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General information

Learding phospate fertilizers producer, increasing output every year and having US-denomitaed sales; subject to phosphates fertilizers volatility
  • Current market environment: positive. Prices of production are 7.0% higher compared to the last 12 months (LTM)
  • Prices of production are at 62.9% percentile over the past 5 years, adjusted for inflation
  • Dividend yield for the last twelve months 12.6%
  • Free cash flow yield 1.1% (LTM), projected 0.2%
  • Share of USD-denominated sales in revenue of the company (estimate) 75.0%
  • Share price is 37.8% higher than minimum and 12.9% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (5.8x 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 14.2%) / 2, expected EBITDA adjusted for key rate increases is 184 284 mln rub, expected mult is 6.4x, target mult is 6.0x, potential is -9.9%

Key Financials (Download financials)

Ticker: PHOR
Share price, RUB:  (-0.1%)6707
year average price 6447  


year start price 4973 2024-11-02

min close price 4973 2024-11-02

max close price 7288 2025-09-29

current price 6707 2025-11-01
Common stocks: 129 500 000
Dividend Yield:  12.6%
FCF Yield LTM / expected: 1.1% / 0.2%
EV / LTM EBITDA:5.8x
EV / EBITDA annualized: 6.2x
Production prices change from LTM: 7.0%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 868 557
Net Debt (m RUB): 265 541
EV (Enterprise Value): 1 134 098
EBITDA LTM (m RUB): 194 726
Net Income LTM (m RUB): 106 542
EV / LTM EBITDA: 5.8x
Net Debt / LTM EBITDA (if EBITDA > 0): 1.4x
Average daily trading volume for the week, RUB mln: 357
P / E 8.2x
P / E ann-d7.8x
P / B 3.8x
EBITDA margin ann-d 32.9%
Net income margin ann-d 20.0%

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
Название Инструмент Дата экспирации Последняя цена За день Дневной объем млн руб Цена акции Контанго / бэквордация Annualized
Фьючерсный контракт PHOR-12.25 PHZ5 2025-12-19 6844.00 -0.1% 21.1 6707 +2.0% +16.6%
Фьючерсный контракт PHOR-3.26 PHH6 2026-03-20 7037.00 -0.1% 0.5 6707 +4.9% +13.4%
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 q2 139 166+14% 55 619+18% 36 030+37% 27 886-20% 920-60% -6 701+107%
2025 q1 159 390+34% 70 943+62% 38 816+30% 47 656+154% 718-31% -6 804+127%
2024 q4 136 654+23% 57 951+30% 44 859+89% 19 652-33% 1 465+13% -5 968+178%
2024 q3 129 472+11% 52 763-2% 39 565-14% 11 348-26% 1 717+113% -3 491+62%
2024 q2 122 291+27% 47 042+22% 26 230-21% 34 715+158% 2 280>+200% -3 234+69%
2024 q1 119 272+3% 43 774-16% 29 805-37% 18 754-33% 1 035+82% -3 001+80%
2023 q4 111 419+1% 44 466-18% 23 740-54% 29 366+53% 1 293+65% -2 144+66%
2023 q3 116 133-6% 53 892-11% 46 216-18% 15 278-58% 805-54% -2 151+85%
2023 q2 96 574-38% 38 473-52% 33 231-17% 13 438-84% 687-56% -1 916+75%
2023 q1 116 178-36% 51 857-50% 47 569-41% 28 059-35% 568+62% -1 670-80%
2022 q4 110 104-14% 54 476-16% 51 553-6% 19 213-54% 782+111% -1 295+15%
2022 q3 122 914+6% 60 657+3% 56 613+13% 36 453-7% 1 748>+200% -1 162-19%
2022 q2 155 831+76% 80 755+91% 39 893+23% 85 586+182% 1 558>+200% -1 095-7%
2022 q1 180 678+106% 104 621+196% 80 281>+200% 43 462+137% 351>+200% -8 415>+200%
2021 q4 127 924+117% 64 938>+200% 54 722>+200% 41 834>+200% 371+2% -1 130+6%
2021 q3 116 303+64% 59 008+121% 50 134+142% 39 188<-100% 213-4% -1 437-3%
2021 q2 88 682+48% 42 364+48% 32 476+138% 30 308+45% 94+7% -1 179-18%
2021 q1 87 579+37% 35 371+82% 26 802+94% 18 344<-100% 100-67% -1 298-12%
2020 q4 58 891 12 523 10 890 12 963 363 -1 062
2020 q3 70 992+10% 26 679-9% 20 710+36% -1 333<-100% 223+5% -1 484+29%
2020 q2 59 938+3% 28 578+8% 13 649+7% 20 879+77% 88-69% -1 435+32%
2020 q1 64 058-11% 19 396-44% 13 784-10% -15 588<-100% 301-66% -1 474+22%
2019 q4            
2019 q3 64 550+3% 29 376-3% 15 215-13% 9 762+25% 212+93% -1 152-58%
2019 q2 58 146+3% 26 432-1% 12 753-4% 11 785>+200% 284>+200% -1 087-10%
2019 q1 72 287+32% 34 551+29% 15 341+15% 11 785>+200% 885>+200% -1 204-3%
2018 q4            
2018 q3 62 684+35% 30 236+56% 17 574+84% 7 798+6% 110-38% -2 715+33%
2018 q2 56 626+27% 26 782+37% 13 284+52% 2 955+101% 70-17% -1 205+2%
2018 q1 54 622+23% 26 782+37% 13 284+52% 2 955+101% 51-54% -1 243+3%
2017 q4 ( 3107 , 3108 ) 45 778+14% 21 481-15% 8 915-42% 15 050+32% 265-13% -2 574+164%
2017 q3 46 452+2% 19 436-14% 9 548-35% 7 343-41% 178-40% -2 046+83%
2017 q2 44 723-3% 19 5790% 8 7580% 1 469-89% 84-25% -1 178-2%
2017 q1 44 398-21% 19 555-39% 8 758-61% 1 469-94% 112-42% -1 206-13%
2016 q4 ( 3112 , 3113 ) 40 135-15% 25 249-20% 15 391-28% 11 371<-100% 306>+200% -974-47%
2016 q3 45 5580% 22 591-1% 14 7600% 12 4010% 2980% -1 1160%
2016 q2 45 976+6% 19 555-10% 8 758-40% 13 4830% 112-76% -1 206-13%
2016 q1 56 073+12% 32 303+6% 22 689+1% 22 631+60% 193-49% -1 386-20%
2015 q4 ( 7134 , 7135 ) 47 234 31 487 21 439 -3 651 82 -1 847
2015 q3 45 558 22 929 14 760 12 401 298 -1 116
2015 q2 43 206+58% 21 772+89% 14 662+162% 13 522+119% 466-11% -1 387+93%
2015 q1 50 224+71% 30 480+148% 22 470>+200% 14 164>+200% 376+134% -1 743+142%
2014 q4 ( 3116 , 3117 )            
2014 q3            
2014 q2 27 286 11 530 5 601 6 188 522 -718
2014 q1 29 416 12 308 6 604 1 909 161 -720
2013 q4            


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (6 701 - 920) * 4 / (265 541 - 139)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q2 228 997+39% 597 100+1% 265 541-1% 8.7% 1.36x
2025 q1 212 378+25% 590 922+10% 282 836+3% 8.6% 1.50x
2024 q4 164 722+9% 592 470+13% 345 272+26% 5.2% 1.95x
2024 q3 161 254+1% 597 833+21% 307 855+27% 2.3% 1.54x
2024 q2 165 058+14% 588 659+24% 269 266+10% 1.4% 1.21x
2024 q1 170 359+3% 535 055+6% 273 400+30% 2.9% 1.51x
2023 q4 151 605-23% 525 641+15% 273 127+51% 1.2% 1.20x
2023 q3 159 960-27% 495 158-5% 242 263+80% 2.2% 1.30x
2023 q2 144 682-49% 475 6190% 244 275>+200% 2.0% 1.09x
2023 q1 165 561-16% 507 016+11% 209 737 2.1% 0.62x
2022 q4 197 720+20% 455 613+12% 180 368+17% 1.1% 0.68x
2022 q3 219 964+44% 521 175+27% 134 855+10% -1.7% 0.12x
2022 q2 284 521+112% 474 288+35% 61 993-51% -3.0% 0.22x
2022 q1 197 720+57% 455 613+36%     0.44x
2021 q4 164 643+56% 405 447+26% 153 608-2% 2.0% 0.79x
2021 q3 153 045+39% 409 028+27% 123 126-18% 4.0% 0.80x
2021 q2 134 008+18% 351 357+14% 126 155-9% 3.4% 1.04x
2021 q1 126 174+19% 334 511+5% 145 243-5% 3.3% 1.41x
2020 q4 105 746-16% 322 374+7% 156 693+19% 1.8% 1.81x
2020 q3 110 214-13% 321 174+12% 149 834+22% 3.4% 1.90x
2020 q2 113 784-2% 309 328+6% 138 718+27% 3.9% 1.93x
2020 q1 106 419-12% 319 673+7% 152 096+28% 3.1% 2.16x
2019 q4 125 637+14% 302 621+6% 131 502-3%   1.73x
2019 q3 126 622+15% 285 938+6% 122 876+2% 3.1% 1.46x
2019 q2 116 507+11% 290 938+11% 109 586-11% 2.9% 1.28x
2019 q1 121 046+18% 298 091+17% 118 842-1% 1.1% 1.36x
2018 q4 109 821+12% 286 223+14% 135 212+13%   1.80x
2018 q3 110 448+14% 270 456+14% 120 670+13% 8.6% 1.76x
2018 q2 104 851+13% 261 251+9% 122 675+14% 3.7% 2.07x
2018 q1 102 742+8% 255 649+10% 119 865+17% 4.0% 2.27x
2017 q4 ( 3107 , 3108 ) 98 242+11% 251 630+10% 119 762+17% 7.7% 2.35x
2017 q3 97 236+18% 237 163+7% 107 166+17% 7.0% 2.04x
2017 q2 92 783+18% 239 805+7% 107 235+15% 4.1% 1.91x
2017 q1 94 769+29% 232 103+6% 102 104+11% 4.3% 1.70x
2016 q4 ( 3112 , 3113 ) 88 421+47% 229 204+6% 101 970+1% 2.6% 1.41x
2016 q3 82 391+35% 221 971+9% 91 439-5% 3.6% 1.15x
2016 q2 78 842+29% 224 906+19% 93 560+20% 4.7% 1.14x
2016 q1 73 490+46% 218 111+12% 92 279+4% 5.2% 1.09x
2015 q4 ( 7134 , 7135 ) 60 198+67% 216 502+21% 100 665+8% 7.0% 1.21x
2015 q3 61 089+70% 203 917+14% 96 040 3.4% 1.26x
2015 q2 61 044+70% 189 653+6% 77 825 4.7% 1.20x
2015 q1 50 398+41% 195 557+9% 88 743 6.2% 1.69x
2014 q4 ( 3116 , 3117 ) 35 981-36% 179 655+42% 92 968   2.41x
2014 q3 35 832 179 655     1.71x
2014 q2 35 832 179 655     1.65x
2014 q1 35 832 179 655     1.84x
2013 q4 56 306 126 252     1.86x


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q2 36 030+37% -10<-100% 55 308-10%
2025 q1 38 816+30% 2 064>+200% 79 885+38%
2024 q4 44 859+89% 1 236+50% 24 031-54%
2024 q3 39 565-14% 1 646>+200% 69 127+67%
2024 q2 26 230-21% 13-97% 61 284-5%
2024 q1 29 805-37% 64-75% 57 894>+200%
2023 q4 23 740-54% 826+40% 51 953+99%
2023 q3 46 216-18% 437-72% 41 391>+200%
2023 q2 33 231-17% 485-96% 64 789>+200%
2023 q1 47 569-41% 252<-100% 14 773-20%
2022 q4 51 553-6% 592<-100% 26 089>+200%
2022 q3 56 613+13% 1 580<-100% 1 620-96%
2022 q2 39 893+23% 12 182+23% 11 062-15%
2022 q1 80 281>+200% -10 571+7% 18 400>+200%
2021 q4 54 722>+200% -16 270+20% 8 326-47%
2021 q3 50 134+142% -31 681>+200% 37 509>+200%
2021 q2 32 476+161% 9 909<-100% 12 985+193%
2021 q1 26 802+94% -9 909+13% 2 802-93%
2020 q4 12 105+132% -13 518-6% 15 691-26%
2020 q3 20 710+36% -8 808-17% 4 182-60%
2020 q2 12 434-3% -9 800+8% 4 437-29%
2020 q1 13 784-25% -8 752+2% 39 210>+200%
2019 q4 5 208-63% -14 320+21% 21 071+43%
2019 q3 15 215-13% -10 609+6% 10 459+39%
2019 q2 12 753+23% -9 110+19% 6 252-66%
2019 q1 18 475+54% -8 617-4% 10 943-75%
2018 q4 14 053+117% -11 838-6% 14 728+6%
2018 q3 17 574+35% -9 982+19% 7 528-70%
2018 q2 10 335-17% -7 642+29% 18 454-44%
2018 q1 12 035+10% -8 9540% 43 164+134%
2017 q4 ( 3107 , 3108 ) 6 485+61% -12 624+18% 13 840+114%
2017 q3 12 985-44% -8 405-25% 24 708+88%
2017 q2 12 431-32% -5 940-38% 33 076+167%
2017 q1 10 978-53% -8 949+3% 18 470>+200%
2016 q4 ( 3112 , 3113 ) 4 034-74% -10 710<-100% 6 481-58%
2016 q3 23 316+6% -11 234-27% 13 163+85%
2016 q2 18 188-6% -9 587+10% 12 374+193%
2016 q1 23 239+21% -8 715+35% 2 131-89%
2015 q4 ( 7134 , 7135 ) 15 543<-100% 30 429+175% 15 420-61%
2015 q3 22 078+124% -15 366+34% 7 096-30%
2015 q2 19 451+139% -8 737>+200% 4 222-38%
2015 q1 19 130+139% -6 477>+200% 19 638+36%
2014 q4 ( 3116 , 3117 ) -41 389<-100% 11 074>+200% 40 042>+200%
2014 q3 9 842 -11 481 10 146
2014 q2 8 122 -471 6 768
2014 q1 7 996 -29 14 456
2013 q4 5 777 196 11 890
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 21 654-33% 20 405-34% 20 405-34% 22 832-34% 9 315>+200% -7 044>+200%
2025 q1 22 648-24% 21 681-24% 21 681-24% 27 291-5% 8 145>+200% -6 142>+200%
2024 q4 8 257-63% 6 835-67% 6 835-67% 9 815-58% 6 779+186% -4 053+187%
2024 q3 1 175-93% -296<-100% -296<-100% 1 533-89% 3 649+124% -1 770+22%
2024 q2 32 464+7% 30 765+5% 30 765+5% 34 582+30% 2 837+86% -1 416+9%
2024 q1 29 878-28% 28 453-29% 28 453-29% 28 737-23% 2 325+71% -1 403+58%
2023 q4 22 077-54% 20 918-55% 20 918-55% 23 468-38% 2 373+39% -1 413+83%
2023 q3 17 383>+200% 16 291>+200% 16 291>+200% 13 458<-100% 1 628-40% -1 455+101%
2023 q2 30 306-62% 29 334-63% 29 334-63% 26 562-72% 1 524-13% -1 294+73%
2023 q1 41 318+20% 40 334+106% 40 334+106% 37 446+92% 1 362+103% -887-11%
2022 q4 47 767+2% 46 701+3% 46 701+3% 37 925-15% 1 707+127% -771-20%
2022 q3 1 476-97% 569-99% 569-99% -1 046<-100% 2 721>+200% -726-22%
2022 q2 ( 5489 , 5490 ) 80 326>+200% 79 223>+200% 79 223>+200% 95 995>+200% 1 749>+200% -747-17%
2022 q1 34 469>+200% 19 598<-100% 19 598<-100% 19 523<-100% 672+45% -995+8%
2021 q4 46 635>+200% 45 263>+200% 45 263>+200% 44 366+174% 753 -966
2021 q3 46 771>+200% 45 685>+200% 45 685>+200% 45 215>+200% 484 -933
2021 q2 26 182+30% 24 997+30% 24 997+30% 26 314+7% 457 -897
2021 q1 33<-100% -1 041<-100% -1 041<-100% -2 355<-100% 465 -919
2020 q4 14 551>+200% 13 573<-100% 13 573<-100% 16 203>+200%    
2020 q3 8 158>+200% 7 355<-100% 7 355<-100% 2 007<-100%    
2020 q2 20 210 19 272 19 272 24 523    
2020 q1 20 029 18 886 18 886 5 485    
2019 q4 1 015+149% -221-41% -221-41% 1 666<-100%    
2019 q3 329 -2 068 -471 -1 676    
2019 q2            
2019 q1            
2018 q4 407 -375 -375 -3 767    
2018 q3            
2018 q2            
2018 q1            


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (7 044 - 9 315) * 4 / (149 498 - 0)

Q Total equity Total assets Net debt
 
2025 q2 87 695+27% 329 302+22% 149 498>+200%
2025 q1 98 391+32% 300 031+29% 161 343+143%
2024 q4 48 839+7% 291 884+22% 95 878+14%
2024 q3 55 342-7% 278 217+23% 80 140-29%
2024 q2 68 960+49% 270 778+20% 33 181-67%
2024 q1 74 394+50% 233 2010% 66 516-6%
2023 q4 45 601-37% 239 607+32% 84 066+108%
2023 q3 59 803-25% 226 079-16% 112 148<-100%
2023 q2 46 346-75% 226 371-13% 101 065<-100%
2023 q1 49 472-43% 233 996+8% 70 979-24%
2022 q4 72 244+9% 181 165+1% 40 497-64%
2022 q3 80 000+20% 268 687+49% -78 446<-100%
2022 q2 ( 5489 , 5490 ) 182 055+174% 260 062+44% -3 232
2022 q1 86 060+29% 215 733+20% 93 401-17%
2021 q4 66 538 180 252 112 388+12%
2021 q3 66 538 180 252 112 388+12%
2021 q2 66 538 180 252  
2021 q1 66 538 180 252 112 388+12%
2020 q4     100 558+99%
2020 q3     100 558
2020 q2     100 558+99%
2020 q1     100 558>+200%
2019 q4     50 6090%
2019 q3      
2019 q2     50 6090%
2019 q1     31 946-37%
2018 q4     50 776
2018 q3     50 776
2018 q2     50 776
2018 q1     50 776
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company