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General information

Leading developer with historically good financials growth rates and dividend yield
  • Pretty weak financial results growth rate 8.4% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (27.1%)
  • Dividend yield for the last twelve months 10.7%
  • Free cash flow yield -34.3% (LTM)
  • Share price is 78.3% higher than minimum and 36.3% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (4.9x vs
    )

Key Financials (Download financials)

Ticker: LSRG
Share price, RUB:  (-0.5%)731.4
year average price 782.16  


year start price 663.00 2024-09-19

min close price 663.00 2024-09-19

max close price 921.60 2025-01-17

current price 737.00 2025-09-18
Common stocks: 103 030 000
Dividend Yield:  10.7%
FCF Yield LTM: -34.3%
EV / LTM EBITDA:4.9x
EV / EBITDA annualized: 8.7x
Last revenue growth (y/y):  13.2%
Last growth of EBITDA (y/y):  3.6%
Historical revenue growth:  25.4%
Historical growth of EBITDA:  28.9%
Target EV / EBITDA (hist percentile):
 Mult Upside-9.6%
 FCF Creation-34.3%
 Growth+8.4%
 Growth Corr-18.7%
 
 Sum-54.2%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 75 356
Net Debt (m RUB): 262 905
EV (Enterprise Value): 338 261
EBITDA LTM (m RUB): 68 584
Net Income LTM (m RUB): 21 655
EV / LTM EBITDA: 4.9x
Net Debt / LTM EBITDA (if EBITDA > 0): 3.8x
Average daily trading volume for the week, RUB mln: 36
P / E 3.5x
P / B 0.6x
EBITDA margin ann-d 20.1%
Net income margin ann-d -2.6%

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 96 404+13% 33 275+2% 18 322+4% -2 517<-100% 2 265-7% -22 588+63%
2024 H2 154 080-5% 66 7440% 48 069-3% 24 172-9% 1 443+6% -18 229+36%
2024 H1 85 147+14% 32 690+15% 17 697+38% 4 426+155% 2 433+92% -13 886+38%
2023 H2 161 388+117% 66 516+114% 49 710+177% 26 608>+200% 1 362+56% -13 437+60%
2023 H1 74 809+14% 28 3870% 12 825-22% 1 735-73% 1 268-15% -10 064+6%
2022 H2 74 293-2% 31 022-3% 17 931-12% 6 959-34% 873-31% -8 413+28%
2022 H1 65 369+19% 28 352+37% 16 466+45% 6 404+12% 1 486+15% -9 465+116%
2021 H2 75 694+8% 32 002+28% 20 282+26% 10 578+12% 1 258-17% -6 573+23%
2021 H1 54 821+14% 20 751+47% 11 393+71% 5 694+121% 1 296-16% -4 380-6%
2020 H2 69 951+10% 24 919+31% 16 081+48% 9 452+69% 1 509-16% -5 329+2%
2020 H1 48 101+3% 14 150-1% 6 664+16% 2 573+38% 1 543-9% -4 638+13%
2019 H2 63 830-33% 19 092-30% 10 865-43% 5 605-55% 1 793+35% -5 220+28%
2019 H1 46 608-10% 14 337+2% 5 759+3% 1 864-50% 1 704+19% -4 099+71%
2018 H2 94 680-3% 27 420+17% 19 2250% 12 472-10% 1 324+24% -4 066+73%
2018 H1 51 696+27% 14 108+34% 5 573+77% 3 758+94% 1 431+26% -2 400+20%
2017 H2 97 828<-100% 23 446<-100% 19 302<-100% 13 933<-100% 1 066+5% -2 348+9%
2017 H1 40 666+29% 10 495+14% 3 142+51% 1 938+76% 1 134+13% -2 008+55%
2016 H2 -31 618<-100% -9 182<-100% -2 080<-100% -1 100<-100% 1 018+23% -2 156+125%
2016 H1 31 618+10% 9 182-2% 2 080-50% 1 100-72% 1 004-44% -1 299-12%
2015 H2 57 907-3% 16 690-3% 9 562-31% 6 702-18% 826+20% -960-80%
2015 H1 28 741-11% 9 407+5% 4 201+19% 3 944>+200% 1 808>+200% -1 474-36%
2014 H2 59 918+52% 17 131+33% 13 957+95% 8 148+90% 688>+200% -4 738+168%
2014 H1 32 408+55% 8 918+50% 3 535+162% 1 054<-100% 332+37% -2 313-11%
2013 H2 39 341<-100% 12 887<-100% 7 141<-100% 4 279<-100% 127<-100% -1 767<-100%
2013 H1 20 848-8% 5 946-8% 1 350-41% -985<-100% 242+18% -2 588+26%
2012 H2 -20 630<-100% -5 819<-100% -1 964<-100% -95<-100% -194-47% 1 914<-100%
2012 H1 22 681-1% 6 486+12% 2 306-14% 260-61% 205-64% -2 051+5%
2011 H2 28 946-10% 8 871+6% 5 170+14% 1 764-25% -366+95% -2 380+68%
2011 H1 22 964+30% 5 791+24% 2 685+55% 668<-100% 573-34% -1 949-36%
2010 H2 32 233+26% 8 393-10% 4 542-13% 2 354+3% -188<-100% -1 415-48%
2010 H1 17 717 4 682 1 729 -613 874 -3 045
2009 H2 25 512 9 372 5 248 2 295 428 -2 708


Balance


Implied interest rate for 2025 H1:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (22 588 - 2 265) * 2 / (262 905 - 33)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 H1 120 803+8% 570 971+16% 262 905+24% 15.5% 3.83x
2024 H2 96 801-18% 404 658-15% 186 204+11% 18.0% 2.74x
2024 H1 111 787+22% 494 322+12% 212 420+10% 10.8% 3.29x
2023 H2 118 674+23% 475 601+14% 167 983-10% 14.4% 2.81x
2023 H1 91 371-6% 441 890+15% 192 561+39% 9.1% 6.24x
2022 H2 96 801+4% 416 216+19% 186 204+72% 8.1% 5.35x
2022 H1 96 834+3% 385 699+23% 138 227+133% 11.5% 3.62x
2021 H2 93 007+1% 348 876+24% 107 995>+200% 9.9% 3.44x
2021 H1 93 603+12% 312 365+17% 59 419+110% 10.4% 2.09x
2020 H2 91 728+9% 282 405+7% 28 126+27% 27.2% 1.24x
2020 H1 83 474+7% 266 445-1% 28 298+51% 21.9% 1.61x
2019 H2 83 910-1% 264 843+2% 22 070-24% 31.1% 1.39x
2019 H1 78 215+7% 268 313+5% 18 762-53% 25.5% 0.92x
2018 H2 84 353+9% 259 520+3% 28 950-32% 18.9% 1.11x
2018 H1 73 196+20% 256 615-2% 39 635+18% 4.9% 1.47x
2017 H2 77 689+13% 251 552+3% 42 624+50% 6.0% 1.70x
2017 H1 60 9390% 262 385+16% 33 713+85% 5.2% 1.87x
2016 H2 68 459+1% 245 020+20% 28 467+128% 8.0% 1.68x
2016 H1 60 7620% 226 400+11% 18 210+167% 3.2% 1.26x
2015 H2 67 994+3% 204 382+3% 12 467<-100% 2.1% 0.75x
2015 H1 60 981+7% 203 254+16% 6 830-67% -9.7% 0.31x
2014 H2 65 828+11% 199 002+28% -448<-100%   -0.01x
2014 H1 57 253+3% 175 020+21% 20 402-47% 19.4% 1.50x
2013 H2 59 047+4% 155 415+13% 27 739-22% 11.8% 2.37x
2013 H1 55 477+6% 144 465+5% 38 592+9% 12.2% 13.57x
2012 H2 56 701+5% 137 778+9% 35 449+5%    
2012 H1 52 1330% 138 235+22% 35 544+3% 10.4%  
2011 H2 53 947+2% 126 862+19% 33 776+11%    
2011 H1 52 328-2% 113 235+7% 34 368 8.1%  
2010 H2 53 144+34% 106 220-4% 30 423    
2010 H1 53 144 106 220      
2009 H2 39 621 110 314      


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 H1     39 711+53%
2024 H2     20 335<-100%
2024 H1 -21 087<-100%   25 912+48%
2023 H2     -9 190<-100%
2023 H1 3 756   17 5380%
2022 H2     32 140+27%
2022 H1     17 595-20%
2021 H2     25 380>+200%
2021 H1   -1 729<-100% 22 121>+200%
2020 H2   -582<-100% 5 506<-100%
2020 H1   560+57% 1 361-57%
2019 H2   1 653<-100% -7 311<-100%
2019 H1   357-68% 3 153-21%
2018 H2   -135-87% 514-90%
2018 H1   1 100-11% 3 989+44%
2017 H2   -1 025-38% 5 346
2017 H1   1 237<-100% 2 771-4%
2016 H2   -1 666+197%  
2016 H1   -978<-100% 2 878<-100%
2015 H2   -561  
2015 H1   7 149 -9 595<-100%
2014 H2      
2014 H1     929+3%
2013 H2      
2013 H1     900<-100%
2012 H2     792-44%
2012 H1     -1 942<-100%
2011 H2   -5 509<-100% 1 413<-100%
2011 H1   -2 308-60% 2 558-71%
2010 H2   1 273<-100% -3 342<-100%
2010 H1   -5 778 8 832
2009 H2   -2 870 987
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 12 088>+200% 11 313>+200% 11 018>+200% 10 276<-100% 4 998+65% -5 437+25%
2025 q1 1 377-92% 539-96% 167-99% 101-99% 4 957+51% -4 829+19%
2024 q4 15 305-26% 25 004+23% 24 640+23% 24 649+51% 4 543+62% -4 481+13%
2024 q3 19 035+42% 15 843+22% 15 590+22% 15 037+28% 3 571+35% -4 417+25%
2024 q2 2 013-76% 1 178-85% 867-89% -350<-100% 3 036+20% -4 356+35%
2024 q1 16 227-2% 14 570-2% 14 371-2% 13 737-5% 3 286+24% -4 063+39%
2023 q4 ( 7735 , 8885 ) 20 741>+200% 20 319>+200% 20 053>+200% 16 324>+200% 2 808+6% -3 980+30%
2023 q3 13 421>+200% 12 947>+200% 12 757>+200% 11 730>+200% 2 648+13% -3 537+47%
2023 q2 8 304>+200% 7 810>+200% 7 616>+200% 6 741>+200% 2 524-24% -3 226-9%
2023 q1 16 582>+200% 14 888>+200% 14 699>+200% 14 386>+200% 2 649+16% -2 927-10%
2022 q4 5 642-6% 5 190-7% 4 936-9% 3 936-10% 2 659+61% -3 055+17%
2022 q3 2 964+62% 2 528+70% 2 324+73% 2 077>+200% 2 343+53% -2 412+8%
2022 q2 2 025+18% 1 505+12% 1 331+8% 7330% 3 321+137% -3 545+99%
2022 q1 2 484+43% 1 070+101% 931+140% 159-8% 2 286+73% -3 257+102%
2021 q4 5 993+4% 5 590+3% 5 445+2% 4 393 1 653 -2 622
2021 q3 1 829+135% 1 485>+200% 1 345>+200% 482>+200% 1 534 -2 234
2021 q2 1 712+31% 1 349+41% 1 229+44% 732>+200% 1 402 -1 785
2021 q1 1 732+41% 531-10% 388-16% 173+69% 1 321 -1 611
2020 q4 5 751-48% 5 429-49% 5 318-49%      
2020 q3 777-21% 446-12% 334-15% 86<-100%    
2020 q2 1 302-41% 954-48% 853-50% 61-94%    
2020 q1 1 225-5% 588+1% 461-1% 102+141%    
2019 q4 10 956+27% 10 626+27% 10 514+27% 6 775-10%    
2019 q3 980-6% 508-40% 393-51% -203<-100%    
2019 q2 2 203-36% 1 828<-100% 1 719<-100% 1 035<-100%    
2019 q1 1 283-63% 580-76% 467-80% 42-98%    
2018 q4 8 647 8 394 8 270 7 534    
2018 q3 1 043 841 805 45    
2018 q2 3 439 -995 -1 033 -1 152    
2018 q1 3 464 2 445 2 387 2 009    


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (5 437 - 4 998) * 4 / (113 843 - 0)

Q Total equity Total assets Net debt
 
2025 q2 136 061+45% 262 690+19% 113 843-3%
2025 q1 133 821+28% 264 830+16% 120 045+45%
2024 q4 133 720+47% 249 948+15% 99 015+5%
2024 q3 109 071+46% 224 770+9% 99 769-16%
2024 q2 94 034+50% 221 246+8% 117 6280%
2024 q1 104 687+63% 228 362+16% 82 672-31%
2023 q4 ( 7735 , 8885 ) 90 950+83% 218 140+10% 94 709-30%
2023 q3 74 626+63% 205 341+9% 119 072-7%
2023 q2 62 896+44% 204 625+5% 117 838-13%
2023 q1 64 191+49% 197 662-1% 119 450-17%
2022 q4 49 805+16% 198 360+9% 135 327+4%
2022 q3 45 869+7% 188 157+3% 128 380-1%
2022 q2 43 792+2% 195 520+7% 135 606+4%
2022 q1 43 0590% 199 093+9% 143 359+10%
2021 q4 42 901 182 763 129 872+187%
2021 q3 42 901 182 763 129 872+46%
2021 q2 42 901 182 763 129 872+48%
2021 q1 42 901 182 763 129 872+75%
2020 q4     45 329-28%
2020 q3     88 991+58%
2020 q2     87 502+73%
2020 q1     74 058+42%
2019 q4     62 668+31%
2019 q3     56 233+17%
2019 q2     50 552+5%
2019 q1     51 971+8%
2018 q4     47 696
2018 q3     48 147
2018 q2     48 147
2018 q1     48 147
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company