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General information

Largest gold producer with solid corporate governance and annually increasing gold output. The richest (in terms of grade) Olimpiada deposit is showing decreasing output recently, which can lead to increase of cash cost per ounce
  • Current market environment: positive. Prices of production are 28.9% higher compared to the last 12 months (LTM)
  • Prices of production are at 99.6% percentile over the past 5 years, adjusted for inflation (are close to maximum)
  • Dividend yield for the last twelve months 8.5%
  • Free cash flow yield 5.9% (LTM), projected 5.2%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 100.0%
  • Share price is 187.5% higher than minimum and 10.8% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (4.8x vs
    )
  • The company is undervalued 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 14.5%) / 2, expected EBITDA adjusted for key rate increases is 505 682 mln rub, expected mult is 4.8x, target mult is 5.7x, potential is +23.1%

Key Financials (Download financials)

Ticker: PLZL
Share price, RUB:  (-0.8%)2128
year average price 1887  


year start price 1451 2024-12-03

min close price 1307 2024-12-16

max close price 2386 2025-09-29

current price 2128 2025-12-02
Common stocks: 946 250 000
Dividend Yield:  8.5%
FCF Yield LTM / expected: 5.9% / 5.2%
EV / LTM EBITDA:4.8x
EV / EBITDA annualized: 6.1x
Production prices change from LTM: 28.9%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 2 013 620
Net Debt (m RUB): 506 098
EV (Enterprise Value): 2 519 718
EBITDA LTM (m RUB): 522 575
Net Income LTM (m RUB): 328 464
EV / LTM EBITDA: 4.8x
Net Debt / LTM EBITDA (if EBITDA > 0): 1.0x
Average daily trading volume for the week, RUB mln: 788
P / E 6.1x
P / E ann-d5.8x
P / B 8.7x
EBITDA margin ann-d 66.2%
Net income margin ann-d 55.7%

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 PLZLM-12.25 PXZ5 2025-12-19 21466.00 -1.3% 51.8 2128 +0.9% +20.5%
Фьючерсный контракт PLZLM-3.26 PXH6 2026-03-20 21912.00 -1.3% 3.0 2128 +3.0% +10.4%
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 154 897+25% 109 510+23% 92 169+16% 86 245+20% 4 451+41%  
2025 q1 154 897+25% 109 510+23% 92 169+16% 86 245+20% 4 451+41%  
2024 q4 ( 9360 , 9836 ) 223 306+81% 146 097+70% 123 815+67% 77 988+80% 6 242>+200%  
2024 q3 223 306+58% 146 097+70% 123 815+67% 77 988+80% 6 242>+200%  
2024 q2 124 079+36% 89 272+41% 79 580+51% 71 576>+200% 3 159+199% -13 670>+200%
2024 q1 124 079+33% 89 272+40% 79 580+50% 71 576>+200% 3 159+196%  
2023 q4 123 296+67% 86 002+114% 74 191+134% 43 401+112% 1 309+145% -6 930+131%
2023 q3 141 663+91% 86 002+114% 74 191+134% 43 401+112% 1 309+145%  
2023 q2 90 987+25% 63 373+28% 52 847+26% 21 187-58% 1 057+145% -3 671+14%
2023 q1 93 140+28% 63 724+29% 52 882+26% 21 187-58% 1 067+147%  
2022 q4 74 049-21% 40 229-38% 31 713-42% 20 447-46% 535+65% -2 997-34%
2022 q3 74 049-28% 40 229-43% 31 713-49% 20 447-58% 535+88%  
2022 q2 72 983-21% 49 344-24% 42 054-24% 50 191+6% 432+80% -3 208-14%
2022 q1 72 983-5% 49 344-8% 42 054-8% 50 508+50% 432+107%  
2021 q4 93 800-18% 64 820-23% 54 435-23% 37 650-40% 324+15% -4 566+27%
2021 q3 102 784-4% 70 408-10% 61 944-12% 48 770+27% 285-1% -3 295-26%
2021 q2 92 010+11% 64 639+9% 55 505+10% 47 354-4% 240-21% -3 714-9%
2021 q1 76 584+30% 53 441+35% 45 607+39% 33 647<-100% 208-70% -3 817-21%
2020 q4 114 034+40% 83 704+53% 70 480+53% 62 666+42% 281-69% -3 587-9%
2020 q3 107 486+55% 78 565+80% 70 326+84% 38 342+99% 287-61% -4 459+7%
2020 q2 83 159+44% 59 179+62% 50 392+55% 49 336+84% 304-59% -4 092-1%
2020 q1 58 999+20% 39 669+32% 32 867+27% -27 716<-100% 697+4% -4 846+18%
2019 q4 81 647+58% 54 695+73% 45 972+88% 44 167<-100% 919+63% -3 942+1%
2019 q3 69 189+26% 43 635+27% 38 137+31% 19 226+99% 732+65% -4 180+29%
2019 q2 57 660+33% 36 454+26% 32 440+33% 26 796>+200% 749+177% -4 127+64%
2019 q1 49 264+40% 30 125+35% 25 810+38% 34 780+152% 672+71% -4 124+35%
2018 q4 51 610+19% 31 701+12% 24 397+8% -2 006<-100% 563+72% -3 916+38%
2018 q3 54 794+25% 34 477+25% 29 141+21% 9 645-56% 443+32% -3 243+29%
2018 q2 43 224+21% 28 862+29% 24 313+31% 7 838+35% 270-31% -2 511-2%
2018 q1 35 064-2% 22 307+2% 18 750-3% 13 789-53% 392-38% -3 058-17%
2017 q4 ( 1895 , 1896 ) 43 392+3% 28 328+12% 22 646+4% 15 489-56% 327-51% -2 842+10%
2017 q3 43 816-4% 27 688-4% 24 142-7% 21 742-15% 335-51% -2 512+33%
2017 q2 35 774-5% 22 336-5% 18 521-12% 5 801-57% 394-45% -2 565-3%
2017 q1 35 701-6% 21 942-11% 19 390-13% 29 159+36% 637+1% -3 692+53%
2016 q4 42 084 25 238 21 724 34 881 670 -2 572
2016 q3 45 661+14% 28 859+18% 25 982+10% 25 446+92% 684-34% -1 890>+200%
2016 q2 37 616+29% 23 622+36% 20 931+36% 13 549-20% 717-28% -2 653+135%
2016 q1 37 912+30% 24 627+42% 22 179+44% 21 387+26% 631 -2 411
2015 q4            
2015 q3 40 021 24 433 23 638 13 266 1 043 -407
2015 q2 29 234+66% 17 307+157% 15 401>+200% 17 011>+200% 1 001>+200% -1 131>+200%
2015 q1 29 234+66% 17 307+157% 15 401>+200% 17 011>+200%    
2014 q2 17 617+11% 6 730+3% 4 939<-100% 4 487<-100% 2-99% -170+168%
2014 q1 17 617+11% 6 730+3% 4 939<-100% 4 487<-100% 209  
2013 q2 15 874-11% 6 562-34% -2 738<-100% -5 786<-100% 273 -64-16%
2013 q1 15 874 6 562 -2 738 -5 786   -64
2012 q2 17 786 9 874 8 529 5 545   -76
2011 q4 18 747+39% 9 319+48% 6 544+55% 4 354+59%   -557+69%
2011 q3 18 747 9 319 6 544 4 354   -557
2010 q4 13 462 6 311 4 211 2 744   -329


Balance


Implied interest rate for 2024 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (13 670 - 3 159) * 4 / (544 258 - 433)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q2 232 283+168% 1 164 004+23% 506 098-7%   0.97x
2025 q1         1.11x
2024 q4 ( 9360 , 9836 ) 127 015<-100% 1 151 895+38% 628 679-4%   1.27x
2024 q3         1.35x
2024 q2 86 756-79% 943 026+18% 544 258>+200% 7.7% 1.47x
2024 q1         1.74x
2023 q4 -56 156<-100% 832 800+19% 655 480>+200% 3.4% 2.07x
2023 q3         0.63x
2023 q2 413 949+15% 800 003+31% 160 788+18% 6.5% 0.83x
2023 q1         0.88x
2022 q4 372 989+43% 699 209+17% 156 586-4% 6.3% 0.94x
2022 q3         0.76x
2022 q2 360 893+73% 609 513+9% 136 331-20% 8.2% 0.60x
2022 q1         0.63x
2021 q4 259 978+44% 595 137+10% 162 963-14% 10.5% 0.68x
2021 q3 221 300+56% 586 373+6% 141 247-28% 8.7% 0.56x
2021 q2 208 122+23% 559 111+5% 170 378-7% 8.2% 0.65x
2021 q1 214 815+128% 567 883+3% 165 391-35% 9.1% 0.63x
2020 q4 180 660+53% 538 877+5% 190 009-9% 7.2% 0.76x
2020 q3 142 315+93% 554 608+14% 194 984-11% 9.0% 0.87x
2020 q2 169 222+123% 530 819+16% 183 376-22% 8.6% 0.96x
2020 q1 94 249+39% 550 731+19% 255 355+27% 6.7% 1.48x
2019 q4 118 441>+200% 515 480+23% 209 750-5% 5.9% 1.31x
2019 q3 73 784+128% 486 238+18% 220 286+8% 6.5% 1.54x
2019 q2 75 851+90% 457 280+17% 235 110+14% 5.9% 1.77x
2019 q1 68 023+32% 464 055+23% 200 603+11% 7.1% 1.65x
2018 q4 31 132-18% 418 278+13% 220 363+21% 6.3% 1.97x
2018 q3 32 337+44% 411 692+17% 204 239+8% 5.6% 1.91x
2018 q2 39 908>+200% 390 067+4% 206 353+10% 4.5% 2.05x
2018 q1 51 617>+200% 376 254+13% 181 4010% 6.0% 1.92x
2017 q4 ( 1895 , 1896 ) 37 781-89% 371 341+8% 182 555-9% 5.7% 1.92x
2017 q3 22 428<-100% 350 456+8% 188 588-10% 4.8% 2.01x
2017 q2 12 109<-100% 373 731+18% 187 422-11% 4.8% 1.96x
2017 q1 3 728-99% 334 184-3% 181 749 6.9% 2.43x
2016 q4 343 696-8% 343 696-8% 201 715 3.8% 3.82x
2016 q3 -59 919<-100% 325 993-12% 209 984 2.4% 7.32x
2016 q2 -67 040<-100% 317 114+10% 210 372 3.8%  
2016 q1 343 696 343 696      
2015 q4 372 423 372 423      
2015 q3 372 423 372 423      
2015 q2 135 216-6% 288 292+34%      
2015 q1          
2014 q2 143 647+15% 215 463+35% 11 511 7.4%  
2014 q1          
2013 q2 124 929-27% 160 092-6%      
2013 q1          
2012 q2 171 120 171 120      
2011 q4 90 921 135 515 10 056 89.2%  
2011 q3          
2010 q4          


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q2 142 081+77% -48 547>+200%  
2025 q1 142 081+77% -48 547>+200%  
2024 q4 ( 9360 , 9836 ) 98 436+21% -57 653+190%  
2024 q3 98 436+21% -57 653+190%  
2024 q2 80 048+60% -13 882-5%  
2024 q1 80 048+60% -13 882-5%  
2023 q4 81 472+119% -19 871-38%  
2023 q3 81 472+119% -19 871-38%  
2023 q2 50 147+40% -14 633-51%  
2023 q1 50 147+40% -14 633-51%  
2022 q4 37 187-39% -32 241+8%  
2022 q3 37 187-46% -32 241+46%  
2022 q2 35 810-38% -29 623+72%  
2022 q1 35 810-38% -29 623+106%  
2021 q4 60 712-24% -29 898+52%  
2021 q3 68 890-13% -22 152+1%  
2021 q2 57 345+9% -17 179+48%  
2021 q1 58 220+44% -14 367+8%  
2020 q4 79 806+59% -19 703+60%  
2020 q3 78 842+81% -22 005+70%  
2020 q2 52 615+65% -11 628-2%  
2020 q1 40 407+34% -13 276+19% -15 819<-100%
2019 q4 50 240+60% -12 329-7%  
2019 q3 43 571+37% -12 950+3%  
2019 q2 31 983+30% -11 869-9%  
2019 q1 30 133+62% -11 202+4% 25 941
2018 q4 31 415+38% -13 228+16%  
2018 q3 31 781+40% -12 608>+200%  
2018 q2 24 669 -13 067  
2018 q1 18 651 -10 791  
2017 q4 ( 1895 , 1896 ) 22 759-5% -11 437+166%  
2017 q3 22 759 -1 678  
2017 q2      
2017 q1      
2016 q4 23 931 -4 305  
2016 q3      
2016 q2      
2016 q1      
2015 q4      
2015 q3      
2015 q2   -7 940-29%  
2015 q1   -7 940  
2014 q2 6 677+119% -11 148<-100% 7 408>+200%
2014 q1 6 677+119%   7 408>+200%
2013 q2 3 051-62% 2 556+100% 737-89%
2013 q1 3 051 2 556 737
2012 q2 7 995 1 281 6 732
2011 q4 5 972+74% -2 031+54%  
2011 q3 5 972 -2 031  
2010 q4 3 428 -1 317  
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
 
2025 q3     -95-4% 33 775>+200% 2 522+16% -1 754-18%
2025 q2     -164+133% -2 094<-100% 2 570+56% -1 700+5%
2025 q1     -82+53% 96 251>+200% 2 161+35% -1 793+17%
2024 q4 00%   -132+57% 702 445>+200% 2 557+74% -2 029+40%
2024 q3 00%   -99+56% 1 979<-100% 2 180+46% -2 129+45%
2024 q2 00%   -70-32% 292<-100% 1 643+16% -1 625+17%
2024 q1 00%   -54-9% 1 429<-100% 1 599+47% -1 528+43%
2023 q4 00%   -84-1% 1 485<-100% 1 474+95% -1 452+89%
2023 q3 00%   -63+18% -2-97% 1 494>+200% -1 472+199%
2023 q2 00%   -103-19% -58-83% 1 418>+200% -1 394>+200%
2023 q1 00%   -59-62% -13-48% 1 087+197% -1 069+193%
2022 q4 00%   -84-61% -240 927<-100% 757+94% -767+106%
2022 q3 00%   -54-64% -69<-100% 414+2% -492+19%
2022 q2 00%   -127-30% -337<-100% 391-51% -369-55%
2022 q1 00%   -157+12% -25-57% 366-58% -365-55%
2021 q4 00%   -218-6% 2 041<-100% 391 -373
2021 q3 00%   -150+44% 36 792+33% 406 -413
2021 q2 00%   -181+86% 46 522<-100% 804 -821
2021 q1 00%   -140+72% -58<-100% 878 -813
2020 q4 0   -232 631 391    
2020 q3 00%   -104+25% 27 674+24%    
2020 q2 00%   -97-8% -559<-100%    
2020 q1 00%   -81-24% 1 453+80%    
2019 q3 00%   -83-1% 22 233+45%    
2019 q2 00%   -106-20% 13 971-21%    
2019 q1 00%   -107+78% 809>+200%    
2018 q3 0   -84 15 286    
2018 q2 0   -133 17 624    
2018 q1 0   -60 186    


Balance


Implied interest rate for 2025 q3:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (1 754 - 2 522) * 4 / (108 349 - 0)

Q Total equity Total assets Net debt
 
2025 q3 1 792 389+65% 2 053 304+36% 108 349-30%
2025 q2 1 855 019+71% 2 012 643+34% 133 896-5%
2025 q1 1 956 444+81% 2 113 080+46% 139 067+48%
2024 q4 1 860 192+72% 2 046 121+43% 150 460+90%
2024 q3 1 084 1780% 1 514 064>+200% 153 774+51%
2024 q2 1 082 1120% 1 497 372+5% 141 344+47%
2024 q1 1 081 8190% 1 450 720+2% 94 002+3%
2023 q4 1 080 3900% 1 434 405+3% 79 040+21%
2023 q3 1 079 181-18% 436 502-74% 101 924>+200%
2023 q2 1 079 152-18% 1 429 613-13% 96 146>+200%
2023 q1 1 079 210-18% 1 424 575-14% 91 703>+200%
2022 q4 1 079 223-18% 1 396 114-15% 65 374>+200%
2022 q3 1 320 1300% 1 688 483+2% 19 967+5%
2022 q2 1 320 2000% 1 651 3450% 19 427+2%
2022 q1 1 320 5190% 1 652 0710% 19 464+2%
2021 q4 1 320 544 1 651 736 19 090+26%
2021 q3 1 320 544 1 651 736 19 090+26%
2021 q2 1 320 544 1 651 736 19 090+26%
2021 q1 1 320 544 1 651 736 19 090+26%
2020 q4     15 112
2020 q3     15 112-43%
2020 q2     15 112-43%
2020 q1     15 112-43%
2019 q3     26 377+149%
2019 q2     26 377+149%
2019 q1     26 377+149%
2018 q3     10 611
2018 q2     10 611
2018 q1     10 611
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company