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General information

Leading mobile operator, recently building eco-system for monetisation of customer base. In general, all the mobile operators show moderate financials growth rates and quite high share of capital investments in EBITDA, which implies quite low multiple. Still, MTS compared to peers, shows a bit better growth dynamics and pays higher dividends / regularly buys backs its shares
  • Good financial results growth rate 18.0% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (9.7%)
  • Dividend yield for the last twelve months 16.5%
  • Free cash flow yield 3.0% (LTM)
  • Share price is 29.2% higher than minimum and 38.8% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (3.7x 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 -23 598 mln rub as NetDebt * (expected key rate - 3 years average 0.0%) / 2, expected EBITDA adjusted for key rate increases is 217 919 mln rub, expected mult is 3.9x, target mult is 4.5x, potential is +32.1%

Key Financials (Download financials)

Ticker: MTSS
Share price, RUB:  (-1.4%)211.75
year average price 216.72  


year start price 174.20 2024-12-09

min close price 163.90 2024-12-17

max close price 254.30 2025-02-24

current price 211.75 2025-12-08
Common stocks: 1 698 624 339
Dividend Yield:  16.5%
FCF Yield LTM: 3.0%
EV / LTM EBITDA:3.7x
EV / EBITDA annualized: 3.4x
Last revenue growth (y/y):  18.5%
Last growth of EBITDA (y/y):  17.4%
Historical revenue growth:  12.9%
Historical growth of EBITDA:  6.6%
Target EV / EBITDA (hist percentile):
Express share price potential:
Fundamental value created in LTM:
Fundamental value created in LTM:
 Mult Upside+25.2%
 FCF Creation+3.0%
 Growth+18.0%
 Growth Corr+4.1%
 
 Sum+50.2%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 359 684
Net Debt (m RUB): 498 813
EV (Enterprise Value): 858 497
EBITDA LTM (m RUB): 234 662
Net Income LTM (m RUB): 10 687
EV / LTM EBITDA: 3.7x
Net Debt / LTM EBITDA (if EBITDA > 0): 2.1x
Average daily trading volume for the week, RUB mln: 460
P / E 25.2x
P / E ann-d25.8x
EBITDA margin ann-d 29.6%
Net income margin ann-d 1.8%

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 q3            
2025 q2 ( 12870 , 12938 ) 195 394+14%   39 393+4% 3 487-55% 2 941+132% -39 716+76%
2025 q1 175 512+9%   31 870-4% 5 380-73% 2 885+175% -34 447+66%
2024 q4 ( 9377 , 9411 ) 191 175+14%   32 501+7% 1 820-86% 2 201-89% -30 737<-100%
2024 q3 191 175+14%   32 501+7% 1 820-86% 2 201-89% -30 737<-100%
2024 q2 170 868+19%   37 722+21% 7 805-46% 1 270+106% -22 544+77%
2024 q1 161 315+8%   33 206+5% 20 075+35% 1 049+69% -20 777+62%
2023 q4 167 967+23%   30 370+7% 12 572+37% 19 829>+200% 3 437<-100%
2023 q3 167 967+16%   30 370+7% 12 572+37% 19 829>+200% 3 437<-100%
2023 q2 144 159+13%   31 055+27% 14 563+64% 616>+200% -12 762-18%
2023 q1 148 892+17%   31 736+30% 14 912+68% 620>+200% -12 795-17%
2022 q4 136 723-3%   28 314-4% 9 151-42% 532-8% -14 300+35%
2022 q3 144 356-2%   28 314-4% 9 151-42% 532-8% -14 300+35%
2022 q2 127 774+2%   24 495-17% 8 901-47% 178-77% -15 479+62%
2022 q1 127 774-1%   24 495-17% 8 901-47% 178-77% -15 479+62%
2021 q4 140 438+9%   29 594+3% 15 6610% 580-29% -10 606+1%
2021 q3 146 920+14%   29 594+3% 15 6610% 580-29% -10 606+1%
2021 q2 125 312+6%   29 418+12% 16 687+21% 779-21% -9 533-10%
2021 q1 128 575+9%   29 498+12% 16 817+22% 779-21% -9 535-10%
2020 q4 128 540+37%   28 761+1% 15 597+25% 818-15% -10 488-11%
2020 q3 128 540+30%   28 761+1% 15 597+25% 818-15% -10 488-11%
2020 q2 117 730+9%   26 254-3% 13 790+12% 984-27% -10 622-8%
2020 q1 117 730-6%   26 254-9% 13 790+1% 984-33% -10 622-10%
2019 q4 93 549-8%   28 404-4% 12 499-28% 965-39% -11 833+23%
2019 q3 99 050-24%   28 404-4% 12 499-28% 965-39% -11 833+23%
2019 q2 107 973-6%   27 1200% 12 340-18% 1 351+12% -11 511+23%
2019 q1 125 149+9%   28 977+7% 13 625-9% 1 462+21% -11 868+27%
2018 q4 101 237-13%   29 661+21% 17 302+21% 1 590+9% -9 608+50%
2018 q3 130 064+11%   29 661+21% 17 302+21% 1 590+9% -9 608+50%
2018 q2 114 346+7%   27 203+19% 14 977+9% 1 211+3% -9 340+38%
2018 q1 114 346   27 203 14 977 1 211 -9 340
2017 q4 116 824+5%   24 437+9% 14 286+5% 1 458+16% -6 427+1%
2017 q3 116 824+87%   24 437+9% 14 286+5% 1 458+16% -6 427+1%
2017 q2 106 838+20%   22 788+11% 13 733+18% 1 175-22% -6 785-15%
2016 q4 111 590+58%   22 376 13 609 1 257 -6 369
2016 q3 62 384   22 376 13 609 1 257 -6 369
2016 q2 89 1420%   20 542-1% 11 644-13% 1 503-37% -8 029+27%
2016 q1 89 1420%   20 542-1% 11 644-13% 1 503-37% -8 029+27%
2015 q4 70 840          
2015 q2 89 134+3%   20 832-16% 13 339-23% 2 382+106% -6 305+49%
2015 q1 89 134   20 832 13 339 2 382 -6 305
2014 q2 86 628   24 693 17 414 1 158 -4 240
2014 q1            
2013 q2            


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (39 716 - 2 941) * 4 / (473 074 - 27 269)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q3 -4 345 1 775 451 449 665   2.13x
2025 q2 ( 12870 , 12938 ) -45 293+144% 1 690 213+26% 473 074-11% 33.0% 2.23x
2025 q1 -5 789 1 543 238 506 480 26.3% 2.09x
2024 q4 ( 9377 , 9411 ) -11 234<-100% 1 516 963+17% 555 124-1% 21.6% 2.22x
2024 q3         2.18x
2024 q2 -18 544-21% 1 345 108+23% 532 517-2% 16.6% 2.04x
2024 q1         2.24x
2023 q4 1 720<-100% 1 291 545+19% 561 737+9%   2.18x
2023 q3         2.18x
2023 q2 -23 381-22% 1 094 579+8% 544 828-1% 9.0% 2.05x
2023 q1         1.96x
2022 q4 -3 617<-100% 1 082 930+7% 515 112-2% 10.8% 1.98x
2022 q3         2.13x
2022 q2 -29 956<-100% 1 013 458+8% 548 809+13% 11.3% 2.12x
2022 q1         2.12x
2021 q4 14 604-55% 1 015 818+11% 524 957+16% 7.7% 1.96x
2021 q3         2.01x
2021 q2 7 957-74% 941 589+4% 486 943+15% 7.3% 1.74x
2021 q1         1.66x
2020 q4 32 690-10% 919 203+12% 452 381+6% 8.6% 1.54x
2020 q3         1.43x
2020 q2 30 778-24% 902 444+4% 421 932-12% 9.2% 1.35x
2020 q1         1.36x
2019 q4 36 394-53% 823 910-10% 426 086+5% 10.3% 1.34x
2019 q3         1.47x
2019 q2 40 538-64% 863 617+15% 479 206+27% 8.5% 1.50x
2019 q1         1.43x
2018 q4 77 565-38% 915 993+66% 404 228+64% 8.2% 1.19x
2018 q3         1.22x
2018 q2 112 510-9% 752 192+36% 378 169 8.7% 1.05x
2018 q1         1.15x
2017 q4 124 205-14% 551 070+1% 246 223-13% 8.2% 1.29x
2017 q3         1.19x
2017 q2 124 205-18% 551 070-7%     1.14x
2016 q4 143 948-15% 544 470-17% 282 163 7.4% 1.53x
2016 q3         1.00x
2016 q2 151 434-3% 595 353+25% 260 475+2% 10.3% 0.87x
2016 q1         0.87x
2015 q4 168 371 653 378     0.95x
2015 q2 156 857+6% 476 259-8% 255 604+44% 6.3% 1.10x
2015 q1         1.17x
2014 q2 147 862-5% 519 024+7% 176 980 7.2% 0.82x
2014 q1         0.82x
2013 q2 156 053 485 524     1.97x


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q3 126 878+108% -64 248-10%  
2025 q2 ( 12870 , 12938 ) 79 436>+200% -120 663+186% 18 174+30%
2025 q1 37 635>+200% -70 911>+200%  
2024 q4 ( 9377 , 9411 ) 66 486+65% -41 051-5% 11 042+72%
2024 q3 61 007+52% -71 655+65% 11 042+72%
2024 q2 19 624+9% -42 212+104% 14 031<-100%
2024 q1 11 842-34% -21 111+2% 14 031<-100%
2023 q4 40 236-26% -43 331+49% 6 410<-100%
2023 q3 40 236-26% -43 331+49% 6 410<-100%
2023 q2 18 007-33% -20 646-33% -16 677<-100%
2023 q1 18 007-33% -20 646-33% -16 677<-100%
2022 q4 54 532+38% -29 136+1% -17 435-6%
2022 q3 54 532+38% -29 136+1% -17 435-6%
2022 q2 26 997+12% -30 831+4% 17 684<-100%
2022 q1 26 997+12% -30 831+4% 17 684<-100%
2021 q4 39 577-4% -28 884+31% -18 458+35%
2021 q3 39 577-4% -28 884+31% -18 458+35%
2021 q2 24 115-63% -29 779-2% -15 841<-100%
2021 q1 24 115-63% -29 779-2% -15 841<-100%
2020 q4 41 075+4% -21 967+110% -13 685-64%
2020 q3 41 075+4% -21 967+110% -13 685-64%
2020 q2 64 567>+200% -30 463+147% 27 391<-100%
2020 q1 64 567<-100% -30 463<-100% 27 391<-100%
2019 q4 39 431-1% -10 458-41% -38 548>+200%
2019 q3 39 431-1% -10 458-41% -38 548>+200%
2019 q2 4 859-86% -12 339-51% -23 832<-100%
2019 q1 -11 642<-100% 1 819<-100% -4 804<-100%
2018 q4 39 786+6% -17 797-3% -9 420-46%
2018 q3 39 786+6% -17 797-3% -9 420-46%
2018 q2 35 031+8% -24 999-6% 2 336+6%
2018 q1 35 031 -24 999 2 336
2017 q4 37 401+14% -18 326+27% -17 547-16%
2017 q3 37 401+14% -18 326+27% -17 547-16%
2017 q2 32 438+2% -26 531+91% 2 196<-100%
2016 q4 32 909-9% -14 478-60% -20 839>+200%
2016 q3 32 909 -14 478 -20 839
2016 q2 31 837-12% -13 868-78% -20 521<-100%
2016 q1 31 837-12% -13 868-78% -20 521<-100%
2015 q4 36 022 -36 339 -6 899
2015 q2 36 008-7% -61 749+141% 18 534<-100%
2015 q1 36 008-8% -61 749+139% 18 534<-100%
2014 q2 38 919+3% -25 669+18% -1 333<-100%
2014 q1 39 100 -25 849 -1 333
2013 q2 37 801 -21 702 4 392
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 q3 121 651+3% 60 500+1% 24 237+5% 68<-100% 7 537+27% -42 133-25%
2025 q2 115 938+2% 60 760+1% 25 007+4% 4 665-80%   -43 353<-100%
2025 q1 108 568-1% 56 494-5% 25 342-2% 490-98% 7 631>+200% -37 433+106%
2024 q4 117 621+6% 62 934+10% 21 225-8% -2 944<-100% 2 531+24% -31 656+97%
2024 q3 118 004+9% 59 759+3% 22 979-4% -3 195<-100% 5 945>+200% -56 255>+200%
2024 q2 113 305+9% 60 022+10% 24 062-5% 23 898+71% 2 361+86% 8 004<-100%
2024 q1 109 277+10% 59 392+17% 25 902+27% 19 761+63% 1 863+58% -18 174+86%
2023 q4 110 779+8% 57 091+6% 23 100+8% 7 413>+200% 2 045+77% -16 047+34%
2023 q3 108 562+9% 57 891+11% 24 035-3% 14 882+87% 925-26% -12 684-1%
2023 q2 103 591+9% 54 346+11% 25 299+11% 13 995-36% 1 268-30% -10 229-39%
2023 q1 99 340+6% 50 748+7% 20 442-7% 12 101<-100% 1 179-15% -9 773-31%
2022 q4 103 008<-100% 53 941<-100% 21 331<-100% 1 559<-100% 1 158<-100% -11 948<-100%
2022 q3 99 839+4% 52 281+5% 24 779+1% 7 972-46% 1 244+126% -12 809+45%
2022 q2 94 716+5% 49 036+6% 22 891-5% 21 843+31% 1 801+113% -16 818+123%
2022 q1 94 010 47 350 21 894 -96 1 386 -14 205
2021 q4 ( 5255 , 5256 ) -45 874<-100% -24 379<-100% -13 466<-100% -15 805<-100% -5<-100% 1 099<-100%
2021 q3 95 635 49 905 24 633 14 823 552 -8 853
2021 q2 90 123 46 204 24 194 16 691 844 -7 549
2020 q4 22 118 11 255 5 936 3 598 205 -1 854


Balance


Implied interest rate for 2025 q3:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (42 133 - 7 537) * 4 / (858 115 - 0)

Q Total equity Total assets Net debt
 
2025 q3 92 739-2% 1 453 244+19% 858 115+23%
2025 q2 47 272 1 381 772+14% 804 664+31%
2025 q1 91 161-39% 1 351 099+16% 780 300>+200%
2024 q4     739 0970%
2024 q3 94 667 1 219 312+14% 695 106+31%
2024 q2   1 208 629+15% 615 618+19%
2024 q1 149 706+2% 1 165 908+15% 252 631-49%
2023 q4 129 544-4% 1 118 107+9% 739 097+43%
2023 q3   1 065 920+9% 531 344-10%
2023 q2 110 295+108% 1 049 386+7% 518 695-6%
2023 q1 147 314+9% 1 014 975-1% 499 709-3%
2022 q4 135 197+45% 1 023 042+6% 517 137-4%
2022 q3 63 538-34% 975 762+4% 587 385+9%
2022 q2 52 908-45% 983 921+5% 553 100+2%
2022 q1 135 197 1 023 042 517 137
2021 q4 ( 5255 , 5256 ) 93 554-3% 967 479+3% 540 412<-100%
2021 q3 96 052 935 462 540 412
2021 q2 96 052 935 462 540 412
2020 q4 96 052 935 462 -33 110
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company