Enhanced Investments - Financial Portal

General information

Current market environment: negative. Prices of production are 15.2% lower compared to the last 12 months (LTM)
Prices of production are at 38.2% percentile over the past 5 years, adjusted for inflation
Dividend yield for the last twelve months 7.4%
Free cash flow yield -37.1% (LTM), projected -35.5%
Share of USD-denominated sales in revenue of the company (estimate) 39.4%
Share price is 3.5% higher than minimum and 45.9% lower than maximum for the last 3 years
The company is undervalued by EV / LTM EBITDA multiple compared to target level (4.0x vs
)
The company is undervalued by EV / projected EBITDA multiple compared to target level (
vs
)
Taking into account the impact of the key rate 14.0% on the change in financial parameters: EBITDA adjustment is 1 119 mln rub as NetDebt * (expected key rate - 3 years average 15.1%) / 2, expected EBITDA adjusted for key rate increases is 78 794 mln rub, expected mult is 4.1x, target mult is 4.9x, potential is +46.0%

Key Financials (Download financials)

Ticker: NKNC

Share price, RUB: (+0.3%)79.55

year average price 85.29

year start price 96.55 2025-02-11

max close price 101.40 2025-02-25

min close price 77.55 2025-10-10

current price 79.50 2026-02-10

Common stocks: 1 611 256 000

Dividend Yield: 7.4%

FCF Yield LTM / expected: -37.1% / -35.5%

EV / LTM EBITDA:4.0x

EV / EBITDA annualized: 4.6x

Production prices change from LTM: -15.2%

EV / projected EBITDA:

Target EV / EBITDA (hist percentile):

Express share price potential:

EV / LTM EBITDA mutiple calculation

Market Cap (m RUB): 128 175

Net Debt (m RUB): 169 280

EV (Enterprise Value): 297 455

EBITDA LTM (m RUB): 75 158

Net Income LTM (m RUB): 37 560

EV / LTM EBITDA: 4.0x

Net Debt / LTM EBITDA (if EBITDA > 0): 2.3x

Average daily trading volume for the week, RUB mln: 3

P / E 3.4x

P / E ann-d2.4x

P / B 0.4x

EBITDA margin ann-d 23.7%

Net income margin ann-d 19.4%

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. 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	136 724+13%		19 667+16%	26 476+35%	879+152%	-355>+200%
2024 H2	148 909+13%		29 287+22%	11 084-30%	398-59%	-938+16%
2024 H1 ( 9010 , 9268 )	120 833+16%		16 897+11%	19 672>+200%	349-81%	-65+67%
2023 H2 ( 7874 , 9267 )	132 016		23 968	15 738	963	-810
2023 H1	104 215		15 206	901	1 853	-39
2022 H2
2022 H1
2021 H1	121 511+73%	38 293+133%	30 335>+200%	27 630>+200%	203-47%	-117-29%
2020 H2	83 786-2%	20 152+10%	12 761+18%	4 488-51%	153-65%	-272+12%
2020 H1	70 213-25%	16 437-35%	10 082-41%	4 598-69%	380-48%	-165+132%
2019 H2	85 798-17%	18 346-25%	10 847-34%	9 199-30%	440-5%	-242>+200%
2019 H1	93 172+3%	25 110+15%	17 216+30%	14 830+27%	734+168%	-71+31%
2018 H2	103 695+24%	24 524+1%	16 366+7%	13 105+5%	465-11%	-45-28%
2018 H1	90 164	21 899	13 279	11 677	274	-54
2017 H2	83 692+8%	24 333-3%	15 366-1%	12 426+2%	524-19%	-63-16%
2016 H2	77 465	24 976	15 463	12 167	649	-75

Balance

Implied interest rate for 2024 H2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (938 - 398) * 2 / (176 653 - 243)

Q	Total equity	Total assets	Net debt	Implied interest rate	NetDebt / LTM EBITDA


2025 H1	354 789+8%	655 740+25%	-25 820<-100%		2.25x
2024 H2	333 676+7%	605 542+19%	176 653+43%	0.6%	2.44x
2024 H1 ( 9010 , 9268 )	327 088+10%	524 810+11%	93 533-10%	-0.6%	1.88x
2023 H2 ( 7874 , 9267 )	312 797	507 975	123 260	-0.2%	1.89x
2023 H1	296 882	473 911	104 106	-3.5%	2.03x
2022 H2					1.76x
2022 H1					1.52x
2021 H1	164 650+23%	298 967+21%	76 083+130%	-0.2%	1.51x
2020 H2	138 490-5%	268 602+26%	62 830>+200%	0.4%	2.18x
2020 H1	133 767-2%	246 360+17%	33 047+188%	-1.3%	1.22x
2019 H2	145 813-8%	213 8210%	16 330<-100%	-2.5%	0.48x
2019 H1	136 738-14%	210 8170%	11 492	-12.3%	0.29x
2018 H2	158 809+19%	213 821+43%	-11 557-50%		-0.32x
2018 H1	158 809	210 817			-0.60x
2017 H2	133 916+23%	149 534+13%	-23 154		-0.64x
2016 H2	109 261	132 237			-0.14x

Cashflow

Q	Operating cashflow	Investing cashflow	Financial cashflow


2025 H1		-46 834+78%	14 154<-100%
2024 H2	54 453+62%	-53 209+155%	27 946>+200%
2024 H1 ( 9010 , 9268 )	25 576<-100%	-26 301+164%	-327-88%
2023 H2 ( 7874 , 9267 )	33 555	-20 850	1 218
2023 H1	-9 945	-9 945	-2 727
2022 H2
2022 H1
2021 H1		-11 444-59%
2020 H2	21 254+16%	-43 918+85%	-3 264<-100%
2020 H1	18 175-32%	-27 645<-100%	16 632<-100%
2019 H2	18 283>+200%	-23 691+15%	12 569-61%
2019 H1	26 885+109%	917<-100%	-29 557<-100%
2018 H2	5 637-59%	-20 577>+200%	32 506
2018 H1	12 894	-26 560	1 930
2017 H2	13 694+70%	-6 288+9%
2016 H2	8 042	-5 755

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	51 234-25%	3 696-80%	1 577-90%	-6 540<-100%	469+113%	-3 864+170%
2025 q2	60 273-1%	12 096-19%	10 319-23%	1 913-88%	454+174%	-4 942>+200%
2025 q1	71 912+31%	15 432+21%	13 177+20%	19 848+160%	446+179%	-3 806>+200%
2024 q4	74 122+9%	19 404+9%	15 946+25%	5 745-57%	283+88%	-2 521>+200%
2024 q3	68 709+17%	18 326-14%	16 380-6%	2 446-62%	220-35%	-1 431>+200%
2024 q2	61 076+11%	14 938-25%	13 329-19%	15 925>+200%	166-68%	-786>+200%
2024 q1	54 852+19%	12 781-9%	11 020+6%	7 645>+200%	160-74%	-546>+200%
2023 q4	68 101+40%	17 723+3%	12 712+2%	13 443<-100%	151-64%	-541>+200%
2023 q3	58 564+3%	21 271+26%	17 491+31%	6 442-40%	337+156%	-183>+200%
2023 q2	54 857-28%	19 843+14%	16 421+28%	702-97%	523+3%	-149
2023 q1	45 941	13 987	10 360	1 980	618	-87
2022 q4	48 768	17 194	12 505	-9 896	413	-1
2022 q3	56 632-7%	16 820-3%	13 399+6%	10 649-5%	132	-1
2022 q2	76 044	17 334	12 780	23 545	509
2021 q3	60 594+71%	17 335+115%	12 699>+200%	11 202<-100%
2021 q1	54 906+44%	16 312+82%	11 854+123%	11 410<-100%
2020 q4	45 447+10%	11 633+39%	7 251+76%	6 720+105%
2020 q3	35 360-16%	8 055-26%	3 940-41%	-5 208<-100%
2020 q2	28 936-35%	7 478-35%	4 034-42%	6 812+23%
2020 q1	38 141-17%	8 986-35%	5 321-47%	-3 876<-100%
2019 q4	41 206-18%	8 344-31%	4 114-46%	3 271-41%
2019 q3	42 319-17%	10 837-14%	6 706-24%	5 975-15%
2019 q2	44 860-2%	11 470-4%	6 934-10%	5 553-25%
2019 q1	45 702+10%	13 874+41%	9 980+72%	8 908+111%
2018 q4	50 496	12 082	7 604	5 592
2018 q3	50 901	12 633	8 862	7 033
2018 q2	45 823	11 933	7 739	7 408
2018 q1	41 680	9 820	5 816	4 219

Balance

Implied interest rate for 2025 q3:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (3 864 - 469) * 4 / (204 632 - 0)

Q	Total equity	Total assets	Net debt


2025 q3	272 706+6%	580 217+20%	204 632+25%
2025 q2	279 246+10%	567 860+28%	175 701+32%
2025 q1	282 695+16%	547 867+26%	191 790+42%
2024 q4	262 847	525 680	185 429+37%
2024 q3	257 102+15%	483 436+22%	163 233+24%
2024 q2	254 656+18%	443 465+16%	132 989+18%
2024 q1	244 112+3%	436 253+3%	135 1430%
2023 q4			135 100+84%
2023 q3	222 948+3%	395 756+10%	131 332+79%
2023 q2	216 5060%	383 814+7%	112 868+54%
2023 q1	236 467	424 747	135 100
2022 q4			73 323
2022 q3	216 551	360 195	73 323-30%
2022 q2	216 551	360 195	73 323
2021 q3			104 958+50%
2021 q1			81 675+17%
2020 q4			69 752>+200%
2020 q3			69 752>+200%
2020 q2			38 532+76%
2020 q1			69 752>+200%
2019 q4			21 847<-100%
2019 q3			21 847<-100%
2019 q2			21 847<-100%
2019 q1			21 847<-100%
2018 q4			-7 662
2018 q3			-7 662
2018 q2			-7 662
2018 q1			-7 662

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

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.