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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 5.6% lower compared to the last 12 months (LTM)
  • Prices of production are at 15.0% percentile over the past 5 years, adjusted for inflation
  • Dividend yield for the last twelve months 7.1%
  • Free cash flow yield 7.0% (LTM), projected 10.2%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 0.0%
  • Share price is 56.7% higher than minimum and 53.7% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (3.6x vs
    )
  • The company is overvalued by EV / projected EBITDA multiple compared to target level (
    vs
    )
  • Taking into account the impact of the key rate 18.0% on the change in financial parameters: EBITDA adjustment is 5 166 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 210 321 mln rub, expected mult is 2.9x, target mult is 2.9x, potential is -0.1%

Key Financials (Download financials)

Ticker: NLMK
Share price, RUB:  (-0.5%)118.6
year average price 131.92  


year start price 132.74 2024-09-01

max close price 165.16 2025-02-24

min close price 105.30 2025-07-11

current price 118.60 2025-08-31
Common stocks: 5 993 230 000

Dividend Yield:  7.1%
FCF Yield LTM / expected: 7.0% / 10.2%
EV / LTM EBITDA:3.6x
EV / EBITDA annualized: 4.1x
Production prices change from LTM: -5.6%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 710 797
Net Debt (m RUB): -78 528
EV (Enterprise Value): 632 269
EBITDA LTM (m RUB): 176 505
Net Income LTM (m RUB): 102 909
EV / LTM EBITDA: 3.6x
Net Debt / LTM EBITDA (if EBITDA > 0): -0.4x
Average daily trading volume for the week, RUB mln: 586
P / E 6.9x
P / E ann-d7.6x
P / B 0.8x
EBITDA margin ann-d 17.5%
Net income margin ann-d 10.6%

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