Enhanced Investments - Financial Portal

General information

Astra is one of the leaders in Russian IT market in the field of software development and information security. The team has more than 1900 employees. The products are used in all sectors of the economy: leading energy and oil and gas companies, financial sector, state-owned companies, medicine and education. Astra also creates services for creating and designing IT infrastructures

Good financial results growth rate 26.8% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (90.9%)
Dividend yield for the last twelve months 2.3%
Free cash flow yield 4.3% (LTM)
Share price is 1.2% higher than minimum and 64.5% lower than maximum for the last 3 years
The company is undervalued by EV / LTM EBITDA multiple compared to target level (7.0x vs
)
Fundamental value created in LTM (estimate)

Key Financials (Download financials)

Ticker: ASTR

Share price, RUB: (+1.2%)252.95

year average price 384.45

year start price 476.75 2025-01-02

max close price 529.70 2025-01-28

min close price 250.05 2025-12-31

current price 252.95 2026-01-01

Common stocks: 210 000 000

Dividend Yield: 2.3%

FCF Yield LTM: 4.3%

EV / LTM EBITDA:[с учетом прогноза: 5.6x] 7.0x

EV / EBITDA annualized: 8.8x

Last revenue growth (y/y): 4.0%

Last growth of EBITDA (y/y): 49.7%

Historical revenue growth: 88.2%

Historical growth of EBITDA: 93.6%

Target EV / EBITDA (hist percentile):

Fundamental value created in LTM:

Потенциал с учетом ускорения/замедления

[с учетом прогноза фин показателей]

	Mult Upside	+284.2%
	FCF Creation	+3.6%
	Growth	+41.4%
	Growth Corr	-49.5%

	Sum	+279.7%

EV / LTM EBITDA mutiple calculation

Market Cap (m RUB): 53 120

Net Debt (m RUB): 3 184

EV (Enterprise Value): 56 304

EBITDA LTM (m RUB): 8 089

Net Income LTM (m RUB): 4 647

EV / LTM EBITDA: 7.0x

Net Debt / LTM EBITDA (if EBITDA > 0): 0.4x

Average daily trading volume for the week, RUB mln: 115

P / E 11.4x

P / E ann-d84.5x

P / B 6.6x

EBITDA margin ann-d 41.9%

Net income margin ann-d 4.1%

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

Фьючерсы

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Название	Инструмент	Дата экспирации	Последняя цена	За день	Дневной объем млн руб	Цена акции	Контанго / бэквордация	Annualized
Фьючерсный контракт ASTR-3.26	ASH6	2026-03-20	266.00	0.0%	3.1	252.95	+5.2%	+26.5%
Фьючерсный контракт ASTR-6.26	ASM6	2026-06-19	276.00	-0.4%	0.1	252.95	+9.1%	+20.7%

MSFO data *The values are shown in mln. 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 q3	3 806+4%	1 688-19%	285-64%	157-74%	130-55%	-150-8%
2025 q2	3 485+13%	1 473-21%	462-47%	477-60%	171-49%	-92-59%
2025 q1	3 140+70%	1 541+75%	211<-100%	184-9%	243-47%	-113-15%
2024 q4	8 620+77%	5 466+168%	3 981+178%	3 829>+200%	-167<-100%	27<-100%
2024 q3	3 659+134%	2 097+172%	786>+200%	604>+200%	289+49%	-163>+200%
2024 q2	3 074-1%	1 857-15%	871-20%	1 204+4%	337+10%	-224>+200%
2024 q1	1 852-40%	883-61%	-60<-100%	202-83%	454+49%	-134>+200%
2023 q4	4 869+122%	2 040+62%	1 430+69%	1 152+34%	52+6%	-108>+200%
2023 q3	1 562-29%	771-39%	137-84%	172-80%	194>+200%	-47+115%
2023 q2	3 110>+200%	2 186>+200%	1 091>+200%	1 163+134%	306+3%	-31+65%
2023 q1	3 110	2 279	1 091	1 163	306	-31
2022 q4	2 192+150%	1 260+192%	845>+200%	859>+200%	49-23%	-22-15%
2022 q3	2 192	1 260	845	859	49	-22
2022 q2	1 009	694	263	497	296	-19
2021 q4	877	431	258	270	64	-25

Balance

Implied interest rate for 2025 q3:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (150 - 130) * 4 / (3 184 - 652)

Q	Total equity	Total assets	Net debt	Implied interest rate	NetDebt / LTM EBITDA


2025 q3	8 089+63%	18 166+38%	3 184+18%	3.2%	0.39x
2025 q2	7 793+79%	16 554+15%	2 602+92%	-15.7%	0.34x
2025 q1	8 404	16 791	351		0.05x
2024 q4	8 165+72%	19 172+55%	2 636>+200%		0.39x
2024 q3	4 949	13 178	2 688	-27.1%	0.52x
2024 q2	4 350+168%	14 396+122%	1 355>+200%	-59.2%	0.31x
2024 q1					0.18x
2023 q4	4 759>+200%	12 350+102%	704-32%	197.6%	0.16x
2023 q3					0.13x
2023 q2	1 626	6 489	349	-444.5%	0.09x
2023 q1					0.32x
2022 q4	1 463	6 100	1 042	-10.9%	0.37x
2022 q3					0.30x
2022 q2					0.49x
2021 q4					0.19x

Cashflow

Q	Operating cashflow	Investing cashflow	Financial cashflow


2025 q3	3 491+1%	-3 207+10%	-179-90%
2025 q2	2 564-12%	-1 768+16%	-1 199<-100%
2025 q1	3 418+54%	-1 183+121%	-858<-100%
2024 q4	-3 171>+200%	543-35%	-1 252<-100%
2024 q3	3 449+30%	-2 919+16%	-1 882<-100%
2024 q2	2 899+25%	-1 521-12%	215+14%
2024 q1	2 224-4%	-534-69%	657>+200%
2023 q4	-765<-100%	838<-100%	132<-100%
2023 q3	2 660>+200%	-2 523>+200%	631<-100%
2023 q2	2 317>+200%	-1 738>+200%	188+10%
2023 q1	2 317	-1 738	188
2022 q4	562+170%	-237+19%	-124>+200%
2022 q3	562	-237	-124
2022 q2	177	-367	171
2021 q4	208	-199	-35

RSBU data *The values are shown in mln. 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 q3	0<-100%	97-90%	-46<-100%	-34<-100%	3-71%
2025 q2	387+100%	194+100%	342<-100%	383<-100%	40+122%
2025 q1 ( 10117 , 10118 )	0<-100%		-16<-100%	-12<-100%	0<-100%
2024 q4	1 000>+200%	1 000>+200%	969<-100%	1 001<-100%	120%
2024 q3	1 000>+200%	997>+200%	973>+200%	941<-100%	10+20%
2024 q2	0<-100%	0<-100%	-43<-100%	-21<-100%	18>+200%
2024 q1	2 000	2 000	1 982	2 014	36
2023 q4	53>+200%	50>+200%	-73<-100%	-56<-100%	12>+200%
2023 q3	34	32	12	-2	8
2023 q2	24	24	20	24	4
2023 q1
2022 q4	3>+200%	2>+200%	1>+200%	1>+200%	0	0
2022 q3
2022 q2
2021 q4	0	0	0	0
2020 q4

Balance

Implied interest rate for 2022 q4:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (0 - 0) * 4 / (332 - 0)

Q	Total equity	Total assets	Net debt


2025 q3	20 222+1%	21 923-1%	1 653+1%
2025 q2	20 257-3%	22 280+6%	938<-100%
2025 q1 ( 10117 , 10118 )	20 535-1%	22 834+1%	1 254+28%
2024 q4	20 547+9%	23 783+13%	2 639>+200%
2024 q3	20 101+6%	22 051+11%	1 633+175%
2024 q2	20 816+10%	20 979+6%	-344<-100%
2024 q1	20 837+11%	22 691+8%	982+18%
2023 q4	18 823>+200%	21 057>+200%	829+150%
2023 q3	18 934>+200%	19 910>+200%	594+79%
2023 q2	18 960>+200%	19 815>+200%	395+19%
2023 q1	18 823	21 057	829
2022 q4	13+28%	561>+200%	332>+200%
2022 q3	13	561	332
2022 q2	13	561	332
2021 q4	10	98	88+100%
2020 q4			0

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

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.