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General information

Leading steel producer integrated with 100% self-sufficiency in iron ore, 60% in scrap, 0% in coal. Operates plants both in Russia and US (lately unprofitable due to tariffs) and generally has quite high export share in revenue (which is on one hand positive - higher share of USD-denominated revenue, on the other hand can drop more dramatically in downturns)
  • Current market environment: negative. Prices of production are 7.1% lower compared to the last 12 months (LTM)
  • Prices of production are at 17.6% percentile over the past 5 years, adjusted for inflation
  • Dividend yield for the last twelve months 32.0%
  • Free cash flow yield 12.8% (LTM), projected 16.2%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 0.0%
  • Share price is 39.1% higher than minimum and 58.9% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (2.2x vs
    )
  • The company is undervalued by EV / projected EBITDA multiple compared to target level (
    vs
    )
  • Taking into account the impact of the key rate 20.0% on the change in financial parameters: EBITDA adjustment is 7 748 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 291 547 mln rub, expected mult is 1.8x, target mult is 3.1x, potential is +60.3%

Key Financials (Download financials)

Ticker: NLMK
Share price, RUB:  (-3.5%)105.3
year average price 137.58  


year start price 169.82 2024-07-13

max close price 172.98 2024-07-25

min close price 105.30 2025-07-11

current price 105.30 2025-07-13
Common stocks: 5 993 230 000
Dividend Yield:  32.0%
FCF Yield LTM / expected: 12.8% / 16.2%
EV / LTM EBITDA:2.2x
EV / EBITDA annualized: 3.0x
Production prices change from LTM: -7.1%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 631 087
Net Debt (m RUB): -68 814
EV (Enterprise Value): 562 273
EBITDA LTM (m RUB): 256 887
Net Income LTM (m RUB): 135 585
EV / LTM EBITDA: 2.2x
Net Debt / LTM EBITDA (if EBITDA > 0): -0.3x
Average daily trading volume for the week, RUB mln: 717
P / E 4.7x
P / E ann-d5.2x
P / B 0.7x
EBITDA margin ann-d 20.2%
Net income margin ann-d 12.9%

Revenue and EBITDA

Quarterly 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