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General information

Leading Russian developer
  • Current market environment: positive. Prices of production are 11.3% higher compared to the last 12 months (LTM)
  • Prices of production are at 99.2% percentile over the past 5 years, adjusted for inflation (are close to maximum)
  • Pretty weak financial results growth rate 0.5% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (6.1%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 35.2% (LTM), projected 36.4%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 0.0%
  • Share price is 70.0% higher than minimum and 36.6% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (7.1x vs
    )
  • Taking into account the impact of the key rate 17.0% on the change in financial parameters: EBITDA adjustment is -22 295 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 108 002 mln rub, expected mult is 7.8x, target mult is 9.0x, potential is +31.5%

Key Financials (Download financials)

Ticker: PIKK
Share price, RUB:  (+2.1%)605.7
year average price 568.90  


year start price 644.00 2024-09-18

min close price 356.30 2024-12-17

max close price 762.00 2025-02-17

current price 588.60 2025-09-17
Common stocks: 660 500 000
Dividend Yield:  0.0%
FCF Yield LTM / expected: 35.2% / 36.4%
EV / LTM EBITDA:7.1x
EV / EBITDA annualized: 10.3x
Last revenue growth (y/y):  23.9%
Last growth of EBITDA (y/y):  -23.0%
Historical revenue growth:  8.8%
Historical growth of EBITDA:  3.5%
Target EV / EBITDA (hist percentile):
 Mult Upside+43.4%
 FCF Creation+35.2%
 Growth+0.5%
 Growth Corr-5.7%
 
 Sum+73.4%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 400 065
Net Debt (m RUB): 478 479
EV (Enterprise Value): 878 544
EBITDA LTM (m RUB): 124 075
Net Income LTM (m RUB): 19 844
EV / LTM EBITDA: 7.1x
Net Debt / LTM EBITDA (if EBITDA > 0): 3.9x
Average daily trading volume for the week, RUB mln: 1542
P / E 20.2x
P / E ann-d6.3x
P / B 1.0x
EBITDA margin ann-d 13.0%
Net income margin ann-d 9.8%

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 RUB 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 H1 328 068+24% 64 653-4% 38 928-25% 31 991-22% 35 782>+200% -42 490+37%
2024 H2 410 292+28% 103 586+17% 75 821+7% -12 147<-100% 10 889+67% -47 729+42%
2024 H1 ( 9018 , 9272 ) 264 7590% 67 204+3% 51 645+2% 40 813+46% 11 284+109% -30 902-5%
2023 H2 ( 8611 , 9271 ) 320 378+12% 88 777-9% 71 014-32% 24 419-46% 6 538+25% -33 528>+200%
2023 H1 ( 6796 , 6925 , 8623 ) 264 8950% 65 2220% 50 8220% 27 8910% 5 407-46% -32 3900%
2022 H2 284 865-5% 97 221+44% 104 263+99% 45 004+32% 5 238>+200% -7 967-39%
2022 H1 264 895+40% 65 222+42% 50 822+45% 27 891-60% 10 073-83% -32 390>+200%
2021 H2 298 527+24% 67 689-2% 52 521-18% 34 162-50% 721-97% -12 981+156%
2021 H1 189 279+37% 46 017+32% 35 053+49% 69 423>+200% 57 994>+200% -6 809+116%
2020 H2 241 632+36% 69 309-6% 64 114+39% 68 507+82% 23 069>+200% -5 064<-100%
2020 H1 138 529+34% 34 876<-100% 23 573+64% 17 986+144% 5 300+66% -3 149-29%
2019 H2 177 052+19% 74 036+15% 46 185+78% 37 733+49% 4 511+3% 714-52%
2019 H1 ( 2887 , 5522 ) 103 583+7% -17 895+2% 14 370+34% 7 380>+200% 3 184+50% -4 415-13%
2018 H2 149 193+9% 64 523>+200% 25 917+139% 25 344>+200% 4 372+150% 1 481<-100%
2018 H1 96 564+156% -17 490<-100% 10 716<-100% 1 549<-100% 2 117-44% -5 050-19%
2017 H2 137 436 20 292 10 850 5 974 1 750 -5 435
2017 H1 37 698 6 677 -1 698 -3 420 3 812 -6 244
2011 H1   14 535+35% 11 347+51% -4 751-51% 159+50%  
2010 H1   10 773 7 502 -9 769 105  
2009 H2 20 588+22% 3 760-12% -636<-100% -5 744-59% 386+60% -4 877+23%
2008 H2 16 848 4 263 0 -14 091 241 -3 967


Balance


Implied interest rate for 2025 H1:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (42 490 - 35 782) * 2 / (478 479 - 1 401)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 H1 411 838+5% 1 695 718+11% 478 479-23% 2.8% 3.86x
2024 H2 382 459+8% 1 522 549+7% 416 117-21% 17.8% 3.04x
2024 H1 ( 9018 , 9272 ) 392 841+11% 1 530 251+8% 617 436+1% 6.4% 5.10x
2023 H2 ( 8611 , 9271 ) 352 850 1 421 048 528 461 10.2% 4.39x
2023 H1 ( 6796 , 6925 , 8623 ) 353 467 1 410 942 613 514 8.9% 5.62x
2022 H2         4.75x
2022 H1         3.86x
2021 H2 260 051 1 061 352+64% 332 184 7.5% 3.57x
2021 H1 221 691+73% 809 272+25% 298 918 -34.5% 2.85x
2020 H2   648 808     1.62x
2020 H1 128 204+112% 648 808+76%     1.41x
2019 H2 110 288+62%       1.26x
2019 H1 ( 2887 , 5522 ) 60 529-2% 367 806+4% 55 031>+200% 4.6% 1.18x
2018 H2 68 171 351 473 5 173   0.19x
2018 H1 61 531 353 143-7% 17 053 35.7% 0.61x
2017 H2         1.38x
2017 H1   378 188     1.97x
2011 H1 50 559-10% 72 279-19% 7 423    
2010 H1 55 889 89 202      
2009 H2 8 434-58% 119 324-17% 34 001 26.4%  
2008 H2 19 958 143 260      


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 H1   667-71% 93 009+23%
2024 H2 14 333-41% 27 748<-100% 98 286+40%
2024 H1 ( 9018 , 9272 )   2 276<-100% 75 483-30%
2023 H2 ( 8611 , 9271 ) 24 419-67% -13 617<-100% 70 135-25%
2023 H1 ( 6796 , 6925 , 8623 ) 27 891+100% -1 194<-100% 107 4920%
2022 H2 72 895+113% 4 514<-100% 93 732-47%
2022 H1 0<-100% 0+100% 107 492+36%
2021 H2 34 162-50% -42 242<-100% 177 183>+200%
2021 H1 69 423>+200% -9 381<-100% 79 274+142%
2020 H2 68 507+82% 6 474>+200% 38 911<-100%
2020 H1 17 986+144% 2 759<-100% 32 750+133%
2019 H2 37 733+42% 1 119<-100% -16 851+7%
2019 H1 ( 2887 , 5522 ) 7 380>+200% -878<-100% 14 046+4%
2018 H2 26 578>+200% -38<-100% -15 774<-100%
2018 H1 315<-100% 66-79% 13 526<-100%
2017 H2 5 673 100 19 670
2017 H1 -2 519 307 -4 670
2011 H1 6 887+90% -1 084>+200% -6 048+84%
2010 H1 3 628 -237 -3 290
2009 H2 594-85% -379-97% -83<-100%
2008 H2 4 086 -11 139 124
RSBU data *The values are shown in mln RUB 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 ( 12205 , 12206 )            
2025 q1 5 429-32% 2 450-61% -317<-100% 11 883>+200% 118-64% -1 111-56%
2024 q4 30 732<-100% 26 188<-100% 17 632<-100% 407<-100% 149+32% 4 352<-100%
2024 q3 ( 9174 , 9185 ) 9 444+137% 6 222>+200% 3 135<-100% -21-99% 191-6% -2 859>+200%
2024 q2 12 283-75% 10 197-79% 7 163-84% 1 868-96% 231+4% -2 586>+200%
2024 q1 7 986+39% 6 236+71% 3 299>+200% 785+169% 330+50% -2 509>+200%
2023 q4 -19 056<-100% -21 095<-100% -27 679<-100% -41 520>+200% 113-36% -1 793>+200%
2023 q3 3 982-22% 2 052-49% -355<-100% -1 491+117% 204-2% -185-66%
2023 q2 49 279>+200% 47 836>+200% 45 584>+200% 43 228+54% 221-63% -179-79%
2023 q1 5 755-6% 3 642-32% 993-66% 292-99% 221-66% -180-76%
2022 q4 57 972 56 356 51 580 -598 177 -198
2022 q3 5 095 3 992 387 -686 209 -536
2022 q2 ( 5508 , 5509 ) 4 493-23% 3 340-35% 1 016-70% 28 135>+200% 593+3% -838-20%
2022 q1 6 154-23% 5 359-20% 2 889-30% 23 083+15% 658-10% -747-29%
2021 q4            
2021 q2 5 844 5 156 3 399 6 162 577 -1 043
2021 q1 ( 5514 , 5515 ) 8 025 6 671 4 126 20 151 732 -1 058
2020 q4 6 417 4 968 2 745 6 618    
2020 q3            
2020 q1            
2019 q4            
2019 q3            
2018 q4 6 336 4 651 1 719 3 784    
2017 q4 ( 5525 , 7147 )            
2011 q4   1 130-45% 536-66% 465>+200%    
2010 q4   2 043 1 562 59    


Balance


Implied interest rate for 2025 q1:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (1 111 - 118) * 4 / (43 355 - 0)

Q Total equity Total assets Net debt
 
2025 q2 ( 12205 , 12206 ) 218 717+17% 261 546-10% -64 666<-100%
2025 q1 195 054+6% 280 613-3% 43 355-37%
2024 q4 183 1710% 280 688-5% 73 575+45%
2024 q3 ( 9174 , 9185 ) 186 514-6% 284 983-3% 85 742>+200%
2024 q2 186 535-7% 290 016+14% 76 322>+200%
2024 q1 184 6670% 289 430-2% 69 015+36%
2023 q4 183 896+18% 296 467+39% 50 820+65%
2023 q3 198 442+27% 293 609+38% 27 079+19%
2023 q2 199 933+27% 254 400+11% 17 540-64%
2023 q1 183 883+42% 296 460+46% 50 820+60%
2022 q4 156 412 213 252 30 747+10%
2022 q3 156 412 213 252 22 679
2022 q2 ( 5508 , 5509 ) 157 697+48% 228 955+20% 48 533
2022 q1 129 562+22% 203 102+6% 31 785+13%
2021 q4     28 050-63%
2021 q2 106 479 190 912  
2021 q1 ( 5514 , 5515 ) 106 479 190 912 28 050-63%
2020 q4     75 785+9%
2020 q3     72 716+2%
2020 q1     75 786
2019 q4     69 803+95%
2019 q3     71 239
2018 q4     35 832-21%
2017 q4 ( 5525 , 7147 )     45 299
2011 q4 18 813 128 483 -40-98%
2010 q4     -1 820
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company