Enhanced Investments - Financial Portal

General information

Henderson is one of the largest Russian chains of clothing stores for men. In addition to offline business, the company is developing its online store and expanding its presence on key russian marketplaces

Pretty weak financial results growth rate 7.7% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (37.2%)
Dividend yield for the last twelve months 7.0%
Free cash flow yield -1.2% (LTM)
Share price is 10.1% higher than minimum and 31.7% lower than maximum for the last 3 years
The company is undervalued by EV / LTM EBITDA multiple compared to target level (4.0x vs
)
Fundamental value created in LTM (estimate)

Key Financials (Download financials)

Ticker: HNFG

Share price, RUB: (+0.1%)541.9

year average price 604.46

year start price 648.90 2024-09-19

min close price 511.60 2024-11-26

max close price 717.00 2025-02-12

current price 542.50 2025-09-18

Common stocks: 40 440 000

Dividend Yield: 7.0%

FCF Yield LTM: -1.2%

EV / LTM EBITDA:4.0x

EV / EBITDA annualized: 4.7x

Last revenue growth (y/y): 17.1%

Last growth of EBITDA (y/y): -1.7%

Historical revenue growth: 27.9%

Historical growth of EBITDA: 46.5%

Target EV / EBITDA (hist percentile):

Fundamental value created in LTM:

Потенциал с учетом ускорения/замедления

	Mult Upside	+10.5%
	FCF Creation	-1.2%
	Growth	+7.7%
	Growth Corr	-29.5%

	Sum	-12.4%

EV / LTM EBITDA mutiple calculation

Market Cap (m RUB): 21 914

Net Debt (m RUB): 2 742

EV (Enterprise Value): 24 656

EBITDA LTM (m RUB): 6 129

Net Income LTM (m RUB): 2 581

EV / LTM EBITDA: 4.0x

Net Debt / LTM EBITDA (if EBITDA > 0): 0.4x

Average daily trading volume for the week, RUB mln: 26

P / E 8.5x

P / E ann-d11.4x

P / B 2.4x

EBITDA margin ann-d 24.4%

Net income margin ann-d 8.9%

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

View as Pivot Table Export as Pivot Table (xlsx)

Income

Q	Revenue	Gross profit	Operating income	Net income	PercentProfit	PercentLoss


2025 H1	10 814+17%	7 146+13%	2 091-8%	964-33%	126-14%
2024 H2	11 608+19%	7 914+18%	3 068+6%	1 617-6%	136+137%
2024 H1	9 232+32%	6 305+29%	2 268+36%	1 433+125%	147>+200%	-666+27%
2023 H2	9 769+37%	6 731+36%	2 888+49%	1 714+117%	57+165%	-655+16%
2023 H1	6 993+32%	4 899+40%	1 669+53%	638-39%	9-70%	-524-1%
2022 H2	7 137+31%	4 959+69%	1 938>+200%	790>+200%	22+94%	-562
2022 H1	5 296	3 507	1 091	1 041	30	-526
2021 H2	5 466	2 938	604	228	11

Balance

Implied interest rate for 2024 H1:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (666 - 147) * 2 / (8 987 - 0)

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


2025 H1	9 088+13%	23 966+15%	11 310+26%		0.45x
2024 H2	8 932+14%	22 564+12%	8 978+27%		0.08x
2024 H1	8 028+129%	20 806+29%	8 987-16%	11.6%	0.16x
2023 H2	7 808+164%	20 078+39%	7 097-28%	16.8%	-0.10x
2023 H1	3 510+19%	16 171+12%	10 656	9.7%	0.83x
2022 H2	2 957<-100%	14 419+50%	9 847	11.0%	1.11x
2022 H1	2 957	14 419			1.52x
2021 H2	-1 013	9 640			1.90x

Cashflow

Q	Operating cashflow	Investing cashflow	Financial cashflow


2025 H1	1 217-20%	-1 578+70%	149<-100%
2024 H2	2 768+3%	-961+53%	-1 729<-100%
2024 H1	1 528-16%	-926+38%	-1 563+3%
2023 H2	2 689+164%	-629-56%	348<-100%
2023 H1	1 823+177%	-670+114%	-1 516<-100%
2022 H2	1 020-19%	-1 433>+200%	-59-94%
2022 H1	659	-314	480
2021 H2	1 255	-268	-937

RSBU data *The values are shown in mln RUB 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 ( 12219 , 12395 )	00%	00%	-40>+200%	1-98%	740%	-26
2025 q1 ( 9547 , 9809 )	810-38%	810-38%	804-38%	824-39%	33-41%	-1
2024 q4	0<-100%	0<-100%	-6<-100%	97-67%	63+37%
2024 q3	200+100%	200+100%	194<-100%	238<-100%	51>+200%
2024 q2	0<-100%	0<-100%	-10<-100%	56-57%	74>+200%
2024 q1	1 300>+200%	1 300>+200%	1 295>+200%	1 342>+200%	55>+200%
2023 q4	250+100%	250>+200%	256<-100%	297>+200%	46
2023 q3	00%	0	-12>+200%	-9>+200%	1
2023 q2	131	131	130	130	0
2023 q1	44	44	43	44	1
2022 q4	0	11	0	14
2022 q3	0		0	0
2022 q2
2022 q1
2021 q4

Balance

Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (26 - 74) * 4 / (1 466 - 0)

Q	Total equity	Total assets	Net debt


2025 q2 ( 12219 , 12395 )	4 600-8%	6 429+29%	1 466<-100%
2025 q1 ( 9547 , 9809 )	5 408-12%	5 413-12%	-1 308-44%
2024 q4	4 583-4%	4 590-4%	-732-65%
2024 q3	5 214+183%	5 220+183%	-1 413>+200%
2024 q2	4 975+158%	4 983+158%	-1 175>+200%
2024 q1	6 133>+200%	6 139>+200%	-2 331>+200%
2023 q4	4 791+160%	4 793+160%	-2 074>+200%
2023 q3	1 8430%	1 8450%	-39-10%
2023 q2	1 932+5%	1 932+5%	-131>+200%
2023 q1	1 8440%	1 8440%	-45+2%
2022 q4	1 843	1 843	-44<-100%
2022 q3	1 843	1 843	-44
2022 q2	1 843	1 843	-44
2022 q1	1 843	1 843	-44
2021 q4			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.