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General information

Leading Russian developer
  • Current market environment: positive. Prices of production are 15.7% higher compared to the last 12 months (LTM)
  • Prices of production are at 99.9% percentile over the past 5 years, adjusted for inflation (are close to maximum)
  • Good financial results growth rate 26.0% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (14.3%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 27.6% (LTM), projected 30.2%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 0.0%
  • Share price is 78.5% higher than minimum and 33.4% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (6.1x vs
    )
  • Taking into account the impact of the key rate 20.0% on the change in financial parameters: EBITDA adjustment is -22 727 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 127 715 mln rub, expected mult is 6.0x, target mult is 9.0x, potential is +90.4%

Key Financials (Download financials)

Ticker: PIKK
Share price, RUB:  (+0.9%)635.9
year average price 590.30  


year start price 853.90 2024-07-11

max close price 871.60 2024-07-19

min close price 356.30 2024-12-17

current price 635.80 2025-07-11
Common stocks: 660 500 000

Dividend Yield:  0.0%
FCF Yield LTM / expected: 27.6% / 30.2%
EV / LTM EBITDA:6.1x
EV / EBITDA annualized: 5.1x
Last revenue growth (y/y):  28.1%
Last growth of EBITDA (y/y):  23.9%
Historical revenue growth:  13.4%
Historical growth of EBITDA:  15.2%
Target EV / EBITDA (hist percentile):
Express share price potential:
 Mult Upside+79.4%
 FCF Creation+27.6%
 Growth+26.0%
 Growth Corr+5.8%
 
 Sum+138.8%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 420 012
Net Debt (m RUB): 416 117
EV (Enterprise Value): 836 129
EBITDA LTM (m RUB): 136 792
Net Income LTM (m RUB): 28 666
EV / LTM EBITDA: 6.1x
Net Debt / LTM EBITDA (if EBITDA > 0): 3.0x
Average daily trading volume for the week, RUB mln: 3386
P / E 14.7x
P / B 1.1x
EBITDA margin ann-d 19.9%
Net income margin ann-d -3.0%

Revenue and EBITDA

Semi-Annual 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