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General information

Leading mobile operator, recently building eco-system for monetisation of customer base. In general, all the mobile operators show moderate financials growth rates and quite high share of capital investments in EBITDA, which implies quite low multiple. Still, MTS compared to peers, shows a bit better growth dynamics and pays higher dividends / regularly buys backs its shares
  • Pretty weak financial results growth rate 9.8% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (3.7%)
  • Dividend yield for the last twelve months 12.0%
  • Free cash flow yield -2.0% (LTM)
  • Share price is 67.6% higher than minimum and 16.5% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (4.5x vs
  • Fundamental value created in LTM (estimate)
  • Taking into account the impact of the key rate 16% on the change in financial parameters: EBITDA adjustment is -20 050 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 188 046 mln rub, expected mult is 5x, target mult is 4.7x, potential is -11.9%

Key Financials (Download financials)

Ticker: MTSS
Share price, RUB:  (+0.7%)292.8
year average price 284.39  

year start price 340.20 2023-06-18

max close price 346.18 2023-06-26

min close price 247.05 2023-12-14

current price 292.80 2024-06-16
Common stocks: 1 698 624 339

Dividend Yield:  12.0%
FCF Yield LTM: -2.0%
EV / EBITDA annualized: 4.9x
Last revenue growth (y/y):  18.0%
Last growth of EBITDA (y/y):  1.6%
Historical revenue growth:  7.2%
Historical growth of EBITDA:  0.2%
Target EV / EBITDA (hist percentile):
Express share price potential:
Fundamental value created in LTM:
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 497 357
Net Debt (m RUB): 441 013
EV (Enterprise Value): 938 370
EBITDA LTM (m RUB): 206 662
Average daily trading volume for the week, RUB mln: 864.57

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