Try our mobile app

General information

  • Current market environment: negative. Prices of production are 14.3% lower compared to the last 12 months (LTM)
  • Prices of production are at 23.9% percentile over the past 5 years, adjusted for inflation
  • Dividend yield for the last twelve months 6.9%
  • Free cash flow yield -34.7% (LTM), projected -36.8%
  • Share of USD-denominated sales in revenue of the company (estimate) 39.4%
  • Share price is 16.5% higher than minimum and 42.1% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (4.1x vs
    )
  • The company is overvalued by EV / projected EBITDA multiple compared to target level (
    vs
    )
  • Taking into account the impact of the key rate 17.0% on the change in financial parameters: EBITDA adjustment is -9 189 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 62 317 mln rub, expected mult is 5.1x, target mult is 4.8x, potential is -14.7%

Key Financials (Download financials)

Ticker: NKNC
Share price, RUB:  (0.0%)85.05
year average price 88.76  


year start price 88.40 2024-09-19

min close price 76.85 2024-11-26

max close price 102.85 2025-01-30

current price 85.00 2025-09-18
Common stocks: 1 611 260 000
Dividend Yield:  6.9%
FCF Yield LTM / expected: -34.7% / -36.8%
EV / LTM EBITDA:4.1x
EV / EBITDA annualized: 4.7x
Production prices change from LTM: -14.3%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 137 038
Net Debt (m RUB): 169 280
EV (Enterprise Value): 306 318
EBITDA LTM (m RUB): 75 158
Net Income LTM (m RUB): 37 560
EV / LTM EBITDA: 4.1x
Net Debt / LTM EBITDA (if EBITDA > 0): 2.3x
Average daily trading volume for the week, RUB mln: 2
P / E 3.6x
P / E ann-d2.6x
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 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 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+27% 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% 210 817-1% 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+27%
2024 H1 ( 9010 , 9268 ) 25 576<-100% -26 301+164% -327-88%
2023 H2 ( 7874 , 9267 ) 33 555 -20 850 22 060
2023 H1 -9 945 -9 945 -2 727
2022 H2      
2022 H1      
2021 H1      
2020 H2 21 254+16%   -3 264<-100%
2020 H1 18 175-32% -27 645<-100% 16 632<-100%
2019 H2 18 283>+200%   12 569-61%
2019 H1 26 885+109% 917<-100% -29 557<-100%
2018 H2 5 637-59%   32 506
2018 H1 12 894 -26 560 1 930
2017 H2 13 694+70%    
2016 H2 8 042    
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 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 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (4 942 - 454) * 4 / (175 701 - 0)

Q Total equity Total assets Net debt
 
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