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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: negative. Prices of Brent oil are 23.1% lower compared to the last 12 months (LTM)
  • Prices of Brent oil are at 14.4% percentile over the past 5 years, adjusted for inflation
  • Dividend yield for the last twelve months 15.7%
  • Free cash flow yield 13.1% (LTM), projected -2.5%
  • Share of USD-denominated sales in revenue of the company (estimate) 74.7%
  • Share price is 90.4% higher than minimum and 17.3% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (1.8x 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 84 361 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 1 007 943 mln rub, expected mult is 3.2x, target mult is 2.1x, potential is -26.2%

Key Financials (Download financials)

Ticker: LKOH
Share price, RUB:  (+2.7%)6738.5
year average price 6969  


year start price 7689 2024-05-13

max close price 7855 2024-05-17

min close price 6115 2024-09-02

current price 6761 2025-05-12
Common stocks: 658 226 500
Dividend Yield:  15.7%
FCF Yield LTM / expected: 13.1% / -2.5%
EV / LTM EBITDA:1.8x
EV / EBITDA annualized: 2.1x
Production prices change from LTM: -23.1%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 4 435 459
Net Debt (m RUB): -1 286 780
EV (Enterprise Value): 3 148 679
EBITDA LTM (m RUB): 1 785 263
Net Income LTM (m RUB): 985 495
EV / LTM EBITDA: 1.8x
Net Debt / LTM EBITDA (if EBITDA > 0): -0.7x
Average daily trading volume for the week, RUB mln: 2848
P / E 4.7x
P / E ann-d5.5x
P / B 0.7x
EBITDA margin ann-d 18.7%
Net income margin ann-d 9.9%

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

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