Enhanced Investments - Financial Portal

General information

Positive Technologies is a leading developer of information security solutions. In Russia, Positive Technologies is the first and only public cybersecurity company on the Moscow Exchange. The company is actively growing, while being the beneficiary of leaving Russia by foreign developers

Good financial results growth rate 21.0% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (16.6%)
Dividend yield for the last twelve months 0.0%
Free cash flow yield -10.3% (LTM)
Share price is 25.4% higher than minimum and 59.5% lower than maximum for the last 3 years
The company is undervalued by EV / LTM EBITDA multiple compared to target level (13.3x vs
)
Fundamental value created in LTM (estimate)

Key Financials (Download financials)

Ticker: POSI

Share price, RUB: (+0.7%)1269.2

year average price 1676.39

year start price 2713.20 2024-09-18

max close price 2774.80 2024-09-23

min close price 1101.00 2025-06-16

current price 1264.00 2025-09-17

Common stocks: 66 000 000

Dividend Yield: 0.0%

FCF Yield LTM: -10.3%

EV / LTM EBITDA:13.3x

Target EV / EBITDA (hist percentile):

Fundamental value created in LTM:

Потенциал с учетом ускорения/замедления

	Mult Upside	+51.6%
	FCF Creation	-10.3%
	Growth	+21.0%
	Growth Corr	+2.2%

	Sum	+64.5%

EV / LTM EBITDA mutiple calculation

Market Cap (m RUB): 83 767

Net Debt (m RUB): 18 497

EV (Enterprise Value): 102 264

EBITDA LTM (m RUB): 7 674

Net Income LTM (m RUB): 3 080

EV / LTM EBITDA: 13.3x

Net Debt / LTM EBITDA (if EBITDA > 0): 2.4x

Average daily trading volume for the week, RUB mln: 178

P / E 27.2x

P / B 7.0x

EBITDA margin ann-d -20.4%

Net income margin ann-d -50.8%

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

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 q2	4 413+42%	3 466+35%	-1 614-45%	-2 242-24%	511+169%	-921>+200%
2025 q1	2 344+8%	1 622-5%	-2 224+47%	-2 774+86%	502>+200%	-1 032>+200%
2024 q4	14 741+6%	13 994+91%	9 514+111%	8 933+97%	145+105%	-631>+200%
2024 q3	4 431+21%	3 805+15%	-451<-100%	-837<-100%	83+131%	-513>+200%
2024 q2	3 107-2%	2 561-10%	-2 938<-100%	-2 941<-100%	190+184%	-70+80%
2024 q1	2 178-31%	1 711-40%	-1 510<-100%	-1 491<-100%	89+33%	-11-72%
2023 q4	13 850+105%	7 309+104%	4 513+131%	4 537+133%	71+104%	-43+16%
2023 q3	3 667-46%	3 303-8%	727-63%	541-72%	36+3%	-23-37%
2023 q2	3 158+49%	2 832+62%	69-73%	82-65%	67+45%	-39+3%
2023 q1	3 158+49%	2 832+62%	69-73%	82-65%	67+45%	-39+3%
2022 q4	6 767+77%	3 576+68%	1 950+101%	1 951+112%	35>+200%	-37+119%
2022 q3	6 767>+200%	3 576>+200%	1 950>+200%	1 951>+200%	35>+200%	-37+20%
2022 q2	2 119+104%	1 746+110%	252<-100%	235<-100%	46>+200%	-38+189%
2022 q1	2 119	1 746	252	235	46	-38
2021 q4	3 821+177%	2 131+63%	971+94%	919+119%	9+152%	-17-13%
2021 q3	0<-100%	1 123+44%	280+65%	245-4%	10+124%	-31-1%
2021 q2	1 037	830	-141	-170	3	-13
2020 q4	1 381+60%	1 307+82%	501>+200%	419>+200%	4>+200%	-19-28%
2020 q3	1 289	778	169	256	4	-31
2019 q4	862	719	78	40	1	-27

Balance

Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (921 - 511) * 4 / (18 497 - 1)

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


2025 q2	11 936>+200%	41 789+117%	18 497+183%	8.9%	2.41x
2025 q1	14 177	48 296	12 359	17.2%	2.03x
2024 q4	17 060+29%	52 719+86%	20 126>+200%	9.7%	3.09x
2024 q3	-1 914	23 790	15 544	11.1%	2.47x
2024 q2	2 219-47%	19 255+56%	6 539+143%	-7.3%	0.90x
2024 q1					-0.62x
2023 q4	13 200+59%	28 364+62%	3 993-17%	-2.8%	0.37x
2023 q3					0.55x
2023 q2	4 162+42%	12 339+39%	2 687+28%	-4.2%	0.44x
2023 q1					-0.43x
2022 q4	8 298+137%	17 542+87%	4 797>+200%	0.2%	0.10x
2022 q3					0.34x
2022 q2	2 930-69%	8 866-5%	2 107	-1.6%	0.65x
2022 q1					0.19x
2021 q4	3 503-46%	9 372+43%	1 543	2.0%	0.57x
2021 q3	1 995-69%	7 451+14%	1 570	5.4%	1.48x
2021 q2	9 372	9 372			1.49x
2020 q4	6 535	6 535			1.00x
2020 q3	6 535	6 535			1.05x
2019 q4					1.53x

Cashflow

Q	Operating cashflow	Investing cashflow	Financial cashflow


2025 q2	2 738-24%	-1 997+32%	-1 603-6%
2025 q1
2024 q4	-2 793<-100%	-4 884>+200%	6 332<-100%
2024 q3	-1 511<-100%	-467>+200%	7 107>+200%
2024 q2	3 595+109%	-1 513+93%	-1 704-17%
2024 q1	3 595+109%	-1 513+93%	-1 704-17%
2023 q4	1 365+16%	-890+87%	-1 084<-100%
2023 q3	124-89%	-138-71%	217-36%
2023 q2	1 716+134%	-785+75%	-2 043>+200%
2023 q1	1 716+134%	-785+75%	-2 043>+200%
2022 q4	1 172+60%	-476+47%	340<-100%
2022 q3	1 172+150%	-476+43%	340+44%
2022 q2	735>+200%	-448+57%	-35<-100%
2022 q1	735	-448	-35
2021 q4	732+133%	-323+25%	-405>+200%
2021 q3	469+191%	-332+31%	236+162%
2021 q2	139	-285	77
2020 q4	314	-259	-4
2020 q3	161	-253	90
2019 q4

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
2025 q1	0<-100%		-14<-100%	-242<-100%	312+100%	-576
2024 q4 ( 9524 , 9526 )	0<-100%	0<-100%	-49<-100%	-3 395<-100%	289>+200%	-140
2024 q3	0<-100%	0<-100%	-49<-100%	-43<-100%	193+100%	-65
2024 q2	00%	00%	-57+13%	-46+46%	1-91%
2024 q1	10 002+151%	10 002+151%	9 971+151%	9 977+150%	0<-100%
2023 q4	600-81%	600-81%	565-82%	572-82%	2-20%
2023 q3	100-80%	100-80%	70-85%	76-84%	0<-100%
2023 q2	00%	00%	-51+159%	-32>+200%	14+39%
2023 q1	3 990>+200%	3 990>+200%	3 965>+200%	3 992>+200%	28+100%
2022 q4	3 190+100%	3 190+100%	3 159<-100%	3 166<-100%	2+115%
2022 q3	500+25%	500>+200%	474+19%	479+20%	0+100%
2022 q2	00%	0	-20>+200%	-8>+200%	10>+200%
2022 q1	987+100%	987	971<-100%	974>+200%	0<-100%
2021 q4	0	0	-68	-71	1
2021 q3	400	133	397	398	0
2021 q2	0		0	0	0
2021 q1	0		0	1	2

Balance

Implied interest rate for 2025 q1:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (576 - 312) * 4 / (3 566 - 0)

Q	Total equity	Total assets	Net debt


2025 q2		39 741>+200%	-6 312>+200%
2025 q1	16 695+27%	29 940+128%	3 566<-100%
2024 q4 ( 9524 , 9526 )	16 937>+200%	30 190>+200%	-6 424>+200%
2024 q3	6 500+79%	11 546>+200%	25<-100%
2024 q2	6 543+84%	6 557+84%	-5-64%
2024 q1	13 136+79%	13 147+75%	-2<-100%
2023 q4	3 159-6%	3 177-5%	-19-71%
2023 q3	3 630>+200%	3 645>+200%	-3<-100%
2023 q2	3 555>+200%	3 568>+200%	-13<-100%
2023 q1	7 336>+200%	7 502>+200%	-3 077<-100%
2022 q4	3 344>+200%	3 353>+200%	-65<-100%
2022 q3	518>+200%	617>+200%	76
2022 q2	39+63%	139+86%	60
2022 q1	997>+200%	1 059>+200%	57
2021 q4	24	75	39
2021 q3	24	75
2021 q2	24	75
2021 q1	24	75

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

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.