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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 11.4% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (6.3%)
  • Dividend yield for the last twelve months 16.3%
  • Free cash flow yield 3.8% (LTM)
  • Share price is 31.3% higher than minimum and 37.8% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (3.9x vs
    )
  • Fundamental value created in LTM (estimate)
  • Taking into account the impact of the key rate 21.0% on the change in financial parameters: EBITDA adjustment is -33 068 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 188 177 mln rub, expected mult is 4.5x, target mult is 4.4x, potential is -4.9%

Key Financials (Download financials)

Ticker: MTSS
Share price, RUB:  (+0.4%)215.15
year average price 228.73  


year start price 308.85 2024-05-03

max close price 313.10 2024-05-13

min close price 163.90 2024-12-17

current price 214.80 2025-05-02
Common stocks: 1 698 624 339
Dividend Yield:  16.3%
FCF Yield LTM: 3.8%
EV / LTM EBITDA:3.9x
EV / EBITDA annualized: 4.1x
Last revenue growth (y/y):  13.8%
Last growth of EBITDA (y/y):  9.0%
Historical revenue growth:  10.0%
Historical growth of EBITDA:  2.6%
Target EV / EBITDA (hist percentile):
Express share price potential:
Fundamental value created in LTM:
Fundamental value created in LTM:
 Mult Upside+9.1%
 FCF Creation+3.8%
 Growth+11.4%
 Growth Corr+2.6%
 
 Sum+26.9%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 365 459
Net Debt (m RUB): 477 079
EV (Enterprise Value): 842 538
EBITDA LTM (m RUB): 214 991
Net Income LTM (m RUB): 43 640
EV / LTM EBITDA: 3.9x
Net Debt / LTM EBITDA (if EBITDA > 0): 2.2x
Average daily trading volume for the week, RUB mln: 515
P / E 8.4x
P / E ann-d11.6x
EBITDA margin ann-d 27.1%
Net income margin ann-d 4.1%

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

More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company