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General information

Leading nickel and PGMs producer. Recently enjoys increasing demand due to grow of electric vehicles and renewables. In 2020 faced ecological problems / is likely to pay large (over $2bn) fine, which put certain pressure on the company share prices
  • Current market environment: negative. Prices of production are 6.3% lower compared to the last 12 months (LTM)
  • Prices of production are at 34.9% percentile over the past 5 years, adjusted for inflation
  • Dividend yield for the last twelve months 7.5%
  • Free cash flow yield -0.8% (LTM), projected -3.7%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 100.0%
  • Share price is 15.8% higher than minimum and 38.5% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (4.5x 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 -52 683 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 517 665 mln rub, expected mult is 4.9x, target mult is 6.9x, potential is +62.8%

Key Financials (Download financials)

Ticker: GMKN
Share price, RUB:  (-0.6%)111.16
year average price 116.35  


year start price 134.00 2024-07-01

min close price 96.00 2024-12-16

max close price 148.00 2025-02-24

current price 111.16 2025-06-30
Common stocks: 15 365 000 000
Dividend Yield:  7.5%
FCF Yield LTM / expected: -0.8% / -3.7%
EV / LTM EBITDA:4.5x
EV / EBITDA annualized: 3.2x
Production prices change from LTM: -6.3%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 1 707 973
Net Debt (m RUB): 1 152 891
EV (Enterprise Value): 2 860 864
EBITDA LTM (m RUB): 633 329
Net Income LTM (m RUB): 247 600
EV / LTM EBITDA: 4.5x
Net Debt / LTM EBITDA (if EBITDA > 0): 1.8x
Average daily trading volume for the week, RUB mln: 1615
P / E 6.9x
P / E ann-d5.0x
P / B 2.4x
EBITDA margin ann-d 37.9%
Net income margin ann-d 14.5%

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