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General information

Henderson is one of the largest Russian chains of clothing stores for men. In addition to offline business, the company is developing its online store and expanding its presence on key russian marketplaces
  • Good financial results growth rate 33.8% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (56.6%)
  • Dividend yield for the last twelve months 7.4%
  • Free cash flow yield 3.2% (LTM)
  • Share price is 32.5% higher than minimum and 17.8% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (4.6x vs
    )
  • Fundamental value created in LTM (estimate)
  • Taking into account the impact of the key rate 21% on the change in financial parameters: EBITDA adjustment is -24 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 7 502 mln rub, expected mult is 3.6x, target mult is 4.7x, potential is +33.6%

Key Financials (Download financials)

Ticker: HNFG
Share price, RUB:  (-2.8%)651.9
year average price 659.54  


year start price 638.60 2024-03-14

max close price 793.00 2024-05-13

min close price 511.60 2024-11-26

current price 661.90 2025-03-13
Common stocks: 40 440 000
Dividend Yield:  7.4%
FCF Yield LTM: 3.2%
EV / LTM EBITDA: 4.6x
EV / EBITDA annualized: 5.1x
Last revenue growth (y/y):  32.0%
Last growth of EBITDA (y/y):  35.6%
Historical revenue growth:  32.4%
Historical growth of EBITDA:  80.8%
Target EV / EBITDA (hist percentile):
Express share price potential:
Fundamental value created in LTM:
Fundamental value created in LTM:
 Mult Upside+2.9%
 FCF Creation+3.2%
 Growth+33.8%
 Growth Corr-22.8%
 
 Sum+17.1%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 26 363
Net Debt (m RUB): 938
EV (Enterprise Value): 27 301
EBITDA LTM (m RUB): 5 911
Net Income LTM (m RUB): 3 147
EV / LTM EBITDA: 4.6x
Average daily trading volume for the week, RUB mln: 37
P / E 8.4x
P / B 3.3x

Revenue and EBITDA

Semi-Annual values (m RUB)

Change (y/y)

Cash Flow

FCF (m RUB), before FX effects elimination

Net Debt / Cash and Equivalents (m RUB)

Share price and dividends (Download history)

Share price

Payment RUB per share

Multiple and potential

EV / LTM EBITDA and 50% percentile

Potential dynamics

Daily trade volumes

Millions of RUB

P/B and P/E multipliers

P / B

P / E

More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company