Enhanced Investments - Financial Portal

General information

Bad financial results growth rate -9.0% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (30.6%)
Dividend yield for the last twelve months 0.0%
Free cash flow yield -212.4% (LTM)
Share price is 3.6% higher than minimum and 76.5% lower than maximum for the last 3 years
The company is overvalued by EV / LTM EBITDA multiple compared to target level (9.3x vs
)
Fundamental value created in LTM (estimate)

Key Financials (Download financials)

Ticker: ETLN

Share price, RUB: (0.0%)25.08

year average price 43.45

year start price 54.84 2025-05-30

max close price 61.46 2025-06-05

min close price 24.20 2026-05-27

current price 24.68 2026-05-29

Common stocks: 783 179 820

Dividend Yield: 0.0%

FCF Yield LTM: -212.4%

EV / LTM EBITDA:9.3x

EV / EBITDA annualized: 11.5x

Last revenue growth (y/y): 3.6%

Last growth of EBITDA (y/y): -21.6%

Historical revenue growth: 27.0%

Historical growth of EBITDA: 34.3%

Target EV / EBITDA (hist percentile):

Fundamental value created in LTM:

Потенциал с учетом ускорения/замедления

	Mult Upside	+22.0%
	FCF Creation	-212.4%
	Growth	-9.0%
	Growth Corr	-39.6%

	Sum	-239.1%

EV / LTM EBITDA mutiple calculation

Market Cap (m RUB): 19 642

Net Debt (m RUB): 225 777

EV (Enterprise Value): 245 419

EBITDA LTM (m RUB): 26 383

Net Income LTM (m RUB): -22 336

EV / LTM EBITDA: 9.3x

Net Debt / LTM EBITDA (if EBITDA > 0): 8.6x

Average daily trading volume for the week, RUB mln: 37

P / B 0.7x

EBITDA margin ann-d 14.0%

Net income margin ann-d -17.6%

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

View as Pivot Table Export as Pivot Table (xlsx)

Income

Q	Revenue	Gross profit	Operating income	Net income	PercentProfit	PercentLoss


2025 H2	76 214+4%	20 512-6%	-13 768+31%	-13 396+147%	1 636-53%	-23 315+45%
2025 H1 ( 13230 , 15375 )	77 413+35%	20 887+7%	15 217+45%	-8 940>+200%	1 392-34%	-25 087+157%
2024 H2	73 586+27%	21 810+16%	-10 530<-100%	-5 417>+200%	3 488>+200%	-16 077+119%
2024 H1	57 360+71%	19 568+74%	10 530+164%	-1 497-29%	2 122>+200%	-9 746+73%
2023 H2 ( 7767 , 8572 )	57 883+21%	18 725+2%	7 948<-100%	-1 251-96%	261-39%	-7 334<-100%
2023 H1	33 499+2%	11 246+15%	3 993-77%	-2 119<-100%	337>+200%	-5 627+32%
2022 H2	47 816+1%	18 445+32%	-33 360<-100%	-27 901<-100%	430>+200%	4 141<-100%
2022 H1	32 740-18%	9 758-29%	17 394+169%	11 672>+200%	68+5%	-4 270+15%
2021 H2	47 254-1%	13 984+23%	6 785-15%	1 712-55%	71<-100%	-3 676+41%
2021 H1 ( 2973 , 2974 )	39 884+29%	13 798+105%	6 461+193%	1 295<-100%	65-57%	-3 705+28%
2020 H2	47 787+7%	11 339+17%	8 016+171%	3 807<-100%	-21<-100%	-2 6050%
2020 H1	30 868-22%	6 718-23%	2 202-38%	-1 771<-100%	150>+200%	-2 891+37%
2019 H2 ( 492 , 3839 )	44 768+24%	9 727+21%	2 955+84%	-373+7%	82-10%	-2 600+87%
2019 H1	39 562	8 732	3 529	559	37	-2 113
2018 H2	36 164	8 030	1 602	-350	92	-1 391

Balance

Implied interest rate for 2025 H2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (23 315 - 1 636) * 2 / (218 495 - 893)

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


2025 H2	29 438-55%	380 197+18%	218 495+26%	19.9%	8.56x
2025 H1 ( 13230 , 15375 )	55 845-20%	348 169+27%	200 419+47%	23.7%	7.03x
2024 H2	64 785-27%	321 906>+200%	173 081<-100%	14.6%	7.47x
2024 H1	70 202-3%	274 393+9%	136 052+85%	11.3%	7.76x
2023 H2 ( 7767 , 8572 )	88 544+19%	91 257-63%	-170<-100%		9.38x
2023 H1	72 147-1%	251 350-1%	73 480+28%	14.4%	6.70x
2022 H2	74 189	248 045+12%	69 255		5.68x
2022 H1	73 023+15%	254 552+25%	57 551<-100%	14.7%	5.26x
2021 H2		222 098+19%			3.49x
2021 H1 ( 2973 , 2974 )	63 371+25%	204 237+26%	-40 072<-100%		1.69x
2020 H2	51 073-3%	186 519+9%	75 536>+200%		2.46x
2020 H1	50 804	162 289	74 607	23.0%	9.97x
2019 H2 ( 492 , 3839 )	52 576	171 344+38%	21 361	23.6%
2019 H1
2018 H2		124 537

Cashflow

Q	Operating cashflow	Investing cashflow	Financial cashflow


2025 H2	-47 382-1%	817<-100%	45 810-7%
2025 H1 ( 13230 , 15375 )	-34 350-18%	-1 175+83%	36 856-7%
2024 H2	-47 898+77%	-3 927-56%	49 138+141%
2024 H1	-41 711+115%	-641<-100%	39 631+91%
2023 H2 ( 7767 , 8572 )	-27 110<-100%	-8 946>+200%	20 375<-100%
2023 H1	-19 421-10%	168-79%	20 801+33%
2022 H2	21 503<-100%	-390	-15 656
2022 H1	-21 683+197%	806	15 656-25%
2021 H2	-14 494<-100%
2021 H1 ( 2973 , 2974 )	-7 309+113%		20 790<-100%
2020 H2	7 746+70%	571-76%
2020 H1	-3 428<-100%	593<-100%	-3 643
2019 H2 ( 492 , 3839 )	4 567-52%	2 415	3 381<-100%
2019 H1	12 708	-9 452
2018 H2	9 443		-3 615

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


2026 q1	00%	-155>+200%	-127-90%	36-64%	-29-23%
2025 q4	00%	-22-5%	-329<-100%	103-26%	-58+52%
2025 q3	0	1	650	-33	1
2025 q1	0	-6	-1 330	100	-38
2024 q4	0	-23	772	139	-38

Balance

Implied interest rate for 2026 q1:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (29 - 36) * 4 / (1 934 - 0)

Q	Total equity	Total assets	Net debt


2026 q1	38 418	58 849	1 934
2025 q4	38 546	41 558	2 961+4%
2025 q3	38 570	41 563	2 960
2025 q1
2024 q4			2 835

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.