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General information

Largest independent Russian vertically integrated oil&gas producer. Has quite good corporate governance, information disclosure. In addition to paying dividends regularly buys back own shares
  • Current market environment: positive. Prices of Brent oil are 36.1% higher compared to the last 12 months (LTM)
  • Prices of Brent oil are at 78.4% percentile over the past 5 years, adjusted for inflation
  • Dividend yield for the last twelve months 12.1%
  • Free cash flow yield 20.5% (LTM), projected 22.1%
  • Share of USD-denominated sales in revenue of the company (estimate) 86.8%
  • Share price is 121.4% higher than minimum and 1.1% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (2.1x vs
    )
  • The company is undervalued by EV / projected EBITDA multiple compared to target level (
    vs
    )
  • Taking into account the impact of the key rate 16.0% on the change in financial parameters: EBITDA adjustment is 38 818 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 2 137 100 mln rub, expected mult is 1.8x, target mult is 3.9x, potential is +94.9%

Key Financials (Download financials)

Ticker: LKOH
Share price, RUB:  (-0.1%)7835.5
year average price 6504  


year start price 4727 2023-04-22

min close price 4515 2023-05-04

max close price 7921 2024-04-15

current price 7836 2024-04-20
Common stocks: 606 261 250

Dividend Yield:  12.1%
FCF Yield LTM / expected: 20.5% / 22.1%
EV / LTM EBITDA: 2.1x
EV / EBITDA annualized: 2.0x
Production prices change from LTM: 36.1%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 4 750 360
Net Debt (m RUB): -489 662
EV (Enterprise Value): 4 260 698
EBITDA LTM (m RUB): 2 005 065
EV / LTM EBITDA: 2.1x
Average daily trading volume for the week, RUB mln: 4055.89

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

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