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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: positive. Prices of production are 2.7% higher compared to the last 12 months (LTM)
  • Prices of production are at 35.9% percentile over the past 5 years, adjusted for inflation
  • Dividend yield for the last twelve months 0.4%
  • Free cash flow yield -3.6% (LTM), projected -2.7%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 100.0%
  • Share price is 29.7% higher than minimum and 31.1% lower than maximum for the last 3 years
  • The company is overvalued 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 17.0% on the change in financial parameters: EBITDA adjustment is -52 751 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 432 173 mln rub, expected mult is 6.9x, target mult is 6.9x, potential is +1.8%

Key Financials (Download financials)

Ticker: GMKN
Share price, RUB:  (+0.3%)124.5
year average price 116.01  


year start price 106.00 2024-09-18

min close price 96.00 2024-12-16

max close price 148.00 2025-02-24

current price 124.50 2025-09-17
Common stocks: 15 365 000 000
Dividend Yield:  0.4%
FCF Yield LTM / expected: -3.6% / -2.7%
EV / LTM EBITDA:6.2x
EV / EBITDA annualized: 7.4x
Production prices change from LTM: 2.7%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 1 912 943
Net Debt (m RUB): 977 718
EV (Enterprise Value): 2 890 661
EBITDA LTM (m RUB): 465 376
Net Income LTM (m RUB): 170 509
EV / LTM EBITDA: 6.2x
Net Debt / LTM EBITDA (if EBITDA > 0): 2.1x
Average daily trading volume for the week, RUB mln: 2002
P / E 11.2x
P / E ann-d13.0x
P / B 2.4x
EBITDA margin ann-d 34.7%
Net income margin ann-d 13.0%

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 RUB 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 ( 12259 , 12260 ) 564 622+11% 250 254+9% 138 622+6% 73 548-2%   -48 304+40%
2024 H2 ( 9284 , 9285 ) 680 169-14% 306 331-25% 208 674-31% 96 962-48%   -50 431+67%
2024 H1 ( 8940 , 8941 ) 508 970-8% 229 881-18% 130 466-39% 75 265-9%   -34 591+51%
2023 H2 ( 7680 , 7681 ) 793 660+133% 408 767+124% 303 991+125% 185 905<-100%   -30 118<-100%
2023 H1 ( 6815 , 6816 ) 552 903-20% 281 431-34% 214 336-35% 82 615-79% 22 931 -22 931-25%
2022 H2 ( 6817 , 6818 ) 340 010-48% 182 244-58% 135 254-56% -31 672<-100%   329<-100%
2022 H1 ( 6819 , 6820 ) 692 855+4% 428 260-6% 329 567-17% 390 604+23%   -30 557+137%
2021 H2 ( 726 , 3001 ) 651 766-7% 432 971-15% 307 085+9% 195 926+17%   -7 637-83%
2021 H1 ( 3002 , 3003 ) 665 182+31% 456 387+65% 396 824+102% 316 953>+200%   -12 900-36%
2020 H2 ( 3004 , 3005 ) 701 408+50% 507 973+71% 282 981+17% 167 909-12%   -45 649>+200%
2020 H1 ( 3006 , 3007 ) 506 140+23% 276 413+13% 195 988-8% 104 056-47%   -20 134>+200%
2019 H2 ( 6829 , 6830 ) 466 591+22% 297 167+125% 242 317+71% 191 390+129%   -13 924-17%
2019 H1 ( 3008 , 3009 ) 411 178-19% 245 551-11% 213 897+9% 196 190+89%   -5 747-71%
2018 H2 ( 6833 , 6834 ) 382 034+32% 131 791-12% 141 900+39% 83 719+16%   -16 753+6%
2018 H1 ( 727 , 728 ) 506 140+104% 276 413+131% 195 988+135% 104 056+89%   -20 134+31%
2017 H2 ( 729 , 730 ) 290 433+23% 148 961+5% 102 020+12% 72 225>+200%   -15 822>+200%
2017 H1 ( 731 , 732 ) 247 705-7% 119 590-11% 83 571-20% 55 141-38%   -15 369-3%
2016 H2 ( 733 , 734 ) 236 508+6% 142 085+21% 90 956+51% 15 142>+200%   -4 311-66%
2016 H1 ( 735 , 736 ) 266 855-4% 134 328-15% 105 032-23% 88 914-10%   -15 823+115%
2015 H2 ( 737 , 738 ) 222 711-26% 117 664-29% 60 151-53% 4 934-85%   -12 762>+200%
2015 H1 ( 739 , 740 ) 278 233+39% 158 749+67% 135 837+91% 99 122+95%   -7 372+124%
2014 H2 ( 741 , 742 ) 299 018+55% 165 082+101% 128 450>+200% 33 109>+200%   -4 229-37%
2014 H1 ( 743 , 744 ) 199 650+13% 95 270+24% 71 006+28% 50 943>+200%   -3 294-38%
2013 H2 ( 745 , 746 ) 193 465-7% 82 226-18% 22 496-61% 7 701-65%   -6 687+31%
2013 H1 176 384-3% 76 742-13% 55 532-14% 15 845-65%   -5 297+27%
2012 H2 207 683-4% 100 790-23% 57 008-38% 22 094-62%   -5 090+83%
2012 H1 181 683-13% 88 099-27% 64 657-33% 45 382-33%   -4 167+135%
2011 H2 ( 752 , 753 ) 216 641+10% 130 894+8% 91 485-9% 58 386-28% 1<-100% -2 786+31%
2011 H1 209 854 120 648 96 816 68 034   -1 774
2010 H2 196 676+47% 121 500+78% 100 870+80% 80 579+105% 5 456 -2 125-22%
2009 H2 133 939 68 443 55 899 39 263   -2 728


Balance


Implied interest rate for 2025 H1:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (48 304 - 0) * 2 / (977 718 - 138 026)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 H1 ( 12259 , 12260 ) 782 880+24% 2 436 290+11% 977 718-5% 11.5% 2.10x
2024 H2 ( 9284 , 9285 ) 699 251+21% 2 355 919+11% 1 068 349+4% 10.7% 2.37x
2024 H1 ( 8940 , 8941 ) 633 520+10% 2 186 448+6% 1 032 942+10% 7.6% 1.98x
2023 H2 ( 7680 , 7681 ) 577 943+15% 2 130 689+17% 1 023 508+23% 6.6% 1.45x
2023 H1 ( 6815 , 6816 ) 578 314+25% 2 058 128+31% 942 872+55%   1.77x
2022 H2 ( 6817 , 6818 ) 500 963+82% 1 814 406+4% 829 922+20%   1.29x
2022 H1 ( 6819 , 6820 ) 463 461+100% 1 577 018+58% 610 107+74% 11.6% 0.84x
2021 H2 ( 726 , 3001 ) 275 793-7% 1 752 500+15% 690 231+70% 2.5% 0.58x
2021 H1 ( 3002 , 3003 ) 231 923+58% 998 265-30% 350 743-35% 7.5% 0.75x
2020 H2 ( 3004 , 3005 ) 297 254+26% 1 529 478+27% 405 289-28% 25.5% 0.75x
2020 H1 ( 3006 , 3007 ) 147 066-37% 1 427 459+43% 542 751+55% 7.9% 1.37x
2019 H2 ( 6829 , 6830 ) 235 887+5% 1 205 489+14% 559 550+11% 5.3% 0.85x
2019 H1 ( 3008 , 3009 ) 231 923-8% 998 265-14% 350 743-26% 3.3% 0.75x
2018 H2 ( 6833 , 6834 ) 223 993-3% 1 059 494+6% 502 082+43% 6.9% 1.29x
2018 H1 ( 727 , 728 ) 252 848+20% 1 155 129+16% 476 608+18% 8.8% 1.26x
2017 H2 ( 729 , 730 ) 231 9230% 998 2650% 350 7430% 9.1% 2.21x
2017 H1 ( 731 , 732 ) 210 559-1% 997 249+5% 404 015+20% 7.7% 1.45x
2016 H2 ( 733 , 734 ) 231 923+41% 998 265+1% 350 743-3% 2.5% 1.10x
2016 H1 ( 735 , 736 ) 212 821-20% 946 574+25% 337 479+69% 9.4% 1.43x
2015 H2 ( 737 , 738 ) 164 768-39% 983 972+33% 363 019+85% 7.1% 1.29x
2015 H1 ( 739 , 740 ) 267 559-18% 757 647+15% 200 234+70% 7.4% 0.65x
2014 H2 ( 741 , 742 ) 268 219-15% 739 775+20% 195 743+23% 4.4% 0.85x
2014 H1 ( 743 , 744 ) 326 537-5% 656 250-1% 117 904-30% 5.8% 0.97x
2013 H2 ( 745 , 746 ) 315 888-19% 616 768-4% 159 274+37% 8.6% 1.25x
2013 H1 344 886-4% 664 222+9% 169 159+76% 6.4% 2.46x
2012 H2 392 115+9% 640 965+6% 116 648<-100% 9.0%  
2012 H1 358 760 610 242 96 223 9.0%  
2011 H2 ( 752 , 753 ) 360 451-34% 607 453-17% -45 764-11%    
2011 H1          
2010 H2 549 465 730 898 -51 541    
2009 H2          


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 H1 ( 12259 , 12260 ) 244 052+61% -4 804+89%  
2024 H2 ( 9284 , 9285 ) 300 832-21% -4 005+41%  
2024 H1 ( 8940 , 8941 ) 151 892-43% -2 542+153%  
2023 H2 ( 7680 , 7681 ) 379 295>+200% -2 832>+200%  
2023 H1 ( 6815 , 6816 ) 265 526+8% -1 004-89%  
2022 H2 ( 6817 , 6818 ) 103 748-77% -246<-100%  
2022 H1 ( 6819 , 6820 ) 246 539+3% -8 951<-100%  
2021 H2 ( 726 , 3001 ) 443 023-3% 5 871-89%  
2021 H1 ( 3002 , 3003 ) 238 479-8% 10 789+30%  
2020 H2 ( 3004 , 3005 ) 458 528+58% 51 995>+200%  
2020 H1 ( 3006 , 3007 ) 259 327+17% 8 325+181%  
2019 H2 ( 6829 , 6830 ) 289 558+47% 10 411-54%  
2019 H1 ( 3008 , 3009 ) 222 130-14% 2 958-64%  
2018 H2 ( 6833 , 6834 ) 196 876>+200% 22 527+70%  
2018 H1 ( 727 , 728 ) 259 327>+200% 8 325-38%  
2017 H2 ( 729 , 730 ) 55 690-56% 13 243<-100%  
2017 H1 ( 731 , 732 ) 86 244-34% 13 407+6%  
2016 H2 ( 733 , 734 ) 127 986+46% -4 380<-100%  
2016 H1 ( 735 , 736 ) 131 341-24% 12 705>+200%  
2015 H2 ( 737 , 738 ) 87 543-51% 6 618>+200%  
2015 H1 ( 739 , 740 ) 171 784+64% 1 707-26%  
2014 H2 ( 741 , 742 ) 179 974+86% 1 275-78%  
2014 H1 ( 743 , 744 ) 104 627+65% 2 297-49%  
2013 H2 ( 745 , 746 ) 96 855+26% 5 880+38%  
2013 H1 63 375-3% 4 468+23%  
2012 H2 77 145-36% 4 257+165%  
2012 H1 65 270-21% 3 647>+200%  
2011 H2 ( 752 , 753 ) 119 897+8% 1 607<-100%  
2011 H1 83 112 114  
2010 H2 110 631+81% -662<-100%  
2009 H2 61 121 1 223  
RSBU data *The values are shown in mln RUB 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 198 603-7% 64 407-22% 45 298-25% -2 263<-100% 2 722+25% -46 401+34%
2025 q1 257 961+21% 110 868+45% 90 712+71% 60 823+115% 1 542+183% -50 962+65%
2024 q4 261 051+2% 100 874+17% 71 032+29% 85 105-60% 2 581>+200% -46 153+93%
2024 q3 217 617-3% 81 715+5% 59 572-2% -30 967-28% 810-41% -37 580+66%
2024 q2 213 323+8% 82 477+15% 60 533+13% 40 569-72% 2 170>+200% -34 605+77%
2024 q1 213 477+7% 76 310+7% 53 085-4% 28 242<-100% 545+55% -30 837+96%
2023 q4 254 835+12% 86 073+4% 55 064-11% 214 734<-100% 588+37% -23 866+65%
2023 q3 225 008+21% 78 071+9% 60 916+9% -42 889+77% 1 368>+200% -22 643+81%
2023 q2 197 663+3% 71 592-9% 53 702-12% 142 639-55% 483-87% -19 559+56%
2023 q1 199 347-15% 71 368-42% 55 551-47% -31 663<-100% 351-95% -15 770+17%
2022 q4 226 629-11% 82 574-37% 61 726-40% -126 454>+200% 430-83% -14 432+98%
2022 q3 185 279-32% 71 834-52% 55 779-58% -24 218<-100% 413-13% -12 485+89%
2022 q2 191 256+33% 78 847+3% 61 261-2% 314 310>+200% 3 850+164% -12 566+94%
2022 q1 234 371+25% 122 244+6% 103 8440% 13 875-93% 6 428>+200% -13 447+88%
2021 q4 253 386-3% 131 208-25% 103 217-35% -17 591<-100% 2 484 -7 280
2021 q3 271 461+13% 149 078-5% 132 363-9% 82 238+43% 477 -6 598
2021 q2 143 375-31% 76 230-44% 62 653-49% 55 166-61% 1 461 -6 469
2021 q1 187 675-13% 115 272-26% 103 401-28% 193 849<-100% 1 169 -7 146
2020 q4 261 194+8% 173 891+2% 159 472+2% 104 876-16%    
2020 q3 240 827+1% 156 3380% 144 701-1% 57 543-69%    
2020 q2 207 325-8% 135 236-11% 123 380-12% 142 633+32%    
2020 q1 214 561+25% 156 479+45% 144 467+50% -4 916<-100%    
2019 q4 241 748+49% 170 252+86% 155 617+98% 125 173>+200%    
2019 q3 239 207+43% 156 429+51% 145 487+55% 187 648>+200%    
2019 q2 225 979+42% 151 906+49% 139 485+57% 107 986+166%    
2019 q1 171 210+41% 107 656+42% 96 485+43% 93 870+92%    
2018 q4 161 743 91 459 78 500 18 574    
2018 q3 167 017 103 631 93 657 57 054    
2018 q2 159 431+63% 101 643+84% 88 621+92% 40 527>+200%    
2018 q1 121 120+28% 76 035+35% 67 397+36% 48 801+30%    
2017 q2 97 885+11% 55 137+7% 46 126+9% 12 760-70% 1 214-28% -10 152+4%
2017 q1 94 389-18% 56 406-22% 49 438-23% 37 473-23% 896-42% -9 209-16%
2016 q4 112 667+38% 68 288+40% 59 063+46% -4 356<-100% 2 052-19% -8 256-20%
2016 q3 104 974+2% 61 365-8% 53 984-11% 34 953-21% 1 228-48% -8 300+6%
2016 q2 88 228-14% 51 369-24% 42 333-32% 42 478-10% 1 696-27% -9 764+72%
2016 q1 114 558-1% 72 701-15% 64 133-19% 48 638-12% 1 550-24% -10 994+95%
2015 q4 81 408-22% 48 638-31% 40 385-36% 14<-100% 2 521+16% -10 317+150%
2015 q3 102 883+10% 66 695+9% 60 457+13% 44 009-8% 2 343>+200% -7 830>+200%
2015 q2 102 330+20% 67 725+25% 62 480+32% 47 102+19% 2 338+167% -5 692+105%
2015 q1 116 169+84% 85 857+128% 79 353+149% 55 088>+200% 2 033>+200% -5 634+108%
2014 q4 104 055+55% 70 469+92% 63 368+135% -64 874<-100% 2 166+182% -4 123+13%
2014 q3 93 116+25% 61 000+46% 53 384+53% 47 597-12% 623+2% -2 487-13%
2014 q2 85 387+34% 54 285+53% 47 361+67% 39 670>+200% 876+19% -2 772-9%
2014 q1 63 289-6% 37 684-5% 31 820-3% 11 664-21% 634-46% -2 712+32%
2013 q4 67 129-15% 36 769-28% 26 924-16% 1 670<-100% 768-22% -3 636+97%
2013 q3 74 475+10% 41 823+17% 34 843-12% 54 141+74% 613-77% -2 865+55%
2013 q2 63 675-12% 35 566-19% 28 408-22% 5 951-78% 737-74% -3 049+101%
2013 q1 67 306-3% 39 852-14% 32 748-11% 14 778-36% 1 167-55% -2 049+48%
2012 q4 79 281-31% 51 292-8% 32 075-36% -10 708<-100% 984+22% -1 845+113%
2012 q3 67 532-15% 35 721-36% 39 390-23% 31 057-9% 2 685>+200% -1 845>+200%
2012 q2 72 075 43 755 36 409 26 722 2 788 -1 516
2012 q1 69 667 46 089 36 719 23 066 2 620 -1 382
2011 q4 ( 750 , 751 , 4154 , 4155 , 4156 ) 114 335+7% 55 939-6% 50 382-8% 26 378-8% 807-69% -865-37%
2011 q3 79 692 55 526 51 335 34 166 495 -600
2010 q4 107 116 59 695 54 847 28 577 2 628 -1 365


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (46 401 - 2 722) * 4 / (1 081 854 - 0)

Q Total equity Total assets Net debt
 
2025 q2 585 291+32% 2 150 371+10% 1 081 854-7%
2025 q1 557 017+39% 2 013 5430% 1 102 385-11%
2024 q4 496 038+33% 2 085 123+11% 1 208 184+17%
2024 q3 410 933+38% 1 949 207+13% 1 205 716+10%
2024 q2 441 900+30% 1 947 659+10% 1 162 057+4%
2024 q1 401 331+102% 2 021 906+29% 1 240 086+14%
2023 q4 372 978+62% 1 879 472+22% 1 029 255+2%
2023 q3 298 164-16% 1 731 364+8% 1 098 914+23%
2023 q2 341 053-10% 1 763 921+21% 1 121 851+46%
2023 q1 198 415-19% 1 563 714-11% 1 084 603+11%
2022 q4 229 9370% 1 541 743-4% 1 010 005+66%
2022 q3 356 390+55% 1 596 4490% 890 304+46%
2022 q2 380 257+65% 1 452 736-9% 767 463+26%
2022 q1 244 218+6% 1 753 961+9% 980 052+61%
2021 q4 230 345 1 607 859 607 875+9%
2021 q3 230 345 1 602 536 607 875-3%
2021 q2 230 345 1 602 535 607 875+10%
2021 q1 230 343 1 602 533 607 875-4%
2020 q4     556 028+20%
2020 q3     625 968+26%
2020 q2     554 418+30%
2020 q1     631 006+30%
2019 q4     465 076-22%
2019 q3     495 197-17%
2019 q2     426 012-28%
2019 q1     487 040-18%
2018 q4     594 649
2018 q3     594 649
2018 q2     594 649+59%
2018 q1     594 649+66%
2017 q2 204 508-22% 933 4200% 373 535+18%
2017 q1 262 342+2% 863 341-9% 358 793+16%
2016 q4 224 869+8% 958 998-3% 316 793-3%
2016 q3 298 997+16% 923 907+7% 332 867+16%
2016 q2 263 5160% 937 506+30% 316 771+19%
2016 q1 257 456-20% 949 805+17% 309 203+67%
2015 q4 208 818-22% 985 311+41% 327 588+42%
2015 q3 258 846-44% 863 491+15% 287 850+122%
2015 q2 263 113-36% 720 782+3% 266 575+57%
2015 q1 322 042-22% 809 060+18% 184 786+8%
2014 q4 266 954-33% 700 269+3% 231 258+27%
2014 q3 459 841+7% 748 576+6% 129 474-24%
2014 q2 412 244+9% 697 751+2% 170 091-30%
2014 q1 411 895-22% 686 666-13% 170 711+4%
2013 q4 400 231-22% 678 532-3% 181 674+82%
2013 q3 431 722-34% 704 641-16% 169 983+41%
2013 q2 377 560 685 855 241 485
2013 q1 527 722 784 777 163 639
2012 q4 512 944-23% 703 027-32% 99 880-7%
2012 q3 649 797 836 961 120 718
2012 q2      
2012 q1      
2011 q4 ( 750 , 751 , 4154 , 4155 , 4156 ) 664 017 1 038 699 106 934<-100%
2011 q3      
2010 q4     -61 090
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