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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 13.8% lower compared to the last 12 months (LTM)
  • Prices of production are at 11.6% percentile over the past 5 years, adjusted for inflation
  • Dividend yield for the last twelve months 7.8%
  • Free cash flow yield -0.3% (LTM), projected -7.8%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 100.0%
  • Share price is 18.2% higher than minimum and 47.0% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (6.4x vs
    )
  • The company is overvalued by EV / projected EBITDA multiple compared to target level (
    vs
    )
  • Taking into account the impact of the key rate 21.0% on the change in financial parameters: EBITDA adjustment is -60 260 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 227 374 mln rub, expected mult is 11.5x, target mult is 6.9x, potential is -59.2%

Key Financials (Download financials)

Ticker: GMKN
Share price, RUB:  (+0.2%)113.48
year average price 120.95  


year start price 152.40 2024-05-15

max close price 158.00 2024-05-17

min close price 96.00 2024-12-16

current price 113.48 2025-05-14
Common stocks: 15 365 000 000
Dividend Yield:  7.8%
FCF Yield LTM / expected: -0.3% / -7.8%
EV / LTM EBITDA:6.4x
EV / EBITDA annualized: 5.4x
Production prices change from LTM: -13.8%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 1 743 620
Net Debt (m RUB): 1 152 891
EV (Enterprise Value): 2 896 511
EBITDA LTM (m RUB): 451 489
Net Income LTM (m RUB): 172 335
EV / LTM EBITDA: 6.4x
Net Debt / LTM EBITDA (if EBITDA > 0): 2.6x
Average daily trading volume for the week, RUB mln: 928
P / E 10.1x
P / E ann-d9.0x
P / B 2.3x
EBITDA margin ann-d 39.6%
Net income margin ann-d 14.3%

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