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General information

  • Good financial results growth rate 35.0% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (23.6%)
  • Dividend yield for the last twelve months 8.4%
  • Free cash flow yield 30.5% (LTM)
  • Share price is 43.5% higher than minimum and 42.7% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (3.9x vs
    )
  • Fundamental value created in LTM (estimate)
  • Taking into account the impact of the key rate 18.0% on the change in financial parameters: EBITDA adjustment is -1 976 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 19 179 mln rub, expected mult is 4.0x, target mult is 5.1x, potential is +49.6%

Key Financials (Download financials)

Ticker: BELU
Share price, RUB:  (+0.5%)444.6
year average price 528.17  


year start price 601.00 2024-09-01

max close price 692.00 2024-09-23

min close price 421.00 2025-07-07

current price 444.60 2025-08-31
Common stocks: 92 272 000
Dividend Yield:  8.4%
FCF Yield LTM: 30.5%
EV / LTM EBITDA:3.9x
EV / EBITDA annualized: 4.3x
Last revenue growth (y/y):  48.0%
Last growth of EBITDA (y/y):  22.0%
Historical revenue growth:  32.4%
Historical growth of EBITDA:  14.8%
Target EV / EBITDA (hist percentile):
Express share price potential:
Fundamental value created in LTM:
Fundamental value created in LTM:
 Mult Upside+36.4%
 FCF Creation+30.5%
 Growth+35.0%
 Growth Corr+5.7%
 
 Sum+107.6%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 41 024
Net Debt (m RUB): 38 041
EV (Enterprise Value): 79 065
EBITDA LTM (m RUB): 20 321
Net Income LTM (m RUB): 4 488
EV / LTM EBITDA: 3.9x
Net Debt / LTM EBITDA (if EBITDA > 0): 1.9x
Average daily trading volume for the week, RUB mln: 84
P / E 9.1x
P / E ann-d9.8x
P / B 1.7x
EBITDA margin ann-d 10.9%
Net income margin ann-d 2.5%

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