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General information

Russian Aquaculture PJSC produces and markets salmonids. The Company operates fish farms and markets chilled and frozen salmon and trout. Russian Aquaculture operates numerous areas for commercial aquaculture of salmon and trout on the lakes in Karelia and in the Barents and White Seas.
  • Current market environment: negative. Prices of production are 14.7% lower compared to the last 12 months (LTM)
  • Prices of production are at 30.8% percentile over the past 5 years, adjusted for inflation
  • Dividend yield for the last twelve months 8.1%
  • Free cash flow yield -16.5% (LTM), projected -20.2%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 100.0%
  • Share price is 4.9% higher than minimum and 53.1% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (7.9x vs
    )
  • The company is overvalued by EV / projected EBITDA multiple compared to target level (
    vs
    )
  • Taking into account the impact of the key rate 14.0% on the change in financial parameters: EBITDA adjustment is 0 mln rub as NetDebt * (expected key rate - 3 years average 14.8%) / 2, expected EBITDA adjusted for key rate increases is 5 361 mln rub, expected mult is 11.9x, target mult is 6.2x, potential is -70.9%

Key Financials (Download financials)

Ticker: AQUA
Share price, RUB:  (-0.6%)492.4
year average price 603.85  


year start price 610.00 2025-01-01

max close price 764.50 2025-03-17

min close price 469.50 2025-11-18

current price 492.40 2025-12-31
Common stocks: 87 880 000
Dividend Yield:  8.1%
FCF Yield LTM / expected: -16.5% / -20.2%
EV / LTM EBITDA:7.9x
EV / EBITDA annualized: 12.3x
Production prices change from LTM: -14.7%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 43 272
Net Debt (m RUB): 14 999
EV (Enterprise Value): 58 271
EBITDA LTM (m RUB): 7 353
Net Income LTM (m RUB): 1 714
EV / LTM EBITDA: 7.9x
Net Debt / LTM EBITDA (if EBITDA > 0): 2.0x
Average daily trading volume for the week, RUB mln: 51
P / E 25.2x
P / B 1.3x
EBITDA margin ann-d 23.6%
Net income margin ann-d -74.3%

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

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 H1 10 047-45% -4 449<-100% 1 831-73% -7 464>+200% 328+156% -1 301+122%
2024 H2 13 280-15% 11 763+7% 4 448-8% 9 178+34% 204>+200% -744+5%
2024 H1 18 266+41% 1 851-82% 6 867+20% -1 416<-100% 128+160% -586+3%
2023 H2 15 567+69% 10 979+119% 4 840+14% 6 833+74% 65+11% -707+47%
2023 H1 12 913-10% 10 228-1% 5 709-23% 8 638+4% 49+69% -569+19%
2022 H2 9 190+3% 5 009-32% 4 236+6% 3 935-40% 59>+200% -481+51%
2022 H1 14 311+113% 10 372>+200% 7 457>+200% 8 281>+200% 29+25% -478+76%
2021 H2 8 894+68% 7 361+98% 4 014>+200% 6 532+83% 15+173% -319+174%
2021 H1 6 718+28% 2 919>+200% 2 024+1% 1 961<-100% 23>+200% -271+90%
2020 H2 5 293+13% 3 720+19% 649-36% 3 574+59% 6-27% -116+32%
2020 H1 5 255+8% 75-95% 2 013+2% -402<-100% 7-71% -143-28%
2019 H2 4 690+87% 3 123+18% 1 023+61% 2 250+5% 8-47% -88-43%
2019 H1 4 854>+200% 1 498>+200% 1 977<-100% 1 008>+200% 23+52% -198+111%
2018 H2 2 504+57% 2 644>+200% 636>+200% 2 137>+200% 14-17% -154>+200%
2018 H1 305-91% 404-18% -179<-100% 154+167% 15>+200% -94-9%
2017 H2 1 597-7% 600-58% 186<-100% 319<-100% 17<-100% -11<-100%
2017 H1 3 343-94% 492 96-98% 58-98% 3<-100% -103-95%
2016 H2 ( 172 , 173 , 174 ) 1 725>+200% 1 417<-100% -3 812+165% -286-81% -846<-100% 1 786<-100%
2016 H1 59 720>+200%   4 689>+200% 2 419<-100% 864>+200% -2 238>+200%
2015 H2 509-95% -1 521<-100% -1 440<-100% -1 536<-100% 4-70% -24-93%
2015 H1 6 835-24% 1 299+111% 128<-100% -326-25% 13>+200% -448+93%
2014 H2 ( 176 , 2962 ) 10 176-2% 2 037+32% 937>+200% 25-94% 14+20% -358+86%
2014 H1 9 048+18% 616-23% -76<-100% -432<-100% 2-40% -232+48%
2013 H2 ( 178 , 2963 ) 10 359+12% 1 544+72% 235>+200% 435<-100% 12>+200% -192+37%
2013 H1 7 686+1% 797-19% 198<-100% 18<-100% 4+21% -157-24%
2012 H2 ( 180 , 2964 ) 9 282-7% 900-38% 76-75% -21-51% 1-62% -141-32%
2012 H1 7 607-12% 979+6% -153-54% -291-34% 3>+200% -207+26%
2011 H2 ( 2966 , 2967 ) 9 935+7% 1 440+22% 306<-100% -44-82% 2+54% -207+11%
2011 H1 8 623 919 -330 -443 1 -165
2010 H2 ( 2968 , 2969 ) 9 279-29% 1 180-33% -12-86% -243-35% 1-96% -186-52%
2009 H2 13 105 1 751 -86 -376 38 -390


Balance


Implied interest rate for 2025 H1:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (1 301 - 328) * 2 / (14 999 - 0)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 H1 34 517-5% 57 234+15% 14 999+89% 13.0% 2.04x
2024 H2 42 766+8% 58 762+3% 12 906-6% 8.4% 1.04x
2024 H1 36 496+4% 49 722-3% 7 939-37% 11.6% 0.44x
2023 H2 39 702+46% 56 786+34% 13 782+1% 9.3% 1.07x
2023 H1 35 040+35% 51 141+43% 12 551+117% 8.3% 1.14x
2022 H2 27 274+46% 42 415+47% 13 606+68% 6.2% 1.05x
2022 H1 25 925-10% 35 731+24% 5 780 15.5% 0.46x
2021 H2 18 707+60% 28 887+46% 8 095+31% 7.5% 1.15x
2021 H1 28 887>+200% 28 887+114%     1.02x
2020 H2 11 726+29% 19 813+41% 6 189+50% 3.6% 1.63x
2020 H1 8 570+24% 13 480+17% 3 199+1% 8.5% 1.23x
2019 H2 9 065-17% 14 036+28% 4 123 3.9% 1.04x
2019 H1 6 919+88% 11 555+59% 3 170+3% 11.1% 0.83x
2018 H2 10 953>+200% 10 953+97%     1.56x
2018 H1 3 687-97% 7 246-97% 3 066-94% 5.2% 4.81x
2017 H2 3 514-56% 5 547-7% 742-77% -1.6% 1.03x
2017 H1 120 655 213 657 53 961 0.4% 0.45x
2016 H2 ( 172 , 173 , 174 ) 7 954 5 945 3 166   1.17x
2016 H1         17.13x
2015 H2          
2015 H1   6 392+32% 5 994+68% 14.5% 15.82x
2014 H2 ( 176 , 2962 ) 6 727+27% 6 727+27% 4 840+68% 14.2% 7.36x
2014 H1   4 857+30% 3 578+59% 12.9% 5.59x
2013 H2 ( 178 , 2963 ) 5 296-8% 5 296-8% 2 888-19% 12.5% 3.17x
2013 H1 3 722-32% 3 722-32% 2 245-33% 13.7% 7.46x
2012 H2 ( 180 , 2964 ) 5 735>+200% 5 735-14% 3 585+14% 7.8% 56.75x
2012 H1 5 473-18% 5 473-18% 3 342 12.2% 9.45x
2011 H2 ( 2966 , 2967 ) 8960% 6 6700% 3 1480% 13.0% 26.74x
2011 H1 6 670 6 670      
2010 H2 ( 2968 , 2969 ) 896-87% 6 670-2% 3 148 11.7%  
2009 H2 6 776 6 776      


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 H1 876-92% -1 997-43% 5 791<-100%
2024 H2 1 221-70% -2 991+19% 82<-100%
2024 H1 11 011+141% -3 492+28% -5 257>+200%
2023 H2 4 077<-100% -2 510-15% -2 981<-100%
2023 H1 4 570-9% -2 724+64% -49-94%
2022 H2 -2 145<-100% -2 944+117% 2 657<-100%
2022 H1 5 036+185% -1 663-25% -756<-100%
2021 H2 1 599<-100% -1 356+110% -2 523<-100%
2021 H1 1 767-26% -2 232+85% 2 468>+200%
2020 H2 -1 883<-100% -645-42% 1 777<-100%
2020 H1 2 387+11% -1 207-15% 33-89%
2019 H2 326<-100% -1 119+36% -269<-100%
2019 H1 2 143<-100% -1 419+151% 292-72%
2018 H2 -326<-100% -821+74% 1 032-15%
2018 H1 -1 395<-100% -566+82% 1 036<-100%
2017 H2 209<-100% -472<-100% 1 210<-100%
2017 H1 2 232-74% -310 -1 803
2016 H2 ( 172 , 173 , 174 ) -8 284>+200% 1 249<-100% -1 604<-100%
2016 H1 8 446<-100%    
2015 H2 -562-48% -8-98% 886-54%
2015 H1 -687+109% -616+68% 594+23%
2014 H2 ( 176 , 2962 ) -1 084+91% -332>+200% 1 922>+200%
2014 H1 -329<-100% -367<-100% 485<-100%
2013 H2 ( 178 , 2963 ) -567>+200% -76+45% 515+37%
2013 H1 218>+200% 1 102<-100% -1 486<-100%
2012 H2 ( 180 , 2964 ) -168<-100% -52<-100% 375+65%
2012 H1 56-88% -209>+200% 180<-100%
2011 H2 ( 2966 , 2967 ) 52-81% 63+100% 227+100%
2011 H1 486 -63 -227
2010 H2 ( 2968 , 2969 ) 269<-100% 0<-100% 0<-100%
2009 H2 -1 007 60 922
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 q3 10-99% -1<-100% -53<-100% 60-97% 410>+200% -313+187%
2025 q2 274-70% 258-71% 152-82% 76-91% 222+109% -305+182%
2025 q1 ( 9579 , 9741 ) 500-47% 489-48% 438-51% 448-49% 106+20% -105+20%
2024 q4 1 360+4% 1 348+3% 1 311+6% 1 280+3% 107+42% -103+44%
2024 q3 1 940+4% 1 932+4% 1 837+2% 1 845+2% 107+42% -109+56%
2024 q2 910-40% 903-40% 847-40% 882-38% 106+42% -108+48%
2024 q1 945+2% 941+2% 887+1% 8830% 88+20% -88+25%
2023 q4 1 310>+200% 1 308>+200% 1 235<-100% 1 244<-100% 760% -720%
2023 q3 ( 7046 , 7263 ) 1 860+39% 1 858+39% 1 804+49% 1 808+48% 760% -70-3%
2023 q2 ( 3452 , 6813 ) 1 510+8% 1 506+8% 1 412+5% 1 424+6% 750% -73+3%
2023 q1 930-9% 926-9% 876-10% 882-10% 740% -700%
2022 q4 10-99% 7<-100% -39<-100% -22<-100% 76-1% -720%
2022 q3 1 342>+200% 1 339>+200% 1 212>+200% 1 218>+200% 76-6% -720%
2022 q2 1 402>+200% 1 399>+200% 1 342<-100% 1 345<-100% 75-7% -710%
2022 q1 1 022+23% 1 019+23% 975+22% 978+23% 74>+200% -70>+200%
2021 q4 1 589+116% 1 587+117% 1 551+123% 1 554+122% 76>+200% -72
2021 q3 382 380 338 345 81 -72
2021 q2 22 20 -40 -37 81 -71
2021 q1 828 826 801 792 23 -17
2020 q4 ( 3458 , 3459 , 3460 ) 737>+200% 733>+200% 694>+200% 701>+200% 4  
2020 q3            
2019 q4 ( 3461 , 7240 ) 26 23 4 0    
2018 q4            


Balance


Implied interest rate for 2025 q3:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (313 - 410) * 4 / (3 945 - 0)

Q Total equity Total assets Net debt
 
2025 q3 11 427-13% 18 609+15% 3 945+30%
2025 q2 12 246-6% 19 477+21% 1 848-39%
2025 q1 ( 9579 , 9741 ) 12 170+1% 15 2900% 1 531-50%
2024 q4   14 896+3% 3 036>+200%
2024 q3 13 078+12% 16 237+9% 3 035>+200%
2024 q2 12 990+7% 16 127+4% 3 035>+200%
2024 q1 12 108+8% 15 296+6% 3 034>+200%
2023 q4   14 465+11% 88-97%
2023 q3 ( 7046 , 7263 ) 11 651-1% 14 8940% 68-98%
2023 q2 ( 3452 , 6813 ) 12 127-4% 15 435-2% 141-95%
2023 q1 11 2250% 14 465+1% 88-97%
2022 q4   13 010-3% 3 0850%
2022 q3 11 800+15% 14 916+11% 3 013-2%
2022 q2 12 603+23% 15 776+18% 3 0830%
2022 q1 11 258+10% 14 330+7% 3 010-2%
2021 q4 10 279+13% 13 409+46% 3 081<-100%
2021 q3 10 279 13 409 3 081<-100%
2021 q2 10 279 13 409 3 081
2021 q1 10 279 13 409 3 081
2020 q4 ( 3458 , 3459 , 3460 ) 9 119 9 156 -560>+200%
2020 q3     -560
2019 q4 ( 3461 , 7240 )     0-96%
2018 q4     -4
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Potential and Created Value,
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