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General information

  • Bad financial results growth rate -1.7% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (38.1%)
  • Dividend yield for the last twelve months 29.4%
  • Free cash flow yield 14.9% (LTM)
  • Share price is 183.6% higher than minimum and 40.4% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (6.8x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials (Download financials)

Ticker: HEAD
Share price, RUB:  (-2.6%)3090
year average price 3517  


year start price 3965 2024-10-22

max close price 4474 2024-11-13

min close price 2923 2025-10-10

current price 3038 2025-10-21
Common stocks: 50 640 000

Dividend Yield:  29.4%
FCF Yield LTM: 14.9%
EV / LTM EBITDA:6.8x
EV / EBITDA annualized: 7.2x
Last revenue growth (y/y):  3.3%
Last growth of EBITDA (y/y):  -6.7%
Historical revenue growth:  35.2%
Historical growth of EBITDA:  41.0%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
Fundamental value created in LTM:
 Mult Upside+19.4%
 FCF Creation+14.9%
 Growth-1.7%
 Growth Corr-39.8%
 
 Sum-7.2%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 156 478
Net Debt (m RUB): -2 333
EV (Enterprise Value): 154 145
EBITDA LTM (m RUB): 22 749
Net Income LTM (m RUB): 14 308
EV / LTM EBITDA: 6.8x
Net Debt / LTM EBITDA (if EBITDA > 0): -0.1x
Average daily trading volume for the week, RUB mln: 398
P / E 10.9x
P / B 11.6x
EBITDA margin ann-d 52.6%
Net income margin ann-d -0.4%

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

Фьючерсы
Название Инструмент Дата экспирации Последняя цена За день Дневной объем млн руб Цена акции Контанго / бэквордация Annualized
Фьючерсный контракт HEAD-12.25 HDZ5 2025-12-19 3198.00 -1.7% 3.9 3038 +5.3% +37.4%
Фьючерсный контракт HEAD-3.26 HDH6 2026-03-20 3197.00 -3.1% 0.1 3038 +5.2% +13.2%
MSFO data *The values are shown in mln. The % change shows the difference from the same period last year

View as Pivot Table       Export as Pivot Table (xlsx)



Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 q2 10 149+3%   -10-80% -45<-100% 523+25% -5+7%
2025 q1 10 149+3%   -10<-100% -45<-100% 523 -5
2024 q4 10 433+23%   5 272+19% 7 200+130% 962>+200% -175+8%
2024 q3 10 433+23%   5 272+19% 7 200+130% 962 -175+8%
2024 q2 9 821+40%   -51<-100% 36 706>+200% 419 -5
2024 q1 9 821   4 362 2 283    
2023 q4 ( 7825 , 9535 ) 8 494+72%   4 448+191% 3 124>+200% 224>+200% -162-18%
2023 q3 8 494+72%   4 448+191% 3 124>+200%   -162-18%
2023 q2 7 038   4 547 3 044    
2022 q4 4 937+9%   1 530-13% 923-33% 54-11% -199+21%
2022 q3 4 937+9%   1 530-12% 923-33% 54-11% -199+21%
2021 q4 4 526+85%   1 765+149% 1 373+191% 61>+200% -165+61%
2021 q3 4 526   1 738 1 373 61 -165
2020 q4 2 450   710 471 15 -102


Balance


Implied interest rate for 2021 q4:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (165 - 61) * 4 / (1 538 - 127)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q2 13 444-50% 214 644>+200% -2 333-88%   -0.10x
2025 q1         -0.01x
2024 q4 4 667-76% 24 494-33% 5 245<-100%   0.23x
2024 q3         -1.26x
2024 q2 27 048 41 070 -19 216   -0.91x
2024 q1         -0.80x
2023 q4 ( 7825 , 9535 ) 19 621+186% 36 759+54% -19 020>+200%   -0.69x
2023 q3         -0.58x
2023 q2         -0.44x
2022 q4 6 864+15% 23 901+5% -1 530<-100%   0.17x
2022 q3         0.26x
2021 q4 5 963 22 782 1 538 29.5% 0.19x
2021 q3         0.38x
2020 q4         1.45x


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q2 4 9520% 3140% -2 0760%
2025 q1 4 9520% 3140% -2 0760%
2024 q4 6 242+39% 203>+200% -13 734>+200%
2024 q3 6 242+39% 203>+200% -13 734>+200%
2024 q2 4 952+68% 314<-100% -2 076+81%
2024 q1 4 952 314 -2 076
2023 q4 ( 7825 , 9535 ) 4 488+134% 32<-100% -1 218+11%
2023 q3 4 488+134% 32<-100% -1 218
2023 q2 2 954 -1 -1 150
2022 q4 1 917-11% -63-84% -1 098+11%
2022 q3 1 917-11% -63-84%  
2021 q4 2 165+169% -394-51% -990<-100%
2021 q3 2 165 -394 -990
2020 q4 804 -807 279
RSBU data *The values are shown in mln. The % change shows the difference from the same period last year

View as Pivot Table       Export as Pivot Table (xlsx)



Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 q2 ( 12847 , 12867 ) 00%   -11-87% -36<-100%   -10+7%
2025 q1 ( 10993 , 11493 ) 00%   -9-41% -55>+200%   0-13%
2024 q4 00%   -17>+200% -33<-100%   -13>+200%
2024 q3 0   -71 73 469   -14
2024 q2 0   -86 73 427   -9
2024 q1 0   -16 -16   0
2023 q4 0<-100%   -5<-100% 5 212>+200%   0<-100%
2023 q3            
2023 q2            
2022 q4 4 083+10% 3 531+5% 2 2490% 1 592-10% 183+52% -186+28%
2021 q4 3 700+91% 3 354+99% 2 252+138% 1 772+153% 121>+200% -145>+200%
2020 q4 1 935 1 685 948 701 39 -26


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (10 - 0) * 4 / (40 486 - 0)

Q Total equity Total assets Net debt
 
2025 q2 ( 12847 , 12867 ) 174 131+63% 214 644+101% 40 486>+200%
2025 q1 ( 10993 , 11493 ) 174 167 214 696 40 452
2024 q4 174 222+74% 214 676+115% 40 412>+200%
2024 q3 214 273 217 623 302
2024 q2 106 558 106 791 216
2024 q1      
2023 q4 99 892>+200% 99 931>+200% 30<-100%
2023 q3      
2023 q2      
2022 q4 8 321>+200% 20 982+47% -450<-100%
2021 q4 1 825>+200% 14 240+17% 3 589-35%
2020 q4 595 12 126 5 493
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company