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General information

Leading nickel and PGMs producer. Recently enjoys increasing demand due to grow of electric vehicles and renewables. In 2020 faced ecological problems / is likely to pay large (over $2bn) fine, which put certain pressure on the company share prices
  • Current market environment: negative. Prices of production are 11.7% lower compared to the last 12 months (LTM)
  • Prices of production are at 10.4% percentile over the past 5 years, adjusted for inflation
  • Dividend yield for the last twelve months 8.2%
  • Free cash flow yield -0.3% (LTM), projected -7.1%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 100.0%
  • Share price is 12.8% higher than minimum and 50.3% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (6.2x vs
    )
  • The company is overvalued by EV / projected EBITDA multiple compared to target level (
    vs
    )
  • Taking into account the impact of the key rate 21.0% on the change in financial parameters: EBITDA adjustment is -61 657 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 248 206 mln rub, expected mult is 10.3x, target mult is 6.9x, potential is -49.8%

Key Financials (Download financials)

Ticker: GMKN
Share price, RUB:  (-5.0%)108.26
year average price 122.04  


year start price 156.00 2024-05-06

max close price 158.00 2024-05-17

min close price 96.00 2024-12-16

current price 108.26 2025-05-05
Common stocks: 15 365 000 000
Dividend Yield:  8.2%
FCF Yield LTM / expected: -0.3% / -7.1%
EV / LTM EBITDA:6.2x
EV / EBITDA annualized: 5.2x
Production prices change from LTM: -11.7%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 1 663 415
Net Debt (m RUB): 1 152 891
EV (Enterprise Value): 2 816 306
EBITDA LTM (m RUB): 451 489
Net Income LTM (m RUB): 172 335
EV / LTM EBITDA: 6.2x
Net Debt / LTM EBITDA (if EBITDA > 0): 2.6x
Average daily trading volume for the week, RUB mln: 1486
P / E 9.7x
P / E ann-d8.6x
P / B 2.2x
EBITDA margin ann-d 39.6%
Net income margin ann-d 14.3%

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

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