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General information

Ozon Holdings PLC operates as a holding company. The Company, through its subsidiaries, develops an online marketplace connecting buyers and sellers of merchandise in Russia.

Good financial results growth rate 67.1% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (77.5%)
Dividend yield for the last twelve months 5.6%
Free cash flow yield -5.8% (LTM)
Share price is 73.1% higher than minimum and 21.4% lower than maximum for the last 3 years
The company is undervalued by EV / LTM EBITDA multiple compared to target level (5.5x vs
)
Fundamental value created in LTM (estimate)

Key Financials (Download financials)

Ticker: OZON

Share price, RUB: (+2.7%)3780.5

year average price 3818

year start price 4137 2025-11-04

max close price 4811 2026-02-19

min close price 2185 2026-08-28

current price 3781 2026-11-03

Common stocks: 216 413 733

Dividend Yield: 5.6%

FCF Yield LTM: -5.8%

EV / LTM EBITDA:[с учетом прогноза: 5.3x] 5.5x

EV / EBITDA annualized: 4.7x

Last revenue growth (y/y): 62.7%

Last growth of EBITDA (y/y): 71.6%

Historical revenue growth: 52.4%

Historical growth of EBITDA: 102.6%

Target EV / EBITDA (hist percentile):

Fundamental value created in LTM:

Потенциал с учетом ускорения/замедления

[с учетом прогноза фин показателей]

	Mult Upside	+147.6%
	FCF Creation	-10.4%
	Growth	+28.9%
	Growth Corr	-48.6%

	Sum	+117.6%

EV / LTM EBITDA mutiple calculation

Market Cap (m RUB): 818 152

Net Debt (m RUB): 278 847

EV (Enterprise Value): 1 096 999

EBITDA LTM (m RUB): 197 809

Net Income LTM (m RUB): -248 421

EV / LTM EBITDA: 5.5x

Net Debt / LTM EBITDA (if EBITDA > 0): 1.4x

Average daily trading volume for the week, RUB mln: 4817

[auto extract] P / B 1.1x

EBITDA margin ann-d 13.8%

Net income margin ann-d -57.2%

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

Фьючерсы

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Название	Инструмент	Дата экспирации	Последняя цена	За день	Дневной объем млн руб	Цена акции	Контанго / бэквордация	Annualized
Фьючерсный контракт OZON-12.26	ONZ6	2026-12-18	3793.00	+2.0%	1 542.9	3780.5	+0.3%	+2.7%
Фьючерсный контракт OZON-3.27	ONH7	2027-03-19	3926.00	+2.4%	22.5	3780.5	+3.8%	+10.7%

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


2026 q2 ( 16005 , 16006 )	334 186+47%		-212 762<-100%	-191 014<-100%	301>+200%	16 016<-100%
2026 q1	300 926+49%	68 228+45%	26 065+130%	4 541<-100%		-16 478-5%
2025 q4	308 550+44%	65 367+117%	21 856<-100%	5 226-82%		-16 412+44%
2025 q3	258 898+69%	60 110+122%	17 826>+200%	2 938<-100%		-14 184+141%
2025 q2	227 624+87%	57 475>+200%	140 748<-100%	159 994<-100%	25	-17 348+26%
2025 q1	202 115+32%	47 182+74%	11 342+108%	-7 894>+200%		-17 384+27%
2024 q4 ( 9387 , 15736 )	214 740+68%	30 059>+200%	-7 312-39%	28 468<-100%		-11 362>+200%
2024 q3	153 110+20%	27 127+185%	5 466<-100%	-740-95%		-5 885>+200%
2024 q2	121 960+30%	15 572+59%	-13 128+52%	-27 971+114%		-13 725+172%
2024 q1	153 693+65%	27 127+74%	5 466<-100%	-740<-100%		-13 725
2023 q4 ( 9257 , 15735 )	127 914+37%	9 503	-12 005-21%	-14 789-24%	506-29%	-121-97%
2023 q3	127 914+37%	9 503	-12 005-21%	-14 789-24%	506-29%	-121-96%
2023 q2	94 164	9 807	-8 629	-13 087	4 551	-5 053
2023 q1	93 250>+200%	15 630>+200%	-117<-100%	00%
2022 q4 ( 9256 , 15734 )	93 626+41%		-15 143+3%	-19 396+37%	717+93%	-4 210+190%
2022 q3	93 626		-15 143	-19 396	717	-2 965
2022 q1	32	43	1 279	0
2021 q4	66 298		-14 714	-14 195	371	-1 451

Balance

Implied interest rate for 2026 q1:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (16 478 - 0) * 4 / (253 619 - 0)

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


2026 q2 ( 16005 , 16006 )	735 514<-100%	752 915-29%	10 914-94%		1.38x
2026 q1	-144 453	1 560 523	253 619	26.0%	1.38x
2025 q4	-148 406+12%	1 429 778+61%	215 309<-100%	30.5%	1.44x
2025 q3	-137 362	1 248 585	181 216	31.3%	1.58x
2025 q2	-140 307+36%	1 066 737+96%	179 350+22%	38.6%	2.03x
2025 q1					3.90x
2024 q4 ( 9387 , 15736 )	-132 500+99%	890 006+87%	-106 305<-100%		5.71x
2024 q3					15.93x
2024 q2	-103 203	544 394	147 277	37.3%
2024 q1	-101 444+31%	693 964+35%	93 720-15%	58.6%
2023 q4 ( 9257 , 15735 )	-66 577>+200%	476 026+67%	120 075+73%	-1.3%
2023 q3
2023 q2
2023 q1	-77 715	515 216	110 883
2022 q4 ( 9256 , 15734 )	-16 647	284 821	69 512	20.1%
2022 q3
2022 q1
2021 q4

Cashflow

Q	Operating cashflow	Investing cashflow	Financial cashflow


2026 q2 ( 16005 , 16006 )	7 192<-100%	-4 669<-100%	-1 560<-100%
2026 q1
2025 q4	165 332-1%	-31 832+22%	6 157<-100%
2025 q3	173 031+130%
2025 q2	-65<-100%	9<-100%	0+100%
2025 q1
2024 q4 ( 9387 , 15736 )	167 642>+200%	-25 987+190%	-55 386>+200%
2024 q3	75 272+38%	-25 987+190%	84 336<-100%
2024 q2	21 685+101%	-11 264+60%	-53 056<-100%
2024 q1	21 685<-100%	-14 297>+200%	64 556>+200%
2023 q4 ( 9257 , 15735 )	54 461<-100%	-8 968+1%	-3 897<-100%
2023 q3	54 461<-100%	-8 968+124%	-3 897<-100%
2023 q2	10 787	-7 038	6 367
2023 q1	-1 752	-4 500	16 033
2022 q4 ( 9256 , 15734 )	-2 532-26%	-8 8560%	4 599-66%
2022 q3	-4 688	-4 010	4 631
2022 q1
2021 q4	-3 407	-8 851	13 473

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


2026 q2	14 790	7 395	14 719	15 050	530	-228
2026 q1	0		-81	-79	22
2025 q4	65	49	19	6 774	55
2025 q3	0		-4	9 998	4
2025 q2
2025 q1
2024 q4
2024 q3

Balance

Implied interest rate for 2026 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (228 - 530) * 4 / (11 951 - 0)

Q	Total equity	Total assets	Net debt


2026 q2	152 968	170 559	11 951
2026 q1	152 907	153 773	-1 370
2025 q4	152 986	158 557	-1 202+1%
2025 q3	182 500	183 227	-31 187
2025 q2
2025 q1
2024 q4			-1 185
2024 q3

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

📊 Фундаментальная аналитика OZON на Frontier — мультипликаторы, финансы, дивиденды, потенциал

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.