Try our mobile app

General information

Sistema PJSC FC is a publicly-listed investment company incorporated in Russia. The Company owns a diverse set of public and private companies which it holds in two distinct portfolios: Core assets and Developing assets.
  • Dividend yield for the last twelve months 3.5%
  • Free cash flow yield 149.0% (LTM)
  • Share price is 46.7% higher than minimum and 49.5% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (4.2x vs
    )

Key Financials (Download financials)

Ticker: AFKS
Share price, RUB:  (+0.7%)15.071
year average price 15.30  


year start price 16.25 2024-09-18

min close price 11.72 2024-12-16

max close price 19.41 2025-03-17

current price 14.97 2025-09-17
Common stocks: 9 650 000 000
Dividend Yield:  3.5%
FCF Yield LTM: 149.0%
EV / LTM EBITDA:4.2x
EV / EBITDA annualized: 3.8x
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 145 435
Net Debt (m RUB): 1 330 159
EV (Enterprise Value): 1 475 594
EBITDA LTM (m RUB): 349 579
Net Income LTM (m RUB): -90 680
EV / LTM EBITDA: 4.2x
Net Debt / LTM EBITDA (if EBITDA > 0): 3.8x
Average daily trading volume for the week, RUB mln: 1033
EBITDA margin ann-d 30.1%
Net income margin ann-d -12.7%

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

Valuation through assets (as of the end of 2024 q4)

Sistema PJSC FC has stakes in the following companies

Company Ticker Share Cap Owned EBITDA LTM Net Debt
Segezha Group SGZH 72.0% 112 537 81 026 10 010 161 330
MTS MTSS 50.3% 362 826 182 502 214 991 477 079
OZON OZON 32.4% 852 111 276 084    
Etalon ETLN 50.1% 16 013 8 022 24 632 173 081
Element ELMT 42.9% 60 560 26 006    
Influence at AFKS 573 640 249 633 811 490
mln RUB
 
         Net Debt AFKS 1 703 381
         Net Debt in listed companies 811 490
      Net Debt in not listed companies 891 891
 
         EBITDA LTM AFKS 330 000
         EBITDA LTM in listed companies 249 633
         EBITDA LTM in not listed companies 80 367
      EV evaluation in not listed companies (x5) 401 835
 
      Binnopharm Cap revaluation 41 600
 
   Cap in not listed companies -448 456
   Cap in listed companies 573 640
 
AFKS Cap evaluation through assets 125 184
AFKS Cap 145 454
 
Current price premium 16.2%
Historical price discount 7.7%
 
Growth potential (0.923 / 1.162 - 1) -20.6%
chart technology by TradingView
chart technology by TradingView
MSFO data *The values are shown in mln RUB The % change shows the difference from the same period last year

View as Pivot Table       Export as Pivot Table (xlsx)



Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 q2 321 077+6%   46 956+14% -40 935<-100% 8 655-40% -102 973+71%
2025 q1 321 077+6%   46 956+14% -40 935<-100% 8 655+170% -102 973+92%
2024 q4 343 307+13%   41 929+58% -4 405-18% 27 030>+200% -71 630+106%
2024 q3 343 307+13%   41 929+58% -4 405-18% 27 030>+200% -71 630+106%
2024 q2 302 025+24%   41 093+11% 2 041-81% 14 495>+200% -60 293+102%
2024 q1 302 025+22%   41 254-1% 2 203-85% 3 210+14% -53 596+80%
2023 q4 ( 7968 , 9165 , 9270 ) 302 838+29%   26 478-35% -5 363<-100% 2 532-11% -34 706+22%
2023 q3 303 069+20%   26 478-35% -5 363<-100% 2 532-11% -34 706+22%
2023 q2 243 169+18%   36 904-22% 10 774+168% 2 814+83% -29 810+12%
2023 q1 247 902+12%   41 525+4% 14 641<-100% 2 818+89% -29 846+8%
2022 q4 234 992+16%   40 480+3% 14 804-6% 2 855+82% -28 478+56%
2022 q3 252 515+9%   40 480+3% 14 804-6% 2 855+82% -28 478+56%
2022 q2 206 278+17%   47 454+86% 4 022-32% 1 540-3% -26 670+61%
2022 q1 221 162+23%   39 806+56% -595<-100% 1 494-6% -27 615+67%
2021 q4 202 122+5%   39 490+37% 15 817+22% 1 571+23% -18 297+3%
2021 q3 231 302+20%   39 490+37% 15 817+22% 1 571+23% -18 297+3%
2021 q2 176 745+14%   25 498+9% 5 893+140% 1 590+7% -16 611-8%
2021 q1 180 008+17%   25 577+11% 5 893+140% 1 590+7% -16 569-9%
2020 q4 192 727+42%   28 753+51% 12 944+3% 1 282-30% -17 780-15%
2020 q3 192 727+40%   28 753+51% 12 944+3% 1 282-30% -17 780-15%
2020 q2 154 485-1%   23 482-6% 2 456-88% 1 483-22% -18 128-7%
2020 q1 154 485-33%   23 145-21% 2 456-88% 1 483-26% -18 128-27%
2019 q4 135 565+71%   19 089-42% 12 567<-100% 1 838-16% -20 866+22%
2019 q3 138 123-40%   19 089-42% 12 567<-100% 1 838-16% -20 866+22%
2019 q2 155 309-12%   24 998-14% 19 909>+200% 1 891+4% -19 424+20%
2019 q1 230 180+24%   29 151-1% 19 909>+200% 2 015+9% -24 743+49%
2018 q4 79 052-58%   33 007+43% -14 890-39% 2 191+6% -17 128+43%
2018 q3 231 425+17%   33 007+43% -14 890-39% 2 191+6% -17 128+43%
2018 q2 177 160+7%   29 156+25% 6 3990% 1 811-1% -16 135+32%
2018 q1 184 989+9%   29 583+35% 6 366-3% 1 848-3% -16 640+27%
2017 q4 187 467+16%   23 121-72% -24 355<-100% 2 058-78% -11 973-77%
2017 q3 198 594   23 121 -24 355 2 058 -11 973
2017 q2 165 393+4%   23 290+11% 6 413+3% 1 832-37% -12 236-23%
2017 q1 169 893-4%   21 861+7% 6 536+8% 1 895-35% -13 064-19%
2016 q4 ( 10 , 11 ) 162 203-16%   82 169>+200% 9 159+24% 9 435+95% -51 850>+200%
2016 q2 159 385-3%   20 921+7% 6 249-78% 2 895-33% -15 819+31%
2016 q1 177 125+8%   20 432+1% 6 034-79% 2 918-27% -16 129+34%
2015 q4 194 052<-100%   16 264 7 373 4 843 -13 047
2015 q3 194 052   16 264 7 373 4 843 -13 047
2015 q2 163 997>+200%   19 491-12% 28 582+11% 4 317+139% -12 033+59%
2015 q1 163 996   20 257 29 048 3 997 -12 033
2014 q4 -271 619          
2014 q3            
2014 q2 3 344   22 257 25 673 1 810 -7 582
2014 q1            
2013 q4            
2013 q3            
2013 q2            
2013 q1            
2012 q4            
2012 q3            
2012 q2 259 488+12%   -55 4 790-66% 2 327 -11 007
2012 q1       4 790    
2011 q4 ( 21 , 22 )            
2011 q3            
2011 q2 232 618+13%     14 022+6%    
2011 q1            
2010 q4 ( 24 , 25 )            
2010 q3            
2010 q2 205 737+88%   32 452<-100% 13 231>+200% 1 298+37% -12 983+83%
2010 q1 205 737+88%   32 452<-100% 13 231>+200% 1 298+37% -12 983+83%
2009 q4 ( 27 , 28 ) 146 999   -3 010 9 240+4% 1 507 -10 416
2009 q3       9 240    
2009 q2 109 157-9%   -304<-100% 1 552-93% 947+53% -7 109+114%
2009 q1 109 157   -304 1 552 947 -7 109
2008 q4       8 866    
2008 q2 119 492   294 22 236 619 -3 325


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (102 973 - 8 655) * 4 / (1 330 159 - 44 882)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q2 -8 237<-100% 2 891 421+15% 1 330 159+11% 29.4% 3.81x
2025 q1         5.17x
2024 q4 90 886-39% 2 761 416+17% 1 281 152+13% 14.8% 5.16x
2024 q3         5.38x
2024 q2 100 274-48% 2 516 982+16% 1 193 833+9% 16.2% 5.25x
2024 q1         5.49x
2023 q4 ( 7968 , 9165 , 9270 ) 148 589-21% 2 358 110+12% 1 137 571+6% 12.1% 5.45x
2023 q3         4.74x
2023 q2 193 708+73% 2 167 076+11% 1 097 151+1% 10.5% 4.59x
2023 q1         4.24x
2022 q4 187 531+48% 2 098 143+20% 1 072 770+21% 10.3% 4.11x
2022 q3         4.15x
2022 q2 111 752+15% 1 945 058+27% 1 087 592+39% 9.8% 4.09x
2022 q1         4.27x
2021 q4 126 358+45% 1 754 856+23% 889 707+27% 7.9% 4.15x
2021 q3         4.13x
2021 q2 97 079+68% 1 535 330+13% 780 317+14% 8.0% 3.92x
2021 q1         3.87x
2020 q4 87 329+33% 1 421 316+12% 699 474+5% 9.7% 3.77x
2020 q3         4.01x
2020 q2 57 648-7% 1 363 876-3% 682 075-18% 10.1% 3.95x
2020 q1         3.91x
2019 q4 65 728+4% 1 263 527-14% 665 377-8% 11.9% 3.57x
2019 q3         3.85x
2019 q2 62 077-47% 1 399 202-1% 832 554+8% 8.7% 3.56x
2019 q1         3.94x
2018 q4 63 028-49% 1 465 405+29% 726 972+67% 8.8% 3.80x
2018 q3         4.12x
2018 q2 117 010-45% 1 409 007+20% 767 814+106% 8.2% 4.48x
2018 q1         3.68x
2017 q4 122 823-43% 1 137 649+3% 435 524-7% 11.0% 3.48x
2017 q3         3.11x
2017 q2 212 029-11% 1 170 350-4% 372 846-1% 12.8% 2.95x
2017 q1         3.00x
2016 q4 ( 10 , 11 ) 216 971-13% 1 104 089-15% 466 533+24% 36.4% 3.23x
2016 q2 238 650-5% 1 213 534+3% 377 946+14% 16.0% 2.89x
2016 q1         3.22x
2015 q4 250 390+2% 1 298 355+6% 376 938-1% 10.4% 3.46x
2015 q3         4.00x
2015 q2 252 524-45% 1 175 679-23% 330 363-17% 11.6% 2.83x
2015 q1         2.57x
2014 q4 246 265-48% 1 224 378-14% 379 624+9%   2.36x
2014 q3         2.57x
2014 q2 461 553+7% 1 534 668+5% 399 307<-100% 8.9% 2.05x
2014 q1         2.06x
2013 q4 476 039+17% 1 420 297+4% 347 850+27%   1.69x
2013 q3         1.64x
2013 q2 430 237+8% 1 458 364+3% -240 534<-100%   2.06x
2013 q1         2.48x
2012 q4 406 912-8% 1 366 835-3% 273 982-8%   2.47x
2012 q3         2.97x
2012 q2 396 629-6% 1 414 881+9% 264 464<-100% 34.4% 2.92x
2012 q1         2.77x
2011 q4 ( 21 , 22 ) 440 236+1% 1 410 133+5% 296 826+38%   3.02x
2011 q3         3.50x
2011 q2 423 561+100% 1 300 802+100% -140 279   5.23x
2011 q1         11.70x
2010 q4 ( 24 , 25 ) 434 355+100% 1 348 416+100% 215 126    
2010 q3          
2010 q2 00% 0<-100%      
2010 q1          
2009 q4 ( 27 , 28 ) 0 0      
2009 q3          
2009 q2 0+100% 1 065+5% 658 3 701.2%  
2009 q1          
2008 q4          
2008 q2 -115 1 016      


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q2 20 282<-100% -76 972-17% 28 292-70%
2025 q1 20 282<-100% -76 972-17% 28 292-70%
2024 q4 6 499-72% -80 543+35% 85 181+121%
2024 q3 6 499-72% -80 543+35% 85 181+121%
2024 q2 -18 358<-100% -92 259>+200% 94 549<-100%
2024 q1 -18 358<-100% -92 259>+200% 94 549<-100%
2023 q4 ( 7968 , 9165 , 9270 ) 23 219+34% -59 822+52% 38 605+17%
2023 q3 23 219+34% -59 822+52% 38 605+17%
2023 q2 4 456<-100% -22 981+6% -927<-100%
2023 q1 4 456<-100% -22 981+6% -927<-100%
2022 q4 17 347-50% -39 306-31% 32 857+101%
2022 q3 17 347-50% -39 306-31% 32 857+101%
2022 q2 -3 074<-100% -21 642-56% 49 631+180%
2022 q1 -3 074<-100% -21 642-56% 49 631+180%
2021 q4 34 982-5% -56 844+97% 16 347<-100%
2021 q3 34 982-5% -56 844+97% 16 347<-100%
2021 q2 16 630-36% -48 673+125% 17 718-38%
2021 q1 16 630-36% -48 673+125% 17 718-38%
2020 q4 36 921+4% -28 805>+200% -2 783-92%
2020 q3 36 921+4% -28 805>+200% -2 783-92%
2020 q2 26 064>+200% -21 639+21% 28 606<-100%
2020 q1 26 064>+200% -21 639+21% 28 606<-100%
2019 q4 35 372+14% -8 698-74% -36 574<-100%
2019 q3 35 372+14% -8 698-74% -36 574<-100%
2019 q2 153<-100% -17 832-36% -380<-100%
2019 q1 153<-100% -17 832-36% -380<-100%
2018 q4 31 102+23% -33 287+33% 13 348<-100%
2018 q3 31 102+23% -33 287+33% 13 348<-100%
2018 q2 -4 679<-100% -28 075-13% 50 560+73%
2018 q1 -4 679<-100% -28 075-13% 50 560+73%
2017 q4 25 268-3% -24 982+56% -5 605-75%
2017 q3 25 268 -24 982 -5 605
2017 q2 22 798+16% -32 256>+200% 29 146<-100%
2017 q1 22 798+16% -32 256>+200% 29 146<-100%
2016 q4 ( 10 , 11 ) 26 171-32% -16 009-61% -22 525<-100%
2016 q2 19 730-52% -9 656-83% -22 384<-100%
2016 q1 19 730-51% -9 656-83% -22 384<-100%
2015 q4 38 576-57% -41 218-48% 6 675<-100%
2015 q3 38 576-57% -41 218-48% 6 675<-100%
2015 q2 41 498-28% -56 591+31% 11 924-62%
2015 q1 40 344-41% -56 591+31% 11 924+89%
2014 q4 90 075+62% -79 770>+200% -6 569-81%
2014 q3 90 075 -79 770>+200% -6 569-81%
2014 q2 58 001+43% -43 344+86% 31 541>+200%
2014 q1 68 025 -43 344+86% 6 319+83%
2013 q4 55 548+22% -23 842-3% -34 587+14%
2013 q3   -23 842-3% -34 587+14%
2013 q2 40 626 -23 246-67% 3 447<-100%
2013 q1   -23 246-67% 3 447<-100%
2012 q4 45 384-22% -24 707-49% -30 295<-100%
2012 q3 45 384-22% -24 707-49% -30 295<-100%
2012 q2   -71 011>+200% -5 365-75%
2012 q1   -71 011>+200% -5 365-75%
2011 q4 ( 21 , 22 ) 58 015+86% -48 239+13% 2 279-83%
2011 q3 58 015 -48 239+13% 2 279-83%
2011 q2 -162<-100% -17 134+73% -21 879-45%
2011 q1 -162 -20 678+108% -21 879-45%
2010 q4 ( 24 , 25 ) 31 228 -42 833-5% 13 137-65%
2010 q3   -42 833-5% 13 137-65%
2010 q2 471 -9 921-86% -39 621<-100%
2010 q1   -9 921-86% -39 621<-100%
2009 q4 ( 27 , 28 )   -44 906+28% 37 744+157%
2009 q3   -44 906 37 744
2009 q2   -69 800+28% 55 262+53%
2009 q1   -69 800 55 262
2008 q4   -35 125 14 700
2008 q2   -54 665 36 216
RSBU data *The values are shown in mln RUB The % change shows the difference from the same period last year

View as Pivot Table       Export as Pivot Table (xlsx)



Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 q2 22 321-12% 22 321-12% 21 112-13% 14 920-58% 5 886-1% -21 883+59%
2025 q1 986+145% 986+145% -153-82% 12 631-80% 5 322+17% -19 483+85%
2024 q4 29+187% 29+187% -1 256-91% -60 398+5% 4 227>+200% -20 165>+200%
2024 q3 6 800+14% 6 800+14% 5 190+9% -96 518<-100% 3 551>+200% -17 395>+200%
2024 q2 ( 8880 , 8911 ) 25 505+17% 25 505+17% 24 199+40% 35 553+61% 5 954<-100% -13 749>+200%
2024 q1 4030% 4030% -8620% 63 1550% 4 5690% -10 5500%
2023 q4 10>+200% 10>+200% -13 800+61% -57 770<-100% 1 270-3% -5 930+13%
2023 q3 5 968-8% 5 968-8% 4 779-11% 22 552<-100% 995-18% -4 879-1%
2023 q2 21 856-20% 21 856-20% 17 285-34% 22 066<-100% -1 932<-100% -408-92%
2023 q1 ( 3286 , 8610 ) 403-58% 403-58% -862+196% 63 155+127% 4 569>+200% -10 550+95%
2022 q4 2<-100% 2<-100% -8 564+11% 68 077<-100% 1 307-16% -5 268+17%
2022 q3 6 502-1% 6 502-1% 5 397+6% -48 868>+200% 1 214+22% -4 925+16%
2022 q2 27 446+62% 27 446+62% 26 292+92% -118 505<-100% 855-26% -4 806+17%
2022 q1 957>+200% 957>+200% -291-82% 27 850-27% 1 424+38% -5 416+42%
2021 q4 763-90% 763-90% -7 683<-100% -124 037<-100% 1 560+28% -4 505+10%
2021 q3 6 565-30% 6 565-30% 5 094-40% -12 431<-100% 996-20% -4 249-1%
2021 q2 16 937 16 937 13 671 15 556 1 159 -4 112
2021 q1 4 4 -1 588 38 344 1 033 -3 801
2020 q4 7 360-35% 7 360-35% 3 298-62% 35 209+76% 1 219-20% -4 111-15%
2020 q3 9 417 9 417 8 506 12 106 1 240 -4 280
2019 q4 11 237 11 237 8 649 20 004 1 522 -4 852


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (21 883 - 5 886) * 4 / (403 636 - 0)

Q Total equity Total assets Net debt
 
2025 q2 229 023-36% 738 909-12% 403 636+9%
2025 q1 214 103 680 014 368 890
2024 q4 201 472-24% 664 791+14% 366 181+51%
2024 q3 261 340-19% 840 319+41% 404 963+101%
2024 q2 ( 8880 , 8911 ) 357 859+20% 844 456+51% 371 207+85%
2024 q1      
2023 q4 264 168+21% 581 970+17% 242 2100%
2023 q3 321 656+118% 597 917+45% 201 525+9%
2023 q2 299 104+52% 558 639+23% 200 940+4%
2023 q1 ( 3286 , 8610 ) 327 324+64% 768 998+63% 352 719+99%
2022 q4 217 839-24% 495 889-10% 242 210+43%
2022 q3 147 587-64% 411 218-40% 184 982+7%
2022 q2 196 455-32% 454 943-18% 193 150+14%
2022 q1 199 371-31% 471 232-15% 177 516+5%
2021 q4 287 111-23% 552 704-10% 169 137+13%
2021 q3 411 070 686 794 172 845+15%
2021 q2 287 111 552 704 169 137
2021 q1 287 111 552 704 169 137
2020 q4 372 593 611 251 150 228+3%
2020 q3     150 228
2019 q4     145 364
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company