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General information

  • Good financial results growth rate 15.2% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (8.6%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield -345.4% (LTM)
  • Share price is 71.9% higher than minimum and 18.0% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (3.4x vs
    )
  • Fundamental value created in LTM (estimate)
  • Taking into account the impact of the key rate 16.0% on the change in financial parameters: EBITDA adjustment is -3 851 mln rub as NetDebt * (expected key rate - 3 years average 0.0%) / 2, expected EBITDA adjusted for key rate increases is 22 149 mln rub, expected mult is 4.3x, target mult is 2.7x, potential is -391.4%

Key Financials (Download financials)

Ticker: OKEY
Share price, RUB:  (+1.4%)33.72
year average price 29.76  


year start price 21.37 2024-12-24

min close price 21.37 2024-12-24

max close price 34.32 2025-03-05

current price 33.70 2025-12-23
Common stocks: 269 070 000
Dividend Yield:  0.0%
FCF Yield LTM: -345.4%
EV / LTM EBITDA:3.4x
EV / EBITDA annualized: 3.2x
Last revenue growth (y/y):  2.9%
Last growth of EBITDA (y/y):  27.4%
Historical revenue growth:  4.3%
Historical growth of EBITDA:  13.0%
Target EV / EBITDA (hist percentile):
Express share price potential:
Fundamental value created in LTM:
Fundamental value created in LTM:
 Mult Upside-236.9%
 FCF Creation-345.4%
 Growth+15.2%
 Growth Corr+3.3%
 
 Sum-563.8%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 9 073
Net Debt (m RUB): 70 465
EV (Enterprise Value): 79 538
EBITDA LTM (m RUB): 23 120
Net Income LTM (m RUB): 2 819
EV / LTM EBITDA: 3.4x
Net Debt / LTM EBITDA (if EBITDA > 0): 3.0x
Average daily trading volume for the week, RUB mln: 2
P / E 3.2x
P / E ann-d5.4x
EBITDA margin ann-d 11.3%
Net income margin ann-d 0.8%

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

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Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 H1 108 761+4% 25 048+7% 6 418+70% 838<-100% 916+124% -6 291+27%
2024 H2 111 969+5% 26 225+7% 5 651+46% 1 981<-100% 370+75% -5 551+18%
2024 H1 104 812+6% 23 334+7% 3 782>+200% -585-79% 409+144% -4 939+32%
2023 H2 106 766+4% 24 419+3% 3 876+2% -557+94% 212+7% -4 694+34%
2023 H1 98 686+2% 21 740+1% 712-66% -2 849>+200% 168-5% -3 743+12%
2022 H2 102 848+6% 23 747+8% 3 784-4% -287<-100% 198+192% -3 496+36%
2022 H1 97 042+10% 21 541+15% 2 114-8% -186<-100% 176+183% -3 333+33%
2021 H2 96 954+9% 21 891+11% 3 927+16% 781+13% 68+32% -2 569-4%
2021 H1 87 923+4% 18 747+3% 2 288-8% 302<-100% 62-46% -2 499-11%
2020 H2 88 769+6% 19 799+12% 3 378+63% 693<-100% 51-57% -2 671-10%
2020 H1 84 498+7% 18 252+1% 2 4770% -719>+200% 114-57% -2 806-14%
2019 H2 83 691+3% 17 661-4% 2 078+124% -538+38% 119-62% -2 984+112%
2019 H1 79 134+2% 18 087+4% 2 487>+200% -226-75% 263-23% -3 248+146%
2018 H2 81 589-8% 18 402-9% 930-47% -391<-100% 314-41% -1 405+13%
2018 H1 77 396-9% 17 444-7% 106<-100% -913-48% 340-5% -1 322+3%
2017 H2 88 686 20 332 1 740 130 535 -1 244
2017 H1 84 749+2% 18 687+4% -838-7% -1 768+23% 358-21% -1 286+6%
2016 H2            
2016 H1 82 979+10% 17 974+3% -903<-100% -1 440<-100% 454+15% -1 209+22%
2015 H2 85 375+8% 19 592+3% 1 121-65% 684-79% 339-15% -1 094+101%
2015 H1 75 250+4% 17 378+3% 1 018-49% 213-80% 393-7% -993+87%
2014 H2 79 045+8% 18 984+5% 3 168-19% 3 220+21% 401+68% -543+16%
2014 H1 72 196+13% 16 831+21% 1 980+27% 1 078+56% 424>+200% -532+20%
2013 H2 ( 1851 , 1852 ) 73 497<-100% 18 104<-100% 3 907<-100% 2 655<-100% 239<-100% -468<-100%
2013 H1 64 093-95% 13 930<-100% 1 554<-100% 690<-100% 93-99% -445<-100%
2012 H2 -1 294 289 -12 148 738 -2 717 330 -1 466 695 -8 588 502 062
2012 H1 1 410 662 12 175 407 2 722 199 1 469 803 8 598 -502 762
2011 H2            


Balance


Implied interest rate for 2025 H1:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (6 291 - 916) * 2 / (70 465 - 0)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 H1 -32 133+162% 74 794-21% 70 465-4% 15.3% 3.05x
2024 H2 -10 261-12% 107 492+3% 64 351-11% 16.1% 1.55x
2024 H1 -12 242+10% 94 3020% 73 503-4% 12.3% 2.00x
2023 H2 -11 657+41% 104 523+8% 72 316+12% 12.4% 2.09x
2023 H1 -11 100+36% 94 714+8% 76 434+8% 9.4% 2.56x
2022 H2 -8 251+11% 96 572+9% 64 607+15% 10.2% 1.98x
2022 H1 -8 136-1% 87 820+12% 70 514+11% 9.0% 2.22x
2021 H2 -7 419-14% 88 718+5% 56 410-4% 8.9% 1.83x
2021 H1 -8 226-6% 78 254+2% 63 397+3% 7.7% 2.52x
2020 H2 -8 657+9% 84 124-3% 58 677-3% 8.9% 2.09x
2020 H1 -8 788+57% 76 562-12% 61 732-13% 8.7% 2.28x
2019 H2 -7 967<-100% 87 126+40% 60 348+178% 9.5% 1.86x
2019 H1 -5 609<-100% 86 691+36% 71 043>+200% 8.4% 2.79x
2018 H2 3 975-60% 62 199-7% 21 729+71% 10.0% 3.26x
2018 H1 5 2780% 63 9590% 21 598+70% 9.1% 2.45x
2017 H2 9 917 66 690 12 688 11.2% 2.34x
2017 H1 5 278-17% 63 959+17% 12 688+8% 14.6% 4.46x
2016 H2         3.13x
2016 H1 6 349-38% 54 791-1% 11 792>+200% 12.8% 3.70x
2015 H2 12 810-79% 61 134+1% 11 792<-100% 12.8% 2.60x
2015 H1 10 230+25% 55 161+39% 445<-100% 269.7% 3.08x
2014 H2 60 748>+200% 60 748+30% -32 359>+200%   2.37x
2014 H1 8 214<-100% 39 728<-100% -6 343<-100%   2.10x
2013 H2 ( 1851 , 1852 ) 11 889<-100% 46 729+18% 0   1.35x
2013 H1 52 141 940-2% 52 141 940-2% 13 454 691 0.0% 3.13x
2012 H2 18 090 056 39 728      
2012 H1 53 414 022 53 414 022      
2011 H2          


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 H1      
2024 H2 16 5050% -1 709+8% -5 598-40%
2024 H1 5 313>+200% -1 792-50% -8 327<-100%
2023 H2 16 504+30% -1 580-32% -9 345+196%
2023 H1 218-84% -3 551-20% 686<-100%
2022 H2 12 686-7% -2 319+20% -3 162-33%
2022 H1 1 380-12% -4 437+189% -5 058-5%
2021 H2 13 677+4% -1 926+3% -4 694-18%
2021 H1 1 563>+200% -1 537+72% -5 327+83%
2020 H2 13 104+26% -1 862<-100% -5 733-26%
2020 H1 511-61% -891<-100% -2 917-61%
2019 H2 10 373+15% 397<-100% -7 719>+200%
2019 H1 1 320<-100% 81-92% -7 440>+200%
2018 H2 8 998-96% -1 260-52% -583-50%
2018 H1 -5 744-14% 977<-100% -1 654<-100%
2017 H2 207 533 -2 611 -1 157
2017 H1 -6 663>+200% -2 929-47% 615-92%
2016 H2      
2016 H1 -1 677<-100% -5 495+90% 8 041+13%
2015 H2 -79 591+8% 873<-100% -7 150+111%
2015 H1 85 763+3% -2 893-1% 7 147+36%
2014 H2 -73 982-74% -5 749<-100% -3 394<-100%
2014 H1 83 540-81% -2 911<-100% 5 269<-100%
2013 H2 ( 1851 , 1852 ) -285 272<-100% 2 854 466+13% 2 011 775+44%
2013 H1 443 594>+200% -2 863 010+13% -2 003 774+44%
2012 H2 68 726-98% 2 519 451<-100% 1 396 638<-100%
2012 H1 71 210 -2 527 741 -1 389 138
2011 H2 3 200 458 -4 311 789 -224 623
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 q3 33 856-3% 8 747-15% 1 142-61% -41 300<-100% 105-25% -2 977+18%
2025 q2 35 758+1% 9 108-8% 1 349-27% -161>+200% 178-3% -2 959+24%
2025 q1 36 463-1% 10 042+15% 2 184+118% 65<-100% 291+77% -2 893+27%
2024 q4 43 881+3% 10 786-8% 2 318-37% -462<-100% 164+113% -2 664+18%
2024 q3 34 743+1% 10 333+19% 2 939+154% 52<-100% 139+58% -2 529+18%
2024 q2 35 323+1% 9 895+1% 1 844-10% -38-90% 184+192% -2 386+29%
2024 q1 36 672+3% 8 739+7% 1 003>+200% -913-52% 165+174% -2 275+34%
2023 q4 42 628-1% 11 7350% 3 686+9% 431-68% 77-29% -2 255+32%
2023 q3 34 330-4% 8 678-1% 1 156+27% -1 250>+200% 88+167% -2 141+28%
2023 q2 35 047-3% 9 768-6% 2 047-24% -390<-100% 63+127% -1 849+12%
2023 q1 35 467-4% 8 163-10% 266-81% -1 919+175% 60-51% -1 693+12%
2022 q4 43 038-5% 11 7690% 3 370+15% 1 3430% 108>+200% -1 709+139%
2022 q3 35 676-1% 8 7590% 908-6% -374+68% 33>+200% -1 670+161%
2022 q2 36 281-3% 10 363+15% 2 680+121% 91-37% 28+143% -1 655+187%
2022 q1 37 0190% 9 105+4% 1 418+22% -699+146% 122>+200% -1 518+173%
2021 q4 45 523+20% 11 825+21% 2 926+77% 1 340>+200% 32+37% -716+16%
2021 q3 36 171 8 796 967 -223 9 -640
2021 q2 37 296 9 033 1 215 145 11 -576
2021 q1 37 157 8 728 1 159 -284 24 -555
2020 q4 37 998 9 788 1 656 86 23 -616
2020 q3            
2019 q4            
2018 q4            
2017 q4 42 164 8 559 -577 327    
2016 q4 ( 5482 , 5483 , 5484 )            


Balance


Implied interest rate for 2025 q3:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (2 977 - 105) * 4 / (48 983 - 0)

Q Total equity Total assets Net debt
 
2025 q3 2 860-70% 103 777-6% 48 983-27%
2025 q2 9 425-2% 114 2670% 47 551-28%
2025 q1 9 5860% 116 660+2% 48 638-27%
2024 q4 9 520-7% 125 270+1% 39 239-37%
2024 q3 9 618-2% 110 948-5% 66 790-7%
2024 q2 9 570-14% 114 629-2% 66 092-2%
2024 q1 9 609-16% 114 003+1% 66 929+2%
2023 q4 10 278-23% 123 731+3% 62 217+9%
2023 q3 9 847-18% 116 728+5% 71 907+78%
2023 q2 11 097-5% 116 518+3% 67 161+83%
2023 q1 11 487-5% 112 422+2% 65 747+78%
2022 q4 13 407+4% 120 168+56% 56 885+4%
2022 q3 12 064-11% 111 526-7% 40 394+57%
2022 q2 11 700-9% 113 231-5% 36 700+42%
2022 q1 12 140-5% 110 458-7% 36 925+43%
2021 q4 12 839+8% 76 904+11% 54 544+131%
2021 q3 13 577 120 105 25 758+9%
2021 q2 12 839 118 821 25 758
2021 q1 12 839 118 821 25 758
2020 q4 11 862 69 116 23 620+14%
2020 q3     23 620
2019 q4     20 759-7%
2018 q4     22 381+59%
2017 q4     14 100+62%
2016 q4 ( 5482 , 5483 , 5484 )     8 702
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company