Enhanced Investments - Financial Portal

General information

Large Russian developer of software for automation of banks (ABS), investment and insurance companies, non-state pension funds and other financial organizations

Bad financial results growth rate -32.1% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (5.4%)
Dividend yield for the last twelve months 10.6%
Free cash flow yield 3.8% (LTM)
Share price is -0.5% higher than minimum and 71.2% lower than maximum for the last 3 years
The company is undervalued by EV / LTM EBITDA multiple compared to target level (8.1x vs
)
Fundamental value created in LTM (estimate)

Key Financials (Download financials)

Ticker: DIAS

Share price, RUB: (-0.5%)1844

year average price 3111.43

year start price 3698.50 2024-12-03

max close price 4570.00 2025-01-17

min close price 1853.00 2025-12-01

current price 1849.00 2025-12-02

Common stocks: 10 600 000

Dividend Yield: 10.6%

FCF Yield LTM: 3.8%

EV / LTM EBITDA:8.1x

EV / EBITDA annualized: 25.0x

Last revenue growth (y/y): -4.8%

Last growth of EBITDA (y/y): -59.4%

Historical revenue growth: 13.6%

Historical growth of EBITDA: -2.9%

Target EV / EBITDA (hist percentile):

Fundamental value created in LTM:

Потенциал с учетом ускорения/замедления

	Mult Upside	+50.3%
	FCF Creation	+3.8%
	Growth	-32.1%
	Growth Corr	-37.4%

	Sum	-15.4%

EV / LTM EBITDA mutiple calculation

Market Cap (m RUB): 19 546

Net Debt (m RUB): -412

EV (Enterprise Value): 19 134

EBITDA LTM (m RUB): 2 361

Net Income LTM (m RUB): 1 141

EV / LTM EBITDA: 8.1x

Net Debt / LTM EBITDA (if EBITDA > 0): -0.2x

Average daily trading volume for the week, RUB mln: 25

P / E 10.3x

P / E ann-d107.2x

P / B 3.2x

EBITDA margin ann-d 9.8%

Net income margin ann-d 5.1%

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

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 q2	900-25%	531-43%	13-96%	46-87%	20-72%	-9-77%
2025 q1	900-25%	531-43%	13-96%	46-87%	20-72%	-9-77%
2024 q4	2 177+38%	1 549+34%	919+29%	900+25%	23+117%	-17+8%
2024 q3	2 177+38%	1 549+34%	919+29%	900+25%	23+117%	-17+8%
2024 q2	1 203+4%	926-2%	330-31%	357-22%	72+164%	-39+62%
2024 q1	1 203+4%	926-2%	330-31%	357-22%	72+164%	-39+62%
2023 q4	1 582-13%	1 154+11%	715+17%	722+17%	10-54%	-16>+200%
2023 q3	1 582-13%	1 154+11%	715+17%	722+17%	10-54%	-16>+200%
2023 q2	1 154+67%	948+24%	477+63%	459+77%	27+46%	-24-56%
2023 q1	1 154	948	477	459	27	-24
2022 q4	1 821+29%	1 036+17%	610+23%	617+45%	23>+200%	-5-63%
2022 q3	1 821	1 036	610	617	23	-5
2022 q2	692	763	294	259	19	-55
2021 q4	1 407	884	494	426	5	-14

Balance

Implied interest rate for 2022 q4:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (5 - 23) * 4 / (739 - 75)

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


2025 q2	6 166+2%	8 503+9%	-349-77%		-0.47x
2025 q1					-0.43x
2024 q4	6 655+9%	8 552-1%	-1 319-59%		-0.49x
2024 q3					-0.46x
2024 q2	6 017+107%	7 767+68%	-1 545>+200%		-0.71x
2024 q1					-0.69x
2023 q4	6 082>+200%	8 616+135%	-3 218<-100%		-0.21x
2023 q3					-0.22x
2023 q2	2 901	4 615	-316		-0.12x
2023 q1					-0.13x
2022 q4	2 001	3 667	739	-10.6%	-0.10x
2022 q3					-0.10x
2022 q2					-0.06x
2021 q4

Cashflow

Q	Operating cashflow	Investing cashflow	Financial cashflow


2025 q2	242-3%	-362+105%	5<-100%
2025 q1	242-11%	-362+105%	5<-100%
2024 q4	860+13%	-342+26%	549<-100%
2024 q3	860+13%	-342+26%	549<-100%
2024 q2	250-60%	-177-10%	-792+111%
2024 q1	272-57%	-177-10%	-792+111%
2023 q4	761	-272+26%	-539+30%
2023 q3	761	-272+26%	-539+30%
2023 q2	627+61%	-197+58%	-376-3%
2023 q1	627	-197	-376
2022 q4		-216+73%	-414+35%
2022 q3		-216	-414
2022 q2	390	-125	-386
2021 q4		-125	-306

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	4000%	4000%	392+1%	390-8%	0<-100%
2025 q2	0<-100%	0<-100%	-14<-100%	-17<-100%	0<-100%
2025 q1	1 097+17%	1 097+17%	1 087+17%	1 096+31%	15-55%
2024 q4	974+9%	974+9%	961+9%	976+27%	30>+200%
2024 q3	399-19%	399-19%	389-20%	423-13%	60>+200%
2024 q2	213>+200%	213>+200%	203>+200%	146>+200%	56>+200%
2024 q1	936+72%	936+72%	932+71%	834+54%	33>+200%
2023 q4	892+185%	892+185%	885+183%	770+147%	0>+200%
2023 q3	492+110%	492+110%	487+108%	487+109%	0>+200%
2023 q2	41	41	41	40	0
2023 q1	544	544	544	543	0
2022 q4	313+3%	313+3%	313+3%	312+3%	0-94%
2022 q3	235	235	234	233	0
2021 q4	305+100%	305	304<-100%	304+102%	1-13%	-1>+200%
2020 q4	0		0+137%	150-6%	1>+200%	0-25%
2019 q4			0	160	0	0

Balance

Implied interest rate for 2020 q4:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (0 - 1) * 4 / (58 - 0)

Q	Total equity	Total assets	Net debt


2025 q3	4 014+17%	4 018+16%	-1<-100%
2025 q2	3 624+4%	4 471+17%	-4<-100%
2025 q1	4 481+23%	4 486+1%	-17-99%
2024 q4	3 945+191%	4 421>+200%	-950>+200%
2024 q3	3 441>+200%	3 459>+200%	-1 048>+200%
2024 q2	3 491+158%	3 827+182%	-1 561
2024 q1	3 645+169%	4 450>+200%	-2 238>+200%
2023 q4	1 355>+200%	1 355>+200%	-10+1%
2023 q3	711+88%	858+90%	-10-1%
2023 q2	1 355	1 355
2023 q1	1 355	1 355	-10
2022 q4	379-4%	452-37%	-10-52%
2022 q3	379	452	-10
2021 q4	396+42%	721+101%	-22<-100%
2020 q4	278	358-1%	58<-100%
2019 q4		363	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.