Hello, and happy New Year! To start 2014 off right, I'll be profiling Avangardco Investments Public Ltd, the top producer of eggs and egg products in Ukraine and the surrounding region. Despite great operational success and strong growth, Avangardco trades at an absurdly low multiple of earnings and assets. Avangardco is set to begin paying dividends in 2014, which may cause the market to re-evaluate the company's prospects. Despite its strong fundamentals, Avangardco also carries substantial risks. The company's primary place of business is Ukraine, not one of the world's more stable economies. Avangardo's leading export markets are various Middle Eastern nations, including Iraq and Syria. Finally, the company is nearly 80%-owned by a Ukrainian billionaire, Oleg Bakhmatyuk. No worrisome related-party transactions are disclosed by the company, but Mr. Bakhmatyuk seems to be a "colorful" character based on some googling. Given the reputation of Eastern European and Russian billionaires, the risk of corruption and management pocket-lining is elevated.