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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:
Fundamental value created in LTM:
 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