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General information

Leading Russian developer
  • Current market environment: positive. Prices of production are 13.5% higher compared to the last 12 months (LTM)
  • Prices of production are at 96.9% percentile over the past 5 years, adjusted for inflation (are close to maximum)
  • Good financial results growth rate 26.0% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (14.3%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 29.1% (LTM), projected 31.5%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 0.0%
  • Share price is 69.5% higher than minimum and 36.8% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (6.0x vs
    )
  • Taking into account the impact of the key rate 20.0% on the change in financial parameters: EBITDA adjustment is -22 365 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 126 809 mln rub, expected mult is 5.9x, target mult is 9.0x, potential is +99.9%

Key Financials (Download financials)

Ticker: PIKK
Share price, RUB:  (-2.3%)603.9
year average price 579.84  


year start price 763.00 2024-07-29

max close price 811.10 2024-08-13

min close price 356.30 2024-12-17

current price 609.30 2025-07-28
Common stocks: 660 500 000
Dividend Yield:  0.0%
FCF Yield LTM / expected: 29.1% / 31.5%
EV / LTM EBITDA:6.0x
EV / EBITDA annualized: 5.0x
Last revenue growth (y/y):  28.1%
Last growth of EBITDA (y/y):  23.9%
Historical revenue growth:  13.4%
Historical growth of EBITDA:  15.2%
Target EV / EBITDA (hist percentile):
Express share price potential:
 Mult Upside+87.2%
 FCF Creation+29.1%
 Growth+26.0%
 Growth Corr+5.8%
 
 Sum+148.1%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 398 876
Net Debt (m RUB): 416 117
EV (Enterprise Value): 814 993
EBITDA LTM (m RUB): 136 792
Net Income LTM (m RUB): 28 666
EV / LTM EBITDA: 6.0x
Net Debt / LTM EBITDA (if EBITDA > 0): 3.0x
Average daily trading volume for the week, RUB mln: 1958
P / E 13.9x
P / B 1.0x
EBITDA margin ann-d 19.9%
Net income margin ann-d -3.0%

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

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