-debt-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-cash-debt-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: &nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a top 3 ukr\u00e1n r\u00e9szv\u00e9ny k\u00f6z\u00fcl a Kyivstar ad\u00f3ss\u00e1ga \u00e9s k\u00e9szp\u00e9nze<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udccc Gyakorlatban:<\/strong> a Kyivstar \u00fczleti modellje rendelkezik a compounderek egyik legfontosabb tulajdons\u00e1g\u00e1val: ragad\u00f3s, el\u0151fizet\u00e9ses alap\u00fa bev\u00e9tellel \u00e9s a magas kapcsol\u00e1si k\u00f6lts\u00e9ggel. Ha valakinek 27 \u00e9ve ugyanaz a telefonsz\u00e1ma, neh\u00e9z elhagyni a szolg\u00e1ltat\u00f3t. Az infrastrukt\u00fara egyszerre versenyel\u0151ny \u00e9s bel\u00e9p\u00e9si korl\u00e1t: senki nem \u00e9p\u00edt egy m\u00e1sik, p\u00e1rhuzamos mobilh\u00e1l\u00f3zatot h\u00e1bor\u00fas k\u00f6r\u00fclm\u00e9nyek k\u00f6z\u00f6tt. Az Uklon \u00e9s a Helsi felv\u00e1s\u00e1rl\u00e1s\u00e1val r\u00e1ad\u00e1sul olyan digit\u00e1lis \u00f6kosziszt\u00e9ma form\u00e1l\u00f3dik, amelynek \u00e9rt\u00e9k\u00e9t a piac egyel\u0151re nem \u00e1razta be a puszta telko-szorz\u00f3kba.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\ud83d\udc02 Bik\u00e1k mondj\u00e1k<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Az \u00e9rt\u00e9kelts\u00e9g alacsony (b\u00e1r m\u00e1rciusban sokkal jobb volt): az EV\/EBITDA forward alapon ~4.5x, a P\/FCF ~9.7x, ezek a szorz\u00f3k egy 20%-ot n\u00f6vekv\u0151, ad\u00f3ss\u00e1gmentes, monopol helyzetben l\u00e9v\u0151 v\u00e1llalatn\u00e1l nevets\u00e9gesen alacsonyak. Az energiainfrastrukt\u00fara elleni rak\u00e9tat\u00e1mad\u00e1sok az eg\u00e9sz orsz\u00e1got \u00e9rintik, de a Kyivstar decentraliz\u00e1lt mobilh\u00e1l\u00f3zata sokkal nehezebben c\u00e9lozhat\u00f3 c\u00e9lpont, mint egy gy\u00e1r vagy egy v\u00edzer\u0151m\u0171, de az\u00e9rt nem is lehetetlen. A digit\u00e1lis platform ir\u00e1ny\u00e1ba val\u00f3 elmozdul\u00e1s (ridehailing, e-health, enterprise cloud) val\u00f3di n\u00f6veked\u00e9si motort adhat a hagyom\u00e1nyos telko-\u00fczletmodell mell\u00e9. <strong>B\u00e1rmilyen b\u00e9ket\u00e1rgyal\u00e1sos fejlem\u00e9ny a geopolitikai kock\u00e1zati pr\u00e9mium elt\u0171n\u00e9s\u00e9vel azonnal \u00fajra\u00e1razhatja a r\u00e9szv\u00e9nyt.<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\ud83d\udc3b Medv\u00e9k mondj\u00e1k<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">A VEON holding 80%+ tulajdonos marad a list\u00e1z\u00e1s ut\u00e1n is. <strong>Ez a kisebbs\u00e9gi r\u00e9szv\u00e9nyesknek azt jelenti, hogy a t\u0151keallok\u00e1ci\u00f3s d\u00f6nt\u00e9sek nem az \u0151 kez\u00fckben vannak. <\/strong>Ha a VEON p\u00e9nzt akar kih\u00fazni v\u00e1llalatok k\u00f6z\u00f6tti tranzakci\u00f3kon kereszt\u00fcl, a kisebbs\u00e9gi befektet\u0151 ezt nem tudja megakad\u00e1lyozni. A hrivnya \u00e1rfolyam-kock\u00e1zata val\u00f3s vesz\u00e9ly: a bev\u00e9telek UAH-ban keletkeznek, a reporting USD-ben zajlik, \u00e9s a devizavesztes\u00e9g 2024-ben 81 milli\u00f3 USD-t tett ki, ami durv\u00e1n 7%-a a bev\u00e9telnek. A r\u00e9szv\u00e9ny likvidit\u00e1sa alacsony, az \u00e1rfolyamgrafikon rendk\u00edv\u00fcli volatilit\u00e1st mutat, ami egy sz\u0171k float k\u00f6vetkezm\u00e9nye. A t\u0151keintenzit\u00e1s 19\u201321% k\u00f6r\u00fcli, ami meglehet\u0151sen magas.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-roic-roce-1024x576.jpg.webp\" alt=\"a Kyivstar ROIC \u00e9s ROCE \u00e9rt\u00e9ke \u00e9s t\u0151keintenzit\u00e1sa\" class=\"wp-image-11246 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-roic-roce-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-roic-roce-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-roic-roce-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-roic-roce-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-roic-roce-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Kyivstar_PJSC_KYIV-roic-roce-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: &nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a Kyivstar ROIC \u00e9s ROCE \u00e9rt\u00e9ke \u00e9s t\u0151keintenzit\u00e1sa<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udccc Gyakorlatban:<\/strong> a Kyivstar az ukr\u00e1n r\u00e9szv\u00e9nyek k\u00f6z\u00f6tt tal\u00e1n a legk\u00e9zenfekv\u0151bb &#8222;fogad\u00e1s&#8221; a k\u00e9s\u0151bbi r\u00e9szv\u00e9ny\u00e1r felpattan\u00e1sra: monopolisztikus h\u00e1l\u00f3zat, el\u0151fizet\u00e9ses modell, digit\u00e1lis terjeszked\u00e9s, Nasdaq-list\u00e1z\u00e1s. Nem v\u00e9letlen, hogy Morgan Stanley, Barclays \u00e9s Rothschild vezette a r\u00e9szv\u00e9nykibocs\u00e1t\u00e1st. A fent eml\u00edtett kock\u00e1zatok re\u00e1lisak, de az \u00fczleti modell val\u00f3sz\u00edn\u0171leg az egyik legellen\u00e1ll\u00f3bb az orsz\u00e1g bels\u0151 konfliktus\u00e1val szemben. Egy dolgot viszont \u00e9rdemes \u00e9szben tartani: <strong>ukr\u00e1n r\u00e9szv\u00e9nyekbe fektetni egyfajta geopolitikai opci\u00f3v\u00e1s\u00e1rl\u00e1s fundament\u00e1lis alapon. <\/strong>Ha nem j\u00f6n be, nagyot lehet bukni, b\u00e1r szerintem ez a kock\u00e1zat lefele korl\u00e1tos, felfele pedig ki tudja, meddig mehet, de a poz\u00edci\u00f3 m\u00e9retez\u00e9s\u00e9n\u00e9l ezt figyelembe kell venni.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Van tov\u00e1bb\u00e1 egy szem\u00e9lyes megfigyel\u00e9sem a holding v\u00e1llalatokkal kapcsolatban: <strong>a benne l\u00e9v\u0151 r\u00e9szesed\u00e9st nem lehet \u00f6n\u00e1ll\u00f3an kezelni, akkor sem, ha egy\u00e9bk\u00e9nt azt k\u00fcl\u00f6n r\u00e9szv\u00e9nyk\u00e9nt jegyzik.<\/strong> P\u00e9ld\u00e1ul az Exor NV \u00e9rt\u00e9k\u00e9nek a nagy r\u00e9sz\u00e9t hi\u00e1ba teszi ki a Ferrari, att\u00f3l m\u00e9g ez onnan nem kivonhat\u00f3, mint ahogy a Berkshire Hathaway-b\u0151l sem csak a Coca Cola-t \u00e9s az Apple-t kapj\u00e1k meg a befektet\u0151k. A Kyivstar viszont legal\u00e1bb k\u00fcl\u00f6n is adhat\u00f3-vehet\u0151, an\u00e9lk\u00fcl, hogy a VEON-t meg kellene vennetek, ett\u0151l m\u00e9g az er\u0151forr\u00e1sait az anyav\u00e1llalat b\u00e1rmikor elsz\u00edvhatja, p\u00e9ld\u00e1ul a saj\u00e1t vesztes\u00e9geinek a fedez\u00e9s\u00e9re. Persze nem t\u00fal val\u00f3sz\u00edn\u0171, hogy lev\u00e1gja a saj\u00e1t aranytoj\u00e1st toj\u00f3 ty\u00fakj\u00e1t, de l\u00e1ttunk m\u00e1r a t\u0151zsd\u00e9n csod\u00e1kat.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">2. \ud83d\udc14 Top 3 ukr\u00e1n r\u00e9szv\u00e9ny: MHP (LSE: MHPC), Eur\u00f3pa csirkegy\u00e1ra<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Az MHP a vil\u00e1g 8. legnagyobb baromfitermel\u0151je \u00e9s Eur\u00f3pa legnagyobb csirke-export\u0151re. Ukrajna 54%-os baromfipiac\u00e1n domin\u00e1ns szerepl\u0151, de az igazi sztori a vertik\u00e1lis integr\u00e1ci\u00f3 \u00e9s a n\u00f6vekv\u0151 nyugat-eur\u00f3pai jelenl\u00e9t: a gabonatermeszt\u00e9st\u0151l a takarm\u00e1nygy\u00e1rt\u00e1son \u00e9s a baromfiteny\u00e9szt\u00e9sen \u00e1t a v\u00e1g\u00f3h\u00eddt\u00f3l a fogyaszt\u00f3i csomagolt term\u00e9kig mindent saj\u00e1t kez\u00e9ben tart. Ez a modell egy lengyel versenyt\u00e1rst\u00f3l lehet ismer\u0151s, a Dino Polska hasonl\u00f3 dolgot csin\u00e1l az FMCG piacon bel\u00fcl a saj\u00e1t bolth\u00e1l\u00f3zat\u00e1val.<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-be-gyaz-s wp-block-embed-be-gyaz-s\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"etGZOaLHi0\"><a href=\"https:\/\/iocharts.io\/blog\/dino-polska-s-a-reszvenyelemzese-wse-dnp-adr-dnopy\/\">Dino Polska (WSE:DNP \/ DNOPY) r\u00e9szv\u00e9ny elemz\u00e9s &#8211; Sp\u00f3rol\u00f3san<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Dino Polska (WSE:DNP \/ DNOPY) r\u00e9szv\u00e9ny elemz\u00e9s &#8211; Sp\u00f3rol\u00f3san&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/dino-polska-s-a-reszvenyelemzese-wse-dnp-adr-dnopy\/embed\/#?secret=Tx6oaiYvrH#?secret=etGZOaLHi0\" data-secret=\"etGZOaLHi0\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A termel\u0151kapacit\u00e1sok d\u00f6nt\u0151 t\u00f6bbs\u00e9ge Ukrajna k\u00f6z\u00e9p-nyugati r\u00e9gi\u00f3iban, Vinnycja, Kirovohrad, Poltava, helyezkedik el. Ez geopolitikailag ide\u00e1lis elhelyezked\u00e9st jelent: az orsz\u00e1g legink\u00e1bb \u00e9rintett keleti \u00e9s d\u00e9li ter\u00fcleteit\u0151l messze. A c\u00e9g emellett saj\u00e1t biogazdas\u00e1gi komplexumot \u00fczemeltet, alternat\u00edv energiaforr\u00e1sokba fektet, \u00e9s a h\u00e1bor\u00fas energiakitetts\u00e9get akt\u00edvan kezeli.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_price-1024x576.jpg.webp\" alt=\"a m\u00e1suk ukr\u00e1n r\u00e9szv\u00e9ny, az MHP \u00e1rfolyamemelked\u00e9se\" class=\"wp-image-11262 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_price-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_price-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_price-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_price-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_price-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_price-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: &nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a m\u00e1sodik ukr\u00e1n r\u00e9szv\u00e9ny, az MHP \u00e1rfolyamemelked\u00e9se<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A 2025-\u00f6s p\u00e9nz\u00fcgyi teljes\u00edtm\u00e9ny: 3.76 milli\u00e1rd USD \u00e1rbev\u00e9tel (+23.6%), EBITDA 635 milli\u00f3 USD (+24%), EBITDA-margin ~17%-ra javult. A piaci kapitaliz\u00e1ci\u00f3 ~1.04 milli\u00e1rd USD, az \u00e1rbev\u00e9tel harmad\u00e1n se forog a c\u00e9g a t\u0151zsd\u00e9n, ami historikusan alacsony szorz\u00f3t jelent.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-bevetel-1024x576.jpg.webp\" alt=\"a m\u00e1sik ukr\u00e1n r\u00e9szv\u00e9ny, az MHP bev\u00e9tele\" class=\"wp-image-11263 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-bevetel-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-bevetel-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-bevetel-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-bevetel-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-bevetel-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-bevetel-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: &nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a m\u00e1sodik ukr\u00e1n r\u00e9szv\u00e9ny, az MHP bev\u00e9tele<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A skin in the game t\u00e9ren az MHP er\u0151s: <strong>Yuriy Kosyuk alap\u00edt\u00f3-eln\u00f6k a c\u00e9g els\u0151 sz\u00e1m\u00fa r\u00e9szv\u00e9nyese a WTI Trading Limited-en kereszt\u00fcl, <\/strong>\u00e9s 2024-ben a sza\u00fadi \u00e1llami SALIC szerzett 12.6%-os r\u00e9szesed\u00e9st, ez jelz\u00e9s arra, hogy h\u00e1bor\u00fas id\u0151ben is kapott k\u00fcls\u0151 befektet\u0151t a v\u00e1llalat. A nyugat-eur\u00f3pai terjeszked\u00e9sben szint\u00e9n akt\u00edv az MHP: 2019-ben felv\u00e1s\u00e1rolta a szlov\u00e9n Perutnina Ptujt (Balk\u00e1n vezet\u0151 baromfiprocesszora), 2025-ben pedig a spanyol Uves\u00e1t \u00e9s a Payan Hermanost, ezzel bel\u00e9pve a spanyol piacra, ~10%-os piaci r\u00e9szesed\u00e9ssel.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-margins-1024x576.jpg.webp\" alt=\"\" class=\"wp-image-11264 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-margins-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-margins-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-margins-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-margins-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-margins-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-margins-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: &nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a m\u00e1sodik ukr\u00e1n r\u00e9szv\u00e9ny, az MHP marzsai<\/figcaption><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">\ud83d\udc02 Bik\u00e1k mondj\u00e1k<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">A vertik\u00e1lis integr\u00e1ci\u00f3 struktur\u00e1lisan alacsony t\u0151kek\u00f6lts\u00e9get biztos\u00edt: az MHP nem f\u00fcgg k\u00fcls\u0151 takarm\u00e1nyoz\u00f3, feldolgoz\u00f3 vagy logisztikai partnerekt\u0151l, az inkrement\u00e1lis kapacit\u00e1sb\u0151v\u00edt\u00e9s hat\u00e9konyan sk\u00e1l\u00e1zhat\u00f3. Az eur\u00f3pai feh\u00e9rje-kereslet struktur\u00e1lisan n\u00f6vekv\u0151 trendet mutat, \u00e9s az MHP alacsony termel\u00e9si k\u00f6lts\u00e9ggel versenyez a nyugat-eur\u00f3pai termel\u0151kkel szemben. A sza\u00fadi SALIC befektet\u00e9se azt jelzi, hogy a glob\u00e1lis t\u0151ke alacsony \u00e9rt\u00e9kelts\u00e9g mellett l\u00e1t \u00e9rt\u00e9ket ebben a r\u00e9szv\u00e9nyben. Az EU-piaci kv\u00f3t\u00e1k 2025 j\u00fanius\u00e1t\u00f3l lazultak, ami megnyitotta a kaput a megn\u00f6vekedett exportvolumen el\u0151tt.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\ud83d\udc3b Medv\u00e9k mondj\u00e1k<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">A munkaer\u0151hi\u00e1ny re\u00e1lis probl\u00e9ma:<strong> t\u00f6bb mint 3000 alkalmazottat h\u00edvtak be katonai szolg\u00e1latra, ami a 30 ezres l\u00e9tsz\u00e1m 10%-a. <\/strong>A h\u00e1bor\u00faval \u00f6sszef\u00fcgg\u0151 t\u00f6bbletk\u00f6lts\u00e9gek (gener\u00e1torok, biztons\u00e1g, logisztika) \u00e9vr\u0151l \u00e9vre emelkednek. Az LSE-list\u00e1z\u00e1s alacsony likvidit\u00e1sa jelenti a m\u00e1sik akad\u00e1lyt: a GDR (mint az USA-ban az ADR) form\u00e1ban kereskedhet\u0151 r\u00e9szv\u00e9ny spreadje magas. Az EU-exportkv\u00f3t\u00e1k szab\u00e1lyoz\u00e1sa politikailag f\u00fcgg\u0151s\u00e9get jelent, amire a v\u00e1llalatnak nincs kihat\u00e1sa.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-ROIC-ROCE-1024x576.jpg.webp\" alt=\"\" class=\"wp-image-11265 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-ROIC-ROCE-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-ROIC-ROCE-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-ROIC-ROCE-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-ROIC-ROCE-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-ROIC-ROCE-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/MHP_SE_MHPC-ROIC-ROCE-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: &nbsp;<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a m\u00e1sodik ukr\u00e1n r\u00e9szv\u00e9ny, az MHP \u00e9rt\u00e9kteremt\u00e9se<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udccc Gyakorlatban:<\/strong> Az MHP egy bizony\u00edtott, vertik\u00e1lisan integr\u00e1lt agr\u00e1rbiznisz, amely az eur\u00f3pai \u00e9s k\u00f6zel-keleti piacokon egyre er\u0151sebb poz\u00edci\u00f3t \u00e9p\u00edt. A Balk\u00e1n\u2013Spanyolorsz\u00e1g\u2013Ukrajna h\u00e1romsz\u00f6g a h\u00e1bor\u00faval szemben r\u00e9szben rezisztens diverzifik\u00e1ci\u00f3t k\u00edn\u00e1l. Viszont az \u00e1rfolyam m\u00e1r magasabb, mint a h\u00e1bor\u00fa el\u0151tti, ami azt jelenti, hogy ezt a v\u00e1llalatot nem igaz\u00e1n &#8222;ukrajnai&#8221; c\u00e9gk\u00e9nt kezeli a piac, hanem egy j\u00f3l diverzifik\u00e1lt, t\u00f6bb k\u00fclf\u00f6ldi piacon is szerepl\u0151 konglomer\u00e1tumk\u00e9nt, ami igaz is. <strong>Ennek ellen\u00e9re a fundamentumok sz\u00e9pen lek\u00f6vett\u00e9k az \u00e1rfolyamemelked\u00e9st, \u00edgy m\u00e9g most is olcs\u00f3 az MHP.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Viszont, az MHP t\u00e1maszkodik legink\u00e1bb fizikai eszk\u00f6z\u00f6kre az \u00f6sszes vizsg\u00e1lt r\u00e9szv\u00e9ny k\u00f6z\u00fcl: nem platform, nem szoftver, hanem fizikai termel\u00e9s, \u00e9rt\u00e9kes\u00edt\u00e9s, export. Nem is nagyon teremt a t\u0151kek\u00f6lts\u00e9ge felett \u00e9rt\u00e9ket: a baromfipiac sosem a nagy marzsokr\u00f3l \u00e9s az er\u0151s k\u00e9szp\u00e9nztermel\u0151 k\u00e9pess\u00e9gekr\u0151l sz\u00f3lt. Aki a portf\u00f3li\u00f3j\u00e1ban szeretne ukr\u00e1n re\u00e1lgazdas\u00e1gi kitetts\u00e9get, \u00e9s elfogadja az LSE-s likvidit\u00e1si korl\u00e1tokat, annak ez az egyik legjobb opci\u00f3. A c\u00e9g nem fog \u00f6sszeomlani, ha a b\u00e9ket\u00e1rgyal\u00e1sok elh\u00faz\u00f3dnak, de az igazi \u00fajra\u00e1raz\u00e1si kataliz\u00e1tor \u00e9pp a geopolitikai enyh\u00fcl\u00e9s lenne ebben az esetben is.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/wise.com\/invite\/ihpc\/balintzsoltk\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"block-422e8d1b-b21e-472a-bfab-d0409ed62330\">\ud83e\udd2b Top 3 ukr\u00e1n r\u00e9szv\u00e9ny: Astarta (WSE: AST), cukor, sz\u00f3ja \u00e9s m\u00e9lyen alacsony \u00e9rt\u00e9kelts\u00e9g<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"block-5173ec46-64bd-4970-8b95-f9f922069890\"><strong>Ukrajna legnagyobb cukortermel\u0151je \u00e9s egy vertik\u00e1lisan integr\u00e1lt agr\u00e1rholding a vars\u00f3i t\u0151zsd\u00e9n, amelynek \u00e9rt\u00e9kelts\u00e9g\u00e9t a h\u00e1bor\u00fas kock\u00e1zati pr\u00e9mium gyakorlatilag teljesen a padl\u00f3ra k\u00fcldte.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta-arfolyam-1024x576.jpg.webp\" alt=\"a harmadik ukr\u00e1n r\u00e9szv\u00e9ny, az Astarta \u00e1rfolyama\" class=\"wp-image-11272 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta-arfolyam-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta-arfolyam-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta-arfolyam-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta-arfolyam-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta-arfolyam-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta-arfolyam-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: \u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a harmadik ukr\u00e1n r\u00e9szv\u00e9ny, az Astarta \u00e1rfolyama<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"block-7efe99dc-7589-43e8-bb24-d7af70665512\">Az Astarta hat cukorgy\u00e1rat, 220 000 hekt\u00e1r mez\u0151gazdas\u00e1gi f\u00f6ldet, sz\u00f3jabab-feldolgoz\u00f3t, tejgazdas\u00e1got \u00e9s bioenergetikai kapacit\u00e1st birtokol. A vagyon d\u00f6nt\u0151 r\u00e9sze Ukrajna k\u00f6z\u00e9p-nyugati r\u00e9gi\u00f3iban koncentr\u00e1l\u00f3dik, Vinnycja, Khmelnytskyi, Poltava. <strong>Viktor Ivanchyk alap\u00edt\u00f3 \u00e9s vez\u00e9rigazgat\u00f3 1993 \u00f3ta vezeti a c\u00e9get, 41.9%-\u00e1t birtokolja is, \u00e9s a Fairfax Financial (Prem Watsa kanadai befektet\u00e9si holdingja) is r\u00e9szv\u00e9nyes, ez komoly skin in the game jelz\u00e9s mindk\u00e9t oldalon.<\/strong> Az IFC (Vil\u00e1gbank-le\u00e1nyv\u00e1llalat) 40 milli\u00f3 USD-t fektetett be az \u00faj sz\u00f3jafeh\u00e9rje-koncentr\u00e1tum \u00fczembe, ami szint\u00e9n f\u00fcggetlen min\u0151s\u00e9gi befektet\u00e9snek sz\u00e1m\u00edt.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-bevetel-1024x576.jpg.webp\" alt=\"a harmadik ukr\u00e1n r\u00e9szv\u00e9ny, az Astarta bev\u00e9tele\" class=\"wp-image-11270 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-bevetel-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-bevetel-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-bevetel-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-bevetel-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-bevetel-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-bevetel-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: \u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, a harmadik ukr\u00e1n r\u00e9szv\u00e9ny, az Astarta bev\u00e9tele<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"block-7efe99dc-7589-43e8-bb24-d7af70665512\">Az \u00e9rt\u00e9kelts\u00e9g az emelked\u00e9s ellen\u00e9re m\u00e9g nyomott, mint a m\u00e1sik k\u00e9t n\u00e9v eset\u00e9ben: ~384 milli\u00f3 USD piaci kapitaliz\u00e1ci\u00f3, ~525 milli\u00f3 USD \u00e1rbev\u00e9tel mellett, ez 0,6x P\/S szorz\u00f3t jelent. A 2025-\u00f6s nett\u00f3 profit csak 20.7 milli\u00f3 USD volt, az EBITDA 123 milli\u00f3 USD, vagyis cs\u00f6kkentek a sz\u00e1mok az el\u0151z\u0151 \u00e9vhez k\u00e9pest, de ez els\u0151sorban a t\u0151keberuh\u00e1z\u00e1sok miatt van. Mindez ~5.3x EV\/EBITDA-t implik\u00e1l, ami egy mez\u0151gazdas\u00e1gi holdingnak, illetve gyakorlatilag b\u00e1rmilyen v\u00e1llalatnak, el\u00e9gg\u00e9 alacsony \u00e1raz\u00e1st jelent.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"block-254b3514-ccf7-4275-b153-c81ec0d469d6\">\ud83d\udc02 Bik\u00e1k mondj\u00e1k<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"block-d3017732-b74f-43ee-8fba-058189473aee\">Az Astarta a vars\u00f3i t\u0151zsd\u00e9n \u00e9rhet\u0151 el, \u00e9s IBKR-en megv\u00e1s\u00e1rolhat\u00f3, ez az egyik legjobban hozz\u00e1f\u00e9rhet\u0151 ukr\u00e1n agr\u00e1r-r\u00e9szv\u00e9ny. Az IFC-befektet\u00e9s \u00e9s a Fairfax Financial r\u00e9szv\u00e9nytulajdona k\u00e9t f\u00fcggetlen, min\u0151s\u00e9gi jelz\u00e9s arra, hogy a m\u00e9rleg val\u00f3ban szil\u00e1rd \u00e9s a menedzsment megb\u00edzhat\u00f3. A 80 milli\u00f3 USD-s sz\u00f3jafeh\u00e9rje-koncentr\u00e1tum \u00fczem \u00e9s a 76 milli\u00f3 USD-s Khmelnytskyi olajn\u00f6v\u00e9ny-feldolgoz\u00f3 beruh\u00e1z\u00e1sok az \u00fajj\u00e1\u00e9p\u00edt\u00e9si sztorin t\u00fal organikus bev\u00e9teln\u00f6veked\u00e9st is k\u00edn\u00e1lnak. A cukor- \u00e9s sz\u00f3japiacok glob\u00e1lisak, a term\u00e9k export\u00e1lhat\u00f3, az Astarta nem f\u00fcgg kiz\u00e1r\u00f3lag az ukr\u00e1n hazai keresletb\u0151l.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-capex-1024x576.jpg.webp\" alt=\"az Astarta t\u0151keberuh\u00e1z\u00e1sai\" class=\"wp-image-11271 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-capex-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-capex-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-capex-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-capex-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-capex-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-capex-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: \u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az Astarta t\u0151keberuh\u00e1z\u00e1sai<\/figcaption><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"block-84ff41e5-b76b-4b3e-bf29-6020113ebbef\">\ud83d\udc3b Medv\u00e9k mondj\u00e1k<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"block-630097c4-b7ed-48a6-8a3a-a43e63907654\">A cukoripari ciklikuss\u00e1g val\u00f3s kock\u00e1zat: az Astarta saj\u00e1t t\u00f6rt\u00e9nete megmutatta, hogy 2018-19-ben szinte nulla volt a profitabili<mark>t\u00e1s. <\/mark>A vars\u00f3i t\u0151zsd\u00e9re jegyezt\u00e9k be, ahol a likvidit\u00e1sa alacsony, \u00e9s a spread magas. Ezzel kapcsolatban van saj\u00e1t tapasztalatom is ford\u00edtott esetben, a Dino Polska, ami szint\u00e9n lengyel, \u00e9s ADR-k\u00e9nt ker\u00fclt bevezet\u00e9sre az amerikai t\u0151zsd\u00e9re, meglehet\u0151sen illikvid, \u00edgy \u00e9rdemes a lengyel WSE-n megv\u00e1s\u00e1rolni. Ez int\u0151 jel arra n\u00e9zve, hogy az Astarta r\u00e9szv\u00e9nye is hasonl\u00f3an nehezen hozz\u00e1f\u00e9rhet\u0151 lehet. A Poltava r\u00e9gi\u00f3 kitetts\u00e9g egyes eszk\u00f6z\u00f6kn\u00e9l k\u00f6zelebb van a frontvonalakhoz, mint azt befektet\u0151k\u00e9nt szeretn\u00e9tek.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-roic-roce-2-1024x576.jpg.webp\" alt=\"\" class=\"wp-image-11275 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-roic-roce-2-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-roic-roce-2-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-roic-roce-2-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-roic-roce-2-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-roic-roce-2-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/Astarta_Holding_PLC_AST-roic-roce-2-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: \u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az Astarta ROIC, ROCE \u00e9s ROE \u00e9rt\u00e9kei<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"block-8eaa0f5e-54fb-4ea3-a7b3-5638428cb8fc\"><strong>\ud83d\udccc Gyakorlatban:<\/strong> az Astarta az \u00f6sszes vizsg\u00e1lt r\u00e9szv\u00e9ny k\u00f6z\u00fcl a legink\u00e1bb \u201evalue play&#8221; kateg\u00f3ria: minim\u00e1lis \u00e9rt\u00e9kelts\u00e9g, bizony\u00edtott menedzsment, ESG-profil \u00e9s IFC-h\u00e1tt\u00e9r. A ciklikuss\u00e1g (cukor\u00e1rak, sz\u00f3jabab-\u00e1rak) \u00e9s a geopolitikai kock\u00e1zat teljesen val\u00f3s, de ha valaki 3\u20135 \u00e9ves b\u00e9ket\u00e1rgyal\u00e1sos szcen\u00e1ri\u00f3ban gondolkodik, az Astarta a hazai cukor- \u00e9s sz\u00f3japiac dominanci\u00e1j\u00e1val \u00e9s az exportdiverzifik\u00e1ci\u00f3val az ukr\u00e1n \u00fajj\u00e1\u00e9p\u00edt\u00e9si sztori egyik k\u00f6zvetlen haszon\u00e9lvez\u0151je lehet. Viszont, mint minden \u00e1rupiaci r\u00e9szv\u00e9ny, ez is borzalmasan ciklikus \u00e9s nagyon sok olyan hat\u00e1snak van kit\u00e9ve, p\u00e9ld\u00e1ul az id\u0151j\u00e1r\u00e1snak, ami nagyon nehezen tervezhet\u0151.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"block-06eefa12-cbf1-4c59-9db3-7b4576deb8ea\">Az Astarta a legink\u00e1bb t\u00fcrelmes befektet\u0151nek val\u00f3. Nem fog megdupl\u00e1z\u00f3dni egy negyed\u00e9v alatt, de ha az ukr\u00e1n mez\u0151gazdas\u00e1gi szektor \u00fajj\u00e1\u00e9p\u00edt\u00e9si p\u00e1ly\u00e1ra ker\u00fcl, egy 0,6x P\/S-en \u00e1razott, IFC-h\u00e1tter\u0171, alap\u00edt\u00f3vezette agr\u00e1rholding komoly fel\u00e9rt\u00e9kel\u0151d\u00e9si potenci\u00e1lt hordoz. A probl\u00e9m\u00e1m itt is az, ami az MHP eset\u00e9ben: \u00e9rt\u00e9ket igaz\u00e1b\u00f3l hosszabb t\u00e1von nehezen teremt (de az Astarta ebb\u0151l a szempontb\u00f3l kiv\u00e9tel lehet), teh\u00e1t a felpattan\u00e1s ut\u00e1n szinte biztosan kisz\u00e1lln\u00e9k bel\u0151le, ha egy\u00e1ltal\u00e1n venn\u00e9k fel benne poz\u00edci\u00f3t, mert ez nem egy hosszabb t\u00e1von tart\u00e1sra \u00e9rdemes n\u00e9v. <strong>A poz\u00edci\u00f3m\u00e9retez\u00e9sn\u00e9l a ciklikuss\u00e1g \u00e9s a h\u00e1bor\u00fas kock\u00e1zat miatt konzervat\u00edvan \u00e9rdemes gondolkodnotok.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">3. \ud83d\udcbb +1 Titkos tipp: EPAM Systems (NYSE: EPAM), az agyonvert m\u00e9rn\u00f6ki \u00f3ri\u00e1s<\/h3>\n\n\n\n<!-- TradingView Widget BEGIN -->\n<div class=\"tradingview-widget-container\">\n  <div class=\"tradingview-widget-container__widget\"><\/div>\n  <div class=\"tradingview-widget-copyright\"><a href=\"https:\/\/www.tradingview.com\/?aff_id=155122\" rel=\"noopener nofollow\" target=\"_blank\"><span class=\"blue-text\">Az EPAM ukr\u00e1n r\u00e9szv\u00e9ny \u00e1rfolyama a Tradingview platformj\u00e1n<\/span><\/a><\/div>\n  <script type=\"text\/javascript\" src=\"https:\/\/s3.tradingview.com\/external-embedding\/embed-widget-symbol-overview.js\" async>\n  {\n  \"lineWidth\": 2,\n  \"lineType\": 0,\n  \"chartType\": \"area\",\n  \"fontColor\": \"rgb(106, 109, 120)\",\n  \"gridLineColor\": \"rgba(46, 46, 46, 0.06)\",\n  \"volumeUpColor\": \"rgba(34, 171, 148, 0.5)\",\n  \"volumeDownColor\": \"rgba(247, 82, 95, 0.5)\",\n  \"backgroundColor\": \"#ffffff\",\n  \"widgetFontColor\": \"#0F0F0F\",\n  \"upColor\": \"#22ab94\",\n  \"downColor\": \"#f7525f\",\n  \"borderUpColor\": \"#22ab94\",\n  \"borderDownColor\": \"#f7525f\",\n  \"wickUpColor\": \"#22ab94\",\n  \"wickDownColor\": \"#f7525f\",\n  \"colorTheme\": \"light\",\n  \"isTransparent\": false,\n  \"locale\": \"en\",\n  \"chartOnly\": false,\n  \"scalePosition\": \"right\",\n  \"scaleMode\": \"Normal\",\n  \"fontFamily\": \"-apple-system, BlinkMacSystemFont, Trebuchet MS, Roboto, Ubuntu, sans-serif\",\n  \"valuesTracking\": \"1\",\n  \"changeMode\": \"price-and-percent\",\n  \"symbols\": [\n    [\n      \"NYSE:EPAM|60M\"\n    ]\n  ],\n  \"dateRanges\": [\n    \"1d|1\",\n    \"1m|30\",\n    \"3m|60\",\n    \"12m|1D\",\n    \"60m|1W\",\n    \"all|1M\"\n  ],\n  \"fontSize\": \"10\",\n  \"headerFontSize\": \"medium\",\n  \"autosize\": false,\n  \"width\": \"100%\",\n  \"height\": 400,\n  \"noTimeScale\": false,\n  \"hideDateRanges\": false,\n  \"hideMarketStatus\": false,\n  \"hideSymbolLogo\": false\n}\n  <\/script>\n<\/div>\n<!-- TradingView Widget END -->\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Az EPAM Systems form\u00e1lisan nem ukr\u00e1n r\u00e9szv\u00e9ny, pennsylvaniai sz\u00e9khely\u0171, NYSE-list\u00e1zott, USD-ben jegyzett pap\u00edr. <\/strong>De belarusz-ukr\u00e1n alap\u00edt\u00e1s\u00fa m\u00e9rn\u00f6ki kult\u00far\u00e1ja, a 2022-es \u00f6sszeoml\u00e1sig Kelet-Eur\u00f3p\u00e1ban koncentr\u00e1lt sz\u00e1ll\u00edt\u00e1si b\u00e1zisa, \u00e9s az az\u00f3ta is tart\u00f3, geopolitikai okokra visszavezethet\u0151 nyomott \u00e1rfolyam teszi relev\u00e1nss\u00e1 ebben a list\u00e1ban. 2021 november\u00e9ig az EPAM egyike volt a piac legjobb compounder-r\u00e9szv\u00e9nyeinek: <strong>a 2012-es IPO ut\u00e1ni t\u00edz \u00e9vben k\u00f6zel 6000%-ot emelkedett. <\/strong>Azt\u00e1n 2022. febru\u00e1r 24.-e ut\u00e1n, egyetlen h\u00f3nap alatt elvesztette az \u00e9rt\u00e9ke k\u00f6zel 72%-\u00e1t. Az \u00e1rfolyam az\u00f3ta sem korrig\u00e1lt vissza, holott az \u00fczletmenet nagyr\u00e9szt folytat\u00f3dott.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM-Systems-arfolyam-1024x576.jpg.webp\" alt=\"+1 ukr\u00e1n r\u00e9szv\u00e9ny: az EPAM Systems \u00e1rfolyama\" class=\"wp-image-11299 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM-Systems-arfolyam-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM-Systems-arfolyam-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM-Systems-arfolyam-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM-Systems-arfolyam-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM-Systems-arfolyam-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM-Systems-arfolyam-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: \u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, +1 ukr\u00e1n r\u00e9szv\u00e9ny: az EPAM Systems \u00e1rfolyama<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A c\u00e9g m\u0171k\u00f6d\u00e9s\u00e9nek l\u00e9nyege: a Forbes Global 2000 nagyv\u00e1llalatok megb\u00edzz\u00e1k azzal, hogy az \u0151 nev\u00fckben szoftvert tervezzenek, fejlesszenek \u00e9s implement\u00e1ljanak. Nem egyszer\u0171 k\u00f3dgy\u00e1r, \u201eProduct Development Services&#8221; az \u00f6nbesorol\u00e1suk, \u00e9s ez marzsokban, \u00fcgyf\u00e9lh\u0171s\u00e9gben \u00e9s kapcsol\u00e1si k\u00f6lts\u00e9gben is megmutatkozik. A 345+ Forbes Global 2000 \u00fcgyf\u00e9l k\u00f6z\u00f6tt ott van a Goldman Sachs, az Adidas, a Johnson &amp; Johnson, ezek nem v\u00e1ltanak \u00e1t egy bangalorei t\u00f6megbesz\u00e1ll\u00edt\u00f3ra.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-bevetel-1024x576.jpg.webp\" alt=\" az EPAM Systems bev\u00e9tele \u00e9s profitja\" class=\"wp-image-11300 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-bevetel-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-bevetel-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-bevetel-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-bevetel-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-bevetel-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-bevetel-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: \u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az EPAM Systems bev\u00e9tele \u00e9s profitja<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A 2025-\u00f6s \u00e1rbev\u00e9tel 5.4 milli\u00e1rd USD (+15.4%), ebb\u0151l ~5% organikus n\u00f6veked\u00e9s. A m\u00e9rleg rendk\u00edv\u00fcl er\u0151s: t\u00f6bb mint 1 milli\u00e1rd USD nett\u00f3 cash, minim\u00e1lis ad\u00f3ss\u00e1g, \u00e9vi ~544 milli\u00f3 USD szabad cash flow. Az \u00e9rt\u00e9kelts\u00e9g meglep\u0151en alacsony: az el\u0151remutat\u00f3 P\/E ~8.8x, el\u0151remutat\u00f3 EV\/EBITDA ~4.7x, EV\/Sales ~0.8x, egy 4.7 milli\u00e1rd USD-s IT-m\u00e9rn\u00f6ki v\u00e1llalatn\u00e1l ezek historikusan extr\u00e9malacsony szintek.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\ud83d\udc02 Bik\u00e1k mondj\u00e1k<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">A m\u00e9rn\u00f6ki kult\u00fara \u00e9s a 30 \u00e9ves \u00fcgyf\u00e9lkapcsolatok nem m\u00e1solhat\u00f3k le gyorsan, ez egy tart\u00f3s versenyel\u0151ny, amit az \u00e1rfolyam jelenleg egy\u00e1ltal\u00e1n nem t\u00fckr\u00f6z. A b\u0151 1 milli\u00e1rd USD nett\u00f3 cash visszav\u00e1s\u00e1rl\u00e1sokra \u00e9s kisebb felv\u00e1s\u00e1rl\u00e1sokra ford\u00edthat\u00f3. Az elemz\u0151i c\u00e9l\u00e1r konszenzus ~187\u2013211 USD (de ezeknek sose higyetek), az aktu\u00e1lis ~112 USD-s \u00e1rfolyamhoz k\u00e9pest ~66\u201388% emelked\u00e9si potenci\u00e1llal. Ami persze sokat nem jelent, de akkor is ez a piaci konszenzus Az EPAM AI\/Run \u00e9s EPAM DIAL platformok az enterprise AI-implement\u00e1ci\u00f3 ter\u00fclet\u00e9n el\u00e9g j\u00f3 poz\u00edci\u00f3ban vannak. Az a 345 darab Forbes Global 2000 \u00fcgyf\u00e9l val\u00f3sz\u00edn\u0171leg pont a c\u00e9get fogja v\u00e1lasztani az ilyen jelleg\u0171 \u00e1t\u00e1ll\u00e1shoz.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-margin-1024x576.jpg.webp\" alt=\"az EPAM Systems marzsai esnek\" class=\"wp-image-11301 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-margin-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-margin-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-margin-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-margin-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-margin-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-margin-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: \u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az EPAM Systems marzsai esnek<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Az organikus n\u00f6veked\u00e9s aggaszt\u00f3an lelassult: 2026-ra mind\u00f6ssze 3-6% organikus n\u00f6veked\u00e9s v\u00e1rhat\u00f3, mik\u00f6zben a m\u0171k\u00f6d\u00e9si marzs 14%-r\u00f3l 9.5%-ra cs\u00f6kkent 2021 \u00f3ta.<\/strong> A ROIC 41%-r\u00f3l ~13.8%-ra esett, a NEORIS \u00e9s First Derivative felv\u00e1s\u00e1rl\u00e1sok integr\u00e1ci\u00f3s k\u00f6lts\u00e9ge rontja a t\u0151kehat\u00e9konys\u00e1got. Az AI diszrupci\u00f3 k\u00e9tir\u00e1ny\u00fa kock\u00e1zat: <strong>ha a mesters\u00e9ges intelligencia el\u00e9g gyorsan cs\u00f6kkenti az emberi m\u00e9rn\u00f6ki \u00f3ra ir\u00e1nti keresletet, az EPAM bev\u00e9teli modellje struktur\u00e1lisan s\u00e9r\u00fclhet. <\/strong>A vez\u00e9rcsere (Arkadiy Dobkin lemondott \u00e9s a magyar sz\u00e1rmaz\u00e1s\u00fa Bal\u00e1zs Fejes ker\u00fclt e hely\u00e9re) szint\u00e9n kock\u00e1zat.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-ROIC-ROCE-1024x576.jpg.webp\" alt=\"\" class=\"wp-image-11302 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-ROIC-ROCE-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-ROIC-ROCE-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-ROIC-ROCE-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-ROIC-ROCE-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-ROIC-ROCE-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/05\/EPAM_Systems_Inc_EPAM-ROIC-ROCE-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: \u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>, az EPAM Systems roml\u00f3 ROIC, ROE, ROA, ROCE mutat\u00f3i<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udccc Gyakorlatban:<\/strong> az EPAM eset\u00e9n a befektet\u00e9si t\u00e9zis nemcsak az, hogy egy <strong>geopolitikai esem\u00e9ny miatt van agyonverve egy egy\u00e9bk\u00e9nt kiv\u00e1l\u00f3 min\u0151s\u00e9g\u0171 IT-m\u00e9rn\u00f6ki v\u00e1llalat, hanem hogy az AI megt\u00f6rte-e a c\u00e9g \u00fczletmenet\u00e9t vagy sem.<\/strong> A sz\u00e1ll\u00edt\u00f3i b\u00e1zis m\u00e1ra glob\u00e1liss\u00e1 v\u00e1lt (India, Latin-Amerika, K\u00f6z\u00e9p-Eur\u00f3pa), az ukr\u00e1n kitetts\u00e9g cs\u00f6kkent, de az \u00e1rfolyam m\u00e9g mindig hordozza ezt a kock\u00e1zati pr\u00e9miumot. Ha az AI-nat\u00edv \u00e1t\u00e1ll\u00e1s beindul \u00e9s az organikus n\u00f6veked\u00e9s visszat\u00e9r 8\u201310% f\u00f6l\u00e9, az \u00fajra\u00e9rt\u00e9kelts\u00e9g hatalmas lehet, m\u00e1r amennyiben valaha visszat\u00e9r. A k\u00e9rd\u00e9s az, hogy a probl\u00e9ma struktur\u00e1lis-e, amit a jelenben nagyon neh\u00e9z eld\u00f6nteni. <strong>Szerintem az, hogy minden metrika \u00e9vek \u00f3ta esik, a j\u00f6v\u0151re n\u00e9zve sok j\u00f3t nem \u00edg\u00e9r.<\/strong> Van egy j\u00e1t\u00e9kos oldal arra, hogy tesztelj\u00e9tek a c\u00e9gek AI kitetts\u00e9g\u00e9t: <a href=\"https:\/\/deathbyclawd.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Death by Clawd.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bev\u00e1gom, hogy mi lett a Death by Clawd verdiktje: <strong>Not dying, but shrinking, 5+ years of painful margin compression:<\/strong><em>&#8222;Dearly beloved, we gather here not to bury EPAM, <strong>but to acknowledge that their $3.5 billion body-shop empire faces an existential question: what happens when the bodies are optional? <\/strong>They survived offshore competition, COVID, and the Russia exit, but surviving a world where their clients can generate 60% of the boilerplate code themselves? That&#8217;s the real digital transformation nobody put on the roadmap.&#8221;<\/em>&#8222;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83d\udcdd Top 3 ukr\u00e1n r\u00e9szv\u00e9ny: \u00f6sszefoglal\u00e1s<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Az ukr\u00e1n piac tartogat n\u00e9h\u00e1ny val\u00f3di compounder-jel\u00f6ltet azon befektet\u0151k sz\u00e1m\u00e1ra, akik hajland\u00f3k geopolitikai kock\u00e1zatot v\u00e1llalni: nem figyelmen k\u00edv\u00fcl hagyni, de nem is t\u00fals\u00falyozni. <strong>A fent bemutatott n\u00e9gy r\u00e9szv\u00e9ny k\u00f6z\u00f6s nevez\u0151je, hogy mindegyik bizony\u00edtottan m\u0171k\u00f6d\u0151k\u00e9pes maradt a h\u00e1bor\u00fa n\u00e9gy \u00e9ve alatt, mindegyik alacsony \u00e9rt\u00e9kelts\u00e9gen forog, \u00e9s mindegyikben van \u00e9rdemi skin in the game a menedzsment r\u00e9sz\u00e9r\u0151l.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A Kyivstar a legellen\u00e1ll\u00f3bb modell: <\/strong>monopolisztikus h\u00e1l\u00f3zat, digit\u00e1lis platform, nulla ad\u00f3ss\u00e1g, \u00e9s az anyac\u00e9gen (VEON) kereszt\u00fcl is megvehet\u0151, ha valakinek a holding strukt\u00fara tetszik. <strong>Az MHP a re\u00e1lgazdas\u00e1gi kitetts\u00e9g legmeggy\u0151z\u0151bb k\u00e9pvisel\u0151je: <\/strong>vertik\u00e1lis integr\u00e1ci\u00f3, eur\u00f3pai diverzifik\u00e1ci\u00f3, bizony\u00edtott export-logika. Az Astarta egy \u00e9rdekes darab: az \u00e9rt\u00e9kelts\u00e9g padl\u00f3n van, de az IFC-h\u00e1tt\u00e9r azt jelzi, hogy a legjobb int\u00e9zm\u00e9nyi befektet\u0151k m\u00e9gis ott vannak benne. Ha a h\u00e1bor\u00fa lez\u00e1rul \u00e9s az ukr\u00e1n mez\u0151gazdas\u00e1gi szektor \u00fajj\u00e1\u00e9p\u00edt\u00e9si p\u00e1ly\u00e1ra ker\u00fcl, akkor ennek a r\u00e9szv\u00e9nynek az \u00e1rfolyama szerintem az els\u0151k k\u00f6z\u00f6tt fog emelkedni. Az EPAM viszont az egyetlen likvid, USD alap\u00fa, NYSE-en kereskedhet\u0151 r\u00e9szv\u00e9ny a list\u00e1n, \u00e9s ha az organikus n\u00f6veked\u00e9s visszat\u00e9r, az \u00fajra\u00e9rt\u00e9kel\u0151d\u00e9s hatalmas lehet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fontos hangs\u00falyozni: <strong>az itt bemutatott c\u00e9gek k\u00f6z\u00fcl egyik sem egyszer\u0171 v\u00e9tel, tartani pedig m\u00e9g nehezebb lesz.<\/strong> A geopolitikai kock\u00e1zat re\u00e1lis \u00e9s folyamatos figyelmet ig\u00e9nyel. Mi van, ha az oroszok megnyerik a h\u00e1bor\u00fat \u00e9s m\u00e9gis elfoglalj\u00e1k Ukrajn\u00e1t? Mi van, ha m\u00e9g \u00e9vekig elh\u00faz\u00f3dik a konfliktus? Akkor az \u00e9rt\u00e9kelts\u00e9g nem fog v\u00e1ltozni. A k\u00e9rd\u00e9s mindig az, hogy a be\u00e1razott pesszimizmus megfelel\u0151 m\u00f3don kompenz\u00e1lja-e a val\u00f3di kock\u00e1zatokat. <strong>Ezt a k\u00e9rd\u00e9st minden befektet\u0151nek egy\u00e9nileg kell megv\u00e1laszolnia a saj\u00e1t id\u0151horizontja, kock\u00e1zatt\u0171r\u00e9se \u00e9s poz\u00edci\u00f3m\u00e9retez\u00e9si elvei alapj\u00e1n.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ha szeretn\u00e9tek elolvasni a t\u00f6bbi \u00edr\u00e1sunkat is, akkor az al\u00e1bbi kateg\u00f3ri\u00e1kba rendezve tal\u00e1lhattok \u00e9rdekes \u00edr\u00e1sokat:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/iocharts.io\/blog\/top-3-ausztral-reszveny-es-egy-titkos-tipp-2026-ra\/\" target=\"_blank\" rel=\"noreferrer noopener\">Top 3 ausztr\u00e1l r\u00e9szv\u00e9ny \u00e9s egy titkos tipp 2026-ra<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/iocharts.io\/blog\/category\/reszvenyelemzes\/market-impulse\/\" target=\"_blank\" rel=\"noreferrer noopener\">Piaci impulzus rovat<\/a><\/li>\n<\/ul>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>\ud83e\udd11<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">Ha pedig az \u00e9rdekel, hogy mi milyen br\u00f3kereket haszn\u00e1lunk, akkor olvasd el az al\u00e1bbi \u00edr\u00e1sainkat:<\/mark><\/strong><br>\ud83d\udcc9<a href=\"https:\/\/iocharts.io\/blog\/interactive-brokers-broker-szamla-elemzes-profiknak-profi\/\">Interactive Brokers br\u00f3ker sz\u00e1mla elemz\u00e9s \u2013 Profiknak profi<\/a><br>\ud83d\udcc8<a href=\"https:\/\/iocharts.io\/blog\/lightyear-broker-szamla-elemzes-egyszeruseg-es-olcsosag-kez-a-kezben\/\">LightYear br\u00f3ker sz\u00e1mla elemz\u00e9s - Egyszer\u0171s\u00e9g \u00e9s olcs\u00f3s\u00e1g k\u00e9z a k\u00e9zben<\/a><\/pre>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/wise.com\/invite\/ihpc\/balintzsoltk\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u2753 GYIK &#8211; Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Meg\u00e9ri most ukr\u00e1n r\u00e9szv\u00e9nyt venni?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Az ukr\u00e1n r\u00e9szv\u00e9ny befektet\u00e9s nem hagyom\u00e1nyos \u00e9rtelemben vett \u00e9rt\u00e9kalap\u00fa d\u00f6nt\u00e9s, ink\u00e1bb egy geopolitikai opci\u00f3v\u00e1s\u00e1rl\u00e1s fundament\u00e1lis alapon. A Kyivstar, az MHP, az Astarta \u00e9s az EPAM Systems mind bizony\u00edtottan m\u0171k\u00f6d\u0151k\u00e9pes maradt a h\u00e1bor\u00fa h\u00e1rom \u00e9ve alatt, \u00e9s mindegyik historikusan alacsony \u00e9rt\u00e9kelts\u00e9gen forog. A k\u00e9rd\u00e9s teh\u00e1t nem az, hogy kock\u00e1zatos-e, mert nyilv\u00e1nval\u00f3an az, hanem az, hogy a be\u00e1razott pesszimizmus elegend\u0151 kompenz\u00e1ci\u00f3-e a val\u00f3di kock\u00e1zatok\u00e9rt. Akinek a v\u00e1lasz erre igen a saj\u00e1t id\u0151horizontja \u00e9s kock\u00e1zatt\u0171r\u00e9se alapj\u00e1n, annak az ukr\u00e1n r\u00e9szv\u00e9nypiac aszimmetrikus hozampotenci\u00e1lt k\u00edn\u00e1lhat, k\u00fcl\u00f6n\u00f6sen egy esetleges t\u0171zsz\u00fcnet vagy b\u00e9ket\u00e1rgyal\u00e1sos fejlem\u00e9ny eset\u00e9n.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Hol lehet ukr\u00e1n r\u00e9szv\u00e9nyeket venni: el\u00e9rhet\u0151 ez IBKR-en vagy Lightyearen?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A legt\u00f6bb list\u00e1zott ukr\u00e1n r\u00e9szv\u00e9ny el\u00e9rhet\u0151 az Interactive Brokers (IBKR) platformon kereszt\u00fcl, mivel az IBKR sz\u00e9lesk\u00f6r\u0171 hozz\u00e1f\u00e9r\u00e9st biztos\u00edt a Nasdaq, a New York-i (NYSE), a londoni (LSE) \u00e9s a vars\u00f3i (WSE) t\u0151zsd\u00e9khez egyar\u00e1nt. A Kyivstar (NASDAQ: KYIV) \u00e9s az EPAM Systems (NYSE: EPAM) USD piacon is list\u00e1zott, \u00edgy ott a legk\u00f6nnyebben megv\u00e1s\u00e1rolhat\u00f3k ezek a papirok. Az MHP (LSE: MHPC) \u00e9s az Astarta (WSE: AST) szint\u00e9n el\u00e9rhet\u0151 IBKR-en, b\u00e1r likvidit\u00e1suk alacsonyabb \u00e9s a spread magasabb lehet. Lightyearon jelenleg els\u0151sorban a Nasdaq- \u00e9s NYSE-list\u00e1zott pap\u00edrok \u00e9rhet\u0151k el a legk\u00e9nyelmesebben, vagyis az EPAM \u00e9s a VEON seg\u00edts\u00e9g\u00e9vel a Kyivstar.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mi a VEON, \u00e9s mi k\u00f6ze van a Kyivstarhoz?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A VEON (NASDAQ: VEON) egy glob\u00e1lis telekommunik\u00e1ci\u00f3s holding, amely Pakiszt\u00e1nban, Ukrajn\u00e1ban, Kazahszt\u00e1nban, Bangladesben \u00e9s \u00dczbegiszt\u00e1nban \u00f6sszesen k\u00f6zel 150 milli\u00f3 mobilel\u0151fizet\u0151t szolg\u00e1l ki. A Kyivstar a VEON le\u00e1nyv\u00e1llalata, Ukrajna vezet\u0151 mobilszolg\u00e1ltat\u00f3ja, amely 2025 december\u00e9ben \u00f6n\u00e1ll\u00f3 Nasdaq-list\u00e1z\u00e1st kapott (NASDAQ: KYIV). Aki k\u00f6zvetlen\u00fcl a Kyivstarra szeretne fogadni, az a KYIV tickerrel teheti ezt meg; aki a t\u00e1gabb piacon a digit\u00e1lis oper\u00e1tor t\u00e9zist j\u00e1tszan\u00e1 meg, az a VEON tickeren kereszt\u00fcl juthat Kyivstar-kitetts\u00e9ghez, cser\u00e9be a pakiszt\u00e1ni JazzCash, a kazahszt\u00e1ni \u00e9s bangladesi le\u00e1nyv\u00e1llalatok kock\u00e1zat\u00e1t is mag\u00e1ra veszi.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Biztons\u00e1gban van az MHP \u00e9s az Astarta, ha a h\u00e1bor\u00fa folytat\u00f3dik?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Az MHP \u00e9s az Astarta termel\u0151kapacit\u00e1sainak d\u00f6nt\u0151 t\u00f6bbs\u00e9ge Ukrajna k\u00f6z\u00e9p-nyugati r\u00e9gi\u00f3iban koncentr\u00e1l\u00f3dik, Vinnycja, Khmelnytskyi, Poltava \u00e9s Kirovohrad t\u00e9rs\u00e9g\u00e9ben, amelyek l\u00e9nyegesen kevesebb k\u00f6zvetlen katonai hat\u00e1st szenvedtek el, mint az orsz\u00e1g keleti \u00e9s d\u00e9li ter\u00fcletei. Az MHP baromfitermel\u0151 \u00fczemei \u00e9s az Astarta cukorgy\u00e1rai \u00edgy territori\u00e1lisan v\u00e9dettebbek, mintha k\u00f6zelebb lenn\u00e9nek a t\u0171zf\u00e9szekhez. Ugyanakkor az energiainfrastrukt\u00fara elleni rak\u00e9tat\u00e1mad\u00e1sok az eg\u00e9sz orsz\u00e1got \u00e9rintik, ami mindk\u00e9t v\u00e1llalatn\u00e1l emeli az \u00fczemeltet\u00e9si k\u00f6lts\u00e9geket, ezt gener\u00e1toros \u00e9s alternat\u00edv energia alap\u00fa megold\u00e1sokkal kezelik, \u00e9s a magasabb k\u00f6lts\u00e9g m\u00e1r be\u00e9p\u00fclt a jelenlegi p\u00e9nz\u00fcgyi sz\u00e1mokba.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Az EPAM Systems t\u00e9nyleg ukr\u00e1n r\u00e9szv\u00e9ny?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Az EPAM Systems form\u00e1lisan nem ukr\u00e1n r\u00e9szv\u00e9ny, pennsylvaniai sz\u00e9khely\u0171, NYSE-list\u00e1zott, USD alap\u00fa pap\u00edr. Belarusz-ukr\u00e1n alap\u00edt\u00e1s\u00fa m\u00e9rn\u00f6ki kult\u00far\u00e1ja, a h\u00e1bor\u00fa el\u0151tt Kelet-Eur\u00f3p\u00e1ban koncentr\u00e1lt sz\u00e1ll\u00edt\u00e1si b\u00e1zisa \u00e9s a 2022-es orosz inv\u00e1zi\u00f3 nyom\u00e1n bek\u00f6vetkezett, az\u00f3ta sem teljesen helyre\u00e1llt \u00e1rfolyam teszi relev\u00e1nss\u00e1 befektet\u00e9si szempontb\u00f3l az ukr\u00e1n r\u00e9szv\u00e9nyt. A pap\u00edr a cs\u00facs\u00e1hoz k\u00e9pest k\u00f6zel 84%-kal alacsonyabban forog, mik\u00f6zben az \u00fczlet glob\u00e1liss\u00e1 v\u00e1lt. India, Latin-Amerika \u00e9s K\u00f6z\u00e9p-Eur\u00f3pa ir\u00e1ny\u00e1ba diverzifik\u00e1lva a sz\u00e1ll\u00edt\u00e1si b\u00e1zist. Az EPAM ez\u00e9rt ink\u00e1bb &#8222;geopolitikailag megb\u00fcntetett glob\u00e1lis IT-compounder&#8221; kateg\u00f3ria, mint klasszikus ukr\u00e1n r\u00e9szv\u00e9ny, de a k\u00e9t fogalom ebben az esetben nehezen v\u00e1laszthat\u00f3 sz\u00e9t.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Jogi \u00e9s felel\u0151ss\u00e9gi nyilatkozat: ez a cikk kiz\u00e1r\u00f3lag t\u00e1j\u00e9koztat\u00f3 jelleg\u0171 elemz\u00e9s, \u00e9s semmilyen form\u00e1ban nem min\u0151s\u00fcl befektet\u00e9si tan\u00e1csad\u00e1snak. A befektet\u00e9si d\u00f6nt\u00e9sek kiz\u00e1r\u00f3lag a befektet\u0151 felel\u0151ss\u00e9ge, \u00e9s minden esetben az egy\u00e9ni p\u00e9nz\u00fcgyi helyzet, kock\u00e1zatv\u00e1llal\u00e1si tolerancia \u00e9s befektet\u00e9si c\u00e9l m\u00e9rlegel\u00e9s\u00e9vel kell meghozni. A cikk elk\u00e9sz\u00edt\u00e9sekor fellelt adatok az \u00edr\u00e1s id\u0151pontj\u00e1ban \u00e9rv\u00e9nyes \u00e1llapotot t\u00fckr\u00f6zik; a piaci k\u00f6r\u00fclm\u00e9nyek \u00e9s a v\u00e1llalati fundamentumok v\u00e1ltozhatnak.<\/em><\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>\ud83c\udf0f Piaci \u00e1ttekint\u00e9s Melyik a legjobban agyonvert ukr\u00e1n r\u00e9szv\u00e9ny? Ki merne most beleny\u00falni egy ilyen m\u00e9hkasba? Ha van olyan befektet\u00e9si t\u00e9zis, amelyik egyszerre tartalmaz makrokock\u00e1zatokat \u00e9s irre\u00e1lisan alacsony \u00e9rt\u00e9kelts\u00e9get, akkor az az ukr\u00e1n r\u00e9szv\u00e9nypiac. Nem m\u00e9lyelemz\u00e9s k\u00f6vetkezik, ink\u00e1bb egy gondolat\u00e9breszt\u0151: lehet-e min\u0151s\u00e9gi compoundert tal\u00e1lni egy akt\u00edvan h\u00e1bor\u00faz\u00f3 orsz\u00e1g t\u0151zsd\u00e9j\u00e9n, \u00e9s ha igen, milyen krit\u00e9riumok ment\u00e9n [&hellip;]<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/iocharts.io\/blog\/top-3-ukran-reszveny-es-egy-titkos-tipp-2026-ra\/\" class=\"btn btn-primary btn-lg\">Tov\u00e1bb<\/a><\/div>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":2,"featured_media":11237,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[31],"tags":[377,378,375,376,74,115,297,367,374],"class_list":["post-11210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reszvenyelemzes","tag-astarta","tag-epam","tag-kyivstar","tag-mhp","tag-portfolioblogger","tag-reszvenyelemzes","tag-technology-one","tag-ukrajna","tag-ukran-reszveny"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Top 3 ukr\u00e1n r\u00e9szv\u00e9ny \u00e9s egy titkos tipp 2026-ra<\/title>\n<meta name=\"description\" content=\"Ukr\u00e1n r\u00e9szv\u00e9ny v\u00e1s\u00e1rl\u00e1sra adn\u00e1d a fejed 2026-ban? Kyivstar, MHP, EPAM \u00e9s Astarta: geopolitikai kock\u00e1zat \u00e9s alacsony \u00e9rt\u00e9kelts\u00e9g egy\u00fctt.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/iocharts.io\/blog\/top-3-ukran-reszveny-es-egy-titkos-tipp-2026-ra\/\" \/>\n<meta property=\"og:locale\" content=\"hu_HU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top 3 ukr\u00e1n r\u00e9szv\u00e9ny \u00e9s egy titkos tipp 2026-ra\" \/>\n<meta property=\"og:description\" content=\"Ukr\u00e1n r\u00e9szv\u00e9ny v\u00e1s\u00e1rl\u00e1sra adn\u00e1d a fejed 2026-ban? Kyivstar, MHP, EPAM \u00e9s Astarta: geopolitikai kock\u00e1zat \u00e9s alacsony \u00e9rt\u00e9kelts\u00e9g egy\u00fctt.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/iocharts.io\/blog\/top-3-ukran-reszveny-es-egy-titkos-tipp-2026-ra\/\" \/>\n<meta property=\"og:site_name\" content=\"iO Charts\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/iOCharts\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-20T08:01:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/05\/ukran-reszvenyek-nyito-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1110\" \/>\n\t<meta property=\"og:image:height\" content=\"382\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Marton J. 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