Enhanced Investments - Financial Portal

General information

Good financial results growth rate 21.6% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (17.4%)
Dividend yield for the last twelve months 11.8%
Free cash flow yield 35.4% (LTM)
Share price is 13.4% higher than minimum and 50.8% lower than maximum for the last 3 years
The company is undervalued by EV / LTM EBITDA multiple compared to target level (3.6x vs
)
Fundamental value created in LTM (estimate)
Taking into account the impact of the key rate 16.5% on the change in financial parameters: EBITDA adjustment is -1 691 mln rub as NetDebt * (expected key rate - 3 years average 14.2%) / 2, expected EBITDA adjusted for key rate increases is 20 310 mln rub, expected mult is 3.5x, target mult is 5.1x, potential is +92.2%

Key Financials (Download financials)

Ticker: BELU

Share price, RUB: (0.0%)382.4

year average price 486.58

year start price 611.00 2024-11-03

max close price 653.00 2024-11-14

min close price 371.00 2025-10-29

current price 382.40 2025-11-02

Common stocks: 92 272 000

Dividend Yield: 11.8%

FCF Yield LTM: 35.4%

EV / LTM EBITDA:3.6x

EV / EBITDA annualized: 4.0x

Last revenue growth (y/y): 21.1%

Last growth of EBITDA (y/y): 22.0%

Historical revenue growth: 20.0%

Historical growth of EBITDA: 14.8%

Target EV / EBITDA (hist percentile):

Express share price potential:

Fundamental value created in LTM:

Потенциал с учетом ускорения/замедления

	Mult Upside	+59.6%
	FCF Creation	+35.4%
	Growth	+21.6%
	Growth Corr	+2.1%

	Sum	+118.7%

EV / LTM EBITDA mutiple calculation

Market Cap (m RUB): 35 285

Net Debt (m RUB): 38 041

EV (Enterprise Value): 73 326

EBITDA LTM (m RUB): 20 321

Net Income LTM (m RUB): 4 488

EV / LTM EBITDA: 3.6x

Net Debt / LTM EBITDA (if EBITDA > 0): 1.9x

Average daily trading volume for the week, RUB mln: 133

P / E 7.9x

P / E ann-d8.4x

P / B 1.5x

EBITDA margin ann-d 13.3%

Net income margin ann-d 3.0%

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 BELUGA-12.25	NBZ5	2025-12-19	392.00	+1.3%	3.2	382.4	+2.5%	+21.2%
Фьючерсный контракт BELUGA-3.26	NBH6	2026-03-20	409.00	+2.0%	0.3	382.4	+7.0%	+19.5%

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	34 575+21%	12 542+22%	2 893+28%	1 051+4%
2025 q1	34 575+21%	12 542+22%	2 893+28%	1 051+4%
2024 q4	39 1830%	12 686+12%	3 363-12%	1 193-45%
2024 q3	39 1830%	12 686+12%	3 363-12%	1 193-45%
2024 q2	28 548+19%	10 293+9%	2 258-10%	1 009-34%
2024 q1	28 548+19%	10 293+9%	2 258-10%	1 009-34%
2023 q4	39 217+27%	11 286+14%	3 812+9%	2 180-11%
2023 q3	39 217+27%	11 286+14%	3 812+9%	2 180-11%
2023 q2	23 967+14%	9 411+9%	2 497-3%	1 523+35%
2023 q1	23 967+14%	9 411+9%	2 497-3%	1 523+35%
2022 q4	30 930+25%	9 938+40%	3 497+61%	2 437+122%
2022 q3	30 930+25%	9 938+40%	3 497+61%	2 437+122%
2022 q2	21 029+37%	8 600+55%	2 565+112%	1 132+94%
2022 q1	21 029-23%	8 600+55%	2 565+112%	1 132+94%
2021 q4	24 728+29%	7 093+18%	2 177+13%	1 098+28%
2021 q3	24 728-47%	7 093+18%	2 177+13%	1 098+28%
2021 q2	15 376-37%	5 564+21%	1 212+5%	583+92%
2021 q1	27 408+10%	5 564+21%	1 212+12%	583+153%
2020 q4	19 157-52%	6 028+18%	1 920+63%	857+113%
2020 q3	46 768+180%	6 028+18%	1 920+63%	857+113%
2020 q2	24 350+18%	4 589+9%	1 152+33%	304+34%
2020 q1	25 004+133%	4 593+9%	1 084+25%	230+2%
2019 q4	39 983>+200%	5 110+19%	1 175+37%	402+65%
2019 q3	16 714+36%	5 110+19%	1 175+37%	402+65%
2019 q2	20 680+120%	4 197+5%	867+23%	226+10%
2019 q1	10 725+14%	4 197+5%	867+23%	226+10%
2018 q4	12 314+14%	4 294+21%	856+15%	244+36%
2018 q3	12 314+14%	4 294+21%	856+15%	244+36%
2018 q2	9 391+19%	4 008+32%	706+16%	205+79%
2018 q1	9 391+19%	4 008+32%	706+16%	205+79%
2017 q4	10 783+9%	3 545-4%	746+18%	180+156%
2017 q3	10 783+9%	3 545-4%	746+18%	180+156%
2017 q2	7 867-2%	3 039-11%	611+4%	115+79%
2017 q1	7 867-2%	3 039-11%	611+4%	115+79%
2016 q4	9 898+12%	3 697+16%	634+6%	70-78%
2016 q3	9 898+57%	3 697+16%	634+6%	70-78%
2016 q2	8 053+24%	3 427+25%	585+13%	64+31%
2016 q1	8 053+78%	3 427+41%	585+24%	64-53%
2015 q4	8 842<-100%	3 199<-100%	601	318
2015 q3	6 299<-100%	3 199<-100%	601	318
2015 q2	6 511+24%	2 742+19%	516-7%	49-77%
2015 q1	4 521-14%	2 432+6%	473-14%	138-34%
2014 q4	-10 847-41%	-309<-100%
2014 q3	-10 847<-100%	-309<-100%
2014 q2	5 247-2%	2 2960%	5520%	2090%
2014 q1	5 247-2%	2 2960%	5520%	2090%
2013 q4	-18 533<-100%	2 9060%	857-1%	498+3%
2013 q3	8 092+16%	2 9060%	857-1%	498+3%
2013 q2	5 381-6%	2 2950%	551+2%	209-17%
2013 q1	5 381-6%	2 2950%	551+2%	209-17%
2012 q4	6 989+4%	2 904+23%	862+14%	484+24%
2012 q3	6 989+4%	2 904+23%	862+14%	484+24%
2012 q2	5 696+11%	2 300+23%	538-6%	250-49%
2012 q1	5 696+11%	2 300+23%	538-6%	250-49%
2011 q4	6 701+47%	2 356+53%	756+21%	391+57%
2011 q3	6 701+47%	2 356+53%	756+21%	391+57%
2011 q2	5 110+15%	1 869+18%	575-16%	488+22%	0<-100%
2011 q1	5 110+15%	1 869+18%	575-16%	488+22%	0<-100%
2010 q4	4 544-4%	1 537-5%	627-4%	250-16%
2010 q3	4 544-4%	1 537-5%	627-4%	250-16%
2010 q2	4 439+14%	1 590+19%	689+13%	398+56%	-183-42%
2010 q1	4 439+14%	1 590+19%	689+13%	398+56%	-183-42%
2009 q4	4 728	1 621	653	297
2009 q3	4 728	1 621	653	297
2009 q2	3 889+8%	1 338+4%	610+26%	256-10%	-317+114%
2009 q1	3 889	1 338	610	256	-317
2008 q4
2008 q2	3 600	1 291	483	283	-148

Balance

Implied interest rate for 2011 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (0 - 0) * 4 / (4 117 - 0)

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


2025 q2	24 042-5%	113 018+13%	38 041-14%		1.87x
2025 q1					1.89x
2024 q4	26 6820%	122 861+28%	35 798+10%		1.92x
2024 q3					2.03x
2024 q2	25 419+7%	100 290+13%	44 107+20%		2.29x
2024 q1					1.98x
2023 q4	26 597+5%	96 244+3%	32 398+29%		1.68x
2023 q3					1.91x
2023 q2	23 664-11%	88 728+9%	36 719+47%		2.07x
2023 q1					1.76x
2022 q4	25 389-3%	93 139+19%	25 099+77%		1.45x
2022 q3					1.61x
2022 q2	26 446+8%	81 126+26%	24 992+75%		1.77x
2022 q1					1.58x
2021 q4	26 084+28%	78 489+24%	14 164-11%		1.32x
2021 q3					1.41x
2021 q2	24 388+25%	64 284+8%	14 317-32%		1.49x
2021 q1					1.59x
2020 q4	20 345+2%	63 530+11%	15 863-15%		1.70x
2020 q3					2.21x
2020 q2	19 498+1%	59 567+12%	21 015+27%		2.87x
2020 q1					2.86x
2019 q4	20 033+3%	57 428+18%	18 690-76%		2.85x
2019 q3					3.13x
2019 q2	19 367+1%	53 387+19%	16 574+17%		3.51x
2019 q1					3.29x
2018 q4	19 4670%	48 470+18%	77 831>+200%		3.04x
2018 q3					3.31x
2018 q2	19 129-2%	44 929+20%	14 163+35%		3.60x
2018 q1					3.33x
2017 q4	19 4480%	40 995+8%	10 958-74%		3.03x
2017 q3					3.12x
2017 q2	19 540+1%	37 352+3%	10 455-48%		3.22x
2017 q1					2.97x
2016 q4	19 453+1%	37 993+7%	42 042>+200%		2.72x
2016 q3					2.86x
2016 q2	19 2960%	36 296+9%	20 267+138%		2.99x
2016 q1					2.89x
2015 q4	19 261+1%	35 653+3%	7 977-76%		2.76x
2015 q3					2.92x
2015 q2	19 287+5%	33 383+8%	8 504+6%		3.08x
2015 q1					2.96x
2014 q4	19 144+4%	34 719+1%	33 087>+200%		2.86x
2014 q3					2.59x
2014 q2	18 289+5%	30 975+8%	7 998+20%		2.37x
2014 q1					2.34x
2013 q4	18 369+6%	34 282+11%	6 928+5%		2.31x
2013 q3					3.36x
2013 q2	17 436+8%	28 637-4%	6 688-2%		6.14x
2013 q1					12.29x
2012 q4	17 372+4%	30 756+10%	6 589+21%
2012 q3
2012 q2	16 196-1%	29 967+20%	6 801+65%
2012 q1
2011 q4	16 692+61%	28 079+37%	5 460-8%
2011 q3
2011 q2	16 391+45%	24 978+22%	4 117-29%	0.0%
2011 q1
2010 q4	10 3940%	20 5130%	5 9180%
2010 q3
2010 q2	11 272+49%	20 501+15%	5 768-6%	12.7%
2010 q1
2009 q4	10 394	20 513	5 918
2009 q3
2009 q2	7 553	17 782	6 155	20.6%
2009 q1
2008 q4
2008 q2

Cashflow

Q	Operating cashflow	Investing cashflow	Financial cashflow


2025 q2	2 185<-100%	-733+10%	-3 471<-100%
2025 q1	2 185<-100%	-733+10%	-3 471<-100%
2024 q4	5 131+100%		2 269<-100%
2024 q3	5 131+100%		2 269<-100%
2024 q2	-75-92%	-669-5%	169<-100%
2024 q1	-75-92%	-669-5%	169<-100%
2023 q4	2 571-4%	-719<-100%	-3 743+153%
2023 q3	2 571-4%	-719<-100%	-3 743+153%
2023 q2	-977-49%	-704-27%	-2 463<-100%
2023 q1	-977-49%	-704-27%	-2 463<-100%
2022 q4	2 686+10%	311<-100%	-1 481>+200%
2022 q3	2 686+10%	311<-100%	-1 481>+200%
2022 q2	-1 911<-100%	-971+89%	2 182>+200%
2022 q1	-1 911<-100%	-971>+200%	2 182
2021 q4	2 451+46%	-264-66%	-460<-100%
2021 q3	2 451+46%	-264-66%	-460<-100%
2021 q2	527-54%	-514+185%	637
2021 q1	1 212+12%	-271+50%
2020 q4	1 677+38%	-783>+200%	55-37%
2020 q3	1 677+38%	-783>+200%	55
2020 q2	1 152+33%	-181+31%
2020 q1	1 084+25%	-181+31%
2019 q4	1 213-10%	-138-32%	87
2019 q3	1 213-10%	-138-32%
2019 q2	867+23%	-138<-100%
2019 q1	867+23%	-138<-100%
2018 q4	1 346<-100%	-203+13%
2018 q3	1 346<-100%	-203+13%
2018 q2	706+16%	145<-100%
2018 q1	706+16%	145<-100%
2017 q4	-361<-100%	-180<-100%
2017 q3	-361<-100%	-180<-100%
2017 q2	611+4%	-190<-100%
2017 q1	611+4%	-190<-100%
2016 q4	526>+200%	5+45%
2016 q3	526>+200%	5+45%
2016 q2	585+13%	0+100%
2016 q1	585+107%	00%
2015 q4	155-75%	4-75%
2015 q3	155-75%	4-75%
2015 q2	516-32%	-350<-100%
2015 q1	283-62%	00%
2014 q4	617+30%	15<-100%
2014 q3	617+30%	15<-100%
2014 q2	753+76%	0<-100%
2014 q1	753+76%	00%
2013 q4	476	-636	15
2013 q3	476	-636	15
2013 q2	427>+200%	4<-100%	0<-100%
2013 q1	427>+200%	0+100%	0<-100%
2012 q4
2012 q3
2012 q2	103<-100%	-235+9%	283<-100%
2012 q1	103<-100%	-235+9%	283<-100%
2011 q4	-174>+200%	-85-59%	63-91%
2011 q3	-174>+200%	-85-59%	63-91%
2011 q2	-272<-100%	-217>+200%	-205+109%
2011 q1	-272<-100%	-217>+200%	-205+109%
2010 q4	-32-93%	-208>+200%	702+37%
2010 q3	-32-93%	-208>+200%	702+37%
2010 q2	21-85%	-42<-100%	-98-69%
2010 q1	21-85%	-42<-100%	-98-69%
2009 q4	-452	-67	512
2009 q3	-452	-67	512
2009 q2	138<-100%	4<-100%	-314<-100%
2009 q1	138	4	-314
2008 q4
2008 q2	-184	-878	1 442

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	3 013-49%	3 012-49%	2 858-50%	2 503-56%	759+16%	-587+24%
2025 q1	255>+200%	253>+200%	25<-100%	166>+200%	761+38%	-587+50%
2024 q4	13-99%	9<-100%	-127<-100%	4 433+26%	862+61%	-640+55%
2024 q3	20-98%	15-99%	-117<-100%	230-87%	780+46%	-544+28%
2024 q2	5 861-37%	5 859-37%	5 726-37%	5 747-42%	655+20%	-472+6%
2024 q1	180%	18-1%	-164+22%	34+133%	552-10%	-391-11%
2023 q4	2 297-47%	2 293-48%	2 180-49%	3 521-5%	535-14%	-414-12%
2023 q3	1 227>+200%	1 226>+200%	1 101<-100%	1 730>+200%	534-11%	-425-7%
2023 q2	9 263>+200%	9 262>+200%	9 158>+200%	9 824>+200%	547+12%	-446+24%
2023 q1	18-5%	18-3%	-134-3%	14>+200%	612+20%	-441+20%
2022 q4	4 373-15%	4 373-15%	4 282-15%	3 714>+200%	623+46%	-469+39%
2022 q3	61>+200%	59>+200%	-42-62%	97-43%	597+10%	-459+12%
2022 q2	1 307>+200%	1 306>+200%	1 211<-100%	1 305-70%	488-1%	-360-15%
2022 q1	19+14%	19+30%	-139+13%	3+7%	511+2%	-366+1%
2021 q4	5 165>+200%	5 164>+200%	5 065<-100%	206-25%	428-3%	-337-3%
2021 q3	13-19%	9-29%	-112+6%	171-62%	542	-409
2021 q2	25+60%	24+55%	-53-23%	4 382>+200%	490	-426
2021 q1	17+59%	14+44%	-123+6%	3-80%	502	-364
2020 q4	21+75%	21+78%	-57-45%	275>+200%	441	-348
2020 q3	16+47%	13+25%	-106-15%	455>+200%
2020 q2	16+31%	15+33%	-68-52%	6-98%
2020 q1	110%	10-6%	-116-20%	17>+200%
2019 q4	12-20%	12+3%	-104-34%	31-96%
2019 q3	11+42%	11+52%	-124-22%	54>+200%
2019 q2	12-3%	11+7%	-143+20%	372>+200%
2019 q1	11+11%	10+11%	-145-9%	1-84%
2018 q4 ( 3528 , 3529 )	15	11	-158	856
2018 q3	7	7	-159	5
2018 q2	12	11	-120	1
2018 q1	10	9	-160	7
2017 q4 ( 3530 , 3531 )

Balance

Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (587 - 759) * 4 / (12 126 - 0)

Q	Total equity	Total assets	Net debt


2025 q2	22 449+13%	47 885+13%	12 126-27%
2025 q1	23 106+32%	43 227+19%	13 259-1%
2024 q4	22 939+31%	43 145+12%	12 862+16%
2024 q3	20 087+25%	43 847+8%	15 825+94%
2024 q2	19 856+2%	42 222+5%	16 551+8%
2024 q1	17 528+10%	36 4760%	13 440-12%
2023 q4	17 494+3%	38 389+2%	11 122-22%
2023 q3	16 091+3%	40 727+9%	8 172-61%
2023 q2	19 417+25%	40 249+27%	15 384+6%
2023 q1	15 865+6%	36 471+10%	15 301-12%
2022 q4	17 035+13%	37 576+14%	14 315-17%
2022 q3	15 691+4%	37 265+13%	21 154+23%
2022 q2	15 594+4%	31 792-4%	14 475-16%
2022 q1	15 0350%	33 1890%	17 293+1%
2021 q4	15 032>+200%	33 041+2%	17 160-9%
2021 q3	15 032	33 041	17 160-9%
2021 q2	15 032	33 041	17 160-9%
2021 q1	15 032	33 041	17 160-9%
2020 q4	741	32 514	18 920+83%
2020 q3			18 920+83%
2020 q2			18 920+83%
2020 q1			18 920+83%
2019 q4			10 322>+200%
2019 q3			10 322>+200%
2019 q2			10 322>+200%
2019 q1			10 322>+200%
2018 q4 ( 3528 , 3529 )			1 716-51%
2018 q3			1 716
2018 q2			1 716
2018 q1			1 716
2017 q4 ( 3530 , 3531 )			3 496

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.