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General information

Leading steel producer integrated with 100% self-sufficiency in iron ore, 60% in scrap, 0% in coal. Operates plants both in Russia and US (lately unprofitable due to tariffs) and generally has quite high export share in revenue (which is on one hand positive - higher share of USD-denominated revenue, on the other hand can drop more dramatically in downturns)
  • Current market environment: negative. Prices of production are 5.4% lower compared to the last 12 months (LTM)
  • Prices of production are at 25.6% percentile over the past 5 years, adjusted for inflation
  • Dividend yield for the last twelve months 20.4%
  • Free cash flow yield 10.9% (LTM), projected 3.3%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 0.0%
  • Share price is 64.3% higher than minimum and 51.5% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (2.6x 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 6 120 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 192 762 mln rub, expected mult is 3.4x, target mult is 3.2x, potential is -5.1%

Key Financials (Download financials)

Ticker: NLMK
Share price, RUB:  (-1.9%)124.38
year average price 149.09  


year start price 252.80 2024-05-21

max close price 256.30 2024-05-23

min close price 114.90 2024-12-17

current price 124.38 2025-05-20
Common stocks: 5 993 230 000

Dividend Yield:  20.4%
FCF Yield LTM / expected: 10.9% / 3.3%
EV / LTM EBITDA:2.6x
EV / EBITDA annualized: 3.6x
Production prices change from LTM: -5.4%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 745 438
Net Debt (m RUB): -68 814
EV (Enterprise Value): 676 624
EBITDA LTM (m RUB): 256 887
Net Income LTM (m RUB): 135 585
EV / LTM EBITDA: 2.6x
Net Debt / LTM EBITDA (if EBITDA > 0): -0.3x
Average daily trading volume for the week, RUB mln: 434
P / E 5.5x
P / E ann-d6.1x
P / B 0.9x
EBITDA margin ann-d 20.2%
Net income margin ann-d 12.9%

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