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General information

Leading nitrogen fertilizers producer, increasing output every year and having US-denominated sales; subject to nitrogen fertilizers volatility
  • Current market environment: negative. Prices of production are 0.7% lower compared to the last 12 months (LTM)
  • Prices of production are at 59.6% percentile over the past 5 years, adjusted for inflation
  • Dividend yield for the last twelve months 2.9%
  • Free cash flow yield -1.2% (LTM), projected -2.2%
  • Share of USD-denominated sales in revenue of the company (estimate) 97.8%
  • Share price is 22.5% higher than minimum and 11.5% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (12.0x vs
    )
  • The company is overvalued by EV / projected EBITDA multiple compared to target level (
    vs
    )
  • Taking into account the impact of the key rate 17.0% on the change in financial parameters: EBITDA adjustment is -6 282 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 55 429 mln rub, expected mult is 15.6x, target mult is 9.0x, potential is -49.4%

Key Financials (Download financials)

Ticker: AKRN
Share price, RUB:  (+3.1%)18188
year average price 16570  


year start price 16480 2024-10-21

max close price 18178 2025-02-12

min close price 15140 2025-06-06

current price 18188 2025-10-20
Common stocks: 40 530 000
Dividend Yield:  2.9%
FCF Yield LTM / expected: -1.2% / -2.2%
EV / LTM EBITDA:12.0x
EV / EBITDA annualized: 12.5x
Production prices change from LTM: -0.7%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 737 160
Net Debt (m RUB): 117 435
EV (Enterprise Value): 854 595
EBITDA LTM (m RUB): 71 229
Net Income LTM (m RUB): 42 077
EV / LTM EBITDA: 12.0x
Net Debt / LTM EBITDA (if EBITDA > 0): 1.6x
Average daily trading volume for the week, RUB mln: 9
P / E 17.5x
P / E ann-d11.7x
P / B 3.3x
EBITDA margin ann-d 29.8%
Net income margin ann-d 27.5%

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

MSFO data *The values are shown in mln. The % change shows the difference from the same period last year

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Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 q2 57 267+29% 30 491+32% 13 444+56% 15 740+29%   -1 054-23%
2025 q1 66 908+30% 36 317+45% 12 268+7% 14 495+124%   -3 714+107%
2024 q4 55 170+13% 28 081+15% 17 018+164% 10 353+1%   -1 098-62%
2024 q3 47 297+11% 23 024+14% 14 979-34% 1 489-77%   -991+143%
2024 q2 44 345+27% 23 162+68% 8 633-53% 12 202>+200%   -1 377<-100%
2024 q1 51 355-3% 25 067-18% 11 481-55% 6 476-59%   -1 795+54%
2023 q4 48 925-18% 24 466-37% 6 435-81% 10 229+117%   -2 889+165%
2023 q3 42 576-15% 20 145-29% 22 840+3% 6 594-45%   -407-37%
2023 q2 34 993-29% 13 772-55% 18 296+32% 3 161-92%   520<-100%
2023 q1 52 964 30 540 25 546 15 882   -1 168
2022 q4 59 733 38 966 34 346 4 716   -1 090
2022 q3 49 933-3% 28 544-16% 22 081-15% 11 988-44%   -644-17%
2022 q2 49 374+5% 30 479-6% 13 849-33% 38 438+102%   -648-41%
2021 q3 51 233+73% 33 928+136% 26 068+189% 21 256<-100%   -777+2%
2021 q2 47 030+66% 32 439+132% 20 724>+200% 19 063+109%   -1 102-17%
2021 q1 38 952+39% 21 078+101% 12 720+123% 10 615<-100%   -573+18%
2020 q4 33 776+34% 14 976+28% 6 570+183% 7 997>+200%   -855<-100%
2020 q3 29 656+2% 14 402+8% 9 027+49% -3 175<-100%   -760+22%
2020 q2 28 353-8% 13 991-12% 4 722-43% 9 140+9%   -1 335+43%
2020 q1 28 079-5% 10 505-26% 5 710-15% -10 126<-100%   -486>+200%
2019 q4 25 220-17% 11 659-31% 2 320-74% 1 798-73%   592>+200%
2019 q3 29 143+3% 13 300-4% 6 059-29% 5 792+47%   -623+28%
2019 q2 30 968+22% 15 976+37% 8 341+84% 8 422<-100%   -936>+200%
2019 q1 29 504+23% 14 116+25% 6 681+22% 8 774+112%   -148-85%
2018 q4 30 283+21% 16 863+54% 8 862+39% 6 784+64%   78<-100%
2018 q3 28 366+27% 13 817+45% 8 565+98% 3 941-52%   -486-49%
2018 q2 25 363+11% 11 679+9% 4 544-16% -1 553<-100%   -228-78%
2018 q1 24 0500% 11 2590% 5 468+8% 4 146+164%   -971-20%
2017 q4 25 053+11% 10 918+27% 6 362+54% 4 125+1%   -921-41%
2017 q3 22 400+12% 9 559-3% 4 332+18% 8 189>+200%   -948+8%
2017 q2 22 816+4% 10 690-4% 5 403-4% 375-95%   -1 020-1%
2017 q1 24 073-4% 11 266-22% 5 080-32% 1 571-88%   -1 221+10%
2016 q4 22 574+40% 8 613+26% 4 122-82% 4 102<-100%   -1 556-3%
2016 q3 19 9200% 9 8410% 3 6630% 1 7020%   -8790%
2016 q2 21 850-11% 11 1820% 5 650+14% 7 064+41%   -1 028-14%
2016 q1 25 015-10% 14 412-5% 7 463-32% 12 657+79%   -1 110+109%
2015 q4 16 099-27% 6 828+98% 22 360<-100% -5 052+165%   -1 608<-100%
2015 q3 19 920-30% 9 841-32% 3 663>+200% 1 702-25%   -879-34%
2015 q2 24 424+33% 11 143+55% 4 940>+200% 4 996-2%   -1 202+133%
2015 q1 27 653+59% 15 229+120% 10 943+128% 7 067>+200%   -530>+200%
2014 q4 21 955+35% 3 450-24% -5 988-38% -1 905<-100%   1 150+128%
2014 q3 28 577+69% 14 386+108% 204+11% 2 259-28%   -1 336+16%
2014 q2 18 395+4% 7 178-1% 1 133-79% 5 113+78%   -516>+200%
2014 q1 17 351+5% 6 933-3% 4 805+12% 1 437-39%   -80-60%
2013 q4 16 207-12% 4 561-49% -9 721-21% 4 638-16%   504<-100%
2013 q3 16 930-3% 6 931+7% 183-93% 3 145+13%   -1 152>+200%
2013 q2 17 690+5% 7 279-5% 5 432-9% 2 878+97%   -59-84%
2013 q1 16 561-10% 7 124-6% 4 305+17% 2 358-54%   -199-58%
2012 q4 18 394 8 943 -12 346 5 502   -174
2012 q3 17 446 6 450 2 693 2 774   -130
2012 q2 16 850 7 660 5 983 1 462   -375
2012 q1 18 422 7 619 3 670 5 123   -473


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (1 054 - 0) * 4 / (117 435 - 8 795)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q2 224 025+13% 416 800+8% 117 435+9% 3.9% 1.65x
2025 q1 223 520+6% 420 610+13% 112 552+30% 14.3% 1.70x
2024 q4 209 520-9% 438 908+13% 116 473+82% 4.0% 1.79x
2024 q3 199 884-11% 385 028-3% 118 663+64% 3.6% 2.19x
2024 q2 197 924-8% 386 722+10% 107 247+48% 5.5% 1.73x
2024 q1 210 640 370 735 86 839 9.6% 1.22x
2023 q4 230 721 387 692 64 053 31.4% 0.75x
2023 q3 223 918 395 314 72 457 3.6% 0.64x
2023 q2 215 913 353 100 72 480   0.64x
2023 q1         0.69x
2022 q4         0.56x
2022 q3         0.65x
2022 q2         0.67x
2021 q3 114 164+88% 241 146+8% 103 389-28% 4.0% 1.27x
2021 q2 95 409+47% 232 229+7% 114 750-5% 5.0% 1.89x
2021 q1 80 120+20% 225 181+4% 129 811+5% 2.2% 2.95x
2020 q4 5 076 836>+200% 16 239 927>+200% 9 588 308>+200% 0.0% 3.66x
2020 q3 60 714-29% 223 898+14% 143 624+41% 2.6% 4.74x
2020 q2 64 956-23% 217 581+11% 120 226+26% 5.7% 4.00x
2020 q1 66 531-20% 215 552+9% 123 448+35% 1.9% 3.70x
2019 q4 81 965+5% 200 355+7% 99 422+3%   2.77x
2019 q3 84 964+15% 196 731+8% 101 886+5% 3.1% 2.58x
2019 q2 83 935+15% 196 544+3% 95 219+1% 5.0% 2.26x
2019 q1 82 981-4% 197 448+9% 91 648+7% 0.8% 2.39x
2018 q4 78 165-11% 186 784-4% 96 472+51%   2.69x
2018 q3 73 635-18% 181 506-5% 97 011+34% 2.5% 2.82x
2018 q2 72 828-16% 190 300+3% 94 056+12% 1.2% 3.10x
2018 q1 86 328-4% 181 763+2% 85 758+7% 5.9% 2.79x
2017 q4 87 722-20% 194 287-14% 63 751+10% 5.8% 2.78x
2017 q3 90 300+3% 190 569-2% 72 581+4% 7.3% 2.54x
2017 q2 87 110-8% 183 906-10% 84 341-6% 6.4% 2.88x
2017 q1 89 929-23% 178 789-21% 79 853+2% 8.2% 2.67x
2016 q4 109 7980% 226 7740% 57 797-30% 10.8% 1.91x
2016 q3 87 288-17% 193 537-15% 70 026-16% 7.1% 2.60x
2016 q2 94 392-3% 204 632-2% 90 004+17% 5.9% 2.02x
2016 q1 117 063+18% 227 491+7% 78 018+1% 8.3% 1.76x
2015 q4 109 798-44% 226 774+16% 82 437+2% 11.2% 1.74x
2015 q3 105 458+20% 227 293+36% 83 513+26% 5.9% 1.92x
2015 q2 96 954+12% 208 274+30% 77 078+36% 8.9% 2.33x
2015 q1 99 057+12% 213 260+36% 77 296+59% 3.9% 2.60x
2014 q4 195 940+196% 195 940+34% 80 482+167%   3.74x
2014 q3 87 977 166 824+150% 66 517>+200% 12.2% 4.01x
2014 q2 86 255+4% 159 652-1% 56 694+73% 5.7% 3.59x
2014 q1 88 249+10% 156 575-1% 48 651+55% 1.1% 2.29x
2013 q4 66 246 146 104 30 098   1.97x
2013 q3   66 802 10 993 41.9% 2.12x
2013 q2 82 814 161 905 32 841 1.4% 2.35x
2013 q1 80 035 158 160 31 464 5.1% 5.77x
2012 q4          
2012 q3          
2012 q2          
2012 q1          


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q2 11 904>+200% -13 249+9% -11 845<-100%
2025 q1 11 657<-100% -10 340+3% -18 630-29%
2024 q4 14 373-29% -6 071-60% 27 717<-100%
2024 q3 8 850-16% -10 502-15% -14 543<-100%
2024 q2 1 583-81% -12 177+26% 14 893>+200%
2024 q1 -715<-100% -10 085+29% -26 228>+200%
2023 q4 20 369+24% -15 198+111% -2 951-39%
2023 q3 10 536-35% -12 332+93% 16 045<-100%
2023 q2 8 357-40% -9 673+40% 2 642<-100%
2023 q1 23 115 -7 828 -4 789
2022 q4 16 362 -7 202 -4 847
2022 q3 16 087-23% -6 402+20% -5 248-63%
2022 q2 13 930-12% -6 896+85% -7 850-8%
2021 q3 20 810>+200% -5 347+24% -14 373>+200%
2021 q2 15 800>+200% -3 732+52% -8 543<-100%
2021 q1 4 631>+200% -3 183-16% -5 090<-100%
2020 q4 17 241+46% -6 623+2% -15 253>+200%
2020 q3 3 835-16% -4 319-4% -4 539+98%
2020 q2 4 340-4% -2 448-34% 950<-100%
2020 q1 774-89% -3 791-13% 11 450>+200%
2019 q4 11 822+12% -6 475+21% -16<-100%
2019 q3 4 576-45% -4 497+105% -2 296-82%
2019 q2 4 535-7% -3 724-10% -6 863<-100%
2019 q1 7 345+60% -4 358+58% 1 847<-100%
2018 q4 10 594>+200% -5 350+146% -8 632+51%
2018 q3 8 345+24% -2 195-14% -13 063<-100%
2018 q2 4 877-11% -4 130+29% 7 134<-100%
2018 q1 4 590>+200% -2 764+22% -5 082-52%
2017 q4 3 259-57% -2 174+50% -5 733<-100%
2017 q3 6 728-1% -2 549-46% 775<-100%
2017 q2 5 478<-100% -3 212+58% -3 174-73%
2017 q1 1 169-69% -2 270<-100% -10 635<-100%
2016 q4 7 547-44% -1 452-73% 603<-100%
2016 q3 6 766-44% -4 724+28% -3 712-51%
2016 q2 -27<-100% -2 031-8% -11 662>+200%
2016 q1 3 816-61% 1 662<-100% 4 160-31%
2015 q4 13 418+84% -5 472+40% -18 169>+200%
2015 q3 12 086>+200% -3 692+34% -7 613+135%
2015 q2 1 256+87% -2 209-26% -3 377<-100%
2015 q1 9 771>+200% -3 445+95% 6 043+20%
2014 q4 7 281+151% -3 921<-100% -3 791-67%
2014 q3 2 879-1% -2 746+3% -3 240-33%
2014 q2 673-84% -2 978-12% 3 108<-100%
2014 q1 1 861-58% -1 763-65% 5 030>+200%
2013 q4 2 898-7% 1 876<-100% -11 629<-100%
2013 q3 2 904<-100% -2 668-66% -4 866-39%
2013 q2 4 113-23% -3 380-16% -4 778<-100%
2013 q1 4 445+47% -5 075+104% 298-95%
2012 q4 3 102 -5 572 12 853
2012 q3 -2 178 -7 798 -7 999
2012 q2 5 337 -4 045 14 586
2012 q1 3 033 -2 493 6 038
RSBU data *The values are shown in mln. The % change shows the difference from the same period last year

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Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 q2 43 116+29% 23 703+37% 17 920+122% 12 689+81% 382-63% -4 650+100%
2025 q1 47 762+26% 27 262+37% 17 940+85% 8 092+31% 1 297+42% -6 317>+200%
2024 q4 38 113+18% 21 742+16% 12 126+3% 1 101-66% 2 029>+200% -4 507+124%
2024 q3 38 433+31% 18 951+36% 9 1370% 1 451-81% 1 371>+200% -2 508+58%
2024 q2 33 346+22% 17 317+57% 8 068+15% 7 022+60% 1 033>+200% -2 324+120%
2024 q1 37 9310% 19 878-3% 9 676-38% 6 194-55% 913>+200% -1 810+67%
2023 q4 32 417-32% 18 812-37% 11 780-54% 3 204<-100% 487>+200% -2 014+108%
2023 q3 29 231-15% 13 891-32% 9 156-45% 7 665-9% 407+171% -1 591+78%
2023 q2 27 231-16% 11 023-47% 7 003-58% 4 376-84% 165-35% -1 054+36%
2023 q1 37 942-43% 20 505-58% 15 717-65% 13 818-65% 81-79% -1 081+2%
2022 q4 47 421-19% 29 921-31% 25 633-37% -3 667<-100% 70+97% -968-15%
2022 q3 34 463+9% 20 318-2% 16 702-11% 8 421-71% 150+105% -894-20%
2022 q2 32 607+7% 20 806+10% 16 8130% 27 766+36% 252>+200% -776-38%
2022 q1 66 074+174% 48 938>+200% 44 829>+200% 39 257>+200% 387>+200% -1 062-22%
2021 q4 58 593>+200% 43 470>+200% 40 941>+200% 26 876+137% 35>+200% -1 140-23%
2021 q3 31 719+82% 20 808+199% 18 793>+200% 29 394<-100% 73>+200% -1 116-27%
2021 q2 30 483+88% 18 860+187% 16 793>+200% 20 342+126% 19+197% -1 258-24%
2021 q1 24 122+62% 12 331+172% 9 661>+200% 5 604<-100% 4-1% -1 362-21%
2020 q4 17 927+20% 6 885+59% 4 810+115% 11 340>+200% 5-44% -1 477-10%
2020 q3 17 411+8% 6 966+15% 4 991+29% -4 501<-100% 3-51% -1 538-8%
2020 q2 16 2110% 6 563+1% 4 201-5% 9 020+29% 6+2% -1 661-2%
2020 q1 14 920-25% 4 532-52% 2 405-66% -10 174<-100% 5-63% -1 714-3%
2019 q4 ( 3363 , 3364 , 3365 ) 14 954-29% 4 325-61% 2 235-75% 596-93% 9-19% -1 643-15%
2019 q3 16 064-8% 6 044-28% 3 874-39% 4 929>+200% 6-20% -1 668-14%
2019 q2 16 219+13% 6 494+18% 4 409+22% 6 997<-100% 6-18% -1 692-12%
2019 q1 19 876+34% 9 517+55% 7 070+79% 7 009>+200% 12 -1 774
2018 q4 ( 3369 , 3370 , 3371 ) 21 100 11 123 8 833 9 113 11 -1 932
2018 q3 17 445 8 374 6 339 1 200 8 -1 935
2018 q2 14 384 5 489 3 624 -194 8 -1 929
2018 q1 14 826 6 138 3 947 692    


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (4 650 - 382) * 4 / (123 830 - 0)

Q Total equity Total assets Net debt
 
2025 q2 166 079+4% 351 161+9% 123 830+58%
2025 q1 173 018+3% 358 692+21% 122 792+138%
2024 q4 161 8970% 364 594+26% 115 163>+200%
2024 q3 160 774+1% 322 952+15% 81 749+131%
2024 q2 159 316+6% 321 845+28% 78 137+150%
2024 q1 167 988+15% 296 751+19% 51 648+54%
2023 q4 161 794+22% 289 252+23% 19 809-56%
2023 q3 158 590+19% 281 950+20% 35 368-22%
2023 q2 150 925+14% 250 681+7% 31 272-31%
2023 q1 146 534+10% 249 918+6% 33 560-26%
2022 q4 132 717+183% 235 087+34% 45 529-48%
2022 q3 132 717>+200% 235 087+40% 45 529-52%
2022 q2 132 717>+200% 235 087+39% 45 529-50%
2022 q1 132 717>+200% 235 087+48% 45 529-60%
2021 q4 46 915>+200% 175 806+11% 86 892-30%
2021 q3 43 737>+200% 167 818+8% 94 746-31%
2021 q2 37 196>+200% 169 698+4% 91 754-25%
2021 q1 18 065+28% 159 304-5% 114 962-10%
2020 q4 12 458-49% 157 787+1% 124 025+9%
2020 q3 1 118-96% 155 0300% 136 361+24%
2020 q2 5 611-75% 163 716+5% 122 007+12%
2020 q1 14 099 167 729 127 199+17%
2019 q4 ( 3363 , 3364 , 3365 ) 24 273 156 523 114 153-3%
2019 q3 27 771 155 469 110 337-6%
2019 q2 22 837 155 363 108 467-8%
2019 q1     108 935-7%
2018 q4 ( 3369 , 3370 , 3371 )     117 410
2018 q3     117 410
2018 q2     117 410
2018 q1     117 410
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company