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General information

  • Good financial results growth rate 58.5% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (47.0%)
  • Dividend yield for the last twelve months 1.3%
  • Free cash flow yield -1.2% (LTM)
  • Share price is 15.3% higher than minimum and 60.4% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (4.6x vs
    )
  • Fundamental value created in LTM (estimate)
  • Taking into account the impact of the key rate 18.0% on the change in financial parameters: EBITDA adjustment is -1 244 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 14 731 mln rub, expected mult is 4.2x, target mult is 7.5x, potential is +122.5%

Key Financials (Download financials)

Ticker: VSEH
Share price, RUB:  (-0.4%)79.24
year average price 94.15  


year start price 164.90 2024-08-29

max close price 164.90 2024-08-29

min close price 68.70 2024-12-16

current price 79.27 2025-08-28
Common stocks: 500 000 000

Dividend Yield:  1.3%
FCF Yield LTM: -1.2%
EV / LTM EBITDA:4.6x
EV / EBITDA annualized: 3.5x
Last revenue growth (y/y):  10.3%
Last growth of EBITDA (y/y):  106.8%
Historical revenue growth:  38.9%
Historical growth of EBITDA:  55.1%
Target EV / EBITDA (hist percentile):
Express share price potential:
Fundamental value created in LTM:
Fundamental value created in LTM:
 Mult Upside+57.0%
 FCF Creation-1.2%
 Growth+58.5%
 Growth Corr+5.8%
 
 Sum+120.1%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 39 620
Net Debt (m RUB): 22 536
EV (Enterprise Value): 62 156
EBITDA LTM (m RUB): 13 512
Net Income LTM (m RUB): 1 309
EV / LTM EBITDA: 4.6x
Net Debt / LTM EBITDA (if EBITDA > 0): 1.7x
Average daily trading volume for the week, RUB mln: 76
P / E 30.3x
P / E ann-d11.5x
P / B 14.6x
EBITDA margin ann-d 9.7%
Net income margin ann-d 1.9%

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