Enhanced Investments - Financial Portal

General information

Bad financial results growth rate -41.8% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (71.7%)
Dividend yield for the last twelve months 1.8%
Free cash flow yield 2.8% (LTM)
Share price is 38.7% higher than minimum and 45.2% lower than maximum for the last 3 years
The company is undervalued by EV / LTM EBITDA multiple compared to target level (8.0x vs
)
Fundamental value created in LTM (estimate)

Key Financials (Download financials)

Ticker: IVAT

Share price, RUB: (-0.1%)165.75

year average price 173.69

year start price 213.05 2024-11-04

max close price 235.35 2025-01-24

min close price 119.50 2025-05-26

current price 166.15 2025-11-03

Common stocks: 100 000 000

Dividend Yield: 1.8%

FCF Yield LTM: 2.8%

EV / LTM EBITDA:8.0x

EV / EBITDA annualized: 15.6x

Last revenue growth (y/y): -35.9%

Last growth of EBITDA (y/y): -47.7%

Historical revenue growth: 71.1%

Historical growth of EBITDA: 72.3%

Target EV / EBITDA (hist percentile):

Fundamental value created in LTM:

Потенциал с учетом ускорения/замедления

	Mult Upside	+16.3%
	FCF Creation	+2.8%
	Growth	-41.8%
	Growth Corr	-113.5%

	Sum	-136.2%

EV / LTM EBITDA mutiple calculation

Market Cap (m RUB): 16 575

Net Debt (m RUB): 610

EV (Enterprise Value): 17 185

EBITDA LTM (m RUB): 2 136

Net Income LTM (m RUB): 1 706

EV / LTM EBITDA: 8.0x

Net Debt / LTM EBITDA (if EBITDA > 0): 0.3x

Average daily trading volume for the week, RUB mln: 741

P / E 9.7x

P / E ann-d26.9x

P / B 3.1x

EBITDA margin ann-d 51.6%

Net income margin ann-d 28.8%

Revenue and EBITDA

Quarterly 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 q2	535-36%	424-43%	180-61%	154-66%	7>+200%	-24+167%
2025 q1	535+129%	424+198%	180>+200%	154>+200%	7+59%	-24>+200%
2024 q4	1 130+47%	951+26%	723+13%	699+9%	2-27%	-17>+200%
2024 q3	1 130+47%	951+26%	723+13%	699+9%	2-27%	-17>+200%
2024 q2 ( 8932 , 8933 )	834+47%	746+47%	462+3%	454+1%	1-40%	-9>+200%
2024 q1	234+54%	142+35%	46+37%	45+25%	4-7%	-6+142%
2023 q4	768+77%	757+159%	638+149%	640+154%	2+161%	-1-87%
2023 q3	768	757	638	640	2	-1
2023 q2	569	508	447	448	2	0
2023 q1	152	105	34	36	5	-2
2022 q4	433	292	256	251	1	-6

Balance

Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (24 - 7) * 4 / (610 - -5)

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


2025 q2	5 408+46%	7 425+34%	610+2%	11.0%	0.29x
2025 q1					0.23x
2024 q4	5 101+34%	6 995+41%	439<-100%	13.7%	0.21x
2024 q3					0.27x
2024 q2 ( 8932 , 8933 )	3 702-2%	5 540+12%	601	5.1%	0.34x
2024 q1	3 248-14%	4 983+1%	471	1.2%	0.08x
2023 q4	3 792+14%	4 952+48%	-72		-0.02x
2023 q3					-0.07x
2023 q2	3 792	4 952			-0.14x
2023 q1	3 792	4 952			-0.23x
2022 q4	3 340	3 340			-0.30x

Cashflow

Q	Operating cashflow	Investing cashflow	Financial cashflow


2025 q2	456>+200%	-481+21%	-44<-100%
2025 q1	456>+200%	-481>+200%	-44<-100%
2024 q4	729>+200%	-474>+200%	-165<-100%
2024 q3	729>+200%	-474>+200%	-165<-100%
2024 q2 ( 8932 , 8933 )	121-69%	-398>+200%	46<-100%
2024 q1	133-18%	-157-57%	46
2023 q4	77-71%	-109-31%	3<-100%
2023 q3	77	-109	3
2023 q2	385	-100	-115
2023 q1	163	-367
2022 q4	262	-159	-15

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


2025 q2	845-26%	788-26%	572-34%	517-36%	7>+200%	-24+178%
2025 q1	149+8%	95+9%	-9<-100%	-31<-100%	16>+200%	-22>+200%
2024 q4	1 674+16%	1 608+28%	1 428+22%	1 248+8%	6>+200%	-20>+200%
2024 q3	335+79%	274+50%	89-21%	57-49%	4+43%	-9>+200%
2024 q2	1 147+137%	1 071+185%	868+166%	811+118%	1-25%	-9>+200%
2024 q1	137+9%	87-24%	9-81%	7>+200%	4-8%	-5+152%
2023 q4	1 444>+200%	1 256>+200%	1 166>+200%	1 160>+200%	2+80%	-1-85%
2023 q3	187	182	113	111	3	0
2023 q2	484	376	326	372	2	0
2023 q1	126	115	49	0	5	-2
2022 q4	374+157%	319+157%	271+198%	356>+200%	1+94%	-5>+200%
2021 q4	145+33%	124+45%	91+27%	89+27%	1+19%	-1>+200%
2020 q4	109	85	72	70	0	0

Balance

Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (24 - 7) * 4 / (320 - 0)

Q	Total equity	Total assets	Net debt


2025 q2	4 908+57%	6 039+37%	320-10%
2025 q1	4 391+90%	5 366+51%	210+121%
2024 q4	4 422+53%	5 495+58%	75<-100%
2024 q3	3 173	4 413	331
2024 q2	3 117+8%	4 417+27%	357
2024 q1	2 306-20%	3 554+2%	95<-100%
2023 q4	2 889+59%	3 486+66%	-19-94%
2023 q3
2023 q2	2 889	3 486
2023 q1	2 889	3 486	-19
2022 q4	1 814>+200%	2 095+169%	-318>+200%
2021 q4	601+105%	780+122%	-1-97%
2020 q4	293	351	-48

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.