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General information

Far Eastern Shipping Co P.L.C. is a Russian transportation and logistics company. The Company combines sea, rail and road transportation; and port and inland infrastructure to offer clients integrated solutions for containers, general and project cargo and vehicles.
  • Current market environment: negative. Prices of production are 34.2% lower compared to the last 12 months (LTM)
  • Prices of production are at 0.3% percentile over the past 5 years, adjusted for inflation (are close to minimun)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 14.8% (LTM), projected -7.2%
  • Share of USD-denominated sales in revenue of the company (estimate) 20.1%
  • Share price is 51.2% higher than minimum and 60.4% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (3.1x 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 14.2%) / 2, expected EBITDA adjusted for key rate increases is 14 431 mln rub, expected mult is 11.8x, target mult is 4.8x, potential is -70.5%

Key Financials (Download financials)

Ticker: FESH
Share price, RUB:  (+1.4%)48.81
year average price 57.71  


year start price 43.94 2024-11-01

min close price 40.65 2024-12-12

max close price 72.50 2025-02-24

current price 48.81 2025-10-31
Common stocks: 2 951 250 000
Dividend Yield:  0.0%
FCF Yield LTM / expected: 14.8% / -7.2%
EV / LTM EBITDA:3.1x
EV / EBITDA annualized: 4.0x
Production prices change from LTM: -34.2%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 144 051
Net Debt (m RUB): 24 972
EV (Enterprise Value): 169 023
EBITDA LTM (m RUB): 53 955
Net Income LTM (m RUB): 24 336
EV / LTM EBITDA: 3.1x
Net Debt / LTM EBITDA (if EBITDA > 0): 0.5x
Average daily trading volume for the week, RUB mln: 60
P / E 5.9x
P / E ann-d101.6x
P / B 0.9x
EBITDA margin ann-d 23.8%
Net income margin ann-d 0.8%

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

Фьючерсы
Название Инструмент Дата экспирации Последняя цена За день Дневной объем млн руб Цена акции Контанго / бэквордация Annualized
Фьючерсный контракт FESH-12.25 FEZ5 2025-12-19 5004.00 -1.8% 8.0 48.81 +2.5% +20.4%
Фьючерсный контракт FESH-3.26 FEH6 2026-03-20 5280.00 0.0% 0.1 48.81 +8.2% +22.7%
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 87 708+12% 29 998+12% 13 694+66% 709-60% 1 571>+200% -12 378+123%
2024 H2 ( 9532 , 10232 ) 106 606+33% 46 853+60% 28 044>+200% 23 627>+200% 5 255+161% -3 778<-100%
2024 H1 78 372-15% 26 885-40% 8 253-74% 1 781-94% 448-94% -5 560+16%
2023 H2 80 269+3% 29 312-34% 7 231-63% 6 556-74% 2 013>+200% 64-99%
2023 H1 91 735+9% 44 846-1% 31 144-1% 31 295+116% 7 963>+200% -4 784-73%
2022 H2 78 292+19% 44 689+19% 19 413-30% 24 923-5% 565+109% 10 498<-100%
2022 H1 84 347+76% 45 235+110% 31 486+100% 14 465+25% 906>+200% -17 740>+200%
2021 H2 65 912+91% 37 524>+200% 27 671>+200% 26 286>+200% 270-86% -763-50%
2021 H1 47 797+73% 21 522+147% 15 749>+200% 11 564+120% 88-98% -2 719+49%
2020 H2 34 572+19% 11 310+15% 4 492+17% 3 080<-100% 1 910>+200% -1 520-50%
2020 H1 27 5960% 8 715-9% 3 665-18% 5 266<-100% 3 848>+200% -1 819-58%
2019 H2 29 088-5% 9 827+9% 3 828-9% -641<-100% 28-99% -3 070-33%
2019 H1 27 585+4% 9 567+15% 4 476+8% -1 201<-100% 49 -4 380>+200%
2018 H2 30 483+24% 9 051+23% 4 198-31% 4 254-70% 2 354-71% -4 576<-100%
2018 H1 26 510+39% 8 308+52% 4 136+80% 2 755<-100%   -572-81%
2017 H2 24 616+30% 7 348+36% 6 095>+200% 14 052<-100% 8 153<-100% 8 153+98%
2017 H1 19 130+6% 5 449+1% 2 296+75% -720<-100% -3 011<-100% -3 011-41%
2016 H2 18 942-44% 5 421-41% 1 114-49% -2 513-77% -3 383 4 117<-100%
2016 H1 ( 546 , 547 ) 18 079+127% 5 395+133% 1 314+8% 3 590<-100% 2 377+66% -5 123>+200%
2015 H2 ( 548 , 550 , 551 ) 33 672+8% 9 123+10% 2 185<-100% -11 005>+200%   -12 402>+200%
2015 H1 ( 552 , 553 ) 7 973-31% 2 311-24% 1 213<-100% -520-91% 1 436+119% -1 387-31%
2014 H2 31 205+64% 8 324+59% -140<-100% -641<-100% 82-66% -2 347+17%
2014 H1 11 582-33% 3 044-40% -1 330<-100% -5 564<-100% 6570% -1 996+17%
2013 H2 19 017-2% 5 221-22% 1 448-16% 123-91% 244>+200% -2 007+162%
2013 H1 17 304-3% 5 072-13% 1 613<-100% 427<-100% 657>+200% -1 711+91%
2012 H2 19 371+13% 6 718+11% 1 733+49% 1 334<-100% 61<-100% -767-14%
2012 H1 17 848+36% 5 856+39% -1 009<-100% -1 867<-100% 110-39% -895+104%
2011 H2 17 101+39% 6 034+53% 1 159-38% -368<-100% -142 -887+7%
2011 H1 13 131 4 220 1 238 1 224 182 -439
2010 H2 12 325 3 947 1 867 7 018   -831


Balance


Implied interest rate for 2025 H1:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (12 378 - 1 571) * 2 / (24 972 - 721)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 H1 152 372+14% 242 625+7% 24 972-47% 89.1% 0.46x
2024 H2 ( 9532 , 10232 ) 167 310+25% 278 453+32% 33 490-9% -9.2% 0.68x
2024 H1 133 497+6% 225 914+12% 47 079+99% 23.2% 1.57x
2023 H2 133 719+53% 210 748+27% 36 994>+200%   0.74x
2023 H1 126 307+96% 201 608+62% 23 634+72% -31.4% 0.42x
2022 H2 87 679+68% 166 327+39% 11 340-63%   0.20x
2022 H1 64 373>+200% 124 519+80% 13 746-50% 244.9% 0.23x
2021 H2 52 050>+200% 119 618+119% 31 017-9% 3.4% 0.62x
2021 H1 16 281>+200% 69 345+36% 27 419-22% 20.6% 1.17x
2020 H2 3 218-8% 54 705-11% 33 904-8% -2.4% 3.05x
2020 H1 2 912-18% 51 132-18% 35 346-23% -12.0% 3.33x
2019 H2 3 485+142% 61 327+1% 37 002-16% 17.4% 3.14x
2019 H1 3 559+71% 62 194-8% 46 181-9% 19.6% 3.94x
2018 H2 1 442-39% 60 827-3% 44 068+4% 10.5% 4.09x
2018 H1 2 076<-100% 67 547+24% 50 8630% 2.3% 9.56x
2017 H2 2 369<-100% 62 535+16% 42 250-20%    
2017 H1 -12 045-6% 54 376-3% 50 715-9%    
2016 H2 -12 636>+200% 53 697>+200% 53 008>+200%    
2016 H1 ( 546 , 547 ) -12 798>+200% 56 055>+200% 55 991>+200% 9.9%  
2015 H2 ( 548 , 550 , 551 ) -309+7% 841-99% 872-99% 5 934.1%  
2015 H1 ( 552 , 553 ) -95<-100% 1 076-98% 762-98% -11.6%  
2014 H2 -289<-100% 72 355+5% 59 298+67% 7.7%  
2014 H1 19 010-10% 69 582-1% 39 565+9% 6.8%  
2013 H2 20 672-55% 68 711-9% 35 576+130% 10.0%  
2013 H1 21 100-54% 70 384-7% 36 253+133% 5.9%  
2012 H2 45 926 75 118 15 465 9.4%  
2012 H1 46 247+16% 75 640+16% 15 570 10.4%  
2011 H2          
2011 H1 39 842 65 165      
2010 H2          


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 H1 709-60% -2 793-76% -8 427<-100%
2024 H2 ( 9532 , 10232 ) 23 627>+200% -8 158-70% 500+100%
2024 H1 1 781-94% -11 471-66% 3 234+100%
2023 H2 6 556-74% -27 584+24% 0+100%
2023 H1 31 295+116% -33 597+172% 0+100%
2022 H2 24 923-5% -22 254-5% -3 231<-100%
2022 H1 14 465+25% -12 330>+200% -3 853<-100%
2021 H2 26 286>+200% -23 397<-100% 4 327>+200%
2021 H1 11 564+120% -2 395<-100% 23 189>+200%
2020 H2 3 080<-100% 687<-100% 1 110+100%
2020 H1 5 266<-100% 2 285<-100% 819+100%
2019 H2 -641<-100% -626<-100% 0+100%
2019 H1 -1 201<-100% -357-61% 0<-100%
2018 H2 4 254-70% 12 674>+200% -20 225<-100%
2018 H1 2 755<-100% -925-26% 500+67%
2017 H2 14 052<-100% 1 831>+200% 38 498>+200%
2017 H1 -720<-100% -1 250>+200% 300-91%
2016 H2 -2 513-77% 480<-100% 381-96%
2016 H1 ( 546 , 547 ) 3 590<-100% -178<-100% 3 427+100%
2015 H2 ( 548 , 550 , 551 ) -11 005<-100% -455>+200% 10 854>+200%
2015 H1 ( 552 , 553 ) -520-22% 404<-100% 0<-100%
2014 H2 2 858>+200% -84<-100% 320-95%
2014 H1 -669<-100% -787+175% 6 760>+200%
2013 H2 123-91% 0+100% 6 130-65%
2013 H1 427<-100% -286-49% 277-50%
2012 H2 1 334<-100% -11 396>+200% 17 738+119%
2012 H1 -1 867<-100% -565>+200% 559-92%
2011 H2 -368<-100% -611+8% 8 083+87%
2011 H1 1 224 -111 6 648
2010 H2 7 018 -567 4 318
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 1 415-23% -693+38% -1 025+3% -860>+200% 887+25% -1 059+33%
2025 q1 1 391-21% -638+23% -9520% 51<-100% 888+25% -1 062+40%
2024 q4 3 391+50% 1 227<-100% 449<-100% 1 796<-100% 886+32% -1 086+51%
2024 q3 1 386-40% -932-23% -1 480+2% -1 386<-100% 777+50% -942+61%
2024 q2 1 834-16% -503-49% -996-28% -53-94% 713+73% -795+44%
2024 q1 1 750-11% -518<-100% -956>+200% -707<-100% 712+75% -757+40%
2023 q4 2 261+15% -521-70% -1 226-42% -3 121+72% 671+60% -721+15%
2023 q3 2 321+34% -1 215-37% -1 453-35% 2 811<-100% 517+14% -587<-100%
2023 q2 2 196+10% -996+75% -1 383+81% -875<-100% 411-33% -554<-100%
2023 q1 1 955 22 -243 7 135 406 -542
2022 q4 1 973 -1 715 -2 101 -1 817 419 -625
2022 q3 1 726 -1 921 -2 247 -1 528 455 1 388 538
2022 q2 2 002 -570 -764 1 683 616 -695 232
2019 q4 574+19% -415-16% -415-16% -934+38%    
2019 q3 620 -192 -192 309    
2018 q4 482+6% -494+34% -494+34% -676-69%    
2018 q3            
2017 q4 ( 3929 , 3930 ) 455 -368 -368 -2 154    
2016 q4            


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (1 059 - 887) * 4 / (23 911 - 0)

Q Total equity Total assets Net debt
 
2025 q2 22 036-2% 66 042+3% 23 911-30%
2025 q1 22 896+2% 66 629+8% 22 835-27%
2024 q4 22 845-2% 65 799+7% 21 687-28%
2024 q3 21 049-20% 63 3390% 35 622+24%
2024 q2 22 435-5% 63 980+6% 33 990+21%
2024 q1 22 488-3% 61 820+1% 31 247+3%
2023 q4 23 195+35% 61 246+7% 30 288-6%
2023 q3 26 317+53% 63 294+11% 28 624-11%
2023 q2 23 505+36% 60 525+6% 28 118-13%
2023 q1 23 195 61 246 30 288
2022 q4 17 245 57 027 32 143
2022 q3 17 245 57 027 32 143
2022 q2 17 245 57 027 32 143
2019 q4     25 613+6%
2019 q3     25 535+6%
2018 q4     24 068+18%
2018 q3     24 068
2017 q4 ( 3929 , 3930 )     20 337>+200%
2016 q4     3 638
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company