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General information

Largest independent Russian vertically integrated oil&gas producer. Has quite good corporate governance, information disclosure. In addition to paying dividends regularly buys back own shares
  • Current market environment: negative. Prices of Brent oil are 11.1% lower compared to the last 12 months (LTM)
  • Prices of Brent oil are at 9.0% percentile over the past 5 years, adjusted for inflation (are close to minimun)
  • Dividend yield for the last twelve months 16.5%
  • Free cash flow yield -21.0% (LTM), projected -29.3%
  • Share of USD-denominated sales in revenue of the company (estimate) 74.7%
  • Share price is 70.5% higher than minimum and 21.5% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (3.0x 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 -12 702 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 956 078 mln rub, expected mult is 4.7x, target mult is 2.0x, potential is -60.9%

Key Financials (Download financials)

Ticker: LKOH
Share price, RUB:  (+0.4%)6395.5
year average price 6749  


year start price 6746 2024-09-18

max close price 7785 2025-02-17

min close price 5718 2025-07-11

current price 6347 2025-09-17
Common stocks: 658 226 500
Dividend Yield:  16.5%
FCF Yield LTM / expected: -21.0% / -29.3%
EV / LTM EBITDA:3.0x
EV / EBITDA annualized: 3.7x
Production prices change from LTM: -11.1%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 4 209 688
Net Debt (m RUB): 2 918
EV (Enterprise Value): 4 212 606
EBITDA LTM (m RUB): 1 406 708
Net Income LTM (m RUB): 669 689
EV / LTM EBITDA: 3.0x
Net Debt / LTM EBITDA (if EBITDA > 0): 0.0x
Average daily trading volume for the week, RUB mln: 3560
P / E 6.6x
P / E ann-d7.7x
P / B 0.8x
EBITDA margin ann-d 16.8%
Net income margin ann-d 8.0%

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 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 1 800 849-21%   172 341-50% 144 283-51% 27 969-7% -8 548-12%
2025 q1 1 800 849-21%   172 341-52% 144 283-48% 27 969-9% -8 548-1%
2024 q4 ( 9435 , 12234 ) 2 143 997-1%   276 683-25% 190 562-33% 43 610+103% -11 851+21%
2024 q3 2 143 997-1%   276 683-25% 190 562-33% 43 610+103% -11 851+21%
2024 q2 2 273 030+18%   347 094+10% 295 771-2% 30 201+99% -9 749+32%
2024 q1 2 273 030+18%   361 769+14% 279 861-8% 30 642+101% -8 611+16%
2023 q4 ( 7727 , 9260 ) 2 160 884   370 549 285 878 21 438 -9 814
2023 q3 2 160 884   370 549 285 878 21 438 -9 814
2023 q2 1 925 537-47%   316 049-48% 302 638-46% 15 211-47% -7 396-56%
2023 q1 1 925 537   316 049 302 638 15 211 -7 396
2022 q4            
2022 q2 3 606 535+64%   611 801+162% 565 441+197% 28 694>+200% -16 809+81%
2021 q3 2 588 745+78%   247 773+151% 193 119>+200% 4 641+28% -9 246-21%
2021 q2 2 201 884+123%   233 328>+200% 190 396<-100% 2 701+1% -9 289-18%
2021 q1 ( 1026 , 1029 ) 9 435 143+67%   978 945>+200% 775 513>+200% 16 519+27% -37 568-15%
2020 q4 1 530 339-20%   99 054-44% 29 962-75% 1 930-69% -10 853+1%
2020 q3 1 456 650-25%   98 784-56% 50 912-73% 3 625-48% -11 697+8%
2020 q2 986 427-54%   43 691-81% -18 457<-100% 2 685-56% -11 323+3%
2020 q1 5 639 401>+200%   281 654+45% 16 633-89% 13 051+118% -44 122>+200%
2019 q4 1 912 439-6%   177 130-22% 119 743-25% 6 131-2% -10 774-15%
2019 q3 1 952 322-15%   223 301+3% 190 887+3% 6 944+35% -10 872+9%
2019 q2 2 125 552+3%   226 440+15% 181 801+8% 6 075+31% -10 976+33%
2019 q1 1 850 933+14%   194 227+47% 149 790+37% 5 984+70% -11 734+60%
2018 q4 2 043 217+23%   226 413+53% 159 220+31% 6 236+14% -12 742+147%
2018 q3 2 305 886+55%   215 910+57% 184 462+89% 5 132+57% -9 955+68%
2018 q2 2 056 058+51%   197 558+108% 167 995+21% 4 648+50% -8 279+22%
2018 q1 1 630 728+14%   131 834+4% 109 425+75% 3 514+7% -7 322-23%
2017 q4 1 662 452+19%   147 537+44% 121 159+158% 5 489+51% -5 169-62%
2017 q3 1 483 484+13%   137 226+51% 97 785+77% 3 261-14% -5 925-50%
2017 q2 1 359 170+2%   94 882-20% 138 794+121% 3 102-12% -6 767-39%
2017 q1 1 431 599+22%   126 871+18% 62 684+46% 3 299-14% -9 470-9%
2016 q4 1 400 924+2%   102 436+2% 46 875<-100% 3 636-27% -13 612-3%
2016 q3 ( 1047 , 1048 ) 1 309 488-11%   91 100-19% 55 103-71% 3 778-10% -11 949+2%
2016 q2 1 338 959-9%   117 963-1% 62 694-2% 3 511-13% -11 098+1%
2016 q1 1 177 674-18%   107 644-19% 42 970-59% 3 831-15% -10 371-10%
2015 q4 1 367 726-9%   100 893-85% -64 547<-100% 4 986+21% -14 071+7%
2015 q3 1 464 053+3%   112 970<-100% 188 597>+200% 4 210+57% -11 667+88%
2015 q2 1 476 966+11%   119 621<-100% 64 256-23% 4 036+83% -11 026+104%
2015 q1 1 440 305+15%   132 245<-100% 104 439+72% 4 531+127% -11 460+134%
2014 q4 1 502 706+19%   681 471<-100% 190 281>+200% 4 117+101% -13 205+168%
2014 q3 1 414 879+18%   -98 843+20% 59 067-42% 2 683+32% -6 200+49%
2014 q2 ( 1056 , 1057 ) 1 334 918+20%   -89 379+12% 83 858+26% 2 201+20% -5 416+41%
2014 q1 1 250 380+22%   -80 915+9% 60 870-23% 1 997+8% -4 906+66%
2013 q4 1 261 525+13%   -91 600+20% 1 742-98% 2 053+5% -4 934+45%
2013 q3 1 204 040+6%   -82 395+10% 101 470-8% 2 032+3% -4 162+20%
2013 q2 1 110 067+10%   -79 677+10% 66 345+92% 1 837-11% -3 832-23%
2013 q1 1 026 904-4%   -74 501+11% 78 607-29% 1 855-7% -2 950-39%
2012 q4 1 117 640-15%   -76 469-10% 83 826-73% 1 958-20% -3 394-46%
2012 q3 1 132 835+12%   -74 971+13% 110 749<-100% 1 979+28% -3 479-34%
2012 q2 1 008 075+3%   -72 408+6% 34 508<-100% 2 054+60% -4 979+1%
2012 q1 1 064 395+23%   -66 862+7% 110 270<-100% 1 992+51% -4 860-4%
2011 q4 1 320 213+57%   -85 334+64% 311 472+11% 2 437+190% -6 342+23%
2011 q3 1 008 128+21%   -66 5030% -321<-100% 1 546+7% -5 309+4%
2011 q2 976 921+20%   -68 277+6% -4 393<-100% 1 287-9% -4 953-19%
2011 q1 865 970+16%   -62 4940% -88-7% 1 315-21% -5 057-9%
2010 q4 839 780+32%   -52 037-7% 279 871>+200% 842-20% -5 145-2%
2010 q3 831 573+31%   -66 828+20% 596-99% 1 443+37% -5 080-3%
2010 q2 810 750   -64 163 408 1 411 -6 147
2010 q1 749 567   -62 344 -94 1 662 -5 551
2009 q4 635 691-25%   -55 852-12% 55 421-23% 1 051-18% -5 229+71%
2009 q3 635 691-25%   -55 852-12% 55 421-23% 1 051-18% -5 229+71%
2008 q4 844 211+31%   -63 708+32% 71 689-4% 1 278+21% -3 065+17%
2008 q3 844 211   -63 708 71 689 1 278 -3 065
2007 q4 642 025   -48 388 74 566 1 058 -2 611


Balance


Implied interest rate for 2021 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (9 289 - 2 701) * 4 / (75 154 - 8 083)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q2 5 614 746-14% 7 750 749-10% 2 918<-100%   0.00x
2025 q1         -0.33x
2024 q4 ( 9435 , 12234 ) 6 892 008+8% 9 282 619+8% -1 080 500+29%   -0.61x
2024 q3         -0.50x
2024 q2 6 499 903+8% 8 619 431+9% -866 964+35%   -0.41x
2024 q1         -0.41x
2023 q4 ( 7727 , 9260 ) 6 401 233 8 600 173 -840 612   -0.42x
2023 q3         -0.39x
2023 q2 6 038 586 7 907 304 -640 765   -0.37x
2023 q1         -0.30x
2022 q4         -0.24x
2022 q2         -0.10x
2021 q3 4 507 186+7% 6 634 357+7% 5 262-98%   0.00x
2021 q2 4 305 738+9% 6 508 931+8% 75 154-47% 39.3% 0.07x
2021 q1 ( 1026 , 1029 ) 4 523 184+4% 6 864 749+12% 76 329-48% 123.5% 0.21x
2020 q4 4 130 766+4% 5 991 579+1% 315 281<-100% 11.6% 0.50x
2020 q3 4 226 623+2% 6 195 855+6% 321 120+121% 10.3% 0.46x
2020 q2 3 962 448+2% 6 002 486+2% 142 779+58% 25.6% 0.18x
2020 q1 4 367 597+8% 6 127 796+5% 145 990-18% 90.2% 0.15x
2019 q4 3 973 449-2% 5 947 050+4% -4 421<-100%   0.00x
2019 q3 4 150 109+5% 5 848 001+2% 145 322-10% 11.5% 0.13x
2019 q2 3 874 952+4% 5 898 378+7% 90 446-49% 23.7% 0.08x
2019 q1 4 056 784+13% 5 823 274+12% 178 918-35% 13.5% 0.15x
2018 q4 4 073 526+17% 5 732 382+10% 24 163-91% 160.7% 0.02x
2018 q3 3 962 075+15% 5 713 550+14% 161 192-52% 12.6% 0.15x
2018 q2 3 730 454+12% 5 492 067+11% 177 483-48% 8.6% 0.18x
2018 q1 3 596 403+10% 5 205 186+8% 273 186-40% 5.7% 0.32x
2017 q4 3 490 399+8% 5 226 215+4% 273 857-36% -0.5% 0.33x
2017 q3 3 446 596+5% 5 031 753+1% 334 715-32% 3.3% 0.42x
2017 q2 3 345 082+4% 4 960 480-2% 339 303-33% 4.4% 0.46x
2017 q1 3 271 5060% 4 813 959-3% 457 418-21% 5.5% 0.61x
2016 q4 3 227 6640% 5 014 6730% 427 073-27% 9.5% 0.58x
2016 q3 ( 1047 , 1048 ) 3 270 643-39% 4 972 564-30% 493 830+74% 6.7% 0.67x
2016 q2 3 217 244-29% 5 046 471-18% 507 492>+200% 6.1% 0.65x
2016 q1 3 258 973-32% 4 982 254-23% 581 887>+200% 4.6% 0.73x
2015 q4 3 231 374-33% 5 020 607-24% 587 588>+200% 6.3% 0.72x
2015 q3 5 387 090 7 099 850 283 400 11.2% 0.88x
2015 q2 4 519 669+63% 6 157 600+56% 165 955+112% 17.9% 0.89x
2015 q1 4 775 837+69% 6 441 664+64% 175 604+72% 17.1% 0.92x
2014 q4 4 818 739+86% 6 622 272+84% 189 842+155% 20.6% 1.02x
2014 q3         0.68x
2014 q2 ( 1056 , 1057 ) 2 770 860+9% 3 935 390+12% 78 450>+200% 18.4% 0.56x
2014 q1 2 823 068+18% 3 934 536+25% 102 107<-100% 12.6% 0.68x
2013 q4 2 589 598+14% 3 593 977+19% 74 481<-100% 17.6% 0.59x
2013 q3 2 578 554+13% 3 544 430+17% 551<-100%   0.48x
2013 q2 2 550 026+16% 3 513 781+17% 5 747<-100%   0.79x
2013 q1 2 383 802+14% 3 141 453+11% -63 373+9%   0.99x
2012 q4 2 267 185+5% 3 024 248+3% -67 904+182%    
2012 q3 2 273 002+6% 3 017 570+3% -52 555-1%    
2012 q2 2 200 281+22% 3 011 429+17% -113 275>+200%    
2012 q1 2 090 089+17% 2 817 893+10% -58 389<-100%    
2011 q4 2 167 008+19% 2 929 087+14% -24 090<-100%    
2011 q3 2 147 804 2 939 635 -53 259    
2011 q2 1 803 608 2 570 929 -10 111    
2011 q1 1 792 449 2 562 376 56 669 26.4%  
2010 q4 1 822 217+100% 2 568 400+100% 62 393+100% 27.6%  
2010 q3          
2010 q2          
2010 q1          
2009 q4 00% 00% 00%    
2009 q3          
2008 q4 0 0 0    
2008 q3          
2007 q4          


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q2 355 784-9% -219 733+13% -491 030+163%
2025 q1 355 784-9% -219 733+13% -491 030+163%
2024 q4 ( 9435 , 12234 ) 465 679-3% -205 681-21% -222 539+25%
2024 q3 465 679-3% -205 681-21% -222 539+25%
2024 q2 391 136+3% -194 865+7% -186 667-9%
2024 q1 391 136+3% -194 865+7% -186 667-9%
2023 q4 ( 7727 , 9260 ) 481 454 -259 205 -178 414
2023 q3 481 454 -259 205 -178 414
2023 q2 379 951 -182 564 -206 196
2023 q1 379 951 -182 564 -206 196
2022 q4      
2022 q2      
2021 q3 321 998+42% -97 286-11% -152 131-56%
2021 q2 216 416+52% -102 882-10% -27 129<-100%
2021 q1 ( 1026 , 1029 ) 1 126 614+45% -438 055-11% -354 377-31%
2020 q4 220 643-31% -139 024-12% -156 988+96%
2020 q3 227 449-28% -109 703-23% -343 008+43%
2020 q2 142 752-47% -114 324+4% 137 621<-100%
2020 q1 776 574>+200% -492 769>+200% -514 005>+200%
2019 q4 320 681-1% -157 725+73% -79 980-39%
2019 q3 317 921+17% -143 238+24% -240 489+84%
2019 q2 269 918+11% -109 612>+200% -92 068-33%
2019 q1 243 324+46% -99 551>+200% -169 807+141%
2018 q4 325 511+54% -90 933>+200% -130 733>+200%
2018 q3 271 199+29% -115 147<-100% -130 606+43%
2018 q2 242 949+18% -14-18% -136 809+89%
2018 q1 166 992+27% -16<-100% -70 401+35%
2017 q4 211 024+9% -1-98% -31 210-76%
2017 q3 209 565-2% 0+100% -91 393-10%
2017 q2 206 298+15% -17-70% -72 532>+200%
2017 q1 131 603-20% 43<-100% -52 260<-100%
2016 q4 194 368-16% -57-66% -129 047+33%
2016 q3 ( 1047 , 1048 ) 213 401-9% -1-75% -101 354+53%
2016 q2 180 082+14% -57-64% -16 153-59%
2016 q1 164 396-27% -12>+200% 53 420<-100%
2015 q4 231 305-48% -169-73% -97 164<-100%
2015 q3 234 564>+200% -4-96% -66 337<-100%
2015 q2 158 002+90% -159-79% -39 818+87%
2015 q1 225 101>+200% -2-94% -49 744<-100%
2014 q4 443 214 -628<-100% 14 406<-100%
2014 q3 64 175-40% -103-27% 3 088<-100%
2014 q2 ( 1056 , 1057 ) 83 296+19% -769>+200% -21 343<-100%
2014 q1 60 730-23% -35-81% 33 992<-100%
2013 q4   231<-100% -14 763-42%
2013 q3 106 948-8% -140+111% -35 423-70%
2013 q2 69 881+99% -71+115% 84 914<-100%
2013 q1 78 485-31% -182>+200% -1 247-70%
2012 q4   -400<-100% -25 660-71%
2012 q3 115 839+32% -66-29% -116 544+63%
2012 q2 35 201-63% -33+43% -30 092+36%
2012 q1 114 375+11% -60-48% -4 136-26%
2011 q4   46<-100% -88 866<-100%
2011 q3 87 620+23% -93<-100% -71 354-50%
2011 q2 94 692+51% -23<-100% -22 205-33%
2011 q1 102 802+60% -117-25% -5 554-65%
2010 q4   142 977<-100% 3 875>+200%
2010 q3 71 292 97 812<-100% -144 036<-100%
2010 q2 62 751 41 521 -33 210
2010 q1 64 382 -157 -15 868
2009 q4   -157-31% 682-89%
2009 q3   -157-31% 682-89%
2008 q4   -227-19% 5 982<-100%
2008 q3   -227 5 982
2007 q4   -282 -8 608
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 814 487+1% 357 814+19% 307 446+18% 311 417+22% 13 803-20% -4 755>+200%
2025 q1 584 052-12% 58 607-58% 13 243-86% 16 320-82% 18 851-6% -1 689-7%
2024 q4 923 539+34% 358 563>+200% 307 740>+200% 321 951>+200% 33 061+51% -1 496-11%
2024 q3 652 968-20% 86 702-59% 43 795-74% 64 735-63% 21 268+72% -1 206-16%
2024 q2 805 607+2% 300 672-24% 260 638-27% 255 945-29% 17 287+51% -1 585+20%
2024 q1 664 829+46% 138 116-6% 93 109-16% 89 885-14% 19 953+101% -1 810+15%
2023 q4 690 734+28% 104 826-42% 45 193-67% 16 714-88% 21 961+33% -1 672+144%
2023 q3 813 962+38% 210 450+22% 171 307+26% 175 069+37% 12 367-13% -1 443+3%
2023 q2 792 949-22% 396 826-27% 356 472-30% 359 219-7% 11 479+7% -1 316-23%
2023 q1 455 831-37% 146 194-24% 110 778-28% 104 287-22% 9 9230% -1 572-86%
2022 q4 539 497-37% 179 758-56% 138 052-63% 142 193-59% 16 483+90% -686-94%
2022 q3 590 888-5% 172 795-11% 136 155-14% 127 399-9% 14 295+123% -1 403-87%
2022 q2 1 020 433+76% 545 207+192% 507 809>+200% 387 147+192% 10 701+99% -1 711-82%
2022 q1 723 220+119% 191 247>+200% 154 051>+200% 133 381>+200% 9 950+103% -11 578+32%
2021 q4 855 020>+200% 408 444+199% 369 887+189% 349 442+191% 8 658 -12 245
2021 q3 623 933>+200% 193 886>+200% 159 098<-100% 140 701<-100% 6 424 -11 182
2021 q2 579 447>+200% 186 935+72% 151 114+49% 132 763+40% 5 367 -9 680
2021 q1 330 918>+200% 54 616-2% 28 580-41% 12 802-11% 4 902 -8 800
2020 q4 138 928-31% 136 683-31% 128 122-32% 119 971-39%    
2020 q3 10 003-58% 5 635-70% -2 277<-100% -31 601<-100%    
2020 q2 112 784-34% 108 721-34% 101 379-36% 94 883-40%    
2020 q1 61 096+27% 55 874+28% 48 650+33% 14 306-66%    
2019 q4 202 362+39% 197 093+40% 188 115+44% 196 757+70%    
2019 q3 23 691+5% 18 980+9% 11 500+8% 8 613-49%    
2019 q2 170 131+120% 165 262+129% 158 371+154% 159 229+104%    
2019 q1 48 288+153% 43 538>+200% 36 545>+200% 41 662>+200%    
2018 q4 145 410 140 294 131 022 115 948    
2018 q3 22 579 17 459 10 695 16 999    
2018 q2 77 301 72 056 62 256 78 117    
2018 q1 19 066 13 922 7 407 8 420    


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (4 755 - 13 803) * 4 / (866 387 - 0)

Q Total equity Total assets Net debt
 
2025 q2 1 292 840-1% 2 931 177+6% 866 387+104%
2025 q1 1 356 264-3% 3 035 210+4% 786 961+90%
2024 q4 1 339 944+2% 2 863 934+6% 484 592+40%
2024 q3 1 373 712-14% 2 982 0810% 321 013+31%
2024 q2 1 308 856-8% 2 763 284+12% 424 493+44%
2024 q1 1 397 958+2% 2 925 225+20% 414 919+27%
2023 q4 1 308 113+3% 2 710 709+19% 346 345+5%
2023 q3 1 600 469-4% 2 973 155+14% 245 157<-100%
2023 q2 1 425 400-8% 2 460 073+1% 294 989+44%
2023 q1 1 369 454+18% 2 428 486-4% 325 750-31%
2022 q4 1 265 167+23% 2 284 260+9% 330 298-36%
2022 q3 1 672 764+63% 2 606 313+24% -17 462<-100%
2022 q2 1 545 365+51% 2 441 122+16% 204 251-61%
2022 q1 1 158 129+13% 2 520 199+20% 469 264-9%
2021 q4 1 024 747 2 101 293 518 488-29%
2021 q3 1 024 747 2 101 293 518 488-35%
2021 q2 1 024 747 2 101 293 518 488-15%
2021 q1 1 024 747 2 101 293 518 488-31%
2020 q4     731 819+15%
2020 q3     797 451+13%
2020 q2     606 883+29%
2020 q1     751 978+25%
2019 q4     639 016-13%
2019 q3     708 272-3%
2019 q2     471 895-35%
2019 q1     603 921-17%
2018 q4     731 253
2018 q3     731 253
2018 q2     731 253
2018 q1     731 253
More information for subscribed users:
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Potential and Created Value,
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