Enhanced Investments - Financial Portal

General information

Largest independent Russian naural gas and LNG producer

Current market environment: negative. Prices of production are 23.1% lower compared to the last 12 months (LTM)
Prices of production are at 0.3% percentile over the past 5 years, adjusted for inflation (are close to minimun)
Dividend yield for the last twelve months 7.1%
Free cash flow yield 5.0% (LTM), projected -4.4%
Share of USD-denominated sales in revenue of the company (estimate) ≈ 100.0%
Share price is 51.9% higher than minimum and 33.7% lower than maximum for the last 3 years
The company is overvalued by EV / LTM EBITDA multiple compared to target level (9.0x 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 -36 mln rub as NetDebt * (expected key rate - 3 years average 15.2%) / 2, expected EBITDA adjusted for key rate increases is -28 791 mln rub, expected mult is -122.7x, target mult is 7.0x, potential is -105.5%

Key Financials (Download financials)

Ticker: NVTK

Share price, RUB: (-0.8%)1165

year average price 1153.21

year start price 1254.60 2025-02-18

max close price 1342.80 2025-02-24

min close price 992.60 2025-07-11

current price 1177.70 2026-02-17

Common stocks: 3 036 306 000

Dividend Yield: 7.1%

FCF Yield LTM / expected: 5.0% / -4.4%

EV / LTM EBITDA:9.0x

EV / EBITDA annualized: 9.8x

Production prices change from LTM: -23.1%

EV / projected EBITDA:

Target EV / EBITDA (hist percentile):

Express share price potential:

EV / LTM EBITDA mutiple calculation

Market Cap (m RUB): 3 537 296

Net Debt (m RUB): -25 636

EV (Enterprise Value): 3 511 660

EBITDA LTM (m RUB): 388 140

Net Income LTM (m RUB): 275 549

EV / LTM EBITDA: 9.0x

Net Debt / LTM EBITDA (if EBITDA > 0): -0.1x

Average daily trading volume for the week, RUB mln: 3032

P / E 12.8x

P / E ann-d36.6x

P / B 1.2x

EBITDA margin ann-d 28.1%

Net income margin ann-d 7.5%

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 q4	320 637-19%	67 819-9%	24 129-76%
2025 q3	320 637-19%	67 819-9%	24 129-76%
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 q4	2 842 3050%	3 589 106-4%	-25 636<-100%	-0.07x
2025 q3				0.12x
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 q4	135 161+52%	-31 143-40%	-56 627+91%
2025 q3	135 161+52%	-31 143-40%	-56 627+91%
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

View as Pivot Table Export as Pivot Table (xlsx)

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

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.