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General information

TOP-2 grocery retailer; substantial stake held by VTB state bank. Lately underperformed compared to X5 retail
  • Good financial results growth rate 12.7% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (10.2%)
  • Dividend yield for the last twelve months 33.9%
  • Free cash flow yield -89.5% (LTM)
  • Share price is 2.1% higher than minimum and 65.9% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (3.5x vs
    )
  • Fundamental value created in LTM (estimate)
  • Taking into account the impact of the key rate 16.5% on the change in financial parameters: EBITDA adjustment is -23 565 mln rub as NetDebt * (expected key rate - 3 years average 0.0%) / 2, expected EBITDA adjusted for key rate increases is 164 068 mln rub, expected mult is 4.3x, target mult is 3.9x, potential is -27.3%

Key Financials (Download financials)

Ticker: MGNT
Share price, RUB:  (0.0%)2868
year average price 4125  


year start price 4857 2024-11-08

max close price 5385 2025-02-25

min close price 2809 2025-10-27

current price 2868 2025-11-07
Common stocks: 71 642 730
Dividend Yield:  33.9%
FCF Yield LTM: -89.5%
EV / LTM EBITDA:3.5x
EV / EBITDA annualized: 3.7x
Last revenue growth (y/y):  14.6%
Last growth of EBITDA (y/y):  10.9%
Historical revenue growth:  14.7%
Historical growth of EBITDA:  5.7%
Target EV / EBITDA (hist percentile):
Express share price potential:
Fundamental value created in LTM:
Fundamental value created in LTM:
 Mult Upside+6.6%
 FCF Creation-89.5%
 Growth+12.7%
 Growth Corr+1.3%
 
 Sum-68.9%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 205 471
Net Debt (m RUB): 430 600
EV (Enterprise Value): 636 071
EBITDA LTM (m RUB): 180 288
Net Income LTM (m RUB): 23 892
EV / LTM EBITDA: 3.5x
Net Debt / LTM EBITDA (if EBITDA > 0): 2.4x
Average daily trading volume for the week, RUB mln: 807
P / E 8.6x
P / E ann-d665.1x
P / B 1.1x
EBITDA margin ann-d 5.1%
Net income margin ann-d 0.0%

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

Фьючерсы
Название Инструмент Дата экспирации Последняя цена За день Дневной объем млн руб Цена акции Контанго / бэквордация Annualized
Фьючерсный контракт MGNT-12.25 MNZ5 2025-12-19 2925.00 0.0% 84.9 2868 +2.0% +18.7%
Фьючерсный контракт MGNT-3.26 MNH6 2026-03-20 3049.00 -0.3% 2.9 2868 +6.3% +18.3%
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 836 612+15% 186 362+13% 36 519+11% 77-99% 6 167+36%  
2025 q1 836 612+15% 186 362+13% 36 519+10% 77-99% 6 167+36%  
2024 q4 791 688+15% 174 179+19% 36 926+9% 11 869-15% 3 999-36%  
2024 q3 791 688+15% 174 179+19% 36 926+9% 11 869-15% 3 999-36%  
2024 q2 730 029+15% 164 285+17% 32 913-2% 8 504-50% 4 545-18% -23 238+12%
2024 q1 730 029+15% 164 285+17% 33 192-1% 8 727-49% 4 545-18%  
2023 q4 686 748+11% 146 309+8% 33 990+57% 13 890>+200% 6 216+74% -21 308+25%
2023 q3 686 748+11% 146 309+8% 33 990+57% 13 890>+200% 6 216+74%  
2023 q2 632 659+7% 140 261+6% 33 548+1% 17 008+16% 5 555+112% -20 686+30%
2023 q1 632 659+7% 140 261+6% 33 548+1% 17 008+16% 5 555+112%  
2022 q4 621 308+14% 134 943+18% 21 653-23% 4 420-64% 3 571>+200% -17 039+39%
2022 q3 621 308+14% 134 943+18% 21 653-23% 4 420-64% 3 571>+200%  
2022 q2 588 558+39% 132 173+39% 33 057+35% 14 671+32% 2 623>+200% -15 973+48%
2022 q1 588 558+39% 132 173+37% 33 057+35% 14 671+32% 2 623>+200%  
2021 q4 544 553+34% 114 324+24% 28 115+26% 12 319+42% 696>+200% -12 281+10%
2021 q3 544 553<-100% 114 324+24% 28 115+26% 12 319+42% 696>+200%  
2021 q2 424 341+10% 95 245+6% 24 553+15% 11 150+54% 461+179% -10 761-7%
2021 q1 424 341+10% 96 293+7% 24 553+19% 11 150+62% 461+179%  
2020 q4 407 227<-100% 91 998+18% 22 289+46% 8 703>+200% 113+78% -11 193-6%
2020 q3 -1 146 550<-100% 91 998+18% 22 289+46% 8 703>+200% 113+78%  
2020 q2 387 323+14% 89 761+16% 21 386+45% 7 250>+200% 165+102% -11 633
2020 q1 387 323 89 761 20 607 6 886 165  
2019 q4 -2 908 970 563 341 345<-100% 78 113+5% 15 217+18% 2 559-69% 64+21% -11 945>+200%
2019 q3 368 205+11% 78 113+5% 15 217+18% 2 559-69% 64  
2019 q2 340 675+11% 77 6610% 14 711-1% 1 886-6% 82  
2019 q1            
2018 q4 331 641+10% 74 287-2% 12 932-8% 8 327-1% 53 -2 318-29%
2018 q3 331 641+10% 74 287-2% 12 932-8% 8 327-1%   -2 318-29%
2018 q2 306 702+6% 77 799+5% 14 849-8% 1 996-81%   -11 857>+200%
2018 q1 306 702+6% 73 586-4% 13 412-17% 8 882-14%   -2 181-31%
2017 q4 ( 1244 , 1245 ) 302 328+9% 76 123+2% 14 069-32% 8 388-39%   -3 2710%
2017 q3 302 328+9% 76 123+2% 14 069-32% 8 388-39%   -3 2710%
2017 q2 ( 1246 , 1247 ) 288 042+10% 74 283+5% 16 197-18% 10 374-21%   -3 166-8%
2017 q1 288 042+10% 76 273+7% 16 197-18% 10 374-21%   -3 166-8%
2016 q4 ( 1248 , 1249 ) 276 642+13% 74 909-5% 20 765-14% 13 785-21%   -3 280-3%
2016 q3 276 642-15% 74 909-5% 20 765-14% 13 785-21%   -3 280-3%
2016 q2 ( 1250 , 1251 ) 260 764+15% 71 031+12% 19 777+2% 13 054+3%   -3 455+14%
2016 q1 260 764+38% 71 031+22% 19 777+11% 13 054+12%   -3 455+24%
2015 q4 ( 1252 , 1253 ) 245 207+25% 78 500+37% 24 113+33% 17 494+38%   -3 373+96%
2015 q3 326 076+66% 78 500+37% 24 113+33% 17 494+38%   -3 373+96%
2015 q2 225 965+30% 63 530+31% 19 388+37% 12 633+29%   -3 024+102%
2015 q1 188 952+8% 58 360+20% 17 810+26% 11 605+19%   -2 778+86%
2014 q4 ( 1255 , 1256 ) 196 399+30% 57 336+31% 18 191+33% 12 634+31%   -1 717+33%
2014 q3 196 399+30% 57 336+31% 18 191+33% 12 634+31%   -1 717+33%
2014 q2 174 331+25% 48 514+28% 14 100+32% 9 783+32%   -1 495+24%
2014 q1 174 331+25% 48 514+28% 14 100+32% 9 783+32%   -1 495+24%
2013 q4 ( 1258 , 1259 ) 150 987+32% 43 624+42% 13 705+44% 9 656+46%   -1 291+25%
2013 q3 150 987+32% 43 624+42% 13 705+44% 9 656+46%   -1 291+25%
2013 q2 139 284+32% 37 970+41% 10 706+36% 7 425+40%   -1 204+26%
2013 q1 139 284+32% 37 970+41% 10 706+36% 7 425+40%   -1 204+26%
2012 q4 ( 1261 , 1262 ) 114 266+22% 30 644+32% 9 490+60% 6 601+78%   -1 031+4%
2012 q3 114 266+22% 30 644+32% 9 490+60% 6 601+78%   -1 031+4%
2012 q2 105 418+38% 27 002+56% 7 861+134% 5 288+169%   -958+44%
2012 q1 105 418+38% 27 002+56% 7 861+134% 5 288+169%   -958+44%
2011 q4 93 326+51% 23 144+65% 5 927+49% 3 701+35%   -989>+200%
2011 q3 93 326+51% 23 144+65% 5 927+49% 3 701+35%   -989>+200%
2011 q2 76 542+42% 17 296+49% 3 363<-100% 1 964-5%   -666>+200%
2011 q1 76 542+42% 17 309+49% 3 363<-100% 1 964-5%   -666>+200%
2010 q4 61 804+42% 13 994+37% 3 987<-100% 2 739+21%   -308-24%
2010 q3 61 804+42% 13 994+37% 3 987<-100% 2 739+21%   -308-24%
2010 q2 54 060+45% 11 611+34% -8 836+40% 2 057+11%   -156-66%
2010 q1 54 060+45% 11 611+34% -8 836+40% 2 057+11%   -156-66%
2009 q4 43 544+4% 10 247+13% -7 326<-100% 2 260+53%   -407-14%
2009 q3 43 544 10 247 -7 326 2 260   -407
2009 q2 37 284-4% 8 686+8% -6 327-5% 1 849+79%   -457-1%
2009 q1 37 284 8 686 -6 327 1 849   -457
2008 q4 41 927 9 091 2 507 1 473   -472
2008 q2 38 728 8 076 -6 649 1 034   -460


Balance


Implied interest rate for 2024 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (23 238 - 4 545) * 4 / (777 163 - 5 064)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q2 184 025+21% 1 670 048+19% 1 002 868+29%   2.39x
2025 q1         1.94x
2024 q4 181 314+14% 1 563 914+9% 797 506+17%   1.47x
2024 q3         1.42x
2024 q2 152 018-37% 1 398 2110% 777 163+35% 9.7% 1.37x
2024 q1         1.14x
2023 q4 158 467-24% 1 429 543+2% 684 550+24% 8.8% 1.00x
2023 q3         0.93x
2023 q2 240 397+15% 1 400 140+16% 574 373-8% 10.5% 0.72x
2023 q1         0.70x
2022 q4 207 382+16% 1 395 998+15% 551 027-19% 9.8% 0.70x
2022 q3         0.91x
2022 q2 208 356+15% 1 207 532+17% 625 568+20% 8.5% 1.19x
2022 q1         1.60x
2021 q4 178 985-2% 1 209 444+28% 681 865+36% 6.8% 1.48x
2021 q3         1.92x
2021 q2 181 798-3% 1 032 945+10% 522 640-6% 7.9% 1.19x
2021 q1         1.41x
2020 q4 182 889-3% 945 3920% 502 738-8% 8.8% 1.11x
2020 q3         1.76x
2020 q2 187 302-7% 936 276+1% 556 002+5% 8.2% 2.01x
2020 q1         2.21x
2019 q4 188 533-26% 948 689+55% 546 419>+200% 8.7% 2.11x
2019 q3         2.10x
2019 q2 201 041-24% 923 325+74% 531 512>+200%   2.06x
2019 q1         1.57x
2018 q4 253 304-2% 611 588+16% 150 966+40% 6.0% 1.53x
2018 q3         1.18x
2018 q2 263 263+25% 531 641+13% 118 467-15% 40.0% 1.19x
2018 q1         1.17x
2017 q4 ( 1244 , 1245 ) 259 307+32% 526 325+16% 107 908-12% 12.1% 1.18x
2017 q3         1.44x
2017 q2 ( 1246 , 1247 ) 210 451+13% 471 250+13% 139 009+21% 9.1% 1.35x
2017 q1         1.12x
2016 q4 ( 1248 , 1249 ) 196 077+18% 454 915+11% 122 767+8% 10.7% 1.07x
2016 q3         1.10x
2016 q2 ( 1250 , 1251 ) 186 476+20% 415 557+17% 115 020+24% 12.0% 1.09x
2016 q1         0.90x
2015 q4 ( 1252 , 1253 ) 166 743+16% 408 115+18% 113 677+24% 11.9% 0.91x
2015 q3         1.12x
2015 q2 155 625+13% 355 888+26% 92 827+47% 13.0% 1.78x
2015 q1         3.55x
2014 q4 ( 1255 , 1256 ) 143 652+13% 344 761+28% 91 872+37% 7.5%  
2014 q3          
2014 q2 138 225+26% 282 955+23% 63 181+21% 9.5%  
2014 q1          
2013 q4 ( 1258 , 1259 ) 126 589+27% 269 088+21% 66 905+33% 7.7%  
2013 q3          
2013 q2 109 356+27% 230 845+30% 52 021+17% 9.3%  
2013 q1          
2012 q4 ( 1261 , 1262 ) 99 848+27% 221 888+27% 50 349+43% 8.2%  
2012 q3          
2012 q2 85 977+56% 177 906+33% 44 439+5% 8.6%  
2012 q1          
2011 q4 78 510+49% 174 967+55% 35 090+36% 11.3%  
2011 q3          
2011 q2 55 231+19% 133 758+70% 42 181>+200% 6.3%  
2011 q1          
2010 q4 52 662+18% 112 772+42% 25 849>+200% 4.8%  
2010 q3          
2010 q2 46 389+67% 78 817+35% 9 022-34% 6.9%  
2010 q1          
2009 q4 44 683 79 294 1 293 126.0%  
2009 q3          
2009 q2 27 837 58 189 13 693 13.4%  
2009 q1          
2008 q4          
2008 q2          


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q2      
2025 q1      
2024 q4 53 579+29% -42 553+70% -14 871-68%
2024 q3 53 579+29% -42 553+70% -14 871-68%
2024 q2 33 996+84% -22 452+70% -63 210>+200%
2024 q1 33 996+84% -22 452+70% -63 210>+200%
2023 q4 41 534-30% -25 005+91% -47 125<-100%
2023 q3 41 534-32% -25 005+156% -47 125<-100%
2023 q2 18 431-66% -13 225-43% -16 587-7%
2023 q1 18 431-66% -13 225-43% -16 587-7%
2022 q4 59 120+23% -13 113-66% 14 587<-100%
2022 q3 60 846+27% -9 785-75% 25 404<-100%
2022 q2 53 943+110% -23 096+110% -17 865<-100%
2022 q1 53 943+110% -23 096+110% -17 865<-100%
2021 q4 47 928+20% -38 572>+200% -13 900-48%
2021 q3 47 928+20% -38 572>+200% -13 900-48%
2021 q2 25 685+59% -10 972+93% 27 619<-100%
2021 q1 25 685-13% -10 972+90% 27 619<-100%
2020 q4 40 063+64% -7 753-49% -26 825+98%
2020 q3 40 063+64% -7 753-49% -26 825+98%
2020 q2 16 109-41% -5 696-47% -4 288-53%
2020 q1 29 423+98% -5 760-46% -4 318-53%
2019 q4 24 453+38% -15 212+6% -13 550<-100%
2019 q3 24 453+38% -15 212+6% -13 550<-100%
2019 q2 27 120+53% -10 687+8% -9 102-23%
2019 q1 14 871+31% -10 687+5% -9 102+78%
2018 q4 17 782+2% -14 346-29% 667-87%
2018 q3 17 782+2% -14 346-29% 667-87%
2018 q2 17 713+108% -9 850-28% -11 765>+200%
2018 q1 11 390+34% -10 171-26% -5 121>+200%
2017 q4 ( 1244 , 1245 ) 17 493+2% -20 178+53% 5 103<-100%
2017 q3 17 493+2% -20 178+53% 5 103<-100%
2017 q2 ( 1246 , 1247 ) 8 528-27% -13 660+29% -344-88%
2017 q1 8 528-27% -13 660+29% -344-88%
2016 q4 ( 1248 , 1249 ) 17 094-23% -13 183-18% -604-92%
2016 q3 17 094-23% -13 183-18% -604-92%
2016 q2 ( 1250 , 1251 ) 11 759-35% -10 572-15% -2 940-66%
2016 q1 11 759-29% -10 572-7% -2 940-60%
2015 q4 ( 1252 , 1253 ) 22 101+50% -16 018+7% -7 586<-100%
2015 q3 22 101+50% -16 018+7% -7 586<-100%
2015 q2 18 168+10% -12 393+22% -8 663+16%
2015 q1 16 642+1% -11 384+12% -7 327-2%
2014 q4 ( 1255 , 1256 ) 14 736+33% -14 984+5% 4 542+172%
2014 q3 14 736+33% -14 984+5% 4 542+172%
2014 q2 16 504+38% -10 142-2% -7 484+102%
2014 q1 16 504+38% -10 142-2% -7 484+102%
2013 q4 ( 1258 , 1259 ) 11 094+8% -14 327+14% 1 671-46%
2013 q3 11 094+8% -14 327+14% 1 671-46%
2013 q2 11 964+88% -10 338-2% -3 696+60%
2013 q1 11 964+91% -10 338-1% -3 696+60%
2012 q4 ( 1261 , 1262 ) 10 274+19% -12 589-7% 3 089-67%
2012 q3 10 274+19% -12 589-7% 3 089-67%
2012 q2 6 351+71% -10 502-17% -2 307<-100%
2012 q1 6 274+70% -10 426-18% -2 307<-100%
2011 q4 8 633+141% -13 598+29% 9 254+47%
2011 q3 8 633+141% -13 598+29% 9 254+47%
2011 q2 3 722+51% -12 696+107% 8 134<-100%
2011 q1 3 684+50% -12 658+107% 8 134<-100%
2010 q4 3 580-3% -10 581+187% 6 313+95%
2010 q3 3 580-3% -10 581+187% 6 313+95%
2010 q2 2 458>+200% -6 127+104% -1 536<-100%
2010 q1 2 458>+200% -6 127+104% -1 536<-100%
2009 q4 3 700+12% -3 688-18% 3 241+107%
2009 q3 3 700 -3 688 3 241
2009 q2 746-69% -2 998-45% 912-59%
2009 q1 746 -2 998 912
2008 q4 3 293 -4 511 1 569
2008 q2 2 392 -5 433 2 251
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 1030% 86+4% -405-64% 1 619-95% 14 678>+200% -12 755>+200%
2025 q1 1030% 86-1% -43>+200% 1 349+1% 9 362+193% -6 756>+200%
2024 q4 103-5% 87-9% -101>+200% 28 918-70% 4 643+165% -2 818+86%
2024 q3 103-36% 90-37% -42>+200% 1 421>+200% 3 973+125% -1 922+27%
2024 q2 103-32% 83-39% -1 133<-100% 32 099>+200% 3 263+69% -1 370-18%
2024 q1 103-25% 87-29% -14+175% 1 339>+200% 3 201+64% -1 498-12%
2023 q4 108-40% 96-41% -2<-100% 97 772>+200% 1 749+16% -1 519+20%
2023 q3 161-7% 143-13% -2<-100% 201-27% 1 765+25% -1 512+32%
2023 q2 151-14% 135-18% 50<-100% 247<-100% 1 926+31% -1 667+39%
2023 q1 138-25% 122-29% -5<-100% 118-44% 1 956+18% -1 706+25%
2022 q4 181-2% 162-5% 66>+200% 148<-100% 1 501-11% -1 262-18%
2022 q3 173-2% 165+4% 78+77% 276-84% 1 408-13% -1 148-26%
2022 q2 176-10% 164-8% -661+11% -363<-100% 1 4670% -1 198-6%
2022 q1 183+18% 171+25% 52<-100% 211-41% 1 659+25% -1 370+6%
2021 q4 184-29% 171-30% 10-93% 30 489>+200% 1 692 -1 541
2021 q3 177-3% 158-4% 44+20% 1 717-93% 1 616 -1 541
2021 q2 196+2% 178+1% -595>+200% 24 519>+200% 1 472 -1 281
2021 q1 155+16% 137+17% -410+66% 355+167% 1 323 -1 286
2020 q4 260+88% 243+101% 147>+200% 226-99%    
2020 q3 181+20% 166+23% 37-17% 25 650+65%    
2020 q2 193-18% 177-19% -174-61% 2 119-53%    
2020 q1 133-5% 117-5% -247-58% 133-34%    
2019 q4 138+33% 121+40% 38<-100% 20 249+22%    
2019 q3 152+46% 135+57% 44>+200% 15 561+199%    
2019 q2 236+128% 219+159% -446>+200% 4 490-41%    
2019 q1 140+35% 123+44% -594>+200% 201-87%    
2018 q4 ( 4741 , 4742 ) 104 87 0 16 604    
2018 q3 104 86 3 5 199    
2018 q2 104 85 -100 7 664    
2018 q1 104 85 -65 1 531    


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (12 755 - 14 678) * 4 / (90 883 - 0)

Q Total equity Total assets Net debt
 
2025 q2 211 094+19% 480 056+77% 90 883<-100%
2025 q1 209 476+12% 435 660+68% 72 950<-100%
2024 q4 208 127+12% 307 786+3% -28 801<-100%
2024 q3 179 209+37% 259 762+28% 16 802-57%
2024 q2 177 788+36% 270 839+35% -17 298<-100%
2024 q1 187 689+44% 259 584+14% -13 909<-100%
2023 q4 186 350+43% 299 129+42% 37 757+106%
2023 q3 130 661+1% 202 2500% 39 294>+200%
2023 q2 130 459+1% 201 2260% 37 856>+200%
2023 q1 130 2130% 227 396+7% 47 526+54%
2022 q4 130 0950% 211 027-16% 18 309+17%
2022 q3 129 9460% 201 492-20% 8 854-43%
2022 q2 129 6700% 200 581-20% 8 170-48%
2022 q1 130 0330% 211 904-16% 30 855+97%
2021 q4 129 823 251 106 15 626-29%
2021 q3 129 823 251 106 15 626-73%
2021 q2 129 823 251 106 15 626-65%
2021 q1 129 823 251 106 15 626-16%
2020 q4     22 003<-100%
2020 q3     58 730+136%
2020 q2     45 173+80%
2020 q1     18 502-5%
2019 q4     -1 692-97%
2019 q3     24 864<-100%
2019 q2     25 090<-100%
2019 q1     19 403<-100%
2018 q4 ( 4741 , 4742 )     -58 624
2018 q3     -13 376
2018 q2     -13 376
2018 q1     -13 376
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company