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General information

Largest independent Russian naural gas and LNG producer
  • Current market environment: negative. Prices of production are 13.0% lower compared to the last 12 months (LTM)
  • Prices of production are at 13.8% percentile over the past 5 years, adjusted for inflation
  • Dividend yield for the last twelve months 7.6%
  • Free cash flow yield 3.1% (LTM), projected -5.0%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 100.0%
  • Share price is 40.9% higher than minimum and 38.4% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (8.8x vs
    )
  • The company is overvalued 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 0 mln rub as NetDebt * (expected key rate - 3 years average 14.4%) / 2, expected EBITDA adjusted for key rate increases is 55 309 mln rub, expected mult is 65.0x, target mult is 8.4x, potential is -95.3%

Key Financials (Download financials)

Ticker: NVTK
Share price, RUB:  (+3.0%)1081.2
year average price 1097.94  


year start price 875.00 2024-11-19

min close price 767.20 2024-12-16

max close price 1342.80 2025-02-24

current price 1088.40 2025-11-18
Common stocks: 3 036 310 000
Dividend Yield:  7.6%
FCF Yield LTM / expected: 3.1% / -5.0%
EV / LTM EBITDA:8.8x
EV / EBITDA annualized: 8.2x
Production prices change from LTM: -13.0%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 3 282 858
Net Debt (m RUB): 121 091
EV (Enterprise Value): 3 403 949
EBITDA LTM (m RUB): 387 465
Net Income LTM (m RUB): 431 630
EV / LTM EBITDA: 8.8x
Net Debt / LTM EBITDA (if EBITDA > 0): 0.3x
Average daily trading volume for the week, RUB mln: 956
P / E 7.6x
P / E ann-d7.2x
P / B 1.1x
EBITDA margin ann-d 25.9%
Net income margin ann-d 28.3%

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

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Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 q2 402 160+11%   77 500-20% 113 646-34%    
2025 q1 402 160+11%   77 500-23% 113 646-41%    
2024 q4 396 723+9%   74 881-23% 102 169-24%    
2024 q3 396 723+9%   74 881-23% 102 169-24%    
2024 q2 363 325+15%   96 333+26% 172 721+170%    
2024 q1 363 325+15%   100 139+31% 193 703>+200%    
2023 q4 364 266<-100%   96 953 135 138    
2023 q3 364 266   96 953 135 138    
2023 q2 314 766-51%   76 273-47% 64 073-59%    
2023 q1 314 766   76 273 64 073    
2022 q4 -313 292<-100%          
2022 q2 642 975+143%   142 963+106% 158 172+52%    
2021 q4 370 982+69%   72 215+29% 138 912+195%    
2021 q3 370 982+127%   72 215+87% 138 912>+200%    
2021 q2 264 452+84%   69 474>+200% 104 125+143%    
2021 q1 244 583+33%   65 142>+200% 69 672<-100%    
2020 q4 219 540-1%   56 045+107% 47 069-4%    
2020 q3 163 771-13%   38 553-91% 16 233-96%    
2020 q2 143 939-34%   13 623-78% 42 896-42%    
2020 q1 184 562-21%   4 791-99% -27 612<-100%    
2019 q4 221 022-7%   27 079-51% 49 129+4%    
2019 q3 189 162-14%   415 121>+200% 374 176>+200%    
2019 q2 218 513+12%   60 759+2% 73 898+98%    
2019 q1 234 106+30%   366 630>+200% 386 258>+200%    
2018 q4 237 167+40%   55 498+18% 47 347-1%    
2018 q3 219 366+68%   61 978+72% 51 397+28%    
2018 q2 195 822+52%   59 595+70% 37 274>+200%    
2018 q1 179 403+16%   50 113+10% 46 929-36%    
2017 q4 169 025+17%   46 969+18% 47 854-22%    
2017 q3 130 703+3%   36 096+7% 40 166+6%    
2017 q2 128 830+1%   35 148-1% 5 243-89%    
2017 q1 154 628+11%   45 538-61% 73 207-38%    
2016 q4 144 250+9%   39 661+13% 61 222>+200%    
2016 q3 126 483+8%   33 732+1% 37 950<-100%    
2016 q2 127 388+13%   35 638+10% 48 324+17%    
2016 q1 139 351+23%   116 235+193% 117 577>+200%    
2015 q4 131 972+38%   35 120+13% 14 516>+200%    
2015 q3 117 367+22%   33 418+7% -12 411<-100%    
2015 q2 112 244+27%   32 545-6% 41 269+29%    
2015 q1 113 742+29%   39 647+15% 30 745-4%    
2014 q4 ( 1754 , 1755 ) 95 864+14%   31 091-26% 1 680-95%    
2014 q3 95 864+14%   31 091-26% 1 680-95%    
2014 q2 88 370+52%   34 491+88% 31 874+175%    
2014 q1 88 370   34 491 31 874    
2013 q4 ( 1757 , 1758 ) 83 915+52%   41 848+87% 32 787+65%    
2013 q3 83 915+52%   41 848+87% 32 787+65%    
2013 q2 58 030+29%   18 3830% 11 583+20%    
2012 q4 ( 1760 , 1761 ) 55 276   22 335 19 928    
2012 q3 55 276   22 335 19 928    
2012 q2 45 145+11%   18 329+1% 9 657-32%    
2012 q1 45 145   18 329 9 657    
2011 q4 ( 1763 , 1764 )            
2011 q2 40 626   18 072 14 215    


Balance


Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q2 2 974 403+5% 3 800 386+5% 121 091-50%   0.31x
2025 q1         0.49x
2024 q4 2 848 001+9% 3 740 785+16% 152 725+94%   0.47x
2024 q3         0.43x
2024 q2 2 821 322+17% 3 620 902+25% 242 097>+200%   0.48x
2024 q1         0.34x
2023 q4 2 605 632 3 219 153 78 791   0.18x
2023 q3         0.09x
2023 q2 2 406 646 2 899 036 8 191   0.02x
2023 q1         0.04x
2022 q4         0.06x
2022 q2         0.14x
2021 q4 1 911 469+17% 2 457 664+19% 98 028+43%   0.29x
2021 q3         0.13x
2021 q2 1 734 774+7% 2 162 039+10% 79 951-41%   0.29x
2021 q1 1 704 743+5% 2 097 978+3% 97 299>+200%   0.44x
2020 q4 1 638 427-2% 2 059 178+2% 68 488+52%   0.44x
2020 q3 1 588 271-2% 2 017 483+1% 15 493-62%   0.12x
2020 q2 1 614 647+26% 1 964 753+22% 135 218+29%   0.98x
2020 q1 1 623 824+28% 2 044 274+26% 2 967-97%   0.01x
2019 q4 1 667 076+88% 2 012 867+65% 45 136-66%   0.19x
2019 q3 1 616 539+91% 1 996 103+66% 41 258-61%   0.16x
2019 q2 1 282 115+55% 1 611 695+45% 104 700-13%   0.39x
2019 q1 1 266 546+55% 1 617 714+49% 92 663-19%   0.35x
2018 q4 886 595+14% 1 216 370+16% 131 042+14%   0.50x
2018 q3 844 179+16% 1 198 998+19% 107 017-5%   0.55x
2018 q2 828 104+16% 1 111 779+14% 120 122-9%   0.53x
2018 q1 817 647+12% 1 088 008+9% 114 876-9%   0.57x
2017 q4 775 659+18% 1 044 162+8% 114 923-35%   0.58x
2017 q3 730 378+23% 1 007 784+9% 112 910-46%   0.59x
2017 q2 712 378+23% 974 502+7% 131 348-41%   0.69x
2017 q1 729 649+33% 995 061+6% 126 197-39%   0.66x
2016 q4 657 720+54% 963 834+10% 177 834-46%   0.68x
2016 q3 594 963 922 861 208 010   0.82x
2016 q2 579 072+29% 908 123+18% 222 152+8%   0.90x
2016 q1 549 638 940 757 206 771   0.86x
2015 q4 428 171+11% 880 024+26% 331 610+60%   2.02x
2015 q3         1.68x
2015 q2 448 162+7% 770 507+21% 205 776+76%   1.35x
2015 q1         1.36x
2014 q4 ( 1754 , 1755 ) 387 124+4% 699 139+17% 206 730+29%   1.37x
2014 q3         0.82x
2014 q2 417 810 634 214 117 164   0.64x
2014 q1         0.77x
2013 q4 ( 1757 , 1758 ) 373 057+28% 597 995+29% 160 591+39%   1.02x
2013 q3         1.51x
2013 q2         2.35x
2012 q4 ( 1760 , 1761 ) 291 301 463 133 115 318    
2012 q3          
2012 q2 262 526 385 899 78 972    
2012 q1          
2011 q4 ( 1763 , 1764 )          
2011 q2          


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q2 97 845+7% -35 442-67% -26 040<-100%
2025 q1 97 845+7% -35 442-67% -26 040<-100%
2024 q4 88 642-22% -51 502-37% -29 577-32%
2024 q3 88 642-22% -51 502-37% -29 577-32%
2024 q2 91 217-1% -106 194+161% 12 668<-100%
2024 q1 91 217 -106 194 12 668
2023 q4 113 733+5% -81 681+14% -43 570-8%
2023 q3 113 733 -81 681 -43 570
2023 q2 92 118 -40 711 -58 034
2023 q1      
2022 q4 108 329+11% -71 439+53% -47 186-7%
2022 q2      
2021 q4 97 342+65% -46 703<-100% -50 929>+200%
2021 q3 97 342+97% -46 703-39% -50 929<-100%
2021 q2 151 511>+200% -109 840>+200% -80 758+34%
2021 q1 73 272+24% -49 889>+200% -55 283>+200%
2020 q4 59 171-26% 43 031<-100% -7 480-86%
2020 q3 49 341-9% -76 572+19% 3 065<-100%
2020 q2 4 359-96% -1 954-98% -60 088+3%
2020 q1 59 025-4% -12 377+23% -13 572+172%
2019 q4 80 242+43% -11 902-66% -51 796+43%
2019 q3 54 276+8% -64 105+153% -4 159-41%
2019 q2 111 312+80% -82 937+60% -58 504+80%
2019 q1 61 603+28% -10 100-75% -4 989-72%
2018 q4 55 968-2% -35 122+9% -36 182+10%
2018 q3 50 371+43% -25 328+103% -7 041-38%
2018 q2 61 885+58% -51 851>+200% -32 465-1%
2018 q1 48 125-1% -40 745>+200% -17 970-33%
2017 q4 57 3210% -32 210>+200% -32 795+21%
2017 q3 35 122-18% -12 506-55% -11 397-10%
2017 q2 39 114+103% -10 596-42% -32 727-44%
2017 q1 48 842-10% -2 963<-100% -26 918-54%
2016 q4 57 283+25% -5 394-93% -27 019<-100%
2016 q3 42 795+155% -27 928-13% -12 726<-100%
2016 q2 19 289-37% -18 301+3% -58 260+155%
2016 q1 54 424+37% 63 500<-100% -58 707<-100%
2015 q4 45 928+62% -80 868>+200% 25 106<-100%
2015 q3 16 772-41% -32 116+77% 7 387<-100%
2015 q2 30 447+19% -17 771<-100% -22 870+151%
2015 q1 39 717+57% -28 319<-100% 3 091<-100%
2014 q4 ( 1754 , 1755 ) 28 293+25% -18 145-34% -9 041<-100%
2014 q3 28 293+25% -18 145-34% -9 041<-100%
2014 q2 25 626+24% 6 687<-100% -9 129-5%
2014 q1 25 374 6 940 -9 129
2013 q4 ( 1757 , 1758 ) 22 627+15% -27 524+6% 821-87%
2013 q3 22 627+15% -27 524+6% 821-87%
2013 q2 20 645+22% -17 921+182% -9 594-42%
2012 q4 ( 1760 , 1761 ) 19 638+9% -25 924+122% 6 427<-100%
2012 q3 19 638 -25 924 6 427
2012 q2 16 912-1% -6 351-71% -16 677<-100%
2012 q1 16 912 -6 351 -16 677
2011 q4 ( 1763 , 1764 ) 17 977 -11 661 -2 934
2011 q2 17 162 -21 539 6 529
RSBU data *The values are shown in mln. The % change shows the difference from the same period last year

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Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 q2 181 861-17% 57 468-39% 13 718-74% 61 274+42% 20 279+32% -6 207+41%
2025 q1 258 039+18% 96 738+17% 45 056+66% -35 275<-100% 20 983+30% -5 553+55%
2024 q4 274 607-3% 95 504-31% 35 730-62% 74 293-41% 21 902+58% -5 582+47%
2024 q3 226 913+17% 90 052+38% 44 597+85% 133 918+59% 19 982+70% -5 077+138%
2024 q2 217 908+16% 93 477+8% 52 319+4% 43 155-80% 15 353+62% -4 389+155%
2024 q1 218 733+14% 82 893-14% 27 065-35% 65 091-39% 16 125+102% -3 587+154%
2023 q4 283 000+59% 138 123+83% 93 009+198% 126 053-72% 13 870>+200% -3 807>+200%
2023 q3 194 718+17% 65 254-14% 24 142-29% 84 456+21% 11 752+151% -2 129+47%
2023 q2 187 393-18% 86 866-14% 50 423-12% 213 602>+200% 9 488+137% -1 719+32%
2023 q1 192 306 96 075 41 512 106 334 7 995 -1 414
2022 q4 178 461-18% 75 315-19% 31 196-40% 454 772>+200% 3 711 -997
2022 q3 166 406-2% 76 079+8% 34 122+4% 69 841+5% 4 684 -1 453
2022 q2 229 910 100 690 57 587 57 873 4 009 -1 302
2021 q4 218 782+42% 93 244+34% 52 043+133% 118 750+143%    
2021 q3 170 317 70 613 32 827 66 524    
2020 q4 154 549 69 478 22 360 48 933    
2020 q3            
2019 q4            
2018 q4            


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (6 207 - 20 279) * 4 / (152 977 - 0)

Q Total equity Total assets Net debt
 
2025 q2 1 738 251-1% 2 409 065+3% 152 977+4%
2025 q1 1 818 620+6% 2 464 689+7% 104 211-11%
2024 q4 1 853 896+4% 2 524 167+14% 193 261>+200%
2024 q3 1 779 602+8% 2 492 887+19% 103 163<-100%
2024 q2 1 753 473+5% 2 339 796+18% 146 695<-100%
2024 q1 1 710 318-4% 2 300 495+4% 116 801>+200%
2023 q4 1 779 098+16% 2 212 282+24% 30 685<-100%
2023 q3 1 653 045+8% 2 095 742+18% -16 606+145%
2023 q2 1 673 342+9% 1 982 895+11% -26 161>+200%
2023 q1 1 779 098 2 212 282 30 685
2022 q4 1 537 345 1 781 797 -6 771<-100%
2022 q3 1 537 345 1 781 797 -6 771>+200%
2022 q2 1 537 345 1 781 797 -6 771
2021 q4     58 989>+200%
2021 q3     -1 936<-100%
2020 q4     8 780+132%
2020 q3     8 780
2019 q4     3 787-95%
2018 q4     75 762
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company