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General information

Leading Russian developer
  • Current market environment: positive. Prices of production are 4.8% higher compared to the last 12 months (LTM)
  • Prices of production are at 84.6% percentile over the past 5 years, adjusted for inflation
  • Bad financial results growth rate -6.4% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (19.8%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 38.2% (LTM), projected 38.5%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 0.0%
  • Share price is 76.4% higher than minimum and 41.8% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (5.6x vs
    )
  • Taking into account the impact of the key rate 16.0% on the change in financial parameters: EBITDA adjustment is 6 664 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 112 385 mln rub, expected mult is 3.8x, target mult is 6.6x, potential is +54.3%

Key Financials (Download financials)

Ticker: PIKK
Share price, RUB:  (-2.1%)873.1
year average price 727.72  


year start price 620.00 2023-03-02

min close price 615.10 2023-03-16

max close price 891.80 2024-02-28

current price 881.60 2024-02-29
Common stocks: 660 500 000

Dividend Yield:  0.0%
FCF Yield LTM / expected: 38.2% / 38.5%
EV / LTM EBITDA: 5.6x
EV / EBITDA annualized: 5.6x
Last revenue growth (y/y):  -7.8%
Last growth of EBITDA (y/y):  -4.9%
Historical revenue growth:  22.2%
Historical growth of EBITDA:  17.3%
Target EV / EBITDA (hist percentile):
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 576 683
Net Debt (m RUB): -31
EV (Enterprise Value): 576 652
EBITDA LTM (m RUB): 103 741
EV / LTM EBITDA: 5.6x
Average daily trading volume for the week, RUB mln: 1153.71

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

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

Выручка и прибыль строительных компаний в РФ по месяцам (млрд руб)

ДатаВыручкаРост выручки г/гПрибыльРост прибыли г/г
2021-11977.9   
2021-121513.0 140.2 
2022-01560.4 37.6 
2022-02672.5 53.6 
2022-03806.6 -38.4 
2022-04844.7 86.5 
2022-05825.1 59.3 
2022-06972.3 1.8 
2022-071000.1 81.7 
2022-081035.7 52.5 
2022-091088.4 -60.6 
2022-101141.3 91.4 
2022-111154.8+18.1%107.6 
2022-121700.0+12.4%93.5-33.3%
2023-01715.7+27.7%141.0+275.0%
2023-02747.1+11.1%33.8-36.9%
2023-03929.9+15.3%-21.9-43.0%
2023-041030.9+22.0%106.3+22.9%
2023-051056.6+28.1%73.7+24.3%
2023-061145.2+17.8%29.5+1 538.9%
2023-071112.2+11.2%76.3-6.6%
2023-081148.9+10.9%124.7+137.5%
2023-091313.0+20.6%-75.0+23.8%
2023-101229.8+7.8%94.2+3.1%
2023-111235.1+7.0%114.5+6.4%
2023-121783.8+4.9%  
2024-01799.0+11.6%  
Кол-во зарегистрированных договоров ипотечного кредитования в Москве
Месяц Первичка (ДДУ)Динамика рост г/г
2022-1211 043.0 
2023-0311 464.0 
2023-0411 633.0 
2023-0613 123.0 
2023-0814 202.0 
2023-11126 544.0 
Месяц Первичка и вторичкаДинамика рост г/г
2022-127 462.0 
2023-014 794.0 
2023-024 175.0 
2023-037 217.0 
2023-066 442.0 
2023-089 957.0 
2023-0912 286.0 
2023-1010 580.0 
2023-119 675.0 
2024-015 127.0