Enhanced Investments - Financial Portal

2025-03-28

#FEES #reports

FGC UES reported for 2024 q3:
- Revenue +18.7% YoY (vs +18.7% in previous quarter and historical rate +75.3%)
- EBITDA -147.7% YoY (vs -147.7% in previous quarter and historical rate +26.8%)
- Net Income -172.4% YoY (vs -59.0% in previous quarter and historical rate +50.9%)
- EBITDA margin -11.2% decreased compared to 27.9% same period last year
- Net Debt increased by 201.4 (210.2% of market cap)
- FCF (LTM) -55.9 bln RUB (negative), 58.3% of market cap
- EV/EBITDA multiple is 11.5x compared to historical level (50th percentile) of 2.9x

------------------------------------------------

2025-03-28

#FEES #reports

FGC UES reported for 2024 q4:
- Revenue +18.7% YoY (vs +18.7% in previous quarter and historical rate +75.3%)
- EBITDA -147.7% YoY (vs -147.7% in previous quarter and historical rate +26.8%)
- Net Income -172.4% YoY (vs -172.4% in previous quarter and historical rate +19.0%)
- EBITDA margin -11.2% decreased compared to 27.9% same period last year
- Net Debt increased by 201.4 (204.3% of market cap)
- FCF (LTM) -55.9 bln RUB (negative), 56.7% of market cap
- EV/EBITDA multiple is 11.5x compared to historical level (50th percentile) of 2.9x

------------------------------------------------

2025-03-28

#TRNFP #reports

Transneft (pref) reported for 2024 q3:
- Revenue +1.2% YoY (vs +2.9% in previous quarter and historical rate +9.5%)
- EBITDA -13.5% YoY (vs -20.7% in previous quarter and historical rate +2.7%)
- Net Income -2.2% YoY (vs -20.7% in previous quarter and historical rate +75.3%)
- EBITDA margin 30.3% decreased compared to 35.5% same period last year
- Net Debt decreased by 114 (13.1% of market cap)
- FCF (LTM) +251 bln RUB (positive), 28.9% of market cap
- EV/EBITDA multiple is 1.7x compared to historical level (50th percentile) of 2.5x

------------------------------------------------

2025-03-28

#TRNFP #reports

Transneft (pref) reported for 2024 q4:
- Revenue +1.2% YoY (vs +2.9% in previous quarter and historical rate +9.5%)
- EBITDA -13.5% YoY (vs -20.7% in previous quarter and historical rate +2.7%)
- Net Income -4.6% YoY (vs -2.2% in previous quarter and historical rate +63.9%)
- EBITDA margin 30.3% decreased compared to 35.5% same period last year
- Net Debt decreased by 114 (13.1% of market cap)
- FCF (LTM) +251 bln RUB (positive), 28.9% of market cap
- EV/EBITDA multiple is 1.7x compared to historical level (50th percentile) of 2.5x

------------------------------------------------

2025-03-28

#NKNC #reports

Nizhnekamsknef-m reported for 2024 H2:
- Revenue +12.8% YoY (vs +15.9% in previous half-year and historical rate +4.7%)
- EBITDA +14.2% YoY (vs +6.1% in previous half-year and historical rate +3.3%)
- Net Income -29.6% YoY (vs +2083.4% in previous half-year and historical rate +270.2%)
- EBITDA margin 28.7% increased compared to 28.4% same period last year
- Net Debt decreased by 99.2 (64.8% of market cap)
- FCF (LTM) +96.7 bln RUB (positive), 63.2% of market cap
- EV/EBITDA multiple is 2x compared to historical level (50th percentile) of 3.9x
- EV/EBITDA expected multiple is 1.3x

Growth potential increased by 70.5% to +152.2%

------------------------------------------------

2025-03-26

#RNFT #reports

Russneft reported for 2024 H2:
- Revenue +4.1% YoY (vs +60.2% in previous half-year and historical rate +11.6%)
- EBITDA -3.3% YoY (vs +489.9% in previous half-year and historical rate +45.2%)
- Net Income +41.5% YoY (vs +100.0% in previous half-year and historical rate +37.3%)
- EBITDA margin 21.1% decreased compared to 22.8% same period last year
- Net Debt increased by 44.7 (92.3% of market cap)
- FCF (LTM) -23.4 bln RUB (negative), 48.2% of market cap
- EV/EBITDA multiple is 2.1x compared to historical level (50th percentile) of 2.2x
- EV/EBITDA expected multiple is 2.5x

Growth potential decreased by 90.2% to -54.9%

------------------------------------------------

2025-03-26

#BELU #reports

Beluga reported for 2024 q3:
- Revenue +40.9% YoY (vs +85.8% in previous quarter and historical rate +30.5%)
- EBITDA -15.2% YoY (vs +7.2% in previous quarter and historical rate +26.7%)
- EBITDA margin 10.0% decreased compared to 16.7% same period last year
- Net Debt decreased by 4.2 (8.0% of market cap)
- FCF (LTM) +4.9 bln RUB (positive), 9.4% of market cap
- EV/EBITDA multiple is 4.7x compared to historical level (50th percentile) of 5x

------------------------------------------------

2025-03-26

#LENT #reports

Lenta reported for 2024 q4:
- Revenue +18.4% YoY (vs +55.1% in previous quarter and historical rate +24.7%)
- EBITDA +19.7% YoY (vs +141.1% in previous quarter and historical rate +38.8%)
- Net Income +100% YoY (vs +100.0% in previous quarter and historical rate -31.6%)
- EBITDA margin 8.1% has not changed compared to 8.0% same period last year
- Net Debt decreased by 31.4 (22.8% of market cap)
- FCF (LTM) +34.5 bln RUB (positive), 25.0% of market cap
- EV/EBITDA multiple is 3.3x compared to historical level (50th percentile) of 4.3x

------------------------------------------------

2025-03-26

#BELU #reports

Beluga reported for 2024 q4:
- Revenue +40.9% YoY (vs +85.8% in previous quarter and historical rate +30.5%)
- EBITDA -15.2% YoY (vs +7.2% in previous quarter and historical rate +26.7%)
- Net Income -43.1% YoY (vs -33.8% in previous quarter and historical rate +27.5%)
- EBITDA margin 10.0% decreased compared to 16.7% same period last year
- Net Debt decreased by 4.2 (8.0% of market cap)
- FCF (LTM) +4.9 bln RUB (positive), 9.4% of market cap
- EV/EBITDA multiple is 4.7x compared to historical level (50th percentile) of 5x

------------------------------------------------

2025-03-26

#DATA #reports

ArenaData reported for 2024 H2:
- Revenue +26.2% YoY (vs +125.9% in previous half-year and historical rate +64.9%)
- EBITDA -21.5% YoY (vs +60000.0% in previous half-year and historical rate +48.9%)
- Net Income -13.1% YoY (vs +100.0% in previous half-year and historical rate +45.7%)
- EBITDA margin 36.2% decreased compared to 58.2% same period last year
- Net Debt increased by 12130.8 (29558.4% of market cap)
- FCF (LTM) -12131.9 bln RUB (negative), 29561.1% of market cap
- EV/EBITDA multiple is 6293.6x compared to historical level (50th percentile) of 11.5x

------------------------------------------------

2025-03-25

#ELMT #reports

Element reported for 2024 H2:
- Revenue +35.1% YoY (vs +10.9% in previous half-year and historical rate +28.6%)
- EBITDA +66.1% YoY (vs +27.7% in previous half-year and historical rate +57.8%)
- EBITDA margin 30.1% increased compared to 24.5% same period last year
- Net Debt decreased by 41 (57.8% of market cap)
- FCF (LTM) +55 bln RUB (positive), 77.6% of market cap
- EV/EBITDA multiple is 2.9x compared to historical level (50th percentile) of 8.7x

------------------------------------------------

2025-03-24

#AKRN #reports

Acron reported for 2024 q4:
- Revenue +12.8% YoY (vs +11.1% in previous quarter and historical rate +9.7%)
- EBITDA +117.7% YoY (vs -30.0% in previous quarter and historical rate +8.1%)
- Net Income +1.2% YoY (vs -77.4% in previous quarter and historical rate +19.1%)
- EBITDA margin 37.0% increased compared to 19.1% same period last year
- Net Debt decreased by 2.2 (0.3% of market cap)
- FCF (LTM) -36.5 bln RUB (negative), 5.3% of market cap
- EV/EBITDA multiple is 12.3x compared to historical level (50th percentile) of 8.9x
- EV/EBITDA expected multiple is 12.6x

Growth potential increased by 20.3% to -41.9%

------------------------------------------------

2025-03-24

#ETLN #reports

Etalon reported for 2024 H2:
- Revenue +31.4% YoY (vs +75.0% in previous half-year and historical rate +17.8%)
- EBITDA +233.8% YoY (vs +124.7% in previous half-year and historical rate +51.1%)
- Net Income -333% YoY (vs +29.4% in previous half-year and historical rate -129.7%)
- EBITDA margin 35.6% increased compared to 14.0% same period last year
- Net Debt increased by 26.9 (92.8% of market cap)
- FCF (LTM) -53.6 bln RUB (negative), 184.8% of market cap
- EV/EBITDA multiple is 5.4x compared to historical level (50th percentile) of 10.7x
- EV/EBITDA expected multiple is 4.4x

Growth potential increased by 299.0% to +376.1%

------------------------------------------------

2025-03-21

#BANE #reports

Bashneft reported for 2024 q3:
- Revenue -4.5% YoY (vs -7.7% in previous quarter and historical rate +14.9%)
- EBITDA -115.9% YoY (vs -107.8% in previous quarter and historical rate +2.3%)
- EBITDA margin -2.6% decreased compared to 15.4% same period last year
- EV/EBITDA multiple is 6.3x compared to historical level (50th percentile) of 2.6x
- EV/EBITDA expected multiple is 3.1x

------------------------------------------------

2025-03-21

#BANE #reports

Bashneft reported for 2024 q4:
- Revenue -4.5% YoY (vs -7.7% in previous quarter and historical rate +14.9%)
- EBITDA -115.9% YoY (vs -107.8% in previous quarter and historical rate +2.3%)
- Net Income -4.1% YoY (vs -43.7% in previous quarter and historical rate -8.0%)
- EBITDA margin -2.6% decreased compared to 15.4% same period last year
- EV/EBITDA multiple is 6.3x compared to historical level (50th percentile) of 2.6x
- EV/EBITDA expected multiple is 3.1x

------------------------------------------------

2025-03-20

#ROSN #reports

Rosneft reported for 2024 q4:
- Revenue +1.2% YoY (vs -10.1% in previous quarter and historical rate +10.1%)
- EBITDA +55.5% YoY (vs -35.2% in previous quarter and historical rate +26.4%)
- Net Income -20.2% YoY (vs +13.4% in previous quarter and historical rate +33.1%)
- EBITDA margin 32.8% increased compared to 21.4% same period last year
- EV/EBITDA multiple is 3x compared to historical level (50th percentile) of 3.1x
- EV/EBITDA expected multiple is 3.8x

Growth potential increased by 37.7% to -40.5%

------------------------------------------------

2025-03-20

#LSNG #reports

Lenenergo reported for 2024 H2:
- Revenue +13.2% YoY (vs +12.3% in previous half-year and historical rate +9.6%)
- EBITDA -38.1% YoY (vs +22.5% in previous half-year and historical rate +20.6%)
- Net Income -66.2% YoY (vs +40.8% in previous half-year and historical rate +18.7%)
- EBITDA margin 16.5% decreased compared to 30.3% same period last year
- Net Debt decreased by 23.9 (14.7% of market cap)
- FCF (LTM) +30.2 bln RUB (positive), 18.5% of market cap
- EV/EBITDA multiple is 3.2x compared to historical level (50th percentile) of 3.3x

------------------------------------------------

2025-03-20

#VKCO #reports

VK company reported for 2024 q3:
- Revenue +2.5% YoY (vs +2.5% in previous quarter and historical rate +7.8%)
- EBITDA margin -33.7% decreased compared to -4.5% same period last year

------------------------------------------------

2025-03-20

#VKCO #reports

VK company reported for 2024 q4:
- Revenue +2.5% YoY (vs +2.5% in previous quarter and historical rate +7.8%)
- Net Income -192.4% YoY (vs -80.8% in previous quarter and historical rate -162.7%)
- EBITDA margin -33.7% decreased compared to -4.5% same period last year

------------------------------------------------

2025-03-20

#MAGN #reports

MMK reported for 2024 q4:
- Revenue -19.3% YoY (vs -9.9% in previous quarter and historical rate -1.9%)
- EBITDA -56.6% YoY (vs -31.2% in previous quarter and historical rate -16.8%)
- Net Income -64% YoY (vs -47.9% in previous quarter and historical rate -7.8%)
- EBITDA margin 14.0% decreased compared to 26.0% same period last year
- Net Debt increased by 21.8 (4.9% of market cap)
- FCF (LTM) +38.2 bln RUB (positive), 8.5% of market cap
- EV/EBITDA multiple is 2.4x compared to historical level (50th percentile) of 2.5x
- EV/EBITDA expected multiple is 2.9x

Growth potential decreased by 20.6% to -9.5%

------------------------------------------------

2025-03-20

#ENPG #reports

En+ Group reported for 2024 H2:
- Revenue -6.8% YoY (vs +13.4% in previous half-year and historical rate +36.9%)
- EBITDA +5.5% YoY (vs +70.9% in previous half-year and historical rate +14.9%)
- Net Income +100% YoY (vs -37.5% in previous half-year and historical rate +834.6%)
- EBITDA margin 11.6% increased compared to 10.2% same period last year
- Net Debt increased by 274.9 (80.5% of market cap)
- FCF (LTM) -92.8 bln RUB (negative), 27.2% of market cap
- EV/EBITDA multiple is 8.5x compared to historical level (50th percentile) of 9.8x

------------------------------------------------

2025-03-19

#X5 #reports

X5 Retail Group reported for 2025 q1:
- Revenue +20% YoY (vs +20.0% in previous quarter and historical rate +21.6%)
- EBITDA +19.3% YoY (vs +19.3% in previous quarter and historical rate +18.5%)
- EBITDA margin 4.9% has not changed compared to 4.9% same period last year
- Net Debt increased by 19.7 (1.9% of market cap)
- FCF (LTM) -48.7 bln RUB (negative), 4.8% of market cap
- EV/EBITDA multiple is 4.4x compared to historical level (50th percentile) of 3.2x

------------------------------------------------

2025-03-19

#X5 #reports

X5 Retail Group reported for 2025 q2:
- Revenue +20% YoY (vs +20.0% in previous quarter and historical rate +21.6%)
- EBITDA +19.3% YoY (vs +19.3% in previous quarter and historical rate +18.5%)
- EBITDA margin 4.9% has not changed compared to 4.9% same period last year
- Net Debt increased by 19.7 (1.9% of market cap)
- FCF (LTM) -48.7 bln RUB (negative), 4.8% of market cap
- EV/EBITDA multiple is 4.4x compared to historical level (50th percentile) of 3.2x

------------------------------------------------

2025-03-19

#X5 #reports

X5 Retail Group reported for 2025 q3:
- Revenue +20% YoY (vs +20.0% in previous quarter and historical rate +21.6%)
- EBITDA +19.3% YoY (vs +19.3% in previous quarter and historical rate +18.5%)
- EBITDA margin 4.9% has not changed compared to 4.9% same period last year
- Net Debt increased by 19.7 (2.0% of market cap)
- FCF (LTM) -48.7 bln RUB (negative), 4.8% of market cap
- EV/EBITDA multiple is 4.4x compared to historical level (50th percentile) of 3.2x

------------------------------------------------

2025-03-19

#X5 #reports

X5 Retail Group reported for 2025 q4:
- Revenue +20% YoY (vs +20.0% in previous quarter and historical rate +21.6%)
- EBITDA +19.3% YoY (vs +19.3% in previous quarter and historical rate +18.5%)
- EBITDA margin 4.9% has not changed compared to 4.9% same period last year
- Net Debt increased by 19.7 (2.0% of market cap)
- FCF (LTM) -48.7 bln RUB (negative), 4.8% of market cap
- EV/EBITDA multiple is 4.4x compared to historical level (50th percentile) of 3.2x

------------------------------------------------

2025-03-19

#X5 #reports

X5 Retail Group reported for 2024 q4:
- Revenue +22.3% YoY (vs +22.9% in previous quarter and historical rate +21.1%)
- EBITDA -0.8% YoY (vs +16.0% in previous quarter and historical rate +17.3%)
- EBITDA margin 4.9% decreased compared to 6.1% same period last year
- Net Debt increased by 14.2 (1.4% of market cap)
- FCF (LTM) +23.3 bln RUB (positive), 2.3% of market cap
- EV/EBITDA multiple is 4.2x compared to historical level (50th percentile) of 3.2x

------------------------------------------------

2025-03-18

#MRKC #reports

IDGC Center reported for 2025 q1:
- Revenue +14.2% YoY (vs +14.2% in previous quarter and historical rate +70.1%)
- EBITDA +27.6% YoY (vs +27.6% in previous quarter and historical rate +46.2%)
- EBITDA margin 19.0% increased compared to 17.0% same period last year
- Net Debt increased by 0.1 (0.3% of market cap)
- FCF (LTM) +2.2 bln RUB (positive), 8.1% of market cap
- EV/EBITDA multiple is 1.7x compared to historical level (50th percentile) of 2.6x

------------------------------------------------

2025-03-18

#MRKC #reports

IDGC Center reported for 2025 q2:
- Revenue +14.2% YoY (vs +14.2% in previous quarter and historical rate +70.1%)
- EBITDA +27.6% YoY (vs +27.6% in previous quarter and historical rate +46.2%)
- EBITDA margin 19.0% increased compared to 17.0% same period last year
- Net Debt increased by 0.1 (0.3% of market cap)
- FCF (LTM) +2.2 bln RUB (positive), 8.1% of market cap
- EV/EBITDA multiple is 1.7x compared to historical level (50th percentile) of 2.6x

------------------------------------------------

2025-03-18

#MRKC #reports

IDGC Center reported for 2025 q3:
- Revenue +14.2% YoY (vs +14.2% in previous quarter and historical rate +70.1%)
- EBITDA +27.6% YoY (vs +27.6% in previous quarter and historical rate +46.2%)
- EBITDA margin 19.0% increased compared to 17.0% same period last year
- Net Debt increased by 0.1 (0.3% of market cap)
- FCF (LTM) +2.2 bln RUB (positive), 8.1% of market cap
- EV/EBITDA multiple is 1.7x compared to historical level (50th percentile) of 2.6x

------------------------------------------------

2025-03-18

#MRKC #reports

IDGC Center reported for 2025 q4:
- Revenue +14.2% YoY (vs +14.2% in previous quarter and historical rate +70.1%)
- EBITDA +27.6% YoY (vs +27.6% in previous quarter and historical rate +46.2%)
- EBITDA margin 19.0% increased compared to 17.0% same period last year
- Net Debt increased by 0.1 (0.3% of market cap)
- FCF (LTM) +2.2 bln RUB (positive), 8.1% of market cap
- EV/EBITDA multiple is 1.7x compared to historical level (50th percentile) of 2.6x

------------------------------------------------

2025-03-18

#RAGR #reports

Rusagro reported for 2024 q4:
- Revenue +26% YoY (vs +6.3% in previous quarter and historical rate +16.7%)
- EBITDA +11.1% YoY (vs -29.4% in previous quarter and historical rate +17.5%)
- Net Income -21.5% YoY (vs -102.7% in previous quarter and historical rate +745.6%)
- EBITDA margin 23.1% decreased compared to 26.2% same period last year
- Net Debt increased by 104.2 (47.8% of market cap)
- FCF (LTM) -87.7 bln RUB (negative), 40.2% of market cap
- EV/EBITDA multiple is 7.1x compared to historical level (50th percentile) of 4.3x
- EV/EBITDA expected multiple is 8.4x

Growth potential decreased by 120.5% to -106.6%

------------------------------------------------

2025-03-18

#MRKC #reports

IDGC Center reported for 2024 q4:
- Revenue +24.8% YoY (vs +7.4% in previous quarter and historical rate +48.7%)
- EBITDA -44% YoY (vs -12.3% in previous quarter and historical rate +35.2%)
- Net Income -30% YoY (vs +59.6% in previous quarter and historical rate -12.8%)
- EBITDA margin 17.0% decreased compared to 37.8% same period last year
- Net Debt increased by 3.1 (11.5% of market cap)
- FCF (LTM) +1.7 bln RUB (positive), 6.2% of market cap
- EV/EBITDA multiple is 2.2x compared to historical level (50th percentile) of 2.6x

------------------------------------------------

2025-03-18

#TATN #reports

Tatneft reported for 2024 q3:
- Revenue +13.9% YoY (vs +13.9% in previous quarter and historical rate +20.0%)
- EBITDA +4% YoY (vs +4.0% in previous quarter and historical rate +17.8%)
- EBITDA margin 21.7% decreased compared to 23.8% same period last year
- Net Debt decreased by 8.2 (0.5% of market cap)
- FCF (LTM) +274.2 bln RUB (positive), 16.7% of market cap
- EV/EBITDA multiple is 3.3x compared to historical level (50th percentile) of 2.8x
- EV/EBITDA expected multiple is 5.8x

Growth potential increased by 7.6% to -51.6%

------------------------------------------------

2025-03-18

#TATN #reports

Tatneft reported for 2024 q4:
- Revenue +13.9% YoY (vs +13.9% in previous quarter and historical rate +20.0%)
- EBITDA +4% YoY (vs +4.0% in previous quarter and historical rate +17.8%)
- Net Income +7.9% YoY (vs -99.9% in previous quarter and historical rate -1485.8%)
- EBITDA margin 21.7% decreased compared to 23.8% same period last year
- Net Debt decreased by 8.2 (0.5% of market cap)
- FCF (LTM) +274.2 bln RUB (positive), 16.7% of market cap
- EV/EBITDA multiple is 3.3x compared to historical level (50th percentile) of 2.8x
- EV/EBITDA expected multiple is 5.8x

Growth potential increased by 7.6% to -51.6%

------------------------------------------------

2025-03-18

#AQUA #reports

RUS AQUA reported for 2024 H2:
- Revenue -14.7% YoY (vs +41.5% in previous half-year and historical rate +31.8%)
- EBITDA -24.3% YoY (vs +17.4% in previous half-year and historical rate +36.3%)
- Net Income +133.2% YoY (vs -117.1% in previous half-year and historical rate +226.3%)
- EBITDA margin 37.5% decreased compared to 42.3% same period last year
- Net Debt increased by 6.7 (10.0% of market cap)
- FCF (LTM) +3.1 bln RUB (positive), 4.6% of market cap
- EV/EBITDA multiple is 6.5x compared to historical level (50th percentile) of 6.2x
- EV/EBITDA expected multiple is 6.4x

Growth potential decreased by 8.4% to -26.1%

------------------------------------------------

2025-03-18

#VSEH #reports

VseInstrumenti reported for 2024 q3:
- Revenue +15.6% YoY (vs +35.3% in previous quarter and historical rate +46.7%)
- EBITDA +11.1% YoY (vs +32.8% in previous quarter and historical rate +84.2%)
- Net Income -116.6% YoY (vs -79.2% in previous quarter and historical rate -49.0%)
- EBITDA margin 8.0% decreased compared to 8.4% same period last year
- Net Debt increased by 5.3 (9.8% of market cap)
- FCF (LTM) -6.3 bln RUB (negative), 11.6% of market cap
- EV/EBITDA multiple is 7x compared to historical level (50th percentile) of 7.7x

------------------------------------------------

2025-03-14

#LSRG #reports

LSR Group reported for 2024 H2:
- Revenue -6.4% YoY (vs +13.8% in previous half-year and historical rate +26.1%)
- EBITDA -9.3% YoY (vs +36.1% in previous half-year and historical rate +34.0%)
- Net Income +151.5% YoY (vs -69.5% in previous half-year and historical rate +28.1%)
- EBITDA margin 30.4% decreased compared to 31.4% same period last year
- Net Debt decreased by 228.2 (253.7% of market cap)
- FCF (LTM) +191.6 bln RUB (positive), 213.0% of market cap
- EV/EBITDA multiple is 1.4x compared to historical level (50th percentile) of 5.3x

------------------------------------------------

2025-03-14

#SVCB #reports

Sovcombank reported for 2024 q4:
- Revenue -30.9% YoY (vs -6.8% in previous quarter and historical rate +5.5%)
- Net Income +11.1% YoY (vs -28.0% in previous quarter and historical rate +18.8%)
- Net Income margin 74.3% increased compared to 46.2% same period last year
- P/E multiple is 4.5x compared to historical level (50th percentile) of 3.6x

------------------------------------------------

2025-03-14

#RUAL #reports

Rusal reported for 2024 H2:
- Revenue +7.6% YoY (vs +13.1% in previous half-year and historical rate +11.2%)
- EBITDA +84% YoY (vs +180.5% in previous half-year and historical rate +61.5%)
- Net Income +100% YoY (vs -60.4% in previous half-year and historical rate +15.2%)
- EBITDA margin 14.1% increased compared to 8.2% same period last year
- Net Debt increased by 155.2 (24.1% of market cap)
- FCF (LTM) -224.2 bln RUB (negative), 34.9% of market cap
- EV/EBITDA multiple is 8.8x compared to historical level (50th percentile) of 12x
- EV/EBITDA expected multiple is 12.8x

Growth potential increased by 2.9% to -112.4%

------------------------------------------------

2025-03-14

#MRKS #reports

IDGC Siberia reported for 2024 q3:
- Revenue -20.2% YoY (vs +34.6% in previous quarter and historical rate +12.2%)
- EBITDA -60.3% YoY (vs +133800.0% in previous quarter and historical rate -8.3%)
- EBITDA margin 6.7% decreased compared to 13.4% same period last year
- Net Debt increased by 24.6 (43.5% of market cap)
- FCF (LTM) -50 bln RUB (negative), 88.5% of market cap
- EV/EBITDA multiple is 17.6x compared to historical level (50th percentile) of 10x

------------------------------------------------

2025-03-14

#MRKS #reports

IDGC Siberia reported for 2024 q4:
- Revenue -20.2% YoY (vs +34.6% in previous quarter and historical rate +12.2%)
- EBITDA -60.3% YoY (vs +133800.0% in previous quarter and historical rate -8.3%)
- Net Income +73.7% YoY (vs -430.5% in previous quarter and historical rate -177.0%)
- EBITDA margin 6.7% decreased compared to 13.4% same period last year
- Net Debt increased by 24.6 (43.5% of market cap)
- FCF (LTM) -50 bln RUB (negative), 88.5% of market cap
- EV/EBITDA multiple is 17.6x compared to historical level (50th percentile) of 10x

------------------------------------------------

2025-03-13

#HYDR #reports

Rushydro reported for 2024 q4:
- Revenue +32% YoY (vs +19.8% in previous quarter and historical rate +12.9%)
- EBITDA +55.9% YoY (vs +36.2% in previous quarter and historical rate +30.9%)
- Net Income -244.2% YoY (vs -101.5% in previous quarter and historical rate -49.8%)
- EBITDA margin 24.6% increased compared to 20.8% same period last year
- Net Debt increased by 46.7 (23.7% of market cap)
- FCF (LTM) -159.5 bln RUB (negative), 81.0% of market cap
- EV/EBITDA multiple is 4.7x compared to historical level (50th percentile) of 5.9x

------------------------------------------------

2025-03-13

#DELI #reports

Delimobil reported for 2024 H2:
- Revenue +23.7% YoY (vs +46.4% in previous half-year and historical rate +32.8%)
- EBITDA -20.4% YoY (vs -0.8% in previous half-year and historical rate +32.5%)
- Net Income -141% YoY (vs +100.0% in previous half-year and historical rate +171.2%)
- EBITDA margin 19.7% decreased compared to 30.6% same period last year
- Net Debt increased by 4.8 (14.4% of market cap)
- FCF (LTM) -12.2 bln RUB (negative), 36.6% of market cap
- EV/EBITDA multiple is 12.7x compared to historical level (50th percentile) of 13.8x

------------------------------------------------

2025-03-12

#T #reports

TBank reported for 2025 q1:
- Revenue +45.6% YoY (vs +68.0% in previous quarter and historical rate +40.7%)
- Net Income +24.9% YoY (vs +24.9% in previous quarter and historical rate +73.7%)
- Net Income margin 18.3% decreased compared to 21.4% same period last year
- P/E multiple is 5.6x compared to historical level (50th percentile) of 7.2x

Growth potential increased by 14.5% to +30.2%

------------------------------------------------

2025-03-12

#T #reports

TBank reported for 2025 q2:
- Revenue +45.6% YoY (vs +68.0% in previous quarter and historical rate +40.7%)
- Net Income +24.9% YoY (vs +24.9% in previous quarter and historical rate +73.7%)
- Net Income margin 18.3% decreased compared to 21.4% same period last year
- P/E multiple is 5.6x compared to historical level (50th percentile) of 7.2x

Growth potential increased by 14.4% to +30.1%

------------------------------------------------

2025-03-12

#T #reports

TBank reported for 2025 q3:
- Revenue +45.6% YoY (vs +68.0% in previous quarter and historical rate +40.7%)
- Net Income +24.9% YoY (vs +24.9% in previous quarter and historical rate +73.7%)
- Net Income margin 18.3% decreased compared to 21.4% same period last year
- P/E multiple is 5.6x compared to historical level (50th percentile) of 7.2x

Growth potential increased by 14.4% to +30.1%

------------------------------------------------

2025-03-12

#T #reports

TBank reported for 2025 q4:
- Revenue +45.6% YoY (vs +68.0% in previous quarter and historical rate +40.7%)
- Net Income +24.9% YoY (vs +24.9% in previous quarter and historical rate +73.7%)
- Net Income margin 18.3% decreased compared to 21.4% same period last year
- P/E multiple is 5.6x compared to historical level (50th percentile) of 7.2x

Growth potential increased by 14.4% to +30.1%

------------------------------------------------

2025-03-12

#RENI #reports

Renessans reported for 2024 q4:
- Revenue +36.2% YoY (vs +35.4% in previous quarter and historical rate +20.4%)
- Net Income +775.3% YoY (vs -76.5% in previous quarter and historical rate +67.2%)
- Net Income margin 13.5% increased compared to 2.1% same period last year
- P/E multiple is 6.6x compared to historical level (50th percentile) of 4.8x

------------------------------------------------

2025-03-11

#POSI #reports

Positive reported for 2024 q3:
- Revenue +20.8% YoY (vs -1.6% in previous quarter and historical rate +67.4%)
- EBITDA -92.4% YoY (vs -951.2% in previous quarter and historical rate +28.2%)
- EBITDA margin 1.7% decreased compared to 27.4% same period last year
- Net Debt increased by 9 (8.6% of market cap)
- FCF (LTM) -4 bln RUB (negative), 3.8% of market cap
- EV/EBITDA multiple is 19.1x compared to historical level (50th percentile) of 21.5x

------------------------------------------------

2025-03-07

#FLOT #reports

SCF Group reported for 2024 q4:
- Revenue -28.7% YoY (vs -15.7% in previous quarter and historical rate +33.6%)
- EBITDA -43.7% YoY (vs -29.9% in previous quarter and historical rate +38.8%)
- Net Income -141.8% YoY (vs -16.9% in previous quarter and historical rate +379.9%)
- EBITDA margin 47.1% decreased compared to 59.7% same period last year
- Net Debt decreased by 9.9 (4.4% of market cap)
- FCF (LTM) +66.6 bln RUB (positive), 29.5% of market cap
- EV/EBITDA multiple is 2.5x compared to historical level (50th percentile) of 2.6x
- EV/EBITDA expected multiple is 1.9x

------------------------------------------------

2025-03-06

#UPRO #reports

Unipro reported for 2024 H2:
- Revenue +8.3% YoY (vs +7.9% in previous half-year and historical rate +13.5%)
- EBITDA -13% YoY (vs +13.5% in previous half-year and historical rate +39.7%)
- Net Income -55.9% YoY (vs +100.0% in previous half-year and historical rate +9.1%)
- EBITDA margin 12.1% decreased compared to 15.0% same period last year
- Net Debt decreased by 19.4 (11.7% of market cap)
- FCF (LTM) +39.9 bln RUB (positive), 24.2% of market cap
- EV/EBITDA multiple is 2.2x compared to historical level (50th percentile) of 2.3x

------------------------------------------------

2025-03-06

#BSPB #reports

Bank Sankt-Peterburg reported for 2024 q4:
- Revenue -39.8% YoY (vs +34.4% in previous quarter and historical rate +22.9%)
- Net Income +314.4% YoY (vs +55.6% in previous quarter and historical rate +72.6%)
- Net Income margin 342.2% increased compared to 49.7% same period last year
- P/E multiple is 2.3x compared to historical level (50th percentile) of 2.7x

------------------------------------------------

2025-03-05

#MTSS #reports

MTS reported for 2024 q4:
- Revenue +13.8% YoY (vs +15.3% in previous quarter and historical rate +10.0%)
- EBITDA +9% YoY (vs +5.8% in previous quarter and historical rate +2.6%)
- EBITDA margin 27.1% decreased compared to 28.3% same period last year
- Net Debt increased by 17.1 (4.1% of market cap)
- FCF (LTM) +14 bln RUB (positive), 3.3% of market cap
- EV/EBITDA multiple is 4.2x compared to historical level (50th percentile) of 4.3x

------------------------------------------------

2025-03-05

#MBNK #reports

MTS Bank reported for 2024 q4:
- Revenue -38.6% YoY (vs +14.8% in previous quarter and historical rate +27.6%)
- Net Income -179.1% YoY (vs -20.7% in previous quarter and historical rate +34.0%)
- Net Income margin -11.2% decreased compared to 8.7% same period last year
- P/E multiple is 5x compared to historical level (50th percentile) of 3.9x

------------------------------------------------

2025-03-05

#PLZL #reports

Polyus reported for 2024 q3:
- Revenue +57.6% YoY (vs +57.6% in previous quarter and historical rate +28.8%)
- EBITDA +64.8% YoY (vs +64.8% in previous quarter and historical rate +41.7%)
- EBITDA margin 71.1% increased compared to 68.0% same period last year
- Net Debt increased by 42.2 (1.6% of market cap)
- FCF (LTM) +82.1 bln RUB (positive), 3.2% of market cap
- EV/EBITDA multiple is 5x compared to historical level (50th percentile) of 6x
- EV/EBITDA expected multiple is 4.6x

Growth potential increased by 28.2% to +32.3%

------------------------------------------------

2025-03-05

#PLZL #reports

Polyus reported for 2024 q4:
- Revenue +57.6% YoY (vs +57.6% in previous quarter and historical rate +28.8%)
- EBITDA +64.8% YoY (vs +64.8% in previous quarter and historical rate +41.7%)
- Net Income +101.8% YoY (vs +237.8% in previous quarter and historical rate +49.6%)
- EBITDA margin 71.1% increased compared to 68.0% same period last year
- Net Debt increased by 42.2 (1.6% of market cap)
- FCF (LTM) +82.1 bln RUB (positive), 3.1% of market cap
- EV/EBITDA multiple is 5x compared to historical level (50th percentile) of 6x
- EV/EBITDA expected multiple is 4.6x

Growth potential increased by 28.2% to +32.3%

------------------------------------------------

2025-03-04

#AFLT #reports

Aeroflot reported for 2024 q4:
- Revenue +28.7% YoY (vs +37.3% in previous quarter and historical rate +24.5%)
- EBITDA -53.8% YoY (vs -47.2% in previous quarter and historical rate +58.9%)
- EBITDA margin 21.1% decreased compared to 58.8% same period last year
- Net Debt increased by 28 (33.0% of market cap)
- FCF (LTM) +37.6 bln RUB (positive), 44.4% of market cap
- EV/EBITDA multiple is 4.1x compared to historical level (50th percentile) of 6.2x

------------------------------------------------

2025-03-04

#LEAS #reports

Europlan reported for 2024 q4:
- Revenue +32.1% YoY (vs +40.9% in previous quarter and historical rate +33.1%)
- Net Income -13.4% YoY (vs -30.3% in previous quarter and historical rate +21.5%)
- Net Income 31.7% decreased compared to 48.4% same period last year
- P/E multiple is 6.1x compared to historical level (50th percentile) of 5.4x

------------------------------------------------

2025-03-03

#TRMK #reports

TMK (pipe) reported for 2024 q3:
- Revenue -3.8% YoY (vs -3.8% in previous quarter and historical rate +13.9%)
- EBITDA -47.4% YoY (vs -47.4% in previous quarter and historical rate +31.3%)
- EBITDA margin 10.5% decreased compared to 19.2% same period last year
- Net Debt decreased by 22.4 (17.1% of market cap)
- FCF (LTM) -0.6 bln RUB (negative), 0.4% of market cap
- EV/EBITDA multiple is 6.5x compared to historical level (50th percentile) of 3.8x
- EV/EBITDA expected multiple is 7.2x

Growth potential increased by 17.4% to -197.9%

------------------------------------------------

2025-03-03

#TRMK #reports

TMK (pipe) reported for 2024 q4:
- Revenue -3.8% YoY (vs -3.8% in previous quarter and historical rate +13.9%)
- EBITDA -47.4% YoY (vs -47.4% in previous quarter and historical rate +31.3%)
- Net Income -170.4% YoY (vs -106.4% in previous quarter and historical rate +109.8%)
- EBITDA margin 10.5% decreased compared to 19.2% same period last year
- Net Debt decreased by 22.4 (17.1% of market cap)
- FCF (LTM) -0.6 bln RUB (negative), 0.4% of market cap
- EV/EBITDA multiple is 6.5x compared to historical level (50th percentile) of 3.8x
- EV/EBITDA expected multiple is 7.2x

Growth potential increased by 17.4% to -197.9%

------------------------------------------------

2025-02-28

#IRAO #reports

Inter RAO reported for 2024 q3:
- Revenue +34.7% YoY (vs +6.6% in previous quarter and historical rate +10.8%)
- EBITDA -4.9% YoY (vs -12.9% in previous quarter and historical rate -1.0%)
- Net Income +6.4% YoY (vs +16.8% in previous quarter and historical rate +22.4%)
- EBITDA margin 7.6% decreased compared to 10.7% same period last year
- Net Debt decreased by 136.5 (34.9% of market cap)
- FCF (LTM) -75.1 bln RUB (negative), 19.2% of market cap
- EV/EBITDA multiple is 1.3x compared to historical level (50th percentile) of 0.9x

------------------------------------------------

2025-02-28

#IRAO #reports

Inter RAO reported for 2024 q4:
- Revenue +34.7% YoY (vs +6.6% in previous quarter and historical rate +10.8%)
- EBITDA -4.9% YoY (vs -12.9% in previous quarter and historical rate -1.0%)
- Net Income -27.1% YoY (vs +6.4% in previous quarter and historical rate +15.3%)
- EBITDA margin 7.6% decreased compared to 10.7% same period last year
- Net Debt decreased by 136.5 (34.9% of market cap)
- FCF (LTM) -75.1 bln RUB (negative), 19.2% of market cap
- EV/EBITDA multiple is 1.3x compared to historical level (50th percentile) of 0.9x

------------------------------------------------

2025-02-28

#YDEX #reports

Yandex reported for 2025 q1:
- Revenue +30% YoY (vs +30.0% in previous quarter and historical rate +40.2%)
- EBITDA +32.6% YoY (vs +32.6% in previous quarter and historical rate +65.7%)
- EBITDA margin 14.6% increased compared to 14.3% same period last year
- Net Debt increased by 23.9 bln rubles since the start of the year (1.7% of market cap)
- FCF (LTM) -66.3 bln RUB (negative), 4.7% of market cap
- EV/EBITDA multiple is 7.5x compared to historical level (50th percentile) of 10.4x

------------------------------------------------

2025-02-28

#ALRS #reports

Alrosa reported for 2024 q3:
- Revenue -13.3% YoY (vs -13.3% in previous quarter and historical rate -8.8%)
- EBITDA +11.6% YoY (vs +11.6% in previous quarter and historical rate -4.7%)
- EBITDA margin 47.8% increased compared to 37.2% same period last year
- Net Debt increased by 44.8 bln rubles since the start of the year (10.1% of market cap)
- FCF (LTM) +16.6 bln RUB (positive), 3.8% of market cap
- EV/EBITDA multiple is 6.8x compared to historical level (50th percentile) of 4.1x
- EV/EBITDA expected multiple is 14.5x

Growth potential increased by 17.1% to -89.5%

------------------------------------------------

2025-02-28

#YDEX #reports

Yandex reported for 2025 q2:
- Revenue +30% YoY (vs +30.0% in previous quarter and historical rate +40.2%)
- EBITDA +32.6% YoY (vs +32.6% in previous quarter and historical rate +65.7%)
- EBITDA margin 14.6% increased compared to 14.3% same period last year
- Net Debt increased by 23.9 bln rubles since the start of the year (1.7% of market cap)
- FCF (LTM) -66.3 bln RUB (negative), 4.7% of market cap
- EV/EBITDA multiple is 7.5x compared to historical level (50th percentile) of 10.4x

------------------------------------------------

2025-02-28

#ALRS #reports

Alrosa reported for 2024 q4:
- Revenue -13.3% YoY (vs -13.3% in previous quarter and historical rate -8.8%)
- EBITDA +11.6% YoY (vs +11.6% in previous quarter and historical rate -4.7%)
- Net Income -77.4% YoY (vs -73.0% in previous quarter and historical rate -10.7%)
- EBITDA margin 47.8% increased compared to 37.2% same period last year
- Net Debt increased by 44.8 bln rubles since the start of the year (10.1% of market cap)
- FCF (LTM) +16.6 bln RUB (positive), 3.7% of market cap
- EV/EBITDA multiple is 6.9x compared to historical level (50th percentile) of 4.1x
- EV/EBITDA expected multiple is 14.5x

Growth potential increased by 17.1% to -89.5%

------------------------------------------------

2025-02-28

#YDEX #reports

Yandex reported for 2025 q3:
- Revenue +30% YoY (vs +30.0% in previous quarter and historical rate +40.2%)
- EBITDA +32.6% YoY (vs +32.6% in previous quarter and historical rate +65.7%)
- EBITDA margin 14.6% increased compared to 14.3% same period last year
- Net Debt increased by 23.9 bln rubles since the start of the year (1.7% of market cap)
- FCF (LTM) -66.3 bln RUB (negative), 4.6% of market cap
- EV/EBITDA multiple is 7.6x compared to historical level (50th percentile) of 10.4x

------------------------------------------------

2025-02-27

#YDEX #reports

Yandex reported for 2025 q4:
- Revenue +30% YoY (vs +30.0% in previous quarter and historical rate +40.2%)
- EBITDA +32.6% YoY (vs +32.6% in previous quarter and historical rate +65.7%)
- EBITDA margin 14.6% increased compared to 14.3% same period last year
- Net Debt increased by 23.9 bln rubles since the start of the year (1.6% of market cap)
- FCF (LTM) -66.3 bln RUB (negative), 4.5% of market cap
- EV/EBITDA multiple is 7.7x compared to historical level (50th percentile) of 10.4x

------------------------------------------------

2025-02-27

#MOEX #reports

MOEX reported for 2024 q4:
- Revenue -9.6% YoY (vs +47.5% in previous quarter and historical rate +39.2%)
- Net Income -10.4% YoY (vs +61.3% in previous quarter and historical rate +44.0%)
- Net Income 56.9% decreased compared to 57.4% same period last year
- P/E multiple is 6.3x compared to historical level (50th percentile) of 6.7x

------------------------------------------------

2025-02-26

#RTKM #reports

Rostelecom reported for 2024 q4:
- Revenue +11.7% YoY (vs +11.0% in previous quarter and historical rate +11.7%)
- EBITDA +8.7% YoY (vs +1.3% in previous quarter and historical rate +9.9%)
- Net Income +151.7% YoY (vs -149.7% in previous quarter and historical rate +89.2%)
- EBITDA margin 33.7% decreased compared to 34.6% same period last year
- Net Debt increased by 11.6 bln rubles since the start of the year (5.3% of market cap)
- FCF (LTM) -77.2 bln RUB (negative), 35.5% of market cap
- EV/EBITDA multiple is 3.1x compared to historical level (50th percentile) of 3.5x

------------------------------------------------

2025-02-25

#VTBR #reports

Bank VTB PAO reported for 2024 q3:
- Revenue -48.5% YoY (vs -38.8% in previous quarter and historical rate +6.9%)
- Net Income +1236.1% YoY (vs +763.4% in previous quarter and historical rate +32.6%)
- Net Income 420.2% increased compared to 16.2% same period last year
- P/E multiple is 0.3x compared to historical level (50th percentile) of 1.3x

------------------------------------------------

2025-02-25

#VTBR #reports

Bank VTB PAO reported for 2024 q4:
- Revenue -48.5% YoY (vs -38.8% in previous quarter and historical rate +6.9%)
- Net Income +1236.1% YoY (vs +763.4% in previous quarter and historical rate +32.6%)
- Net Income 420.2% increased compared to 16.2% same period last year
- P/E multiple is 0.3x compared to historical level (50th percentile) of 1.3x

------------------------------------------------

2025-02-22

#MRKP #reports

IDGC Center & Volga reported for 2024 q4:
- Revenue +13.3% YoY (vs +13.3% in previous quarter and historical rate +12.0%)
- EBITDA +20.6% YoY (vs +20.6% in previous quarter and historical rate +15.6%)
- EBITDA margin 11.7% increased compared to 11.0% same period last year
- Net Debt increased by 1.3 bln rubles over the past reporting period (2.9% of market cap)
- FCF (LTM) -0.2 bln RUB (negative), 0.5% of market cap
- EV/EBITDA multiple is 1.6x compared to historical level (50th percentile) of 1.7x

------------------------------------------------

2025-02-22

#MRKP #reports

IDGC Center & Volga reported for 2025 q1:
- Revenue +13.3% YoY (vs +13.3% in previous quarter and historical rate +12.0%)
- EBITDA +20.6% YoY (vs +20.6% in previous quarter and historical rate +15.6%)
- EBITDA margin 11.7% increased compared to 11.0% same period last year
- Net Debt increased by 1.3 bln rubles over the past reporting period (2.9% of market cap)
- FCF (LTM) -0.2 bln RUB (negative), 0.5% of market cap
- EV/EBITDA multiple is 1.6x compared to historical level (50th percentile) of 1.7x

------------------------------------------------

2025-02-21

#RASP #reports

Raspadskaya reported for 2024 H2:
- Revenue -18.3% YoY (vs -3.7% in previous half-year and historical rate +16.4%)
- EBITDA -76% YoY (vs -94.8% in previous half-year and historical rate -9.8%)
- Net Income -164.9% YoY (vs -115.8% in previous half-year and historical rate +24.4%)
- EBITDA margin 7.7% decreased compared to 26.1% same period last year
- Net Debt increased by 15.7 bln rubles over the past reporting period (8.2% of market cap)
- FCF (LTM) -23.2 bln RUB (negative), 12.2% of market cap
- EV/EBITDA multiple is 23.6x compared to historical level (50th percentile) of 2.8x
- EV/EBITDA expected multiple is -3.7x

Growth potential increased by 11.7% to -187.9%

------------------------------------------------

2025-02-21

#MRKP #reports

IDGC Center & Volga reported for 2025 q2:
- Revenue +13.3% YoY (vs +13.3% in previous quarter and historical rate +12.0%)
- EBITDA +20.6% YoY (vs +20.6% in previous quarter and historical rate +15.6%)
- EBITDA margin 11.7% increased compared to 11.0% same period last year
- Net Debt increased by 1.3 bln rubles over the past reporting period (3.0% of market cap)
- FCF (LTM) -0.2 bln RUB (negative), 0.5% of market cap
- EV/EBITDA multiple is 1.6x compared to historical level (50th percentile) of 1.7x

------------------------------------------------

2025-02-21

#MTLR #reports

Mechel reported for 2024 q3:
- Revenue -14.1% YoY (vs -14.1% in previous quarter and historical rate +1.1%)
- EBITDA -57.7% YoY (vs -57.7% in previous quarter and historical rate -22.7%)
- EBITDA margin 10.2% decreased compared to 20.8% same period last year
- Net Debt decreased by 0.3 bln rubles over the past reporting period (0.5% of market cap)
- FCF (LTM) -13.1 bln RUB (negative), 24.4% of market cap
- EV/EBITDA multiple is 10.6x compared to historical level (50th percentile) of 4.4x
- EV/EBITDA expected multiple is 51.3x

Growth potential increased by 15.8% to -604.0%

------------------------------------------------

2025-02-21

#MRKP #reports

IDGC Center & Volga reported for 2025 q3:
- Revenue +13.3% YoY (vs +13.3% in previous quarter and historical rate +12.0%)
- EBITDA +20.6% YoY (vs +20.6% in previous quarter and historical rate +15.6%)
- EBITDA margin 11.7% increased compared to 11.0% same period last year
- Net Debt increased by 1.3 bln rubles over the past reporting period (2.9% of market cap)
- FCF (LTM) -0.2 bln RUB (negative), 0.5% of market cap
- EV/EBITDA multiple is 1.6x compared to historical level (50th percentile) of 1.7x

------------------------------------------------

2025-02-20

#SOFL #reports

Softline reported for 2025 q1:
- Revenue +24.3% YoY (vs +24.3% in previous quarter and historical rate +28.7%)
- EBITDA +39.3% YoY (vs +39.2% in previous quarter and historical rate +59.2%)
- EBITDA margin 5.6% increased compared to 5.0% same period last year
- Net Debt increased by 1.8 bln rubles over the past reporting period (5.2% of market cap)
- FCF (LTM) -7.1 bln RUB (negative), 20.7% of market cap
- EV/EBITDA multiple is 8.9x compared to historical level (50th percentile) of 16x

------------------------------------------------

2025-02-20

#MTLR #reports

Mechel reported for 2024 q4:
- Revenue -14.1% YoY (vs -14.1% in previous quarter and historical rate +1.1%)
- EBITDA -57.7% YoY (vs -57.7% in previous quarter and historical rate -22.7%)
- EBITDA margin 10.2% decreased compared to 20.8% same period last year
- Net Debt decreased by 0.3 bln rubles over the past reporting period (0.5% of market cap)
- FCF (LTM) -13.1 bln RUB (negative), 24.6% of market cap
- EV/EBITDA multiple is 10.6x compared to historical level (50th percentile) of 4.3x
- EV/EBITDA expected multiple is 59x

Growth potential decreased by 231.1% to -613.2%

------------------------------------------------

2025-02-20

#MRKP #reports

IDGC Center & Volga reported for 2025 q4:
- Revenue +13.3% YoY (vs +13.3% in previous quarter and historical rate +12.0%)
- EBITDA +20.6% YoY (vs +20.6% in previous quarter and historical rate +15.6%)
- EBITDA margin 11.7% increased compared to 11.0% same period last year
- Net Debt increased by 1.3 bln rubles over the past reporting period (3.0% of market cap)
- FCF (LTM) -0.2 bln RUB (negative), 0.5% of market cap
- EV/EBITDA multiple is 1.6x compared to historical level (50th percentile) of 1.7x

------------------------------------------------

2025-02-20

#SOFL #reports

Softline reported for 2025 q2:
- Revenue +24.3% YoY (vs +24.3% in previous quarter and historical rate +28.7%)
- EBITDA +39.3% YoY (vs +39.2% in previous quarter and historical rate +59.2%)
- EBITDA margin 5.6% increased compared to 5.0% same period last year
- Net Debt increased by 1.8 bln rubles over the past reporting period (5.2% of market cap)
- FCF (LTM) -7.1 bln RUB (negative), 20.8% of market cap
- EV/EBITDA multiple is 8.9x compared to historical level (50th percentile) of 16x

------------------------------------------------

2025-02-19

#SOFL #reports

Softline reported for 2025 q3:
- Revenue +24.3% YoY (vs +24.3% in previous quarter and historical rate +28.7%)
- EBITDA +39.3% YoY (vs +39.2% in previous quarter and historical rate +59.2%)
- EBITDA margin 5.6% increased compared to 5.0% same period last year
- Net Debt increased by 1.8 bln rubles over the past reporting period (5.2% of market cap)
- FCF (LTM) -7.1 bln RUB (negative), 20.9% of market cap
- EV/EBITDA multiple is 8.9x compared to historical level (50th percentile) of 16x

------------------------------------------------

2025-02-19

#SOFL #reports

Softline reported for 2025 q4:
- Revenue +24.3% YoY (vs +24.3% in previous quarter and historical rate +28.7%)
- EBITDA +39.3% YoY (vs +39.2% in previous quarter and historical rate +59.2%)
- EBITDA margin 5.6% increased compared to 5.0% same period last year
- Net Debt increased by 1.8 bln rubles over the past reporting period (5.2% of market cap)
- FCF (LTM) -7.1 bln RUB (negative), 20.8% of market cap
- EV/EBITDA multiple is 8.9x compared to historical level (50th percentile) of 16x

------------------------------------------------

2025-02-17

#SIBN #reports

Gazprom Neft reported for 2024 q3:
- Revenue +5.8% YoY (vs +5.8% in previous quarter and historical rate +12.5%)
- EBITDA +4.5% YoY (vs +4.5% in previous quarter and historical rate +20.6%)
- EBITDA margin 27.1% decreased compared to 27.4% same period last year
- Net Debt increased by 244.6 bln rubles over the past reporting period (8.0% of market cap)
- FCF (LTM) -701.5 bln RUB (negative), 23.1% of market cap
- EV/EBITDA multiple is 3.8x compared to historical level (50th percentile) of 4.3x
- EV/EBITDA expected multiple is 4.4x

Growth potential decreased by 12.9% to -15.1%

------------------------------------------------

2025-02-17

#SIBN #reports

Gazprom Neft reported for 2024 q4:
- Revenue +5.8% YoY (vs +5.8% in previous quarter and historical rate +12.5%)
- EBITDA +4.5% YoY (vs +4.5% in previous quarter and historical rate +20.6%)
- EBITDA margin 27.1% decreased compared to 27.4% same period last year
- Net Debt increased by 244.6 bln rubles over the past reporting period (8.2% of market cap)
- FCF (LTM) -701.5 bln RUB (negative), 23.5% of market cap
- EV/EBITDA multiple is 3.7x compared to historical level (50th percentile) of 4.3x
- EV/EBITDA expected multiple is 4.4x

Growth potential decreased by 15.1% to -15.5%

------------------------------------------------

2025-02-17

#RAGR #reports

Rusagro reported for 2024 q3:
- Revenue +6.3% YoY (vs +19.6% in previous quarter and historical rate +17.0%)
- EBITDA -29.4% YoY (vs -23.2% in previous quarter and historical rate +20.5%)
- EBITDA margin 13.9% decreased compared to 21.0% same period last year
- Net Debt decreased by 11.6 bln rubles over the past reporting period (5.7% of market cap)
- FCF (LTM) +15.2 bln RUB (positive), 7.4% of market cap
- EV/EBITDA multiple is 5.1x compared to historical level (50th percentile) of 4.2x

Growth potential decreased by 50.0% to +45.0%

------------------------------------------------

2025-02-14

#PHOR #reports

Phosagro reported for 2024 q4:
- Revenue +22.6% YoY (vs +11.5% in previous quarter and historical rate +13.3%)
- EBITDA -0.3% YoY (vs -6.0% in previous quarter and historical rate +10.0%)
- EBITDA margin 39.9% decreased compared to 49.1% same period last year
- Net Debt increased by 72.6 bln rubles over the past reporting period (8.3% of market cap)
- FCF (LTM) -23.4 bln RUB (negative), 2.7% of market cap
- EV/EBITDA multiple is 6.9x compared to historical level (50th percentile) of 5.2x
- EV/EBITDA expected multiple is 5.4x

Growth potential decreased by 14.3% to -18.6%

------------------------------------------------

2025-02-14

#GCHE #reports

Cherkizovo reported for 2024 q3:
- Revenue +9.3% YoY (vs +9.3% in previous quarter and historical rate +18.5%)
- EBITDA -47.4% YoY (vs -47.4% in previous quarter and historical rate +27.0%)
- EBITDA margin 13.0% decreased compared to 27.0% same period last year
- Net Debt increased by 13.2 bln rubles over the past reporting period (6.5% of market cap)
- FCF (LTM) -23.5 bln RUB (negative), 11.7% of market cap
- EV/EBITDA multiple is 7.2x compared to historical level (50th percentile) of 6.6x
- EV/EBITDA expected multiple is 7.3x

Growth potential decreased by 22.2% to -46.4%

------------------------------------------------

2025-02-13

#GCHE #reports

Cherkizovo reported for 2024 q4:
- Revenue +9.3% YoY (vs +9.3% in previous quarter and historical rate +18.5%)
- EBITDA -47.4% YoY (vs -47.4% in previous quarter and historical rate +27.0%)
- EBITDA margin 13.0% decreased compared to 27.0% same period last year
- Net Debt increased by 13.2 bln rubles over the past reporting period (6.5% of market cap)
- FCF (LTM) -23.5 bln RUB (negative), 11.6% of market cap
- EV/EBITDA multiple is 7.2x compared to historical level (50th percentile) of 6.6x
- EV/EBITDA expected multiple is 7.4x

Growth potential decreased by 95.2% to -47.2%

------------------------------------------------

2025-02-12

#NVTK #reports

Novatek reported for 2024 q3:
- Revenue +8.9% YoY (vs +8.9% in previous quarter and historical rate +24.4%)
- EBITDA -32% YoY (vs -32.0% in previous quarter and historical rate +20.0%)
- EBITDA margin 22.6% decreased compared to 36.2% same period last year
- Net Debt decreased by 44.7 bln rubles over the past reporting period (1.3% of market cap)
- FCF (LTM) +59.9 bln RUB (positive), 1.7% of market cap
- EV/EBITDA multiple is 8.8x compared to historical level (50th percentile) of 7x
- EV/EBITDA expected multiple is 15.8x

Growth potential increased by 10.5% to -59.8%

------------------------------------------------

2025-02-12

#EELT #reports

EuroElTech reported for 2024 q3:
- Revenue +155.3% YoY (vs +7.6% in previous quarter and historical rate +27.6%)
- EBITDA +218.5% YoY (vs -21.9% in previous quarter and historical rate +44.2%)
- EBITDA margin 19.5% increased compared to 15.6% same period last year
- EV/EBITDA multiple is 7.1x compared to historical level (50th percentile) of 5.3x

------------------------------------------------

2025-02-12

#NVTK #reports

Novatek reported for 2024 q4:
- Revenue +8.9% YoY (vs +8.9% in previous quarter and historical rate +24.4%)
- EBITDA -32% YoY (vs -32.0% in previous quarter and historical rate +20.0%)
- EBITDA margin 22.6% decreased compared to 36.2% same period last year
- Net Debt decreased by 44.7 bln rubles over the past reporting period (1.2% of market cap)
- FCF (LTM) +59.9 bln RUB (positive), 1.7% of market cap
- EV/EBITDA multiple is 9x compared to historical level (50th percentile) of 7x
- EV/EBITDA expected multiple is 15.5x

Growth potential increased by 11.9% to -58.9%

------------------------------------------------

2025-02-11

#GMKN #reports

Nornickel reported for 2024 H2:
- Revenue -3% YoY (vs -8.1% in previous half-year and historical rate -2.2%)
- EBITDA -17.5% YoY (vs -29.8% in previous half-year and historical rate -14.8%)
- EBITDA margin 39.6% decreased compared to 46.5% same period last year
- Net Debt increased by 84.5 bln rubles over the past reporting period (4.4% of market cap)
- FCF (LTM) -110.2 bln RUB (negative), 5.8% of market cap
- EV/EBITDA multiple is 6.6x compared to historical level (50th percentile) of 6.1x
- EV/EBITDA expected multiple is 6.4x

Growth potential decreased by 15.8% to -13.4%

------------------------------------------------

2025-02-03

#CHMF #reports

Severstal reported for 2024 q4:
- Revenue -11.1% YoY (vs +13.6% in previous quarter and historical rate -0.6%)
- EBITDA -36.2% YoY (vs -10.8% in previous quarter and historical rate -14.9%)
- EBITDA margin 25.8% decreased compared to 35.9% same period last year
- Net Debt increased by 47.1 bln rubles over the past reporting period (4.8% of market cap)
- FCF (LTM) +19.2 bln RUB (positive), 2.0% of market cap
- EV/EBITDA multiple is 4.1x compared to historical level (50th percentile) of 4.3x
- EV/EBITDA expected multiple is 4.6x

Growth potential decreased by 21.4% to -8.1%

------------------------------------------------

2025-01-31

#LKOH #reports

Lukoil reported for 2024 q3:
- Revenue +10.7% YoY (vs +10.7% in previous quarter and historical rate +1.4%)
- EBITDA -10.1% YoY (vs -10.1% in previous quarter and historical rate +13.6%)
- EBITDA margin 21.3% decreased compared to 26.3% same period last year
- EV/EBITDA multiple is 2x compared to historical level (50th percentile) of 2.5x
- EV/EBITDA expected multiple is 2.2x

Growth potential increased by 1.8% to +10.3%

------------------------------------------------

2025-01-30

#LKOH #reports

Lukoil reported for 2024 q4:
- Revenue +10.7% YoY (vs +10.7% in previous quarter and historical rate +1.4%)
- EBITDA -10.1% YoY (vs -10.1% in previous quarter and historical rate +13.6%)
- EBITDA margin 21.3% decreased compared to 26.3% same period last year
- EV/EBITDA multiple is 2x compared to historical level (50th percentile) of 2.5x
- EV/EBITDA expected multiple is 2.2x

Growth potential decreased by 8.6% to +11.2%

------------------------------------------------

2025-01-21

#SFIN #reports

SFI Holding reported for 2024 q3:
- Revenue +57.4% YoY (vs +62.0% in previous quarter and historical rate +38.7%)
- Net Income -33.3% YoY (vs +17.7% in previous quarter and historical rate +77.0%)
- Net Income 27.6% decreased compared to 65.1% same period last year
- P/E multiple is 3.3x compared to historical level (50th percentile) of 5x

------------------------------------------------

2025-01-13

#OZON #reports

OZON reported for 2024 q4:
- Revenue +85.6% YoY (vs +41.1% in previous quarter and historical rate +54.0%)
- EBITDA margin 5.3% increased compared to -1.8% same period last year
- Net Debt increased by 42.2 bln rubles over the past reporting period (7.5% of market cap)
- FCF (LTM) -168.8 bln RUB (negative), 29.9% of market cap

------------------------------------------------

2025-01-09

#X5 #reports

X5 Retail Group reported for 2024 q3:
- Revenue +22.9% YoY (vs +25.1% in previous quarter and historical rate +20.4%)
- EBITDA +16% YoY (vs +18.3% in previous quarter and historical rate +19.2%)
- EBITDA margin 7.3% decreased compared to 7.7% same period last year
- Net Debt increased by 27.3 bln rubles over the past reporting period (3.6% of market cap)
- FCF (LTM) -32.6 bln RUB (negative), 4.3% of market cap
- EV/EBITDA multiple is 3.8x compared to historical level (50th percentile) of 3.8x

General information

Sistema PJSC FC is a publicly-listed investment company incorporated in Russia. The Company owns a diverse set of public and private companies which it holds in two distinct portfolios: Core assets and Developing assets.

Dividend yield for the last twelve months 3.2%
Free cash flow yield -166.5% (LTM)
Share price is 60.4% higher than minimum and 44.8% lower than maximum for the last 3 years
The company is overvalued by EV / LTM EBITDA multiple compared to target level (6.1x vs
)

Key Financials (Download financials)

Ticker: AFKS

Share price, RUB: (-2.3%)16.48

year average price 18.77

year start price 22.56 2024-03-29

max close price 29.83 2024-05-21

min close price 11.72 2024-12-16

current price 16.49 2025-03-28

Common stocks: 9 650 000 000

Dividend Yield: 3.2%

FCF Yield LTM: -166.5%

EV / LTM EBITDA: 6.1x

EV / EBITDA annualized: 5.4x

Target EV / EBITDA (hist percentile):

Express share price potential:

EV / LTM EBITDA mutiple calculation

Market Cap (m RUB): 159 032

Net Debt (m RUB): 1 669 685

EV (Enterprise Value): 1 828 717

EBITDA LTM (m RUB): 300 300

Net Income LTM (m RUB): 4 102

EV / LTM EBITDA: 6.1x

Net Debt / LTM EBITDA (if EBITDA > 0): 5.6x

Average daily trading volume for the week, RUB mln: 2253

P / E 91.0x

P / B 1.6x

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

Valuation through assets (as of the end of 2024 q3)

Sistema PJSC FC has stakes in the following companies

Company	Ticker	Share	Cap	Owned	EBITDA LTM	Net Debt
Segezha Group	SGZH	72.0%	25 449	18 323	10 877	157 982
MTS	MTSS	50.3%	380 152	191 217	210 692	459 988
OZON	OZON	32.4%	656 799	212 803
Etalon	ETLN	50.1%	25 453	12 752	37 188	173 081
Element	ELMT	42.9%	68 667	29 488
Influence at AFKS				464 582	258 757	791 051

	mln RUB

Net Debt AFKS	1 669 685
Net Debt in listed companies	791 051
Net Debt in not listed companies	878 634

EBITDA LTM AFKS	300 300
EBITDA LTM in listed companies	258 757
EBITDA LTM in not listed companies	41 543
EV evaluation in not listed companies (x5)	207 715

Binnopharm Cap revaluation	41 600

Cap in not listed companies, min -300k	-629 319
Cap in listed companies	464 582

AFKS Cap evaluation through assets	164 582
AFKS Cap	159 032

Current price discount	3.4%
Historical price premium	5.0%

Growth potential (1.05 / 0.966 - 1)	+8.6%

chart technology by TradingView

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