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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 13.5% lower compared to the last 12 months (LTM)
  • Prices of production are at 5.3% percentile over the past 5 years, adjusted for inflation (are close to minimun)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 24.5% (LTM), projected 17.0%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 100.0%
  • Share price is 17.8% higher than minimum and 45.0% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (5.3x vs
    )
  • The company is undervalued by EV / projected EBITDA multiple compared to target level (
    vs
    )
  • Taking into account the impact of the key rate 16% on the change in financial parameters: EBITDA adjustment is -29 688 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 340 272 mln rub, expected mult is 8.4x, target mult is 9x, potential is +10.1%

Key Financials (Download financials)

Ticker: GMKN
Share price, RUB:  (+1.4%)142
year average price 159.50  


year start price 153.42 2023-06-18

max close price 180.78 2023-11-02

min close price 134.00 2024-06-12

current price 142.00 2024-06-16
Common stocks: 15 365 000 000

Dividend Yield:  0.0%
FCF Yield LTM / expected: 24.5% / 17.0%
EV / LTM EBITDA: 5.3x
EV / EBITDA annualized: 4.8x
Production prices change from LTM: -13.5%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 2 181 830
Net Debt (m RUB): 848 167
EV (Enterprise Value): 3 029 997
EBITDA LTM (m RUB): 573 989
EV / LTM EBITDA: 5.3x
Average daily trading volume for the week, RUB mln: 1241.94

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

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